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HELLENiQ ENERGY Holdings S.A.
Annual Financial Report
Financial Year 2022
Companies Registration Number 296601000
Maroussi, February 2023
CONTENTS
A.The Company and the Group
C.Review per Segment
D.Corporate Governance Statement
E.Strategic Goals and Prospects
F.Main Risks and Uncertainties for the Next Financial year
H.Related Party Transactions
I.Non-Financial Information - ESG
J.Information about Financial Instruments
K.Appendix
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Pursuant to the provisions of article 4, par. 2c, Law No. 3556/2007, we
Ioannis Papathanassiou, Chairman of the Board of Directors,
Andreas Shiamishis, Chief Executive Officer, and
Georgios Alexopoulos, General Manager Group Strategic Planning & New Activities, Executive Board
Member,
state that to the best of our knowledge: 
a. The Annual Consolidated and Company Financial  Statements, which were prepared in accordance with the
applicable International Financial Reporting Standards (IFRS), fairly represent the assets and liabilities, the equity
and results of the parent company HELLENiQ ENERGY Holdings S.A. for 2022, as well as of the companies that
are included in the consolidation taken as a whole.
b. The Annual Report of the Board of Directors fairly represents the performance, results of operations and
financial position of the parent company HELLENIC PETROLEUM Holdings S.A. and of the companies included in
the consolidation taken as a whole, as well as a description of the main risks and uncertainties they face.
Athens, 24 February 2023
By authority of the Board of Directors
The Chairman of the Board of
Directors
The Chief Executive Officer
The General Manager Group
Strategic Planning &
New Activities, Executive Board
Member
Ioannis Papathanassiou
Andreas Shiamishis
Georgios Alexopoulos
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BoD Report Contents
A.The Company and the Group
b)Financial Indicators
c)Industry Environment
d)Greek Economy
B.2Business Developments
d)Digital Transformation
C.Review per Segment – Performance and Financial Position
b)Petrochemicals
c)Marketing
d)Renewable Energy Sources (RES)
e)Power and Gas
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f)Exploration and Production of Hydrocarbons
g)Electromobility
D.Corporate Governance Statement
D.1Corporate Governance Code
D.2Deviations from the Corporate Governance Code
D.3Other Corporate Governance Practices
D.4Main Features of the Systems of Internal Controls and Risk Management in
relation to the Financial Reporting Process
D.5Information required per article 10 paragraph 1 of Directive 2004/25/EU on
public takeover bids
D.6General Meeting and Shareholders’ Rights
D.7Composition & Operation of the Board of Directors, Supervisory Bodies and
Company Committees
E.Strategic Goals and Prospects
E.1Refining, Supply and Trading
E.2Marketing
E.3Renewable Energy Sources (RES)
F.Main Risks and Uncertainties for the Next Financial Year
F.1Financial Risk Management
F.2Capital Risk Management
G.2Reconciliation of Alternative Performance Measures to the Group’s Financial
Statements
H.Related Party Transactions
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I.Non-Financial Information - ESG
I.1HELLENiQ ENERGY Group Business Model
I.2EU Taxonomy
I.3Health, Safety, Environment and Climate Change
I.4Human Resources
I.5Society
I.6Ethics and Transparency - Code of Conduct
J.Information about Financial Instruments
J.2Board of Directors’ Explanatory Report
K.Appendix
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Introduction
Dear Shareholders,
This Annual Board of Directors’ report of HELLENiQ ENERGY Holdings S.A. *(former HELLENIC PETROLEUM
Holdings S.A. hereinafter “HELLENiQ ENERGY” or “Company”), covers the twelve-month period ending
31.12.2022. The report has been prepared in accordance with the relevant provisions of Law 4548/2018, articles
150-154, Law 3556/2007, article 4 and decision 8/754/14.4.2016 of the Hellenic Capital Markets Commission. The
Consolidated and Parent Company Financial Statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS), as endorsed by the European Union.
This report includes a summary of the financial position and results of the Group (HELLENiQ ENERGY) and the
parent company HELLENiQ ENERGY Holdings S.A. , description of significant events that took place during the
current financial year, a description of anticipated significant risks and uncertainties for the following financial
year, a disclosure of material transactions that took place between the Company and the Group and their related
parties, presentation of qualitative information and estimates relating to the development of operations of the
Company and the Group for the following financial year, as well as presentation of the most significant non-
financial information that have an impact on the Company and the Group.
*From 03.01.2022, HELLENIC PETROLEUM S.A. changed its name to "HELLENIC PETROLEUM HOLDINGS SOCIETE
ANONYME”, while in the Extraordinary General Meeting of the Shareholders of the Company held on 20.09.2022, the
amendment of the Company’s corporate name to “HELLENiQ ENERGY Holdings Société Anonyme” and its distinctive title
to “HELLENiQ ENERGY Holdings S.A.” was approved. Its shares remain listed on the Main Market of the Athens Stock
Exchange.
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A. The Company and the Group
The Group is comprised of 64 companies, including the Parent Company, which is listed on the Athens Exchange
and on the London Stock Exchanges (through GDRs). The list of subsidiaries and associate companies, the nature
of their business, the percentage of ownership and consolidation method for each one of them, are included in the
Appendix (Group Structure) of this report. The present legal form of the Group is the result of the initial merger
that took place in 1998 when the Parent Company was initially listed, as well as subsequent corporate transactions
(acquisitions and mergers, as well as the recent corporate restructuring of the Parent Company).
In the context of the corporate transformation of the HELLENIC PETROLEUM Group and following the decisions of
the Extraordinary General Meeting of Shareholders held on 10.12.2021, on 3 January 2022, the demerger by way of
hive-down of the refining, supply and trading of oil products and petrochemicals sector and the establishment of a
new company was approved, by virtue of the decision of the Ministry of Development and Investments No
142903/03.01.2022. As a result of the above, a new entity was incorporated under the name “HELLENIC
PETROLEUM SINGLE-MEMBER SOCIETE ANONYME REFINING, SUPPLY AND SALES OF OIL PRODUCTS AND
PETROCHEMICALS”, with trade name “HELLENIC PETROLEUM R.S.S.O.P.P. S.A.” and its Articles of Association
were approved. HELLENIC PETROLEUM S.A. became the sole Shareholder of the Beneficiary Entity “HELLENIC
PETROLEUM R.S.S.O.P.P. S.A.”, by acquiring all 130,100,000 common, registered shares issued by the Beneficiary
Entity, with a nominal value of €10 each.
Finally, Articles 1 (Name), 4 (Scope) and 19/paragraph 4 (Board of Directors) of the Articles of Association of the
Demerged Entity were amended in accordance with the resolution of the EGM held on 10.12.2021.
From 03.01.2022, HELLENIC PETROLEUM S.A. changed its name to "HELLENIC PETROLEUM HOLDINGS SOCIETE
ANONYME”, while in the Extraordinary General Meeting of the Shareholders of the Company held on 20.09.2022,
the amendment of the Company’s corporate name to “HELLENiQ ENERGY Holdings Société Anonyme” and its
distinctive title to “HELLENiQ ENERGY Holdings S.A.” was approved. Its shares remain listed on the Main Market
of the Athens Exchange.
The Group has a business structure in place for the management and monitoring of its activities. Specifically, all
Group activities are categorized in the following key segments (Strategic Business Units) as below:
•Refining, Supply and Trading
•Marketing (Domestic and International)
•Production and Trading of Petrochemicals
•Electricity Generation (from conventional and renewable energy) & Trading and Natural Gas
•Exploration and Production of Hydrocarbons
•Electromobility
The Group is also involved in other activities, which, despite their strategic importance (e.g. Engineering Services),
do not form a significant part of the Group’s financial position.
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A1. Group at a Glance
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A.2 HELLENiQ ENERGY (Parent Company)
The Parent Company is listed on the Athens Exchange, while its shares are also traded in the form of GDRs (Global
Depository Receipts) on the London Stock Exchange and its bonds, issued by its subsidiary HPF plc, on the
Luxembourg Stock Exchange. Its shareholders structure on 31.12.2022 was:
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A.3 Main Group Activities
The main activities of the Group cover a wide spectrum of the energy sector, rendering HELLENiQ ENERGY one of
the most important energy groups in South-Eastern Europe.
Key points per activity are summarized below:
a) Refining, Supply and Trading
The Refining, Supply and Trading segment is the Group’s core business and main source of revenues and
profitability.
Activities in Greece
Activities of the subsidiary HELLENIC PETROLEUM R.S.S.O.P.P. S.A. focus in Greece and on the operation of the
Group’s three refineries located in Aspropyrgos, Elefsina and Thessaloniki, which collectively account for
approximately 65% of the country’s total refining capacity. The three refineries combine a storage capacity of
6.65 million m³ of crude oil and petroleum products.
Each refinery has distinct technical characteristics, as outlined in the table below, which determine their financial
performance and profitability.
Refinery
Daily Refining Capacity
(Kbpd)
Annual Refining
Capacity (mil. MT)
Configuration Type
Nelson
Complexity Index
Aspropyrgos
148
7.5
Cracking (FCC)
9.7
Elefsina
106
5.3
Hydrocracking
12.0
Thessaloniki
90
4.5
Hydroskimming
5.8
The international refining and trading environment were severely affected by the Russia's invasion of Ukraine in
February 2022 and the sanctions applied in the flows of Russian crude oil, semi-finished and final products. The
Brent price increased significantly –especially during the first half of the year, while middle distillates' supply-
demand imbalance led to a notable price increase of white products and, eventually, the level of refining margins.
However, the energy crisis, which mainly affected Europe, led to particular high prices of natural gas and
electricity, with a negative impact on refining operational costs.
Refining production in 2022 reduced to 13m MT compared with14.4m MT in 2021, due to refineries’ planned and
unplanned shut-downs. Total sales amounted to 14.3m MT (-5.9%), as a result of reduced production. However,
domestic market sales increased by 13.5%, aviation sales increased by 67.5% and marine fuels sales increased by
11.3%, with positive impact on the Group’s results. Sales volumes increased due to normalization of demand post-
COVID, as well as, due to the Group’s increased market share in the domestic market. Exports decreased by 22.1%
as compared to 2021, with higher contribution in profitability on increased sales premiums due to shortage of
products in the region, following the invasion in Ukraine.
Middle distillates’ yield (jet, gasoil, diesel) was shaped at 51.1%, with that of gasoline at 23.1%. Overall, the
production yield of high value-added products amounted to 84.1%, among the highest in the European refining
industry, while fuel oil yield was limited to 10.8%.
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Crude Oil Supply
Crude oil supplies are controlled by the S&T division and carried out through combination of term contracts and
spot purchases.
Due to Russia's invasion of Ukraine and the disruption it caused to international crude flows, the Group ceased
imports of Russian crude oil as of end February 2022, substituting with other grades, mainly Saudi Arabian, as well
as, new grades from Latin America and the Middle East.
As a result, in 2022 27% of the imported crude oil was of Iraqi origin, 25% from Kazakhstan, 14% from Saudi
Arabia, 13% of Libyan origin, 8% Egyptian and 4% from Azerbaijan. Imports from Russia were limited to 3.5% on a
yearly basis and ceased after February. Smaller crude quantities were imported from Algeria, Tunisia, Norway and
Guyana.
The percentage of intra-refinery transfers of intermediate products and raw materials between the refineries
exceeded 12% of total feed, contributing to operational optimization in production, logistics and trading.
Refinery Sales (Wholesale Trading)
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.  is engaged in ex-refinery sales of petroleum products to marketing
companies in Greece, including its subsidiary EKO ABEE, as well as to other specific customers, such as the
country’s armed forces, while 50% to 60% of the production is exported. All refined products of the Group comply
with the European standards (Euro VI).
b) Production and Trading of Petrochemicals/Chemicals
Petrochemicals activities comprise the production and marketing of polypropylene, BOPP film and solvents, as
well as the trading of imported plastics and chemicals.
Based on its financial contribution, the propylene - polypropylene - BOPP value chain represents the main activity
for petrochemicals. The polypropylene production plant in Thessaloniki sources propylene mainly from the
Aspropyrgos refinery. Part of the polypropylene output is used as raw material in the BOPP film plant in Komotini.
Within 2022, the new cast film production line started operation at the BOPP plant (DIAXON) in Komotini.
70% of the petrochemicals sales volumes are directed to the markets of Turkey, Italy, the Balkans and the Iberian
Peninsula for use as raw materials in local manufacturing.
c) Marketing
The Fuels Marketing business is split into Domestic activities, through the Greek subsidiary EKO ABEE and
International activities.
Domestic Marketing
In Greece, the Group, through its subsidiary EKO ABEE, is active in the distribution and marketing of fuels through
its EKO and BP brands, supplying a total of 1,655 service stations, 220 of which are company-operated.
EKO ABEE offers the most wide-ranging fuels supply network in the country comprising 15 fuel storage and
distribution facilities, 24 aircraft refueling stations at the major Greek airports, 2 LPG-bottling plants and 1
lubricants production and packing site.
The domestic auto fuels market in 2022 improved despite the significant increase in international fuels prices and
the impact of inflation on consumers’ disposable income. Total gasoline and diesel market consumption increased
by +1.6% and +5.1% respectively vs 2021. Heating gasoil consumption also grew due to the weather conditions
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prevalent during the first months of the year, as well as, the relative price differentials vs to alternative heating
sources in 4Q22, especially following the State rebates, but also the incremental subsidy applied by the refinery
companies.
Aviation fuels consumption strengthened significantly due to increased tourism and recovered to pre-pandemic
levels recording an increase of +61% vs 2021. Marine fuels consumption also grew on the back of the increase in
cargo ships traffic and the recovery of the cruise industry.
EKO and BP market shares improved for most products, sustaining the Company’s leading position in retail,
industrial fuels, aviation as well as bunkering.
The Group has an agreement in place with BP plc for the exclusive use of the BP trademarks for ground fuels in
Greece until the end of 2025.
International Marketing
The Group's international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and
the Republic of North Macedonia. The international network comprises of 317 (2021: 314) petrol stations, including
27 stations under the brand name of OKTA, a Group subsidiary in the Republic of North Macedonia. In Cyprus and
Montenegro, the local subsidiaries (following the acquisition of pre-existing companies), hold leading positions in
their markets. In Bulgaria and Serbia, the Group’s subsidiaries, hold lower market shares.
d) Renewable Energy Sources (R.E.S.)
HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES S.A. (HELPE Renewables) was founded in 2006 and is a
fully-owned subsidiary. HELPE Renewables plans to develop a significant RES assets portfolio over the next few
years, with a target of reaching >1 GW of operating capacity by 2025 and >2 GW by 2030, thus contributing to the
diversification of the Group’s energy portfolio and reducing its environmental footprint through GHG emissions
offsets.
The following projects are currently in operation:
•1 PV park of 204 MW capacity in Kozani.
•8 PV parks located at various Group sites, including its 3 refineries, with a total nominal capacity of 21 MW.
•PV park clusters with a total capacity of 16 MW in Viotia.
•Wind farms with a total capacity of 99 MW in Mani, Evia and Messinia.
•17 PV net-metering systems totaling approximately 270 kW, installed at EKO and BP fuel stations.
More than 2.5 GW of projects, mainly PV, wind and energy storage are currently in various stages of development.
Based on the above, HELPE Renewables’ total installed capacity currently amounts to 341 MW, making the Group
the largest operator of PV plants in Greece.
HELPE Renewables follows the Group’s Health, Safety and Environment procedures with regards to compliance,
reporting, risk and accidents prevention and management, both during the construction phase as well as
operation. A Safety & Environment (S&E) engineer is appointed for each new project, with the responsibility to
monitor relevant issues, supervise works and the S&E licensing stage, validity term and potential renewals.
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e) Power and Gas
Power Generation and Trading
The Group is active in the production, trading and supply of power in Greece through its participation (50%) in the
JV Elpedison B.V. (the remaining 50% is held by EDISON International).
ELPEDISON S.A. is currently among the largest independent power producers in Greece with a total installed
capacity of 840 MW of combined cycle gas turbine technology fueled by natural gas (comprising a 420 MW plant
in Thessaloniki, in operation since 2005 and a 420 MW plant in Thisvi, in operation since 2010). In addition,
ELPEDISON is developing a new 826 MW combined cycle gas fired plant in Thessaloniki.
Natural Gas
The Group is active in the natural gas sector through its participation in DEPA COMMERCIAL S.A. and DEPA
INTERNATIONAL PROJECTS S.A. (35% HELLENiQ ENERGY, 65% HRADF). The companies are mainly active in:
DEPA Commercial
•import of natural gas through long-term contracts and spot cargoes
•supply of natural gas to large scale consumers (power generation plants, industries and Natural Gas supply
companies)
•natural gas supply through ΕPA Attiki to small and medium scale consumers
DEPA International Projects
•international gas transportation projects
It is noted that, within 2022, and in the context of the Group's exit strategy from non-commercial activities, the
sale of its stake (35%) in DEPA INFRASTRUCTURE S.A. was completed. Its main activity is the distribution of
natural gas through medium and low pressure network.
Privatization Process for DEPA INFRASTRUCTURE and DEPA COMMERCIAL
In the context of the 100% sale of the share capital of the company "DEPA INFRASTRUCTURE S.A." by HRADF S.A.
(65%) and HELLENIC PETROLEUM (now HELLENiQ ENERGY, 35%) and after the declaration of ITALGAS SpA as
the Preferred Investor at a financial consideration of €733 million (of which €256.5 million was the consideration
attributable to HELLENiQ ENERGY Group), the Share Purchase Agreement was signed on 10 December 2021. On 1
September 2022, the transfer of 100% of the shares of DEPA INFRASTRUCTURE to ITALGAS SpA Group was
completed.
The sale process of 100% of the share capital of the company "DEPA COMMERCIAL S.A." by HRADF S.A. (65%)
and HELLENiQ ENERGY (35%), which commenced in January 2020, was suspended in March 2021 by HRADF, for
reasons related to the unhindered implementation of the Tender Procedure. HELLENiQ ENERGY was among the
candidate investment schemes in a joint venture with EDISON S.A. of DEPA COMMERCIAL's shareholders, HRADF
and HELLENiQ ENERGY, are in the process of examining their options on their stake at DEPA COMMERCIAL.
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f) Exploration and Production of Hydrocarbons
HELLENiQ ENERGY Group's exploration and production activities concentrated in Greece with a promising
portfolio of assets:
•25% participation in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace Concession,
North Aegean Sea, covering a total area of approximately 1,600 sq. km.
•The Group has E&P rights, as Operator 100%, in the offshore ‘Block 10’, Kyparissiakos Gulf, covering an area
of 3,420.60 sq. km. In January 2022, a 2D seismic campaign of 1,200 km was performed, as part of the
minimum work program of the 1st Exploration Phase. Seismic operations were successful, with zero
environmental footprint and full respect to the local communities, taking all the essential protection
measures, based on the EU and national legislation, as well as the good industry practices. Processing of the
new seismic data has been completed (January 2023), with the interpretation to follow. In the context of the
acceleration of the exploration activities, the Company has completed in December 2022 the environmental
permitting for a 3D seismic acquisition as well as the process of the tender for the award of the contractor
that would undertake the project. The seismic acquisition of 2,450 sq. km (with an area covered more than
the contractual obligations of the 2nd Exploration Phase) started on 14 December 2022 and was successfully
completed on January 6 2023, with zero environmental footprint impact and full respect to the local
communities, taking all the essential protection measures, based on the EU and national legislation, as well
as the good industry practices.
•The Group has a 100% working interest, through HELPE Ionian, in the offshore block ‘Ionian’ covering an
area of 6,671.13 sq. km. In December 2021, a Withdrawal Agreement was executed with Repsol Greece
Ionian S.L., according to which the Spanish company transferred 50% of the rights and obligations of the
Lease Agreement for the Ionian Block as well as the Operatorship to HELPE Ionian, ratified by the Minister of
Environment and Energy on 31.12.2021. In February 2022, a 2D seismic campaign of 1,600 km was
performed, as part of the minimum work program of the 1st Exploration Phase. Seismic operations were
successful, with zero environmental footprint impact and full respect to the local communities, taking all the
essential protection measures, based on the EU and national legislation, as well as the good industry
practices. Processing of the new seismic data has been completed (January 2023) with the interpretation to
follow. In the context of the acceleration of the exploration activities, the Company completed in December
2022 the environmental permitting for a 3D seismic acquisition as well as the process of the tender for the
award of the contractor that would undertake the project. The seismic acquisition of 1,150 sq. km was
initiated on 1 December 2022 and was completed 12 days later, with zero environmental footprint and full
respect to the local communities, taking all the essential protection measures, based on the EU and national
legislation, as well as the good industry practices.
•The Group has a 25% working interest, through HELPE West Kerkyra, with ENERGEAN HELLAS Ltd (75%,
Operator), in the offshore block of Ionian Sea ‘Block 2’, covering an area of 2,422.10 sq. km. In November
2022, a 3D seismic acquisition of 2,212 sq. km. was completed. Processing of the new data is ongoing.
•The Group had a 20% working interest, through HELPE West Crete and HELPE South West Crete, in a Joint
Venture with TOTALENERGIES EP Greece B.V (40%, Operator) and ExxonMobil Exploration & Production
Greece (Crete) B.V. (40%), in the offshore blocks ‘West Crete’ and ‘South West Crete’, covering an area of
20,058.40 and 19,868.37 sq. km, respectively. Following the decision of TotalEnergies to exit both blocks,
the two remaining companies negotiated for the settlement of the relevant issues arising from the
withdrawal. Following the Consent of the Minister of Environment and Energy and the Consent of HEREMA
for the change in the Operatorship, ExxonMobil Exploration & Production Greece (Crete) B.V. in August 2022
became the Operator with 70% interest and HELPE West Crete and HELPE South West Crete the Co-Lessee
with a 30% interest. Since November 2022, a 2D Multiclient seismic acquisition of 12,000 km is has been in
progress and is expected to be completed in February 2023.
•HELLENiQ ENERGY (former HELLENIC PETROLEUM) has submitted an offer for the offshore ‘Block 1’, north
of Corfu Island with the outcome of the process still expected.
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g) Electromobility Services
ElpeFuture, a 100% subsidiary of HELLENiQ ENERGY, operates in the new market as a Provider of Electromobility
Services, as a Charging Infrastructure Operator and as a Transaction Processing Agent.
ElpeFuture has completed the first-stage deployment of its fast-charging network, with fifty (50) operational fast
chargers of 50 to 120 kW power at petrol stations across the country. In addition to the ElpeFuture ChargenGo
mobile app, which includes services for both ad-hoc and registered users with 24/7 support services for charging
point operators and, for end users and is constantly improving, ElpeFuture launched OEM branded RFID cards in
cooperation with automotive dealers in Greece.
The company aims to consolidate its position in the EV charging market and further develop the fast and ultra-
fast charging network at petrol stations, as well as AC charging units in points of interest. At the same time,
ElpeFuture has already developed AC charging installations for corporate fleets in B2B clients and targets the
expansion of its network through further collaborations.
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B. Main Events of Financial Year 2022 
B.1 Business Environment
a) Global Economy1,2
In 2022, the global economic growth slowed to the extent that the global economy is close to falling into
recession—defined as a contraction in annual global per capita income-. The growth rate of the global
economy in 2022 is estimated at 2.9%, much lower than last year (+5.9% in 2021). In 2023, global economic
growth is expected to decelerate further (at 1.7%), impacted by high inflation, monetary tightening by major
central banks, tighter financial conditions and continued disruptions from the Russian Federation’s invasion
in Ukraine.
GDP in advanced economies is estimated to have increased by 2.5% in 2022 compared with 5.3% in 2021 and in
emerging economies by 3.4% in 2022 compared with 6.7% in 2021. For 2023, economic growth is estimated at
0.5% for the advanced economies and at 3.4% for the emerging economies, with policy tightening, inflationary
pressures, tightening financial conditions, consumer demand, geopolitically-related supply disruptions, all
expected to have an impact.
In the Euro Area, activity in the first half of 2022 exceeded expectations, with GDP estimated to have grown by
3.3%, compared to 5.3% in 2021 and -6.1% in 2020. In the second half of the year, however, activity weakened
substantially as a result of soaring energy prices and broad inflationary pressures, compounded by tighter
monetary policy. Inflation rose to record highs as Russia’s invasion of Ukraine led to natural gas supply cuts and
surging energy prices—which, despite some recent moderation, remain elevated and well above previous years. In
2023, Euro Area economic growth is forecast at 0%— impacted by ongoing energy supply disruptions and
monetary policy tightening. Activity is expected to contract in 1H23 before stabilizing later in the year. Inflation is
envisaged to moderate on the back of favorable base effects, lower energy prices and reduced demand.
In the U.S., rising food and energy prices, along with a tight labor market, pushed inflation to multi-decade highs in
2022, before price pressures started easing toward the end of the year, prompting the most rapid monetary policy
tightening in more than 40 years. Activity contracted in the first half of 2022, and domestic demand remained
weak in the second half, with particular softness in residential investment. Economic growth is estimated to have
slowed to 1.9% in 2022 and projected to decelerate further to 0.5% in 2023.
With regard to emerging economies, economic growth in China is estimated at 2.7% in 2022, the weakest pace
since the mid-1970s (vs 8.1% in 2021). The economic activity in China deteriorated markedly in 2022, as COVID-19
related restrictions, unprecedented droughts and ongoing property sector stress, restrained consumption,
production and residential investment. Infrastructure-focused fiscal support, policy rate and reserve requirement
ratio cuts and regulatory easing measures—including cash subsidies and lower down-payment requirements—
have only partially offset these headwinds. In Turkey, activity grew at an estimated 4.7% in 2022 vs 11.4% in 2021,
with a tripling of the minimum wage between December 2021 and January 2023 and a rebound in tourism, which
helped support activity and offset the drag from multi-decade-high inflation, the significant currency depreciation
and swelling external liabilities.
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1 Source: World Bank, World Economic Outlook Update, January 2023
2 OPEC “Monthly Oil Market Report”, January 2023
b) Financial Indicators
In 2022, EUR / USD exchange rate was shaped on average at 1.05 vs 1.18 in 2021. The uncertainty caused by the
energy crisis contributed to volatility in the currency markets. The main drivers of USD strengthening were the
monetary and fiscal policy in the US and the Eurozone, as well as inflation dynamics, among others.
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c) Industry Environment3,4,5
In 2022, world oil demand growth reached 2.5 mbd y-o-y, increasing the global demand to 99.6 mbd. In 2023,
world oil demand is estimated to increase by 2.2 mbd to 101.8 mbd. However, this estimate is subject on various
factors, including global economic developments, shifts in COVID-19 containment policies, and geopolitical
tensions.
In 2022, demand in Europe and North America increased by 0.52 mbd and 0.75 mbd respectively, affected by
rising inflation and other macroeconomic challenges, as well as, slowing economic and industrial activity in
Europe. Demand in Asian OECD countries was up by just 0.08 mbd, affected by economic challenges, supply chain
bottlenecks and disrupted industrial activity.
Global oil supply in 2022 increased by 4.5 mbd compared to 2021. OPEC’s crude oil production in 2022 increased
by 2.5 mbd compared to a year earlier and that of  Non-OPEC production increased by 1.9 mbd, with most of the
latter stemming from the two largest non-OPEC producers: the US and Russia.
For the largest part of 2022, oil prices were higher y-o-y, with Brent crude oil averaging $101.3/bbl in 2022 -the
highest in the past nine years-, up 43% vs 2021. Crude oil prices increased in the first half of the year because of
tighter supply-demand balances. In specific, limited spare capacity due to several years of underinvestment and
supply issues caused by Russia’s full-scale invasion of Ukraine coincided with a period of diminishing global crude
oil inventory levels (from the third quarter of 2020 till the second quarter of 2022) and rising demand, following
lifting of pandemic-related restrictions. During 2022, Brent prices reached their highest monthly average for the
year in June, at $124/bbl. In the second half of 2022, crude oil prices fell compared to the first half on demand
worries caused by rising inflation and tighter monetary policy from most central banks, as well as COVID-19
restrictive mobility measures in China, while, at the same time, crude oil supply increased, partly due to strategic
petroleum reserves releases.
In terms of crude oil differentials, the Brent-WTI averaged $6.9/bbl in 2022, an increase of 143% vs 2021, driven
mainly by the increased requirements from European countries to replace crude oil imports from Russia with
supplies from other sources. The European markets were also affected by a strong U.S. dollar, which rendered
imported crude oil purchases more expensive. Brent-Urals spread in 2022 increased to $24.6/bbl vs $1.7/bbl in
2021, as Russia's invasion of Ukraine led to the introduction of sanctions by the EU (ban on Russian crude oil
imports), which resulted in sharp demand decrease for the Urals crude grade.
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Information
3 OPEC “Monthly Oil Market Report”, December 2022 and January 2023
4 EIA, Today in Energy, https://www.eia.gov/todayinenergy/detail.php?id=55079#:~:text=The%20Brent%2DWTI%20crude%20oil,crude%20oil
%20from%20another%20source., January 2023
5 REUTERS, https://www.reuters.com/business/energy/opec-sticks-2022-2023-oil-demand-growth-forecasts-after-downgrades-2022-12-13/
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Benchmark refining margins6 7
After an increase of 2.1 mbd in 2022, refinery throughputs are expected to grow by 1.5 mbd in2023, helped by 2.2
mbd of capacity additions between 4Q22 and end-2023. Benchmark margins for Mediterranean refineries
recovered significantly in 1H22, driven by tighter supply-demand balances, especially in the middle distillates part
of the barrel, on the back of improved oil products demand, low inventory levels and disruption of Russian exports
of oil products following Russia’s invasion of Ukraine and the sanctions imposed by Western countries. The
benchmark Med cracking margin averaged $13.7/bbl in 2022, $8/bbl higher y-o-y, while the benchmark Med
Hydroskimming margin averaged $2.4/bbl.
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6 Source: Refinitiv, January 2023
7 IEA, Oil Market Report, January 2023
Oil product cracks ($/bbl)8
Gasoline and diesel cracks were significantly higher vs 2021, while naphtha and HSFO decreased y-o-y. The
gasoline crack shaped at $17.1/bbl in 2022 ($9.5/bbl in2021) and the diesel crack shaped at $38/bbl in 2022 ($6.9/
bbl in 2021). The HSFO crack averaged $-29/bbl in 2022 vs $-10.6/bbl in 2021 and the naphtha crack averaged
$-20.1/bbl vs $-1.8/bbl in 2021. The increase of gasoline and diesel cracks was driven by tighter supply-demand
balances on the back of improving demand as economic activity picked up, tight supply as a result of significant
refining capacity being withdrawn from the market during the COVID-19 crisis, low global inventory levels,
disruption from EU sanctions on Russian exports of intermediate and middle distillate products, refinery
shutdowns due to strikes (France) and lower Chinese oil product exports amid stricter quotas. The naphtha crack’s
decline mainly reflects higher supply and lower demand from the petrochemicals sector and specifically from
naphtha-fed steam crackers. The HSFO crack decreased, impacted by weaker bunker demand and ample
availability.
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8 OPEC, Monthly Oil Market Report, December 2022
Natural Gas, electricity and EUA prices9,10
In 2022, EU gas and electricity prices increased to record-high levels. European gas inventory replenishment,
lower availability of Russian natural gas as a result of EU sanctions on Russian exports following the invasion in
Ukraine and Russia’s response to halt natural gas supplies to various countries, resulted in supply-demand
disruption and natural gas routes redirection. Security of supply concerns and replenishment of European gas
storage tanks through alternative suppliers (including global suppliers of LNG) drove prices to all-time highs
during the summer of 2022. Specifically, natural gas prices (TTF gas price) averaged €132/MWh in 2022 (+180%
compared to 2021), having increased even to €236/MWh during August 2022. With natural gas prices affecting
directly the electricity wholesale pricing, electricity prices were also affected notably, by the geopolitical events. In
Greece, the Day Ahead Market Clearing Price (DAM MCP) averaged €281/MWh (+134% compared to 2021). At the
same time, EU carbon prices (EUAs) surged to an all-time high in February 2022 at €91/tn and average €81/tn in
2022 (+52% compared to 2021), affecting the cost base of a broad range of industries, including power generation
and refining.
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9 Bloomberg, EUA prices, January 2023
10 Electricity prices are based on the DAM MCP, which stands for Day Ahead Market, Market Clearing Price, Source: Energy Exchange Group,
January 2023
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d) Greek Economy11,12,13,14
In 2022, Greece recovered significantly following the crisis of the COVID-19 pandemic. The GDP’s growth rate was
positively affected by government support measures, the revival of tourism and exports, the increase in foreign
direct investments, as well as the improvement in consumer confidence, supporting the recovery in demand. As a
result, the GDP returned to pre-COVID-19 crisis levels, with growth estimated at 5.1% (vs. 8.4% in 2021).
Continuous reforms and the improvement of the business environment have helped to attract foreign
investments. These factors and the end of short-time work programs contributed to strong job growth, with the
unemployment rate falling to a 12-year low.
However, inflationary pressures which intensified due to the energy crisis and disruptions in the global supply
chain, as well as the tightening of monetary policy by most central banks worldwide, are expected to slow global
economic growth in 2023, with the Greek economy estimated to record a slowdown in GDP growth to 1.1%,
impacted by the reduction of economic activity in the Eurozone and the consequences of the energy crisis and
inflation on private consumption and households’ real disposable income. Yet, components such as exports
dynamics (goods and services) and investments are expected to support the domestic economy in the coming
period. More specifically, the utilization of available European resources through the long-term budget of the
European Union (€40 billion, 2021-2027) and the Recovery and Resilience Facility (€30 billion until 2026) is
expected to support the economy. Nevertheless, the intensity and duration of the energy crisis, the pace and
duration of monetary tightening to counter inflationary pressures, as well as regional financial and geopolitical
developments, are all factors that are likely to affect economic growth.
The domestic fuel demand in 2022 amounted to 6.8m MT, according to preliminary official data, a 6.3% increase
compared to 2021, and at par with 2019, as auto fuels demand increased by 3.9% (diesel +5.9% and gasoline
+1.7%), as a result of the lifting of mobility restrictions, while heating gasoil consumption increased by +13%.
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11 IOBE, 3 Months Report on Greek Economy, Issue 4ο/22, January 2023
12 OECD Economic Surveys Greece,January 2023
13 Hellenic Statistical Authority, Press Release, 18 October 2022
14 Ministry of Environment and Energy, January 2023
B.2 Business Developments
a) Financial Highlights15
The main operational and financial Group indicators for 2022 are presented below:
Operational Data
2022
2021
Refinery sales volume
(in million metric tons)
14.3
15.2
Marketing sales volume
(in million metric tons)
5.9
5.0
Refinery production
(in million metric tons)
13.0
14.4
Group employees
3,519
3,500
Financial Data (in million €)
2022
2021
Net sales
14,508
9,222
Reported EBITDA15
1,717
657
Inventory effect – Loss (gain)15
-102
-308
Other special items15
-14
52
Adjusted EBITDA15
1,601
401
Reported net income15
890
337
Adjusted net income15
1,006
140
The Group's operating profitability increased significantly in 2022, with Adjusted EBITDA at €1,601 million (2021:
€401 million).
Improved international refining margins, a stronger dollar and the refineries operational overperformance, as well
as the increased contribution from international marketing and green energy (RES), contributed to improved
profitability, despite an extensive refineries maintenance program, increased energy costs and rebates/discounts
on the sale of heating gasoil oil to support consumers in the midst of the energy crisis.
In FY22, refining production was 10% lower y-o-y (13 million MT in 2022, from 14.4 million MT in 2021), due to the
extensive maintenance program at the refineries and sales volume fell 6% y-o-y. Adj. EBITDA from domestic
Refining, Supply & Trading increased meaningfully to €1,385 million from €153 million in FY21.
Adjusted net income, (as it is defined in chapter G), amounted to €1,006 million, supported by high operating
profitability and the contribution from associates income, despite increased financial costs and the provision for
the Solidarity Contribution (Law 5007/23-12-2022).
Inventory valuation gains (€102 million against €308 million in 2021) due to crude and product price increases, led
Reported EBITDA to €1,717 million and Reported net income to €890 million.
The increase of investments in RES, the refineries’ T/As and the acquisition of HQ's premises, led the capital
expenditure to €512 million.
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15 The selected alternative performance indicators are listed in Chapter G
Balance Sheet / Cash Flow (in million €)
31.12.2022
31.12.2021
Total Assets
8,562
7,832
Total Equity
2,727
2,129
Capital Employed15
4,669
4,067
Net Debt15
1,942
1,938
Net Cash Flows (operating & investing cash flows)
461
-106
Capital Investments (Cash Flow)
512
400
Gearing ratio – Net Debt / Capital Employed
42%
48%
b) Share Performance
In 2022, the Athex Composite Share Price Index increased by 4.1%, outperforming most international equity
indices benchmarks, as Greek economy recorded above-peers economic growth, supported by significant foreign
investments, private consumption and exports, despite the headwinds from the energy crisis in Europe, as a result
of the war in Ukraine and the increased inflationary pressures.
The share of HELLENiQ ENERGY Holdings (the “Company”) recorded an increase of 22.0% in 2022, closing at
€7.59 on 30.12.2022, with an average daily trading volume of 96,419 shares and an average price of €6.76.
The Board of Directors of the Company at its meeting on 24 February 2022 decided to distribute to shareholders a
dividend of €0.30 per share from prior years’ retained earnings, while on 9 June 2022, the Annual General Meeting
approved the distribution of a final dividend of €0.10 per share for the financial year 2021.
On 29 September 2022, the Board of Directors of the Company decided, the distribution of an interim dividend for
the financial year 2022, amounting to €122,254,074, which corresponds to a gross amount of €0.40 per share.
Meanwhile, at its meeting on 10 November 2022, it decided to distribute an additional interim dividend for the
financial year 2022, amounting to €76,408,796, which corresponds to a gross amount of €0.25 per share.
Additionally, at its meeting on 24 February 2023, it decided to distribute a final dividend of €0.50 per share.
The table below shows the average closing price of the Company’s share and the average daily trading volume per
month for the financial year of 2022, as well as the respective period in 2021.
 
Average Closing Price
Average Trading Volume
 
(€)
(# shares)
 
2022
2021
2022
2021
January
6.58
5.62
88,085
109,986
February
6.66
5.41
114,696
56,371
March
6.97
5.65
135,292
101,870
April
7.44
5.81
88,373
88,310
May
6.82
6.18
93,095
108,937
June
6.68
6.42
78,566
70,478
July
6.13
5.82
53,023
39,356
August
6.62
5.76
80,912
50,098
September
6.46
5.82
110,461
54,069
October
6.64
6.02
65,235
83,816
November
6.78
6.08
93,259
62,914
December
7.44
6.07
153,706
73,184
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Share price evolution chart for HELLENiQ ENERGY Holdings S.A.
The following chart shows the share price evolution at the closing of each month and the average trading volume
in the Company’s shares from 01.01.2022 up until 31.12.2022:
c) Key Developments
The key business developments were as follows:
•In the context of the implementation of the Vision 2025 strategy, following the upgrade of the corporate
governance framework that took place in 2021, on 3 January 2022, the new corporate structure was
completed, with the demerger of HELLENIC PETROLEUM S.A., by way of hive-down of its refining, supply
and trading of oil products and petrochemicals sector. The new corporate structure is expected to result in
substantial benefits in terms of crystallizing the value of the various activities, risk management, as well as
flexibility in the financing and growth of the individual business units. The demerged company remained
listed on the Athens Exchange under a new name: HELLENIC PETROLEUM HOLDINGS S.A..
•On 4 July 2022, HELPE Renewables S.A. and RWE Renewables GmbH, a subsidiary of RWE, signed Heads of
Terms (50-50 partnership) for the development, operation and management of offshore wind parks in
Greece, as well as their joint participation in tender procedures that the Greek State would initiate.
•Following the Sale and Purchase Agreement for the sale of 100% of DEPA Infrastructure S.A. on 10
December 2021, following the fulfillment of the Conditions Precedents, on 1 September 2022, the transfer of
100% of the share capital of DEPA Infrastructure S.A., from the HRADF S.A. (65%) and the Company (35%),
to the Italgas Group, was completed.
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•On 20 September 2022, the new corporate identity was launched, with a new logo and a change of the
Company's name from HELLENIC PETROLEUM HOLDINGS S.A. to HELLENiQ ENERGY Holdings S.A.,
delivering in less than a year across all our objectives, on the 1st phase of the strategic plan Vision 2025.
•Start of production at the 204 MW PV project in Kozani in 2Q22 and acquisition of 55 MW of operating wind
farms Mani, increasing the Group's installed RES capacity to 341 MW.
•Safe and successful completion of the extensive maintenance programs at the Group's 3 refineries, with the
aim of improving the availability and utilization during a period of tight oil products supply, especially diesel,
in the international markets.
•During 4Q22, the refinancing of committed bank facilities that were maturing, totaling €900 million, was
successfully refinanced at improved commercial terms, while on 31 August HELPE Digital, a fully owned
subsidiary of HELLENiQ ENERGY, signed a €33 million financing agreement for the development of the
digital program of the Group with the participation of the RRF (Recovery and Resilience Facility).
d) Digital Transformation
The Horizon Program, the Company’s digital transformation initiative, contributes to the Group’s broader
transformation program (VISION 2025) and performance improvement efforts. The Horizon program aims to
utilize digital technologies and establish best practices across Group's business areas in order to introduce new
ways of working and innovative solutions.
So far, 68 digital initiatives have been in progress or already completed across the organization, involving more
than 150 people into various working groups, leveraging over 1,000 hours of specialized training.
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The multi-year action plan consists of a multitude of initiatives with substantial investment in technology-
based projects in the following 3 main areas:
1.Digital Refinery, aiming at evolving our installations into modern, cooperative, interconnected refineries.
2.Digital Retail, aiming at service stations of the future that provide retail customers with new digital experiences
and, improved information access, along with more comprehensive services for partners and corporate customers.
3.Digital Enterprise, aiming at efficient corporate functions, utilizing a vast amount of enterprise data and
automation technology for streamlined operations and more effective decision-making.
Substantial progress in 2022 across all 3 Program Pillars:
•Over 20 digital initiatives were implemented supporting the working day of our employees at the refineries.
These included:
◦Improved scheduling via a new, unified programming platform
◦Efficient energy consumption, through an advanced monitoring system
◦Enhanced selection and use of crude oil supplies, taking into account their compatibility with equipment
and specifications
◦Optimized gasoline blending according to the required quality and economic specifications
◦Reduction of steam consumption at units using data analysis and machine learning tools
◦Advanced analytics for equipment maintenance towards effective planning and improved logistics and
human resources management
◦Introduction of specialized, internally developed tools for monitoring, simulating and optimizing the
critical control points at the refineries’ units
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•Enterprise functions automations and data analytics solutions were put in place, reducing the risk of human
error, improving process performance and releasing business resources for more demanding tasks.
•A brand-new Loyalty Platform was deployed as part of Digital Retail with additional functionalities in phases.
•Implementation of a new Digital Core with a new human resources system and major upgrades in the ERP
domain.
To-date, the commutative investments in the Group's Digital Transformation program have reached €16 million,
translating into a cumulative benefit of €27 million, with €23 million in savings incurred in 2022, and the
estimated benefit on an annual basis from 2025 onwards amounting to €50 million.
Looking forward to next year, many new initiatives & projects are lined up, driving Group's transformation even
further and contributing to security, competitiveness, streamlined operations, upgraded employee experience as
well as important improvements to the quality of service offered towards our end customers and partners.
Indicatively, during 2023, we have planned for the following:
•Digital solutions around employees’ safety
•Refineries’ supply chain optimization with mass balance and load point management projects
•Predictive maintenance initiatives around refineries’ large fixed assets
•e-EKO program, a major digitization initiative for retail communication and customer service
•e-Sourcing, Introducing a core modern platform for optimized Procurement processes and procedures
•Implementation of a new Treasury Management System
•Gradual transition of the Group’s ERP systems into a unified and modern platform (S4HANA)
•Introduction of Digital Academy enabling provision of training and personal development for all Group
employees on up-to-date and innovative subjects
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e) COVID-19 Pandemic Impact, Measures and Future Planning
The COVID-19 pandemic, which began in the 1Q20,impacted the international economic activity, oil industry
and the capital markets in 2021, but to a lesser extent, while in 2022 the recession of the pandemic had
positive results for the economy.
The easing of the pandemic in 2022 along with the extensive vaccinations, contributed to the lifting of the
restrictive measures and the return of the economic activity. However, the new outbreak of COVID-19 cases in
China at the end of 2022 and the risk of a new variant raises concerns among global health organizations.
The Group, which immediately responded to the outbreak of the pandemic COVID-19, has taken various
initiatives. In this environment, the Group’s main priorities continue to be the safety of its staff and associates at
its facilities, the smooth operation and the seamless supply of the market.
Since December 2020, the Group has been granted the certification "CoVid-Shield" by TÜV AUSTRIA Hellas, at
Excellent level, for its industrial facilities and offices, across all the countries in which it operates. At the same time,
it monitors the developments and the State’s directives and adjusts the relevant Group Policy accordingly.
f) Geopolitical Events
On 24 February 2022, Russia initiated a military invasion of Ukraine, following a period of tension between the two
countries. The invasion resulted in economic and non-economic sanctions by the European Union, the USA and
other countries, that affected global energy markets and economic developments, in general. Before the
imposition of sanctions, Russia’s crude oil production accounted for around 10% of global output, while it is the
second largest natural gas producer worldwide. The reduction of the supply of crude oil or natural gas, as a result
of the above, has an impact on availability and pricing. There are also longer-term consequences to the changes
that are happening to global energy flows. The demonstrated reliance on gas from Russia has revealed how
energy security can be improved by countries transitioning to renewable sources.
Furthermore, the impact on economic growth, interest and foreign exchange rates, as well as other economic
indicators, that could affect the Group’s business, is already evident. In 2H21, Russian crude oil accounted for
15-17% of the total crude feed of the Group’s refineries and since the end of February 2022 it was fully replaced by
other grades, without affecting the refineries’ operation. Furthermore, over the last few months and following the
increase in natural gas prices, the Group’s refineries have minimized the use of natural gas as a feed, substituting
it with oil products to a significant extent. The Group follows closely the developments around the crisis and
adjusts its operations accordingly.
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C. Review per Segment – Performance
and Financial Position
The key developments and financial indicators for each of the Group main activities are:
a) Refining, Supply and Trading
Financial results and operational indicators:
Financial Results (in million €)
2022
2021
Sales
13,087
8,047
Adjusted EBITDA15
1,384
153
Operational indicators
Sales Volume (000s MT)
14,284
15,184
FCC benchmark refining margin (Year Average)
$11.5/bbl
$2.3/bbl
Key points for Refining, Supply and Trading in 2022:
•Strong refining margins after March 2022, as a result of the reduced availability/increased demand of
gasoline and middle distillates, due to the sanctions against Russian crude oil and products.
•Significant change of the crude mix consumed by the Group refineries, due to Ukrainian crisis.
•Full uninterrupted supply of all refineries’ in semi-finished products, the market of which was also negatively
influenced after February 2022.
•Successful completion of the planned maintenance programs at Elefsina, Aspropyrgos and Thessaloniki
refineries.
b) Petrochemicals
Financial Data and key operational indicators:
Financial Results (in  million €)
2022
2021
Sales
380
379
Adjusted EBITDA15
74
131
Operational indicators
Sales Volume (000s MT)
262
275
PP  benchmark  margin (€/tn)
425
717
Key points for Petrochemicals in 2022:
•In 2022, the global business environment and especially the European and Mediterranean one, was
negatively affected by the high energy costs and the war in Ukraine, with adverse supply/demand balances
affecting benchmark margins.
•In this environment, the adjusted EBITDA of the Petrochemicals sector reached €74m, further affected by
the planned maintenance shutdown of the Polypropylene production unit in Thessaloniki and by the
reduced supply of Propylene from the Aspropyrgos Refinery.
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c) Marketing
Financial results and operational indicators:
Financial Results (in million €)
2022
2021
Sales
6,296
3,341
Adjusted EBITDA15
138
128
Operational Indicators
Sales Volume (K MT) - Total
5,933
5,046
Sales Volume (k MT) - Greece
3,959
3,366
Fuel stations - Greece
1,655
1,682
Fuel stations - International
317
314
Key points for the Domestic Marketing activities in 2022:
•Launch of EKO Smile loyalty program.
•Increased number of stations offering EKO Premium 98 gasoline.
•High share of differentiated fuels (98 & 100 octane gasoline, premium auto diesel) in the petrol stations’
total motor fuels sales.
•Increase in gasoline, auto diesel and heating gasoil market shares.
•Emphasis on the development of company-operated petrol stations.
•Leading position in aviation and marine fuels was sustained.
Key points for the International Marketing activities in 2022:
•Profitability in 2022 increased significantly compared to 2021, mainly due to the favorable international oil
products environment. In addition, the increase in fuel demand was driven by the gradual lifting of the
restrictive measures that had been imposed in order to contain the COVID-19 pandemic, despite the
unfavorable market conditions due to the global energy crisis and geopolitical turbulence in Eastern Europe.
•In Cyprus, the increase in profitability compared to 2021 was mainly due to better unit margins. At the end of
2022, the new LPG terminal, which was developed through a joint agreement with other oil companies,
became operational.
•In Montenegro, the profitability was higher compared to 2021 mainly due to the rebound of demand to pre-
pandemic levels but also due to the completion of the investment program for the revamp of existing gas
stations.
•In the Republic of North Macedonia, profitability increased compared to 2021 as a result of increased
volumes due to product shortage in the wider region.
•In Bulgaria, there was a slight decrease in profitability compared to 2021 despite increased volumes and
margins, mainly due to lower other income.
•In Serbia, the decrease in profitability compared to 2021 was mainly due to the decreased retail unit margins,
despite an increase in volumes.
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d) Renewable Energy Sources (RES)
Financial results and operational indicators:
Financial Results (in million €)
2022
2021
Sales
37
5
Adjusted EBITDA15
29
3
Operational Indicators
Volumes Generated (GWh)
472
56
Installed Capacity (MW)
341
65
Key points for RES in 2022:
•The PV park in Kozani started generating electricity in May 2022. The project’s total installed capacity is 204
MW, making it one of the largest solar parks of its kind in Greece and in Europe, with a total investment over
€130 million and rendering the Group the largest PV operator in Greece. Its annual electricity generation is
estimated at around 350 GWh which is sufficient to power 75,000 homes with zero-emission electricity,
leading to a CO2 emission avoidance of over 90,000 tons p.a..
•In addition, in 2022, the acquisitions of 38 MW operating wind farms in Evia and 55 MW in Mani and of 2 PV
parks, with total capacity of 16 MW in Viotia, were completed.
•HELPE Renewables’ total installed capacity currently amounts to 341 MW, while more than 2.5 GW of
projects, mainly PV, wind and energy storage, are currently in various stages of development.
•Finally, HELPE Renewables continues to assess investments in Net-metering at the Group’s facilities,
connected to the LV and MV networks.
e) Power and Gas
The Group's power and natural gas activities relate to the Group’s participation to ELPEDISON BV (50%
HELLENiQ ENERGY, 50% EDISON) and DEPA COMMERCIAL, DEPA INTERNATIONAL PROJECTS (35%
HELLENiQ ENERGY, 65% Hellenic Republic Asset Development Fund - HRADF).
The contribution of Power and Gas activities to the financial results of HELLENiQ ENERGY Group, according to the
companies' provisional financial statements, amounted to €120m in 2022 vs €94m in 2021.
Results of ELPEDISON during 2022 were significantly improved, compared to the same period in 2021, with a
contribution of €62 million to HELLENiQ ENERGY Group’s profits, vs €26 million last year, due to better
performance in the areas of supply & trading of natural gas, as well as generation and management of electricity.
The power generation sector, during 2022, was characterized by historically high prices, intense volatility and
geopolitical tensions. Consequences of the pre-existing energy crisis and the effects of the energy transition
towards cleaner forms of energy, were amplified by the Russian invasion in Ukraine in February 2022. This
sparked fears of disruption to the security of gas supply and further increased gas and electricity prices, impacting
negatively both industrial and domestic consumers.
During 2022 the average price of CO2 allowances stood at €81 per ton of CO2, increased by 52% compared to 2021
(2021: €53.3/tn). Also, the price of natural gas followed an upward trend during the same period, with the average
price of TTF benchmark gas standing at €132/MWhg, increased by 180% compared to the same period last year
(2021: €47/MWhg). The weighted average purchase price of electricity in the interconnected system also showed
a significant increase, reaching €281 MWh for 2022, increased by 134% (2021: €120/MWh, source: ADMIE). At the
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same time, domestic demand for electricity in the interconnected system remained relatively unchanged
compared to 2021, at around 51 TWh (source: ADMIE).
In this volatile environment, the Company successfully utilized the opportunities offered, optimizing its energy
portfolio, increasing the contribution of its CCGT units to the domestic energy mix and enhancing imports of
Liquefied Natural Gas (LNG). It is worth noting that, as part of a set of relief measures for consumers against the
energy crisis, from July 2022 and for the duration of one year, a cap was imposed by the Government on the
remuneration prices of electricity producers. The difference between the cap and the prices derived at the Energy
Exchange is transferred to the Energy Transition Fund to finance tariff reduction through subsidies.
In the retail electricity market, ELPEDISON's market share reached 6.1% (2021: 5.9%, Source: Hellenic Energy
Exchange), with an enhancement of retail supply volumes and expansion of its customer portfolio, mainly in Low
Voltage (residential customers), amid a highly competitive environment from alternative electricity suppliers.
ELPEDISON supplied approximately 325.000 customers at the end of 2022, with sales of around 3.3 TWh. In
addition to this, in 2022, ELPEDISON further strengthened its position in the Natural Gas supply market,
expanding its customer base, as well as its activity in the wholesale market by importing even higher volumes of
LNG at the Revithoussa Terminal (2022: 6.8 TWh vs 2021: 5.7 TWh), and thus enhancing its commercial
development as an integrated energy provider.
Regarding the most significant upcoming actions of ELPEDISON, these are the following:
•In the electricity generation sector, licensing procedures as well as preparatory technical works for the
construction of the new Combined Cycle Gas Turbine (CCGT) power plant in Thessaloniki are being
completed. The final decision on the realization of the investment and the implementation timetable is
expected during 2023.
•Regarding the electricity supply sector, new actions are in place and/or planned to further expand the
customer base and market share, both in the supply of electricity and Natural Gas, but also in the Energy
Services sector.
•Finally, in October 2022, RAE granted an Independent Natural Gas System License to ELPEDISON for the
new LNG terminal called “Thessaloniki FSRU”, which aims to mainly serve the Company's own needs in NG.
Natural Gas domestic consumption in 2022 decreased by 19% (2022: 56.6 TWh), compared to last year, mainly
due to increased prices that led to a significant decrease in consumption by domestic industrial consumers (2022:
2.8 TWh, -68%). Electricity producers continued to record the highest consumption, covering 74% of domestic
demand, despite a decrease of their consumed quantities by 13%, to 41.7 TWh. Household consumers and
businesses also decreased their consumption through distribution networks by 7% compared to 2021, mainly due
to milder weather conditions.
As for Natural Gas imports, the main events that led to their increase by 11% in 2022 (2022: 86.2 TWh) were the
Russian invasion of Ukraine and the implementation of the REPower EU plan. The EU adopted this plan in May
2022, outlining measures to phase out Russian fossil fuel imports, strengthen the security of energy supply with
LNG imports and support the green energy transition. These resulted for the LNG Terminal of Revithoussa (entry
point of Agia Triada) to become the main gateway for natural gas entering the country. Revithoussa covered 44%
of total imports (2022: 38.1 TWh), recording a significant increase compared to 2021 (+54%), at the expense of
imports of Russian gas from the Sidirokastro terminal (2022: 29.6 TWh, -16%). The USA remain the largest
importer of LNG in Greece, with a percentage of 51% among all LNG cargoes.
It is worth noting that natural gas exports increased in 2022 by 289 % (29.5 TWh), and were directed to Bulgaria,
through the interconnection point in Sidirokastro (source: DESFA).
In this volatile and highly competitive environment, DEPA enhanced its profitability through an efficient
commercial policy and an effective portfolio and contract mix management. DEPA COMMERCIAL's  contribution
to the profits of the HELLENiQ ENERGY Group, reached €59 million.
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f) Exploration and Production of Hydrocarbons
•In the lease area of Kyparissiakos Gulf “Block 10”, in February 2022, a 2D Seismic Acqusition of 1,200 km was
completed. The processing of the newly acquired seismic data has been completed (Jan ’23) and the
interpretation will follow. Additionally, the Company has completed in December 2022 the environmental
permitting for a 3D seismic acquisition as well as the process of the tender for the award of the contractor
that would undertake the project. The 3D seismic acquisition of 2,450 sq. km started on December 14th and
was completed on January 6th, 2023 with zero environmental footprint and full respect to the local
communities, taking all the essential protection measures, based on the EU and national legislation, as well
as the good industry practices.
•In the Ionian Block, in January 2022, following the transfer of rights of the 50% interest of Repsol Greece
Ionian S.L. and the respective consents by the Minister of Environment and Energy and HEREMA
(Hydrocarbons and Energy Resources Management Company), HELPE Ionian became the Operator with
100% interest in the block. In February/March 2022, a 2D seismic campaign of 1,600 km was performed.
The processing of the newly acquired seismic data has been completed (Jan ’23) and the interpretation will
follow. Additionally, the Company has completed in December 2022, the environmental permitting for a 3D
seismic acquisition as well as the process of the tender for the award of the contractor that would undertake
the project. The 3D seismic acquisition of 1,150 sq. km started on December 1st and was completed on
December 12th, with zero environmental footprint and full respect to the local communities, taking all the
essential protection measures, based on the EU and national legislation, as well as the good industry
practices.
•In the offshore area ‘Block 2’, where ENERGEAN HELLAS Ltd (75%) is the Operator and HELPE West Kerkyra
holds the remaining 25%, a 3D seismic acquisition of 2,212 sq. km. was completed. Processing of the new
data is ongoing and interpretation will follow.
•In the offshore areas of ‘West Crete’ and ‘South West Crete’, currently the JV is the 1st Exploration Phase.
Following the withdrawal of TotalEnergies from the blocks and the respective consents by the Minister of
Environment and Energy and HEREMA, ExxonMobil Exploration & Production Greece (Crete) B.V became the
Operator with 70% working interest and the companies HELPE West Crete and HELPE South West Crete
increased their interest to the block from 20% to 30%. From November 2022, a 2D Multiclient seismic
acquisition of 12,000 km is in progress and is expected to be completed in February 2023.
•In the offshore area «Block 1» Ionian sea, north of Corfu, the Company (100% operator) has submitted an
offer with the outcome of the process still expected.
g) Electromobility Services
•Fifty 50-120 kW fast chargers operate at EKO & BP fuel stations, at motorway service stations and urban-
type fuel stations. Seventy five (75) charging points of 22 kW power in large shopping malls and in public
parking lots, as well as, in private parking areas of the Group's infrastructure and in B2B partners.
•The licensing process for the installation of fast chargers at EKO & BP fuel stations and Points of Interest
throughout the country is ongoing.
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D. Corporate Governance Statement
The present statement has been prepared in accordance with the provisions of articles 152 and 153 of L.
4548/2018; it is included in the Company’s Annual Management Report in respect of the 2022 fiscal period,
as a special part thereof, and is available via the Company’s website at: https://www.helpe.gr/en/investor-
relations/corporate-governance/statement-of-corporate-governance.
The institutional framework governing the Company’s operation and obligations is L. 4548/2018 on the reform of
the law of sociétés anonymes and L. 4706/2020 on corporate governance. The Company’s Articles of Association,
are available via the Company’s website at: https://www.helpe.gr/en/investor-relations/corporate-governance/
articles-of-association-data.
As a listed company in the Athens Stock Exchange, the Company has additional obligations in respect of the
individual sections of governance, investors’ and supervisory authorities’ information, financial statements’
publication, etc. The principal laws describing and imposing the additional obligations are L. 4706/2020 and the
Hellenic Capital Market Commission decisions and circulars issued by delegated authority of the law (decisions no.
1Α/980/18.9.2020, 1/891/30.9.2020 as amended and in force, 2/905/3.3.2021, circular 60/18.9.2020), L.
3556/2007, L. 4374/2016, the ATHEX Exchange Rulebook, the provisions of article 44 of L. 4449/2017 (Audit
Committee), as amended by article 74 of L. 4706/2020 and in force, in conjunction with the caveats, clarifications
and recommendations of document no. 1149/17.5.2021 of the Hellenic Capital Market Commission, as well as
decision no. 5/204/14.11.2000 of the BoD of the Hellenic Capital Market Commission, as in force. L. 4706/2020
“Corporate governance of sociétés anonymes, provisions for capital market modernisation, transposition of EU Parliament and
Council Directive 2017/828 into Greek law, measures for the implementation of EU Regulation 2017/1131, and other provisions”
replaced L. 3016/2002 on corporate governance as of 17.7.2021. By the new law, corporate governance issues,
which were basically self-regulated through soft law, are determined by mandatory law rules, without leaving
room for deviations.
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D.1 Corporate Governance Code
The Company has adopted the Hellenic Corporate Governance Code (June 2021 edition) of the Hellenic Corporate
Governance Council (HCGC) (hereinafter referred to as the “Code”). This Code can be found on the HCGC’s website,
at the following e-address: https://www.esed.org.gr/en/code-listed.
Aside from the HCGC’s website, the Code is available to the entire staff via the company’s intranet, as well as in
hard copy at the Group Financial Services General Division and the Group Human Resources General Division.
During 2022, the Company complied with the provisions of the above Code, with the deviations stated below in
paragraph D.2., while it intends to adopt appropriate policies and proposals to minimize existing deviations from
the provisions of the Code.
In addition to the provisions of the Code, in the course of 2022, the Company complied with all relevant provisions
of the Greek legislation.
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D.2 Deviations from the Corporate Governance Code
Hellenic Corporate Governance Code
Explanation/Reasoning for deviating from the special practices of the
Hellenic Corporate Governance Code
BoD Size and Composition
Appointment of a vice-chairman or top
independent member in case the BoD
Chairman is not an independent non-
executive member (Special Practice
2.2.21)
Despite the fact that the BoD Chairman is a non-executive, but not an independent
member of the BoD, and no vice-chairman or top independent member thereof has
been appointed, the BoD Operation Regulation provides for the Chairman’s
replacement in the event of his absence or impediment, by the most senior non-
executive member of the BoD.
The existing BoD, which was elected in June 2021, constitutes the first BoD
following a major amendment of the Company’s Articles of Association regarding
the BoD’s composition and election. After completing its first year of operation, the
Company has proceeded with the evaluation of its efficiency and operation, as well
as its committees (at collective and individual level) by an external consultant,
which is ongoing. After the completion of the exercise and if deemed appropriate,
the Company will review once again.
Succession of the BoD
Chairman of the Remuneration and
Nomination Committee (Special Practice
2.3.9)
The Chairman of the Nomination Committee is also Chairman of the Remuneration
and Succession Planning Committee.
On account of the provision in the Articles of Association regarding the
appointment of four, out of the eleven, BoD members by the Greek State, the
BoD’s independent non-executive members are four. Given that the BoD was
elected in June 2021, when upon three out of the four independent non-executive
members thereof were admitted to it, the member that was elected as (joint)
Chairman of the two Committees is the only independent member that was a
member of the Remuneration and Succession Planning Committee also during the
previous BoD’s term of office; namely for a period of more than a year, as provided
in the Code (Special Practice 2.4.7). After the completion of the ongoing project of
the evaluation of the Board of Directors and of its committees, depending on its
findings/proposals, the Company will review their composition.
BoD members’ remuneration
Recovery of variable parts of executive
BoD members’ remuneration (Special
Practice 2.4.14)
The existing remuneration system for executive BoD members does not include
provisions for the possibility of refunding part or the whole of the variable executive
BoD members’ remuneration, as this would amount to a discrimination at their
expense compared to Company executives with the same grade.
The Company also finds that something of the sort is not necessary, as the relevant
remuneration is paid following an individual assessment of each executive
member’s performance and under no circumstances can they exceed the
predetermined maximum limits on their annual ordinary remuneration.
BoD / Chief Executive Officer Assessment
(Special Practices 3.3.3. & 3.3.4)
At the date of publication, 24.02.2023, the BoD’s and its committees (collective or
individual) evaluation by an external consultant, is in progress. The assessment is
carried out for the first time and includes the evaluation of the CEO and  the
Chairman of the Board.
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D.3 Other Corporate Governance Practices 
In the context of implementing a structured and adequate corporate governance system, the Company has
implemented specific good corporate governance practices, some of which are over and above those provided by
the applicable legislation and relate to the BoD’s duties and its operation, in general (a detailed reference to the
BoD Committees follows in section D.7):
•Due the Company’s nature and purpose, the complexity of issues and the necessary legal support of the
Group, which includes a number of operations and subsidiaries in Greece and abroad, and in order to be
assisted in its work, the BoD has established committees, comprised of members thereof, with advisory,
supervisory or/and approving authorities. These committees are outlined below (a detailed reference to
such shall be made at the end of the Statement, under paragraph “Other BoD Committees”): 
I.Strategy and Risk Management Committee
II.Sustainability Committee
•In addition to the above BoD committees, committees with an advisory and coordinating role have been
established and operate in the Company. They comprise of senior executives of the Company and their
objective is to support the work of the Management. The principal such committees are the following:
I.Executive Committee
II.Group Credit Committee
III.Investment Evaluation Committee
•The Company has adopted corporate governance policies and procedures, which include:
◦The Procedure for handling inside information and properly informing the public, in accordance with the
provisions of Regulation (EU)) 596/2014, which includes the appropriate mechanisms and
methodologies for the assessment of information so that it may qualify as “inside”, the prohibition of
abusing or attempting to abuse inside information or recommending to another person to proceed to an
abuse of inside information, as well as the prohibition of unlawful disclosure.
◦The Procedure for the compliance of persons discharging managerial responsibilities, in accordance with
the provisions of article 19 of Regulation (EU) 596/2014, which includes a clear and detailed recording of
the requisite notification actions, aiming at strengthening transparency regarding the transactions of
management officers and of the persons closely associated therewith and identifying potential risks
(abuse, market manipulation, etc.)
◦The Policy and Procedure on related party transactions, which sets out the mechanisms for identifying,
supervising and approving the transactions in question.  In the context of the procedure relevant
documents and information concerning related parties are kept and updated. The information on the
above transactions among associate companies are included in the report accompanying the Company’s
financial statements, in order to be disclosed to the shareholders. According to the provisions of L.
4548/2018 (article 99- 101), Company transactions of any kind with parties related to it, are permissible
only following approval by the BoD or the General Meeting, as per case, unless they fall under the
exceptions stated in the law. 
◦The Policy and Procedure for preventing and managing conflict of interest situations, which provides for
designating the way in which conflict of interest may arise, for receiving reports or clarifying doubts in
cases of such (actual or potential) conflict and for taking appropriate measures for managing them.
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D.4 Main Features of the Systems of Internal Controls and Risk
Management in relation to the Financial Reporting Process
The Group System of Internal Controls and Risk Management in relation to the financial statements’ and
financial reports’ preparation process includes controls and audit mechanisms at different levels within the
Organization, which are described below:
a) Group level controls
Risk identification, assessment, measurement and management
The scope, size and complexity of the Group’s activities requires a composite system of methodical approach and
treatment of risks, which is applied by all Group companies.
The prevention and management of risks forms a core part of the Group’s strategy.
The identification and assessment of risks takes place mainly during the strategic planning and the annual
preparation of the business plan stage. The benefits and opportunities are examined both in the context of the
Company’s operations, but also in relation to the several and different stakeholders who may be affected.
The issues examined vary subject to market and industry conditions and include, indicatively, political
developments in the markets where the Group operates, or which constitute important sources of raw materials,
changes in technology, changes in legislation, macro-economic indicators and the competitive environment.
Planning and monitoring / Budget
The Company’s progress is monitored through a detailed budget per operating sector and specific market. The
budget is adjusted at regular intervals to take into account the changes in the development of the Group’s
financials that depend greatly on external factors, such as the international refining environment, crude oil prices
and the euro / dollar exchange rate. Management monitors the development of the Group’s financial results
through regular reports, comparisons with the budget, as well as through Management Team meetings.
Adequacy of the Internal Audit System
The Internal Audit System (ICS) consists of the policies, procedures and tasks which have been designed and
implemented by the Group’s Management for the effective management of risks, the achievement of business
objectives, for ensuring the reliability of the financial and managerial information and compliance with Laws and
regulations.
The independent Group Internal Audit General Division (GIAGD), through conducting periodic assessments,
ensures that the risk identification and management procedures applied by the Management are adequate, that
the Internal Audit System operates effectively and that information provided to the BoD regarding the Internal
Audit System, is reliable and of good quality.
The Internal Audit General Division draws up a short-term (annual), as well as a rolling long-term (three-year)
Audit Plan based on ad-hoc risk assessment, as well as on other issues identified by the Audit Committee and the
Management also in past audit reports. The Audit Committee is the supervisory body of the Internal Audit General
Division.
The Internal Audit General Division submits quarterly reports to the Audit Committee, in order for the systematic
monitoring of the Internal Audit System’s adequacy to be feasible.
The reports of the Management and the Internal Audit General Division provide an assessment of the significant
risks and the effectiveness of the Internal Audit System as regards their management. Through the reports, any
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possibly identified weaknesses, their actual or potential impact, as well as the Management’s actions to correct
them are communicated. The results of the audits and the monitoring of the implementation of the agreed
improvement actions are taken into account in the Company’s Risk Management System.
To ensure the independence of the statutory Audit of the Group’s financial statements, the BoD follows a specific
policy in order to formulate a recommendation to the General Meeting regarding the election of an External
Auditor. Indicatively, this policy provides, inter alia, for the selection of the same audit company for the entire
Group, as well as for the auditing of the consolidated financial statements and tax compliance reports. Lastly, a
certified auditor is appointed from an internationally recognized firm is elected, while, at the same time, his/her
independence is safeguarded.
Regulatory Compliance Service
The Regulatory Compliance Services forms part of the ICS; administratively, it is reporting to the Chief Executive
Officer and functionally to the Audit Committee. By its reports to the Audit Committee, it contributes to the ICS’s
improvement and adequacy, as its objective is to ensure that appropriate and updated policies and procedures are
set up and implemented, in such a way that the Company’s full and constant compliance to the applicable
regulatory framework is achieved.
Risk Monitoring and Management Division
Following the conclusion of the corporate transformation, a Risk Monitoring and Management Division is
expected to be formed and operate. Administratively, the Division shall be reporting to the Group Finance General
Manager and, functionally, to the BoD Strategy and Risk Management Committee. It will be supporting the ICS’s
operation through determining principles and setting up and implementing appropriate and updated policies and
procedures governing their identification, assessment, quantification/measurement, monitoring and
management.
Roles and responsibilities of the Board of Directors
The role, powers and relevant responsibilities of the BoD are set out in the Company’s Bylaws (Internal Regulation)
that has been approved by the BoD.
Financial fraud prevention and detection
In the context of risk management, the areas that are considered to be of high risk for financial fraud are
monitored through appropriate Control Systems and accordingly increased controls are in place. Examples include
the existence of detailed organizational charts, operation regulations (procurement, investment, oil products’
market, credit, treasury management), as well as detailed procedures and approval authority levels. In addition to
the internal controls applied by each Division, all Company operations are subject to audits by the Internal Audit
Division, the results of which are submitted to the BoD.
Bylaws (Internal Regulation)
The Company drafted Bylaws sets out , among others,  the powers and responsibilities of the principal job
positions promoting the adequate separation of powers within the Company. The approved Bylaws have been
posted on the Company’s website, in accordance with par. 2 of article 14 of L. 4706/2020.         
Furthermore, the companies “HELLENIC FUELS AND LUBRICANTS SINGLE-MEMBER INDUSTRIAL AND
COMMERCIAL SOCIETE ANONYME” and “HELLENIC PETROLEUM SINGLE-MEMBER SOCIETE ANONYME
REFINING, SUPPLY AND SALES OF OIL PRODUCTS AND PETROCHEMICALS”, as key Company subsidiaries,
adopted bylaws on 15.7.2021 and 20.1.2022, respectively.   
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Group Code of Conduct
In the context of the good corporate governance fundamental obligation, the Company has drawn up and adopted
since 2011 a Code of Conduct, which has been approved by the Company’s BoD. The Code of Conduct summarizes
the principles according to which every individual, employee or third party involved in the operation of the Group,
as well as every collective body thereof, should act within the framework of their duties. For this reason, the Code
constitutes a practical guide of the day-to-day tasks of all employees of the Group, but also of third parties who
cooperate with it.
The Group Code of Conduct is posted on the Company’s website and is expected to be revised in 2023; on one
hand, capitalizing on its nearly a decade’s operation results and, on the other hand, in order to be aligned to more
recent legislative development, such as L. 4990/2022, which ratifies the EU Directive 2019/1937 on the protection
of persons who report breaches of Union law (Whistleblowing). According to the provisions of L. 4808/2021,
which, inter alia, ratifies Convention 190 of the International Labor Organization on eliminating violence and
harassment in the world of work and proceeds to adopting relevant measures and provisions, the drafting of the
Policy against Violence and Harassment was completed and is put into effect at the Group’s companies.
Data Protection Office
In the context of complying with the Personal Data Protection Regulation, the Company has established a
Personal Data Protection Office (PDPO), by appointing a Data Protection Officer and the appropriate policies and
procedures for the protection of the privacy of personal data processed by the Group. DPO is administratively
reporting to the Chief Executive Officer and, functionally, to the BoD.  
b) Information systems’ controls
Given that the financial reporting processes are highly dependent on information systems, the Group has
undertaken a series of actions aimed at the operating effectiveness of controls in order to ensure the
completeness and accuracy of the financial records.
Specifically, the Chief Information Security Officer is in charge of overseeing the Information Security Framework,
which defines the information security principles and rules that govern the Group. At the same time, the Group IT
and Digital Transformation General Division is responsible for defining and implementing the strategy in matters
of technology and IT and is responsible for the development and support of the Group's applications and systems,
as well as, for the implementation of information security safeguards, in cooperation, where required, with
external partners.
The Group has developed an adequate monitoring and control framework for its information systems, which is
defined by a set of control mechanisms, policies and procedures, while through a series of interventions and
implementations, it has ensured compliance with all required regulatory frameworks and guidelines (e.g. General
Data Protection Regulation, NIS Directive - L. 4577/2018). The information systems’ monitoring and control
framework includes, inter alia, the existence of documented descriptions of the Division’s roles and
responsibilities, as well as of an IT Strategic Plan, which is renewed annually. Information systems’ access control
mechanisms follow the “Least Privilege” principle, while different levels of strong authentication mechanisms
have been defined depending on the criticality of the applications, in order to reduce the risk of accidental or
intentional data alteration. At the same time, mechanisms for recording and monitoring log files (audit trails) have
been enabled in the Group's information systems.
Finally, the Group has implemented technical arrangements through which the provision of IT services is ensured
in case of unexpected events that could cause loss of system availability.
c) Financial statements and financial reports’ preparation process (financial reporting)
controls
As part of the process for preparing the Company’s financial statements, specific controls are in place and operate,
which are related to the use of tools and methodologies that are generally accepted, based on international
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practices. Some of the main areas whereby controls related to the Company’s financial reports and financial
statements operate are the following:
Setup – Allocation of Duties
•The assignment of duties and authorities both to the Company’s senior Management, as well as to its middle
and lower management officers, ensures the effectiveness of the Internal Audit System, while safeguarding
the requisite segregation of duties.
•Appropriate staffing of the financial services with individuals having the requisite technical expertise and
experience to carry out the duties assigned to them.
Accounting monitoring and financial statements’ preparation procedures
•Existence of uniform policies and mode of monitoring accounting departments, communicated to the
Group’s subsidiaries, which include, definitions, accounting principles used by the Company and its
subsidiaries, guidelines for preparing the financial statements and financial reports and the consolidation.
•Automatic checks and verifications conducted among the various information systems, while special
approval is required regarding accounting treatment of non-recurring transactions.
Assets’ safeguarding procedures
•Controls are in place regarding fixed assets, inventories, cash and cash equivalents - cheques and other
assets of the company, such as, for example, the physical security of cash or warehouses and inventory
counts and reconciliations of physically counted quantities with those recorded in the accounting books.
•Schedule of monthly physical inventory counts to confirm inventory levels of physical and accounting
warehouses; use of a detailed manual to conduct inventory counts.
Transactions’ authorization limits
•A Chart of Authorities is in place, whereat the authorities assigned to the Company’s various officers to
execute certain transactions or acts (e.g. payments, receipts, legal acts, etc.) are set out.
d) Results of the Internal Audit System’s evaluation process in accordance with article
14, par. 3 section j and par. 4 of L. 4706/2020 and the relevant decisions of the of the
Capital Market Commission’s Board of Directors
The Company, by decision of its BoD, assigned to Ernst & Young (Greece) Certified Auditors Accountants S.A. the
assessment of the adequacy and effectiveness of the Internal Audit System of the company HELLENiQ ENERGY
Holdings SA and its significant subsidiaries, HELLENIC PETROLEUM SINGLE-MEMBER SOCIETE ANONYME
REFINING, SUPPLY AND SALES OF OIL PRODUCTS AND PETROCHEMICALS and HELLENIC FUELS AND
LUBRICANTS SINGLE MEMBER INDUSTRIAL AND COMMERCIAL S.A., with reference date of 31 December 2022,
in accordance with the provisions of section j of par. 3 and par. 4 of article 14 of L. 4706/2020 and decision
1/891/30.09.2020 of the Capital Market Commission’s Board of Directors as applicable (the "Legislative
Framework").
The assurance was carried out in accordance with the audit program included in the decision of the Hellenic
Accounting and Auditing Standards Oversight Board (HAASOB), number 040/2022 and the International
Standard on Assurance Engagement 3000 "Assurance Engagements other than Audits or Reviews of Historical
Financial Information".
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Based on the work carried out by the evaluator regarding the assessment of the adequacy and effectiveness of
the Company’s Internal Audit System and its significant subsidiaries, we report that no material weaknesses were
identified.
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D.5 Information required per article 10 paragraph 1 of Directive
2004/25/EU on public takeover bids
Publication of the requisite information, in accordance with article 10 par. 1 of Directive 2004/25/EU of the
European Parliament and of the Council is included in part J of this Report, per article 4 par. 7 of L.
3556/2007.
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D.6 General Meeting and Shareholders’ Rights
The General Meeting of the Company’s shareholders is its supreme organ and has the right to decide on any
issue concerning the Company. The operation of the Company’s General Meeting of shareholders, its role
and responsibilities, convocation, participation requirements, the ordinary and extraordinary quorum and
majority of the participants, the Presiding Board and the Agenda, are set out in the Company’s Articles of
Association.
All shareholders have the right to participate in the General Meeting, provided that they hold Company shares on
the record date; that is, at the start of the fifth (5th) day prior to the date of the General Meeting.
The shareholding capacity is evidenced through the Company’s electronic connection with the records of
depository (Hellenic Exchanges S.A.). This electronic certificate must be received by the Company three days
ahead of the date set for the General Meeting, at the latest.
Participation in the General Meeting is not conditional on share blocking or compliance with any other similar
procedure restricting the sale and transfer of shares during the period between the record date and that of the
General Meeting.
Shareholders have the right to participate in the General Meeting, either in person or through one or more
appointed proxy holders (shareholders, or not).
Participation in the General Meeting remotely, exclusively through electronic means, without the shareholders’
physical presence at the venue where it is held, is permitted. Exercise of the shareholders’ right to vote remotely,
either in real time through teleconference, or by sending their postal voting before the meeting is held, is also
permitted, either in person, or through a proxy, in accordance with the provisions of L. 4548/2018 (articles 125 par.
1 and 126) and the Company’s Articles of Association.
In the context of the preventive measures implemented by the Company for containing the spread of the
COVID-19 virus in order to protect the participants in the General Meetings and the employees and to ensure the
continuity of business operations in the premises of its facilities, the Company’s General Meetings in 2022 were
held exclusively through electronic means, without the shareholders’ physical presence at the venue where they
were held.
Shareholders have the right to participate in General Meetings, either in person or through one or more appointed
proxy holders (shareholders, or not).
Each shareholder may appoint up to three (3) proxy holders. However, if a shareholder has shares of the Company
held in more than one securities account, the above restriction shall not prevent the shareholder from appointing
a separate proxy holder for the shares held in each of the securities accounts.
A proxy holder, acting on behalf of several shareholders, may vote differently in respect of each shareholder.
Legal entities participate in the General Meeting through their representatives.
Proxy holders are appointed or revoked by written notification to the Company, at least forty-eight hours prior to
the date set for the General Meeting.
The proxy forms are available at the Company’s website. Such forms render possible for shareholders to authorize
their proxy holders either to vote in favor or against, or to abstain from voting, separately in respect of each item
on the agenda.
The Company ensures that all valid proxy holders’ appointments received for the General Meeting are properly
recorded and taken into account.
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Prior to the commencement of the General Meeting’s session, the shareholders’ proxy holders are obliged to
disclose to the Company any information or event, which could generate conflict with the rights of the
shareholders they represent.
Shareholders’ rights prior to the General Meeting
The Company is under an obligation to post on its website its annual Financial Statements, as well as the relevant
reports of the Board of Directors and Auditors, ten (10) days prior to the Ordinary General Meeting.
Minority Rights
1.On request by any Shareholder, submitted to the Company at least five (5) full days prior to the General
Meeting, the Board of Directors is under an obligation to provide the General Meeting with the specific
information requested on the Company’s affairs, to the extent such information is useful for really assessing
the items of the agenda. There is no obligation to provide information where such is already available on the
Company’s website, particularly in the form of questions and answers. The Board of Directors may refuse to
provide the above information on the basis of adequate cause, which is recorded in the minutes. Any dispute
as to the validity or not of the reasoning for refusing to provide information is resolved by the One-Member
First Instance Court of Athens by a judgment thereof, issued according to the interim measures’ procedure.
2.On request by Shareholders representing 1/20 of the paid-in share capital, the Board of Directors is under an
obligation to convene an extraordinary General Meeting, setting its date within a period of forty-five (45)
days following the day of service of the relevant request to the Chairman of the Board of Directors. The
relevant request must include the requested General Meeting’s agenda. In case no General Meeting is
convened by the Board of Directors within twenty (20) days from service of the relevant request, the latter
can be filed before the One-Member First Instance Court of Athens, which shall determine the place and
time for the General Meeting, as well as its agenda, by applying the interim measures procedure.
3.On request by Shareholders representing 1/20 of the paid-in share capital, the Board of Directors is under an
obligation to include additional issues in the agenda of the General Meeting that has been already convoked,
provided the relevant request has come to it at least fifteen (15) days prior to the General Meeting. The
additional items must be published or notified, at the Board of Directors’ responsibility, at least seven (7)
days prior to the General Meeting. The revised agenda, together with the reasoning or draft decision that has
been submitted to the shareholders, must be published in the same way as the original agenda and be
available on the Company’s website, at least thirteen (13) days prior to the date of the General Meeting.
4.On request by Shareholders representing 1/20 of the paid-in share capital, the Board of Directors is under an
obligation to make available to the shareholders, by posting on the Company’s website, at least six (6) days
prior to the date of the General Meeting, drafts of the decisions on issues included in the original or the
revised agenda, if the relevant request has been received by the Board of Directors at least seven (7) days
prior to the date of the General Meeting.
5.On request by Shareholders representing 1/20 of the paid-in share capital, the Board of Directors is obliged
to adjourn, only once, decision-making by the General Meeting, whether ordinary or extraordinary, on all or
some of the issues on the agenda and set as new date for the General Meeting that which is set out on the
Shareholders’ request; however, such date cannot be more than twenty (20) days after the date of the
adjourned General Meeting.
6.On request by Shareholders representing 1/20 of the paid-in share capital, the Board of Directors is obliged
to announce to the General Meeting, provided it is an ordinary one, the amounts paid to each member of the
Board of Directors or to the Company’s Managers over the last two years, as well as any benefit granted to
those persons, on account of any cause or Company contract with them. The Board of Directors may refuse
to provide the above information on the basis of adequate cause, which is recorded in the Minutes.
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7.On request by Shareholders representing 1/20 of the paid-in share capital, decisions on any item on the
agenda of a General Meeting are taken by roll-call vote.
8.On request by Shareholders representing 1/20 of the paid-in share capital, the One-Member First Instance
Court of Athens can order the Company’s audit if acts violating provisions of laws, or the Company’s Articles
of Association, or decisions of the General Meeting of Shareholders, are thought likely. In any case, the
request for audit must be submitted within three (3) years after approval of the financial statements for the
fiscal period within which the reported acts have taken place.
9.On request by Shareholders representing 1/20 of the paid-in share capital, which is submitted to the
Company at least five (5) full days prior to the General Meeting, the Board of Directors is under an obligation
to provide to the General Meeting information on the course of the company affairs and the Company’s
assets’ status. The Board of Directors may refuse to provide such information on the basis of adequate
cause and with reasoning that is recorded in the Minutes. Any dispute as to the validity or not of the
reasoning for refusing to provide information is resolved by the One-Member First Instance Court of Athens
by a judgment thereof, issued according to the interim measures’ procedure.
10.On request by Shareholders representing 1/5 of the paid-in share capital, the One-Member First Instance
Court of Athens can order the Company’s audit if, from its overall course, it is deduced that the management
of company affairs is not exercised as prescribed by due and prudent administration.
Right to Dividend
The minimum dividend that is mandatorily distributed annually by the Company equals the minimum annual
dividend provided by article 161 par. 2 of L. 4548/2018, which amounts, at minimum, to 35% of the Company’s net
income, after the withholdings required for creating a statutory reserve. By a General Assembly decision, taken by
a special quorum (½ of the paid up share capital) and majority (2/3 of the share capital represented at the General
Meeting), this percentage may be reduced, though not below 10% of the net profits, while its abolition is allowed
only by an 80% majority of the share capital represented at the General Meeting.
Dividend is paid within two (2) months from the date of the Annual General Meeting of Shareholders that
approves the Company’s annual and consolidated financial statements.
The date and means of the dividend’s payment are published on the Athens Stock Exchange and the Company’s
websites, as well as in the Press.
According to Greek law, dividends, which remain unclaimed for a period of five years after the date on which they
were rendered claimable, are transferred to the Greek State.
Shareholders’ Information
The Investor Relations and Corporate Announcements Department is responsible for updating and keeping the
Company’s shareholders’ registry, for servicing, as well for providing valid, prompt, accurate and equal information
to shareholders and supporting them in exercising their rights.
The Company, having shares listed in the stock exchange, is obliged to publish announcements in compliance with
Regulation (EU) 596/2014 of the European Parliament and Council on Market Abuse (MAR), Greek Laws
4443/2016 and 3556/2007 and the decisions of the Hellenic Capital Market Commission. Publication of the above
information is made in a way that ensures fast and equal access to it by investors.
All relevant publications/announcements are available, on both the Athens Stock Exchange and the
Company’s websites and are notified to the Hellenic Capital Market Commission.
The Investor Relations Division caters for making available the published company editions (Annual Report,
Annual and Half-Year BoD Report, Prospectuses) to all stakeholders, ensuring the investment community’s 
correct and equal information on issues concerning the Company and the Group, as well as the Company’s
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communication with the competent authorities (Hellenic Capital Market Commission and Athens Stock Exchange,
London Stock Exchange – secondary listing though Global Depositary Receipts - and Luxembourg Stock Exchange
regarding bonds).
Dialogue with the stakeholders and management of their interests
Over time, the Company has invested on the timely and open dialogue with its stakeholders, using different
communication channels for each stakeholders’ group, based on the idea of flexibility and facilitation of
understanding their respective interests.
More specifically, for those stakeholders (social partners) related to the broader, as well local communities, the
Company’s collaboration is continuous and implemented through constant and substantive dialogue.
More information regarding the stakeholders, dialogue and reciprocal communication / interaction with the
Company are set out in the Non-Financial Information (chapter I. in this report), in the Annual Report, as well as in
the Annual Report on Sustainable Development & Corporate Responsibility.
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D.7 Composition & Operation of the Board of Directors, Supervisory
Bodies and Company Committees
Generally
The Company is governed by the Board of Directors (BoD), a body which is collectively responsible for its long-
term success. The Board of Directors exercises its responsibilities in accordance with Greek legislation,
international best practices, the Company’s Articles of Association and any legal decisions reached by the General
Meeting of the Company's shareholders.
The BoD comprises eleven (11) members who are elected in accordance with the provisions of Article 20 of the
Company’s Articles of Association. Four (4) members of the BoD are appointed by the State on behalf of the
Hellenic Republic Asset Development Fund (HRADF) in accordance with paragraphs 2a, 4 and 11 of Article 20 of
the Company's Articles of Association.
The remaining members of the BoD are elected at the Company’s General Meeting, without the participation of
the HRADF (or any natural or legal person associated with it), if the right of direct appointment has been exercised.
The selection of candidates for the BoD is conducted in both cases in accordance with the criteria as set out in the
Company's suitability policy. The term of office for the Board of Directors is three years while members can be re-
elected and their terms are freely revokable.
On 30.6.2021, the Ordinary General Meeting of Shareholders appointed the existing BoD for a three-year term
(which in any case is extended until the date of the Ordinary General Meeting for the year 2024) along with the
appointment of the BoD’s non-executive members.
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The BoD composition, its members’ attendance of meetings and the number of Company shares held by each
member is presented in the following tables. The BoD met twenty (20) times in the year 2022.
BoD Composition
Capacity
Participation in
BoD meetings in
2022 (total 20)
Start of
participating
in the BoD
Number of
Company
shares
Ioannis Papathanassiou
Chairman – Non-executive member
20/20
2019
0
Andreas Shiamishis
Chief Executive Officer – Executive Member
20/20
2013
0
Georgios Alexopoulos
Executive Member
20/20
2016
5,000
Iordanis Aivazis
Independent non-executive member
20/20
2019
0
Theodoros-Achilleas Vardas
Non-executive member
20/20
2003
5,396
Nikolaos Vrettos
Independent non-executive member
20/20
2021
0
Anastasia (Νatasha) Martseki
Non-executive member
20/20
2021
0
Alexandros Metaxas
Non-executive member
20/20
2019
0
Lorraine Scaramanga
Independent non-executive member
20/20
2021
0
Panagiotis (Takis) Tridimas
Independent non-executive member
19/20
2021
0
Alkiviades Psarras
Non-executive member
20/20
2019
0
In accordance with article 18, par. 3 of L. 4706/2020, there follows a table with the number of shares held also by
the chief Management Officers of the Company.
General Managers
Function
Number of Shares
Ioannis Apsouris
Group Legal Services General Manager
50
Georgios Dimogiorgas
Refineries General Manager
8,000
Aggelos Kokotos
Group Internal Audit General Manager
1,086
Leonidas Kovaios
Group IT & Digital Transformation General Manager
0
Konstantinos Panas
Oil Products Supply & Trading General Manager
100
Alexandros Tzadimas
Group Human Resources & Administrative Services General Manager
0
Vasileios Tsaitas
Group CFO
3,000
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BoD members’ experience and basic skills are presented in the
following table:
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Roles and responsibilities of the BoD
The BoD is the Company’s supreme governing body and, chiefly, it formulates its strategy and supervises and
controls its assets’ management. The composition and functions of the members of the BoD are determined by
Law and the Company’s Articles of Association. Primary obligation and duty of the BoD members is to constantly
pursue the strengthening of the Company’s long-term economic value and to protect the general company
interest.
In order to achieve the company objectives and the Company’s smooth operation, the BoD may assign part of its
authorities, except those requiring collective action, as well as the management administration or governance of
the affairs, or the Company’s representation to the Executive Committee, the CEO, or to one or more BoD
members (executive and non-executive), to Company employees or third parties. BoD members and any third
party to whom BoD authorities have been delegated by the BoD are prohibited from pursuing personal interests
that conflict with those of the Company. BoD members and any third party to whom BoD authorities have been
delegated, have to promptly disclose to the rest of the BoD members any personal interests which might arise as a
result of Company transactions falling within their duties, as well as any other conflict of personal interest with
those of the Company or associate companies, arising in exercising their duties, in accordance with the Company’s
relevant policies.
Indicatively, the BoD has the following responsibilities:
1.Decides on any act concerning the Company’s representation, governance, its assets’ management and the
pursuit of its purpose, in general;
2.Manages the corporate affairs with the object of promoting the company interest; oversees the
implementation of its decisions, as well as of those of the G.M.; 
3.Determines and supervises the corporate governance system of articles 1 to 24 of L.4706/2020, and
monitors and periodically assesses, at least every three (3) financial years, its implementation and
effectiveness, proceeding to the necessary actions for dealing with deficiencies;
4.Ensures the adequate and effective operation of the Company’s Internal Audit System (“IAS”);
5.Ensures that all operations comprising the ICS are independent of the business segments they control and
that they have the appropriate financial and human resources, as well as the powers for their effective
operation, as prescribed by their role. The reporting lines and allocation of responsibilities are clear,
executable and duly documented;
6.Makes sure that the Company’s annual financial statements, the annual management report and the
corporate governance statement, their consolidated form, as well as the BoD members’ remuneration
report, are drafted and made public in accordance with the provisions of the law;
7.Recommends to the G.M. the appointment of a certified auditor accountant or audit firm;
8.Ensures that the Company’s strategic planning is aligned to corporate culture;
9.Approves the strategic and the annual business and financial plan;
10.Determines the extent of the Company’s exposure to risks it intends to assume;
11.Ensures that an effective regulatory compliance procedure is in place;
12.Sets or/and delimits the responsibilities of the Chief Executive Officer and of the other persons to whom it is
entitled to delegate powers of the Company’s management and representation, in accordance with the
Company’s Articles of Association;
13.Posts and keeps updated the information regarding the election of its candidate members;
14.Is updated and decides on any other development affecting the Company’s status and operation.
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The Board of Directors’ Strategy Day
The CEO proposed the introduction of the Strategy Day in order to inspect strategic issues that need to be
examined by the Board of Directors. The objective behind this specific day during the year is to hold an annual
meeting on strategic issues outside the formal limits of the Board of Directors so that its members have the time
needed to discuss major strategic initiatives related to the development of the Company and the Group.
The Strategy Day was held on 21.02.2023 and focused on updating the Group's Vision 2025 strategy and
identifying key levers for its implementation.
Conflict of interest
The BoD members have, by law, a duty of care and loyalty towards the Company. They act with integrity and to
the Company’s interest and safeguard the confidentiality of the non-publicly available information.
The BoD members have to avoid any situation creating a conflict between their personal interests and those of
the Company, as well as not to acquire advantages and personal benefits at the expense of the Company, unless
they are authorized by the General Meeting of the Company’s shareholders, or the BoD. 
The BoD members must contribute their experience and dedicate to their duties the requisite time and attention.
They must report to the BoD’s Nomination Committee other professional commitments they have, including
substantial non-executive commitments to companies, both prior to assuming their duties, as well as every time
that some major change occurs during their term of office.
BoD members’ participation in other companies
Except where participating in companies that are parties related to the Company, per the meaning of Annex A of L.
4308/2014, the Company’s BoD members, are not members of another legal entity’ governing, management or
supervisory body, with the following exceptions:
First & Last Name
Function
Participation in another company
Andeas Shiamishis
Chief Executive Officer
BoD member/ Hellenic Federation of Enterprises
(SEV)
BoD Chairman / SEV SUDEV (VIAN)
Iordanis Aivazis
Independent Non-Executive
Member
Chairman of the Special Liquidations Committee /
Bank of Greece
Nikolaos Vrettos
Independent Non-Executive
Member
BoD member “nanoSaar A.G.”
Anastasia Martseki
Non-executive member
BoD member (Independent Non-executive) “Fourlis
Trade Estates REIC”
Lorraine Scaramanga
Independent Non-executive
member
BoD member “Eurobank Private Bank Luxembourg”
General Partner & Manager of the limited partnership
“L. Scaramanga & Co LTD”
Panagiotis Tridimas
Independent Non-executive
member
Executive member of the General Council / Hellenic
Financial Stability Fund
Executive and non- executive BoD members
The executive members of the BoD, headed by the Chief Executive Officer, are occupied with the day-to-day
management of affairs falling under their areas of responsibility, as well as with ensuring the smooth running of
the Company. They are responsible for implementing the strategy defined by the BoD and for supervising the
execution of its decisions. Special BoD decisions determine how the Company is represented and bound.
The criteria and the procedure for evaluating the independence of the BoD members are defined in detail in the
Procedure for the Disclosure of Dependency Relationships of Independent Non-Executive Members of the
Company’s BoD, where the rules and the procedure are established, on the one hand, for the evaluation of
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fulfillment of the independence criteria and, on the other hand, for the disclosure of any dependency relationships
of the independent members of the BoD and the persons who have close ties with them.
The Nominations Committee reviews the BoD members' independence, on an annual basis.
The non-executive members of the BoD, including the independent non-executive members, are charged with: (i)
monitoring and reviewing the Company’s strategy, its implementation, as well as the achievement of its goals; (ii)
the executive members’ effective supervision, including the supervision of their performances. Non-executive
Members of the BoD meet at least each year and convene for Extraordinary meetings when considered
appropriate without the presence of executive members in order to discuss the performance of the latter. In 2022,
the company's independent non-executive members met once on 12.5.2022.
BoD Chairman
The BoD Chairman, who is a non-executive member, is responsible for convening, chairing and steering the
meetings, for the keeping of minutes, the signing of the relevant resolutions and for the BoD’s operation, in
general, as this is provided in the Company’s Articles of Association and the law. The Chairman’s responsibilities
are determined on the basis of the Company’s Articles of Association, the applicable legislation, the assignment of
responsibilities based on relevant BoD decisions, and the Code adopted by the Company, as set out in the
Company’s Bylaws. The most senior non-executive BoD member deputizes for the Chairman, when he is absent or
impeded.
Chief Executive Officer
The Chief Executive Officer is the senior governing body and legal representative of the Company and is
responsible for all its business segments and all its operations. The Group Internal Audit General Division reports
administratively to the Chief Executive Officer.
Concise curricula vitae of the BoD members are set out in the Annex to the present report.
BoD Committees
The BoD has set up committees for the purpose of achieving the company objectives and the Company’s smooth
operation. Each BoD Committee discharges the duties assigned to it by the BoD, acts within its remit and
promptly informs the BoD regarding its actions and any developments that came to its attention.
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Audit Committee
According to its Operation Regulation in force,  may either be a committee of the BoD, exclusively comprised
of non-executive members thereof, or an independent committee, comprised of non-executive BoD
members and third parties or third parties only. The type of the Committee, the term of office, the number
and functions of its members are determined by the Company’s General Meeting of shareholders.
The Audit Committee is comprised of no less than three (3) members, who, in their majority, are independent of
the Company, within the meaning of the provisions of article 9 of L. 4706/2020.
On 30 June 2021, the Ordinary General Meeting of the Company’s shareholders, decided, following the election of
the members of the Company’s new BoD, that the Audit Committee is a BoD committee, comprised of three non-
executive and, in their majority, independent, in the meaning of the provisions of L. 4706/2020, members thereof
with a three-year term of office and authorized the BoD to appoint them after ascertaining the fulfillment of the
criteria and conditions of article 44 of L. 4449/2017.
The Committee’s members have sufficient knowledge of the sector in which the Company operates. At least (1)
Committee member, which is independent in the meaning of the provisions of article 9 of L. 4706/2020, has
documented adequate knowledge and experience in auditing or accounting. This member mandatorily attends
the Committee’s meetings concerning the approval of financial statements.
Pursuant to the above decision and taking into account the specific committee’s vital role in creating a strong
corporate governance model, the BoD appointed Iordanis Aivazis, Lorraine Scaramanga and Panagiotis Tridimas,
all independent non-executive members thereof, as members of the Audit Committee, after ascertaining that
they meet all the criteria of article 44 of L. 4449/2017 and of article 9 of L. 4706/2020, as, collectively, they have
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adequate knowledge of the sector in which the Company operates and one of them, Ms. Lorraine Scaramanga, has
adequate knowledge and experience in accounting, auditing and finance (non-practicing certified auditor) and
that the Audit Committee, by this composition thereof, can fulfill the duties and obligations set out in par. 3 of
article 44 of L. 4447/2017.
The Company’s Audit Committee, at its meeting of 1st July 2021, was formed into body, electing Ms. Lorraine
Scaramanga as its Chairwoman.
The Audit Committee supports the Company’s BoD in its duties regarding the oversight of:
•the financial statements’ statutory audit procedure and the BoD’s updating on its results;
•the completeness and integrity of the standalone and consolidated Company financial statements;
•the design adequacy and operational effectiveness of the system of  internal controls ;
•the effective risk management, quality assurance and compliance of the Company;
•the Company’s compliance with the legal and regulatory requirements applicable from time to time, as well
as with the Code of Conduct;
•the design adequacy and operational effectiveness of the corporate governance system;
•the internal audit procedure, and the GIAGD’s performance;
•the certified auditors/audit firm’s selection procedure and review of their independence.
Correspondingly and in relation to the above, the Audit Committee has the following responsibilities, in
greater detail:
1.It monitors the procedure and conduct of the statutory audit of the Company’s standalone and consolidated
financial statements. In this context, it updates the BoD by submitting a relevant report on the issues that
arose from the statutory audit’s conduct.
2.It monitors, examines and evaluates the financial reporting preparation process; namely the mechanisms
and production systems, the flow and dissemination of the financial information issued by the Company’s
organizing units involved. The Audit Committee informs the BoD of its findings and submits proposals for
improving the process, if considered advisable.
3.It monitors, examines and assesses the adequacy and effectiveness of the Company’s policies, procedures
and controls regarding, on one hand, of the system of internal controls and, on the other hand, the
assessment and management of risks related to financial reporting. As regards the internal audit function,
the Audit Committee monitors and inspects the GIAGD’s proper operation and evaluates its work, adequacy
and effectiveness, without, however, infringing on its independence. Furthermore, it reviews the information
disclosed as regards the internal audit and the Company’s main risks and uncertainties in relation to financial
reporting. In this context, the Committee informs the BoD of its findings and makes suggestions for
improvement, where appropriate.
4.It reviews and monitors the certified auditors/audit firms’ independence in accordance with L.4449/2017
(articles 21, 22, 23, 26 and 27), as well as with article 6 of Regulation (EU) 537/2014 of the European
Parliament and of the Council of 16th April 2014, and in particular, the appropriateness of providing non-
audit services to the audited entity, in accordance with article 5 of the Regulation.
5.It is responsible for the certified auditors’/audit firm’s selection process and nominates the certified
auditors/audit firms that will be appointed by a decision of the General Meeting.
During 2022, the Audit Committee, in exercising its duties, held nineteen (19) meetings, attended by all its
members, the contents of which are summarized below:
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•It was informed by and discussed with the external auditors the schedule and planned approach to the
statutory audit of the corporate and consolidated statements for the fiscal year 2022.
•It reviewed and discussed with management and the external auditors (including two private sessions with
the external auditors) the annual financial statements for the year ended 31.12.2021 and the semi-annual
report for the period ended 30.6.2022 and recommended their approval by the Board of Directors. It also
reviewed, discussed with management and reported to the Board of Directors on, the quarterly financial
results for the periods ended 31.3.22 and 30.9.22. The Audit Committee also reviewed the drafts of the
relevant announcements on the Company's financial performance.
•It held two meetings to discuss the external auditors report for the evaluation of the internal control
procedures over financial reporting of the Company and the Group based on their audit for the year 2021
(Management letter).
•It monitored the effectiveness of the Company’s Group Internal Audit General Division ‘GIAGD’ and
approved the Internal Audit Plan, the Budget and the Training Plan for the year 2022. It also approved the
update of GIAGD’s Strategy and Internal Audit Manual.
•It received all of the internal audit reports, while holding regular meetings with the Internal Audit General
Manager to discuss operational and organizational issues of the GIAGD aside from the internal audit reports.
It discussed the quarterly activity and progress reports with the key findings, which were submitted to the
Committee; the BoD was informed of said reports, including the key findings and manner of addressing
them.
•It assessed the performance of the GIAGD’s Head and approved the salary adjustment of the GIAGD’s
General Manager’s remuneration (in a joint meeting with the Remuneration and Succession Planning
Committee).
•It approved the annual plan of the Regulatory Compliance Service and was briefed on its activities. 
•It submitted periodic reports regarding the Audit Committee’s activities to the Board of Directors.
•It submitted its Activity Report for the year 2021 to the Board of Directors and subsequently to the Ordinary
General Meeting of 9th June 2022.
•It initiated the process and recommended to the Board of Directors the assignment of carrying out the
periodic evaluation of the Internal Audit System in accordance with article 14 par. 3 (j) of the Law 4706/2020
and the decision 1/891/30.9.2020 of the Capital Market Commission.
•It carried out an assessment of the performance of the external auditors and, based on the satisfactory
experience to date, recommended EY’s re-election as audit firm to conduct the audit of the fiscal year 2022
(6th consecutive year following a relevant tender procedure in 2017.)
•It approved the remuneration of the external auditors.
•It monitored non-audit service requests by the certified auditors regarding the provision of services to the
Company beyond the statutory audit and after satisfying itself that the services in question concerned
permissible (by the relevant legislation) services and that the fees for providing such would not impair the
certified auditors’ independence, it approved their provision.
Upon unanimous acceptance of the Audit Committee’s recommendation by the Board of Directors, EY’s re-
election for conducting the statutory audit in the year 2022, was approved by the Ordinary General Meeting of
Shareholders of 9th June 2022.
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Remuneration and Succession Planning Committee
In its present composition, the Company’s Remuneration and Succession Committee comprises of three (3) non-
executive BoD members, two of which are independent: Iordanis Aivazis, independent non-executive BoD
member, is the Committee’s Chairman and its members are Theodoros-Achilleas Vardas, non-executive BoD
member and Nikolaos Vrettos, independent non-executive BoD member. Within 2022, it held four (4) meetings,
attended by all its members, the subjects (of the activities) of which is set out concisely below:
•BoD’s Remuneration Report (according to article 112 of Law 4548/2018) for the fiscal year 2021.
•2021 annual variable remuneration to the Managerial level officers.
•Extraordinary bonus for the Strategic Transformation’s successful implementation (Vision 2025) and special
energy aid to the Company’s employees.
•Fixed and Variable Remuneration Policy for Managerial level officers for the years:
◦2022, 2023 and onwards and,
◦Managerial level officers’ salary adjustments for 2022.
The mission of the Remuneration and Succession Planning Committee is to:
1.Support the BoD in the work of drafting or/and revising the Remuneration Policy, which is submitted for
approval to the GM, as well as to study the information included in the annual remuneration report, opining
on such to the BoD, prior to its submission to the GM. 
2.Formulate or approve proposals by the Management on the guidelines’ framework regarding the
remuneration of Top Management Officers and Management Officers and approve proposals by the Chief
Executive Officer to the BoD regarding the remuneration of the Group Internal Audit General Manager (in
collaboration with the Audit Committee). 
3.Formulate or approve proposals by the Management regarding variable remuneration plans and voluntary
retirement schemes, insurance schemes and performance incentive schemes for Top Management Officers
and Management Officers.
4.Ensure that a Top Management Officers’ succession plan is in place and cater for submitting relevant
recommendations to the BoD and/or the Chief Executive Officer.
Nomination Committee
The Nomination Committee comprises of three (3) non-executive BoD members, two of which are independent.
Mr. Iordanis Aivazis, independent non-executive BoD member, is the Committee’s Chairman and its members are
Mssrs. Theodoros-Achilleas Vardas, non-executive BoD member, and Panagiotis Tridimas, independent non-
executive BoD member. 
The mission of the Nomination Committee, is, in acting according to the criteria stated in the Company’s
suitability policy, to identify and nominate to the BoD individuals eligible for BoD and its committees’ membership
and to opine on the suitability of the candidate appointed members that are nominated by the State. Furthermore,
the Committee ensures the smooth succession and continuity of the Company’s BoD and evaluates the suitability,
completeness and effectiveness of the existing BoD members.
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Its main responsibilities are the following:
1.Suitability assessment of Candidate BoD Members appointed by the State;
2.Election of Candidate BoD Members elected by the General Assembly of shareholders (Preparation,
Candidates’ sourcing, Suitability Assessment, Nomination);
3.BoD Evaluation (BoD Evaluation Policy, Annual Evaluation, External Evaluation, Committee’s self-
assessment);
4.BoD Training;
5.Succession Plan;
6.Supporting the BoD in implementing the Company’s Policy for Preventing and Managing Conflict of Interest
Situations.
Task of the Nomination Committee and subject-matter of the two meetings it held, with all its members
attending, on December 14 and 20, 2022, was the selection process and the recommendation to the BoD of the
provider for the external evaluation of the BoD and its Committees on a collective and individual level.
The Nominations Committee reviewed the fulfillment of the independence criteria of all independent non-
executive members of the BoD for the year 2022 and informed the BoD in order to establish the fulfillment of the
independence criteria of its members in question.
Other BoD Committees 
The work of the BoD is also assisted by other committees, set up by a decision thereof. Specifically, the
current committees are the following: 
Strategy and Risk Management Committee
The Strategy and Risk Management Committee was established in 2021, taking into account the requirements of
the Company’s corporate transformation and the emphasis it plays on the management of risks and on changes
of a strategic nature, which occur in the financial, economic, environmental, technological, political and social
environment and may affect its activities overall, its business action, its financial performance, as well as the
implementation of its strategy and the achievement of its goals. More specifically, with the corporate
transformation and Vision 2025, the Company enters into new business activities, which require the prompt
identification and management of risks and the drawing of a strategy suitable for achieving the ambitious mid-
long-term business goals, by planning appropriate investments and securing the necessary resources.
The mission of the Strategy and Risk Management Committee is, inter alia, to approve the corporate framework
for risk management and the relevant policies and methodologies, to determine the level of risk appetite and the
risk tolerance levels, to monitor and approve the management of significant corporate risks, as well as to oversee
the implementation of effective risk management measures.
The composition of the Committee consists of: Andreas Shiamishis, Chief Executive Officer, as the Committee’s
Chairman and its members Georgios Alexopoulos (executive BoD member), Theodoros – Achilleas Vardas (non-
executive BoD member) and Nikolaos Vrettos (independent non-executive BoD member). It is noted that, after
the establishment of "HELLENIC PETROLEUM Single-Member Societe Anonyme Refining, Supply and Sales of Oil
Products and Petrochemicals" ("HELPE R.S.S.O.P.P. S.A.") -as a result of the demerger by way of hive-down on
January 3, 2022-, a Strategy and Risk Management Committee has been established to support the Board of
Directors of HELPE R.S.S.O.P.P..
The two Committees have the same composition for reasons of efficiency. The Committee has met twice: on 17
March 2022 on the issue of managing the crisis caused by Russia's invasion of Ukraine and on 30 May 2022 on the
issue of the renewal of the all- risks insurance policy.
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Sustainability Committee
Having incorporated sustainable development in its strategic vision (Vision 2025), the major issue of transitioning
to a low-carbon emissions economy is set at the core of the Company’s future actions and the Company’s vision
for health, safety and the environment is “Zero Impact – Zero Damage”, as a condition for sustainable
development.
The Committee’s mission is to assist the BoD in strengthening the Company’s long-term commitment to create
value in all three pillars of Sustainable Development (economy, environment and society) and to supervise the
implementation of responsible and ethical business conduct, on matters regarding the Environment-Society and
Governance (ESG).
The Committee is responsible for supervising the definition of the stakeholders and the mode of communicating
with such, in respect of understanding their interests, for identifying the Company’s substantial issues, for
implementing the sustainability policy and the undertakings included in it, as well as for offering guidelines as to
individual aspects / pillars for implementing said policy (such as health and safety, the environment and climate
change, the society) and the risks related to them. The Company’s and the Group companies’ commitments refer
to the health, safety, environment and sustainability policy, which is included in the Company’s Bylaws.
The composition of the Committee consists of:  Andreas Shiamishis, Chief Executive Officer, as the Committee’s
Chairman and its members: Georgios Alexopoulos (executive BoD member), Ioannis Papathanassiou (Chairman -
non-executive BoD member), Nikolaos Vrettos (independent non-executive BoD member) and Anastasia Martseki
(non-executive BoD member). The Committee met once on May 16, 2022 with the main topic for discussion being
the Sustainable Development Strategy/ ESG – Vision 2025 and sub-topics: the Corporate Responsibility
Programs, the Materiality Study of ESG issues, reporting standards and ESG assessments as well as Sustainable
Development Committee’s special operational issues.
The Committee’s composition, including members that are common with those of the Strategy and Risk
Management Committee and with the Chief Executive Officer as chairman, shows the importance which the
Company attributes to sustainable development, which constitutes a key pillar for implementing Vision 2025,
aiming principally at redefining the ESG strategy and the targets in respect of greenhouse gases reduction.
Executive Committee
The Company has an Executive Committee, the responsibilities and operation of which have been determined by a
number of BoD decisions, the most recent of which being decision no. 1337/2/29.11.2018, while its composition is
determined by a decision of the Management.
The Executive Committee is both advisory and executive in nature, as well as executive, to the extent that specific
executive powers will be assigned to it by the BoD. It processes and shapes strategic issues on all sectors of the Group's
and its subsidiaries’ (domestic and foreign) business activities.
Indicatively (and without limitation), the Executive Committee’s main responsibilities are:
•Formulating the strategy and development plan for the Group’s activities, in the form of mid-term and annual
business plans.
•Monitoring the progress of the works of all Group activities through financial results and ΚΡΙs.
•Monitoring, information and coordination on issues affecting the Group’s activities and requiring a well-
coordinated approach by the entire Management team.
Executive Committee composition:
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Chairman
Mr. Andreas Shiamishis
Vice-chairman
Mr. Georgios Alexopoulos, who will be acting for the Chairman
in any case of absence or impediment of his
General Manager of Oil Products Supply & Trading
Mr. Konstantinos Panas
Refineries General Manager
Mr.Georgios Dimogiorgas
International Retail Director
Mr. Konstantinos Karahalios
Group CFO
Mr. Vasileios Tsaitas
Group Human Resources & Administrative Services General
Manager
Mr. Alexandros Tzadimas
Group Legal Services General Manager
Mr. Ioannis Apsouris
Group IT & Digital Transformation General Manager
Mr. Leonidas Kovaios
Group Health, Safety, Environment and Sustainable
Development Director
Mr. Antonis Mountouris
BoD & Committees Evaluation / Individual Assessments 
The BoD Assessment Policy and the Bylaws (Internal Regulations) adopted by the Company provides for the
annual evaluation of the effectiveness of the Board of Directors (as a collective body), its committees and their
individual members, while this evaluation is provided by an external consultant every three years.
Specifically for the first year the BoD's performance may be evaluated by an external consultant, while the
Nominations Committee is responsible for identifying for and evaluating the appropriate advisor to carry out the
external evaluation.
To this end, the Nominations Committee, after examining the available providers, proposed that KPMG take on
the advisory role for the evaluation process, which was proposed to the BoD. The evaluation concerns the
collective abilities of the Board of Directors as a body, its committees and the individual abilities of its members.
The evaluation is carried out using evaluation tools provided by the external advisor (filling out an electronic
questionnaire, etc.) and through personal interviews. The evaluator has access to the BoD’s operating details and
attended one of its meetings. The completion of the evaluation is expected in March 2023.
Suitability Policy
The Suitability Policy for the members of the Company’s Board of Directors sets out the core principles and the
framework for the selection, renewal of the term of office and replacement of the BoD members, as well as the
criteria that have been set this purpose. The Policy is fully aligned with the applicable provisions of the Greek
legislation concerning the corporate governance of sociétés anonymes and, in particular, the provisions in article 3
of Law 4706/2020, in Circular 60/2020 of the Hellenic Capital Market Commission, as well as to the Company’s
Articles of Association. Moreover, the Suitability Policy is aligned with the corporate governance code, as this is
adopted by the occasional Company corporate governance statement, in accordance with the provisions of
articles 152 of L. 4548/2018 and 17 of Ν. 4706/2020.
The purpose of the Policy is to set out:
a.general principles and guidelines to the Nomination Committee for the selection, evaluation and
nomination of candidate members to the BoD;
b.criteria for the selection and assessment of the suitability of candidate BoD members;
c.criteria for the assessment of the BoD members’ individual and collective suitability.
The BoD, through the Nomination Committee, is responsible for initiating, guiding and coordinating the process
for the election of the suitable candidate BoD members, subject to the shareholders’ rights.
Furthermore, the Nomination Committee receives a written brief by the State (which, according to the Company’s
Articles of Association, has a right to directly appoint BoD members on behalf of the shareholder, HRADF S.A.),
which includes the ascertainment of the suitability criteria of the members to-be-appointed, in accordance with
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the Company’s suitability policy, as well as their detailed curricula vitae, and opines on it. The Committee’s positive
opinion constitutes an essential precondition for the appointment of BoD members, as per the above.
The Nomination Committee is responsible for identifying candidate BoD members, who, in its view, meet the
relevant criteria. The Nomination Committee’s nominations are submitted to the BoD, which introduces the
nominated for election as BoD members, according to the Committee’s nominations, to the General Meeting of
shareholders, in accordance with article 78 of L. 4548/2018 and the Company’s Articles of Association. The
Committee’s positive opinion constitutes an essential precondition for a candidacy to be nominated by the BoD
for election by the General Meeting of shareholders.
According to the Company’s Articles of Association, the BoD comprises eleven (11) members, of which four (4), at
minimum, are independent non-executive. The number of committees that will be operating in the framework of
the BoD, or any need for assigning further special powers and authorities to its members, may be adjusted in
accordance with its operational requirements, putting their knowledge, reputation and experience to use,
pursuant to the present. 
The suitability criteria set by the Suitability Policy are the following:
1.Individual Suitability
•Adequacy of knowledge and skills
•Morality and Reputation
•Independence of judgment
•Allocation of sufficient time 
2.Collective Suitability 
3.Diversity Criteria
More information regarding the Policy and its content is available on the Company’s website (https://
www.helpe.gr/en/investor-relations/corporate-governance/politikikatallilotitasmelonbod).
Diversity Policy
The Company considers the principle of diversity to be important for the composition of its governance bodies. 
It, therefore, applies a diversity policy with the aim of promoting a suitable level of differentiation in the BoD and a
multi-collective team of members. Through putting together a broad range of qualifications and skills in selecting
the BoD members, a variety of views and experiences is ensured, for the purpose of taking the right decisions. 
The Policy includes the basic diversity criteria, which are applied by the Company in selecting BoD members and
constitute essential priorities (diversity goals) of the Company:
•Adequate representation per gender and, specifically, at least of the mandatory by Law twenty five percent
(25%) of the total BoD members. In case of fraction, this percentage is rounded to the previous whole
number.
•Ensuring equal treatment and providing equal opportunities to all potential BoD members, irrespective of
gender, race, color, national, ethnic or social background, religion or convictions, property, birth, family
status, disability, age or sexual orientation.
More information regarding the Policy and its content is available on the Company’s website, under the Suitability
Policy (https://www.helpe.gr/en/investor-relations/corporate-governance/politikikatallilotitasmelonbod).
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It is noted that, in that direction, the Company strives to take into account the above in the Human Resources
Management Procedures.
Selected diversity data regarding 2022 are set out below:
BoD Composition
HELLENiQ ENERGY Group data Table (31.12.2022)
Managerial level officers
Other staff
Men
277
2,543
Women
96
603
<30 years old
122
30-50 years old
150
1,882
>50 years old
223
1,142
Doctorate (Ph.D)
21
32
Post-graduate degree
159
292
University degree
175
410
Polytechnic degree
9
498
High School graduate or lower education level
9
1,914
Remuneration Policy
The Company has established, maintains and applies core principles and rules in determining the remuneration of
the BoD members (“Remuneration Policy”), which contribute to its business strategy, long-term interests and
sustainability.
The Policy was approved by a decision of the Extraordinary General Meeting of the Company’s shareholders, dated
20 December 2019, and was amended by a decision of the Ordinary General Meeting of shareholders of 30th June
2021.
The Remuneration Policy aims at determining the remuneration framework in a manner that succeeds in
complying with the existing legislative framework and the BoD members’ Remuneration Policy and in
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strengthening the transparency as regards the determination and payment of the BoD members’ remuneration of
any nature, in a way that is easy to understand, clear and comprehensible. 
More specifically, the Policy:
•Determines the competent bodies involved in its elaboration, approval and monitoring process.
•Explains the structure of BoD members’ remuneration.
•Operates a base of reference in formulating proposals regarding the BoD members’ total remuneration.
•Established key guidelines for managing and paying remuneration to the BoD members and the way in
which this is formulated.
The Policy covers every type of remuneration, i.e. fixed or variable remuneration, as well as benefits that may be
paid to persons falling within the scope of its application.
Its core principles are summarized below: 
Remuneration on account of the BoD membership
The forms of remuneration that may be paid to executive and non-executive members by virtue of the Policy are
outlined below:
Fixed remuneration is payable in accordance with the provisions of article 109 par. 1of L. 4548/18 on BoD
members’ remuneration, as fixed annual remuneration payable on a monthly basis. In addition, remuneration per
BoD meeting is paid. This remuneration aims at being as much as possible aligned to the market levels for BoD
members of companies listed in the Greek Stock Exchange and adapted to the nature and particularities of the
Company.
In addition, according to the applicable legal framework, the rules on corporate governance and the size and
activities which the Company has, a series of committees dealing with individual and more specialized topics is
required.
These committees and their members are determined by the GM where so provided, such as the Audit
Committee, while, in other cases, they are determined by the BoD, if the topics are viewed as major, on account of
financial figures, subject-matter or strategy. In these cases, the BoD determines the subject-matter of each
committee, the members, the authorities and responsibilities they shall have by reason of participating in the
committees in question. The participation remuneration for the members participating in these committees has
the same structure as participating in the BoD (fixed and per meeting), as stated in Annex A. The remuneration for
participating in the committees is exactly the same, irrespective of whether the member is an executive, non-
executive or independent non-executive one, while no other benefits are provided.
The BoD Chairman’s remuneration, aside from the compensation he receives, just as the rest of the BoD
members, is provided for by a mandate contract, which is concluded with the Company and approved by the G.M.,
in accordance with the provision of par. 1 of article 109 of L. 4548/2018, following a relevant Committee
recommendation, which will be in line with terms of the market regarding respective positions. Moreover, in any
case, it shall not exceed the level of remuneration of the first grade (Grade 1) of Managerial Level Officers, as this is
recommended by the Committee and approved by the BoD from time to time.
The BoD members’ gross remuneration (before taxes and other deductions), as approved at the Company’s latest
G.M. on 09.06.2022, are set out on the table attached as Annex A to the Policy. Furthermore, it is noted that the
BoD members may receive remuneration in the form of a share in the fiscal year’s profits.
Additional benefits
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On top of the above remuneration, there is provision for the possibility of granting additional benefits to the
Company’s BoD members; such remuneration may be varied and, indicatively, regard:
•A gas card (EKO CARD) for transportation expenses, with monthly consumption of up to 100 litres.
•Invitation to corporate events of the Group.
•Possibility of participating in conferences and day-events organized in Greece and sponsored by a Group
company.
•Possibility of participating in training programs concerning the Company activities or the improvement of
the BoD’s operation.
•Possibility to participate in some of the social nature benefits that are available to Managerial Level Officers
or/and the Company’s employees.
Remuneration of executive BoD members on the basis of employment contracts
Beyond the above remuneration for participating in the BoD, the executive members that are related to the
Company or/and other Group companies with an already in force employment contract, are also paid the relevant
remuneration and benefits (fixed, variable, benefits and participation in group medical care and retirement
schemes, etc.), which are formulated by taking into account the Annex B factors on structuring the total
remuneration level regarding Managerial Level Officers of the Company.
The amount of any variable remuneration is directly linked to the achievement of corporate and personal goals
and is calculated as a percentage on the annual gross standard remuneration, depending on the hierarchical level
of the officer having an Executive Consultant role. This remuneration has been already set based on the provisions
in decisions of the competent bodies and the Company’s salary policies, which aim at attracting, developing and
keeping the suitable executives and are determined also in connection to the general remuneration levels both of
the Group, as well as of the Greek market, in general, taking into account the nature of operations and the
Company’s size. 
More information regarding the Policy and its content is available on the Company’s website (https://
www.helpe.gr/en/investor-relations/corporate-governance/politiki-apodochon-melon-ds/
remunerationpolicyBoDmembers).
Sustainability Policy
The Company has incorporated sustainable development in its strategic planning and has committed itself via the
health, safety, environment and sustainability policy, which aims at a safe and accident-free, economically
sustainable operation that respects the environment and society, in accordance with the United Nations’ 17
Sustainable Development Goals (SDGs). At the heart of the Company’s planning lies the major issue of
transitioning to a low-carbon emissions economy and the Company’s vision for health, safety and the
environment is “Zero Negative Impact – Zero Damage”, as a precondition for sustainable development. The
Company’s and the Group Companies’ commitments are stated in the health, safety, environment and
sustainability policy, which forms part of the Company’s Bylaws.
The Company publishes a Sustainable Development and Corporate Responsibility Report on an annual basis,
following recognized sustainability reference standards, such as the GRI Standards, the ESG Reporting Guide of
the Athens Stock Exchange (Athex), as well as the adoption of principles of the United Nations’ Global Compact,
with the relevant progress report (Global Compact Communication on Progress - CoP).
The substantial non-financial issues concerning the Company’s long-term sustainability, as well as the manner of
addressing them, are summarized in the Non-Financial Reporting (H.) and described in greater detail in the annual
Sustainable Development and Corporate Responsibility Report. These issues are related to the broader pillars of
health, safety, environment and climate change and society, in general.
As regards the health and safety and environmental issues affecting local communities, too, the Group, due to the
nature of its activities, faces a number of risks in its day-to-day operations, regarding the use of hazardous and
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flammable substances and technical challenges at production and distribution facilities (including oil and other
products) of special complexity and major size. Inability to manage the above risks could have grave impact on the
Group’s operation and financial position, including administrative sanctions, or/and inability to conduct the
activities. As regards the investigation of risks concerning health, safety and environment issues, the Group uses a
series of handling procedures, at the equipment’s designing and operation, for managing and containing them
and monitors them through Key Performance Indicators (ΚΡΙs). At the same time, it actively participates in
international organizations for measuring and comparing key indexes with the European oil and chemical industry,
as well for transposing and incorporating best practices, in order to improve its performance on issues of health,
safety and the environment.
More information regarding the Policy and its content is available at the Company’s website, under the Bylaws
(Internal Regulation) (https://www.helpe.gr/en/investor-relations/corporate-governance/kanonismosleitourgias).
BoD members’ compensation for their participation in BoD and Committees’ meetings in 2022
For fiscal period 1.1.2022 – 31.12.2022, the compensation paid to the BoD members is the one provided in the
current Remuneration Policy.
The most recent approved BoD members’ remuneration report (fiscal year 2021) has been drawn up in accordance
with article 112 of Law 4548/2018, as well as with the Company’s Remuneration Policy that was approved on
30.09.2021. It was discussed at the Company’s Annual Ordinary General Meeting, dated 09 June 2022, where
shareholders representing 87.19% of the share capital attended, while the percentage of votes “IN FAVOUR”
amounted to 98.45% of the shareholders present.
The remuneration paid to the Company’s BoD members for the fiscal period 1.1.2021-31.12.2021 include both a
fixed as well as a variable part, aiming at aligning them to the Company’s business growth and effectiveness.
The 2021 remuneration report is available through the Company’s website https://www.helpe.gr, while the
respective report for 2022 will be posted following its approval in June 2023.
No stock options were granted during the 2022 fiscal period and no stock award plan is in force.
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E. Strategic Goals and Prospects
The Group intends to play a key role in the energy transition in the East Med region, by maximising returns in
its core business and developing a diversified energy portfolio, while, at the same time, reducing its
environmental footprint, focusing on 5 main pillars under the Vision 2025 program:
•Redefine ESG strategy and GHG targets as core
pillars of the Group, aiming for a 50%
improvement in our GHG footprint by 2030 and
a commitment to net zero by 2050
•Realignment of business strategy and capital
allocation, with investments in the new energy
accounting for the largest share of growth-
related Investments in the next decade
•Upgrade of the corporate governance 
•Establishment of a fit-for-purpose corporate
structure
•Adoption of corporate identity
In the context of the implementation of the Vision 2025 strategy, following the upgrade of the corporate
governance framework that took place in 2021, in the beginning of 2022, the Group’s new corporate structure was
completed, by way of hive-down of its refining, supply and sales of oil products and petrochemicals sector, and
contribution to a new company. The new corporate structure is expected to result in substantial benefits, in terms
of highlighting the value of the Group’s business activities, risk management, flexibility in the development and
financing of the individual business units, as well as enabling swift growth in new activities.
Within 2H22, the new corporate identity was approved, including a change of the Company's name from
HELLENIC PETROLEUM Holdings S.A. to HELLENiQ ENERGY Holdings S.A. and a new logo. As a result, in less than
12 months, all the objectives of the first phase of the Vision 2025 strategic plan were completed.
The Group is now focused on the implementation of its strategy with the aim of:
a.improving the core activities, through operational optimization, digital transformation, energy efficiency
and decarbonization,
b.developing its core activities by exploiting opportunities to leverage past investments to maximize
value and growth of its international marketing business,
c.developing new activities, achieving a significant presence in new energy, including RES.
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E1. Refinery, Supply and Trading
2022 was characterized by a series of fundamental and geopolitical developments across the energy spectrum,
accompanied by tightening monetary policies by most central banks. As a result, the supply-demand balances for
a number of energy products were affected, resulting in sharp increase in prices and heightened volatility.
Specifically, the Refining, Supply and Trading business was affected by:
a.the notable increase in the prices of crude oil and petroleum products, especially after Russia's invasion
of Ukraine, resulting in increased working capital needs,
b. the disruption of the traditional transport routes for crude oil and oil petroleum products, as well as the
respective supply-demand balances,
c.the increase in operating costs due to the steep rise of natural gas and electricity prices, as well as the
prices of CO2 emission rights.
Production and sales were impacted by the planned shutdowns of our 3 refineries during 2022, with the
profitability driven by improved refining margins.
The Group seeks to strengthen its competitiveness in refining, by substantially improving the environmental
footprint of its processes, the energy used and the products produced, through a series of initiatives and
investments, such as, among others, energy efficiency projects, CO2 emissions reduction, supply of lower carbon
footprint electricity, production of biofuels and recycling technologies.
As part of the Vision 2025 plan, the refining, supply and trading business strategy focuses on the radical
decarbonization of processes, competitiveness improvement, expansion of petrochemical production capacity
and the investment in cleaner fuels and digitalization.
For 2023 and in the medium term, the strategy aims at further strengthening the competitiveness of the
refining business, mainly through:
•Projects to improve energy efficiency by reducing the energy consumption and the environmental footprint,
through investments in co-generation units and increased use of energy from RES, as well as
decarbonization projects, including the installation of blue/green hydrogen units.
•Investments in high-performance projects in the high-complexity industrial units, with an emphasis on the
production of high value-added products, biofuels and petrochemicals.
•Operations improvement as part of the Group's digital transformation program, through upgraded
production planning, supply optimization and synergy realization among our refineries.
•Focus on safety, with emphasis on training, standards implementation and improvement of procedures.
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E2. Marketing
Domestic Marketing
The Domestic Marketing business plan for the next five years includes a framework of actions aimed at improving
competitiveness, adapting to modern customer requirements and challenges to the economic environment. At
the same time, energy efficiency and digital transformation are the key objectives for all activities.
International Marketing Activities
Growth in Southeast European markets remains a strategic objective. Priorities include sustaining the leading
position in both Cyprus and Montenegro, the improvement of OKTA profitability, as well as the continuous
expansion in the markets of Bulgaria and Serbia through targeted network growth and supply chain optimization.
In line with the Group's "Vision 2025", emphasis will also be placed on the green energy transition.
E3. Renewable Energy Sources (RES)
The Renewable Energy Sources business targets a notable increase in its installed capacity in 2023 and over the
next years with the aim of reaching 1 GW by 2025 from 341 MW at the end of 2022, through acquisitions and
development of photovoltaics and onshore wind projects.
The portfolio under development is targeted to exceed 2.5 GW, comprising PV, wind and storage projects, up from
2.1 GW at the end of 2022, through streamlining the existing portfolio, with additions of approximately 200 MW of
wind and photovoltaics and 200 MW of energy storage projects.
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F. Main Risks and Uncertainties for the
Next Financial year
The major financial risks for the next financial year are discussed below in relation to key areas. Overall, the course
of the global economy in 2023 remains a significant risk, amid ongoing geopolitical tensions, the adjustment of
monetary policy by most central banks and volatility in the energy markets, with a direct impact on the
developments regarding the demand for petroleum products for the European refining industry, fluctuations in
the prices of crude oil and products, the euro/US dollar exchange rate, fluctuations in the prices of CO2 emissions
rights, natural gas and electricity, as well as the level of interest rates. Despite the fact that the various scenarios
and the ways to deal with them cannot be predicted in their entirety, the Group follows closely the developments
and adjusts its operations accordingly.
2022 was characterized by the escalation of the energy crisis that had already begun in the aftermath of the
COVID-19 pandemic in 2H21, with a steep increase in the prices of crude oil, natural gas and electricity in Europe,
as well as CO2 emission rights, as a result of several factors.
Some of them were:
a.the intensity of the economic recovery after the global recession caused by the Covid-19 pandemic,
accompanied by issues related to the production of raw materials as the necessary investments were
falling short of what was required to meet the rising demand,
b.the impact of events related to climate change that reduced electricity production from hydroelectric
plants and from wind farms in Europe and unplanned shut-downs in nuclear plants, but also,
c.the decision of major producers (e.g. Gazprom) to reduce their product sales to Europe in the winter of
2021-2022.
In addition, with Russia's invasion of Ukraine on February 24, 2022, the energy crisis further intensified, as supply-
demand balances for many energy products were affected. Russia's crude oil production accounts for about 10%
of global output, while it is the world's second largest producer of natural gas. Following the invasion, several of
Russia's trading partners, including the European Union, proceeded to impose economic and trade sanctions,
affecting the supply-demand balances of products exported by Russia and the prices of raw materials and mainly
natural gas, as well as the supply chain costs.
As a consequence, the global economy is entering a phase of higher uncertainty, also amid inflationary pressure
across sectors. At the same time, the energy crisis contributed to the adoption of political and business decisions
favoring the faster development of alternative fuels and RES, with the simultaneous gradual substitution of
conventional fuels in the long term.
The Group closely monitors the developments and through the implementation of its Vision 2025 program,
navigates the energy transition through a series of initiatives that will enhance the efficiency of its core activities
and facilitate the development of New Energy, as well as the reduction of its environmental footprint. At the same
time, in the context of the European Union sanctions against Russia, but also in the direction of dealing with the
energy crisis and strengthening the security of supply, in 1Q22 the Group completely replaced Russian crude oil
imports (which accounted for 15-17% of the total feed of its refineries in 2H21) with other crude grades, expanding
partnerships with alternative suppliers. In addition, due to the steep increase in natural gas prices, the Group's
refineries already minimized the use of natural gas as a feed since the end of 2021, substituting it, to a significant
extent, with oil products.
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F.1 Financial Risk Management
Financial Risk Factors
The activities of the group are concentrated in oil refining, with petrochemicals, fuels marketing, exploration and
production of hydrocarbons, as well as electricity production and trading. Therefore, the group is exposed to
various financial risks such as fluctuations in the oil, natural gas, electricity and CO2 emission allowances prices in
international markets, exchange rate volatility, cash flow risks and risks of fair value fluctuations due to interest
rates variations. In line with international best practices and in the context of the local market and legal
framework, the overall risk management plan focuses on reducing the Group's potential exposure to market
volatility and mitigating any negative impact on the Group's financial position, to the extent possible.
Product price risk management is conducted by the Commercial Risk Management Service, which is comprised of
senior executives of the trading and financial departments, while financial risks are managed by the financial
services of the Group, within the authorizations’ framework approved by the BoD.
The most important risks and uncertainties are discussed below.
a) Market Risk
(i) Exchange Rate Risk
Refining industry is a US dollar-denominated business, with local currency conversions, while operating costs are
primarily expressed in local currency (euro). As a result, the Group's operations are mainly exposed to the risk of
the fluctuations of euro/US dollar exchange rate. The strengthening of the US dollar against the euro has a
positive effect on the Group’s financial results while in the opposite event, both the financial results and balance
sheet items (net exposure of inventory, investments, receivables, trade payables and other liabilities in US dollar)
would be valued at lower levels.
(ii) Product Price Fluctuation Risk
The Group’s core activity, i.e. refining, supply & trading, creates two types of exposure: to changes in absolute
prices of crude oil and oil products, which affect the inventory value; and changes in refining margins, which affect
cash flows.
As far as the risk of absolute product price fluctuations is concerned, the level of the exposure refers to the
decrease in product prices and is determined by the closing inventory valuation, as the Group's policy is to present
the closing stock at the lower between cost and net realizable value. Crude oil and product price fluctuations also
affect the levels of working capital as higher prices increase the financing needs.
Exposure to risk associated with changes in refining margins depends on the fluctuation of each refinery’s margin.
Refining margins are calculated using Platts prices of crude oil and oil products, which are determined on a daily
basis and are affected by the development of supply and demand of crude oil and oil products, both regionally
(Mediterranean market) and globally. The fluctuations of refining margins impact the Group’s profitability and
cash flow generation accordingly.
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) Cash Flow Risk and Risk of Fair Value Change due to Change in Interest Rates
The cash flow risk from changes in interest rates relates to the level of the Group's borrowing at floating interest
rates. Furthermore, due to the long-term investments in the sectors where the Group operates, significant
increases in interest rates are likely to result in changes in the fair value of such investments through the increase
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of the discount rate. During an investment appraisal process, the Group adopts a minimum return, that reflects its
cost of capital and is significantly higher than current interest rates. Furthermore, part of the loans for the funding
of investments (Eurobonds) are in fixed interest rates. Long-term funding for renewable energy projects, through
project finance is partially hedged to reduce the risk of interest rate fluctuation over the life of such investments.
(iv) Energy transition - Risk of reduced product demand and increased operating costs
The global energy sector is in a transition phase, characterized by a global shift of the energy mix to cleaner forms
of energy at the expense of the more conventional forms, including oil. In addition, climate change mitigation
policies, especially in the EU, are expected to increase the operating costs. Indicatively, the increase in the number
of CO2 emission allowances that have to be acquired through the market for the coming years, along with the rise
in the price of allowances, contribute to an increase in the operating costs, both directly and indirectly, through
higher electricity costs.
In addition, the energy crisis, due to substantially higher natural gas and electricity prices in Europe, adversely
affects the operating costs of the broader industry, including the refining sector.
In this context, the Group has already designed and implemented its strategy for the energy transition, which
includes investments for diversification of its activities and growth in the electricity and gas sectors, as well as
RES, improvement of the environmental performance of its facilities and reduction of emissions, as well as
projects to increase competitiveness and reduce operating costs. The Group's refineries have the flexibility to
adapt in terms of raw materials, as well as the ability to significantly replace natural gas with petroleum products.
In addition, the Group has been diversifying the electricity supply mix for its refineries, and, in the medium term,
considers the implementation of investments for increased energy efficiency and autonomy improvement.
Moreover, the Group’s business model is characterized by returns that exceed the benchmark margins, which is a
significant comparative advantage vs the competition in the Med region.
(b) Credit Risk
The credit risk management is coordinated centrally at Group level. Credit risk derives from cash and cash
equivalents, bank deposits, derivative financial instruments, as well as exposure to credit risk of wholesale
customers, including outstanding trade receivables from clients in Greece and internationally. Credit checks are
performed for all customers by the Credit Control Department, in collaboration with external credit rating
agencies, where necessary.
The effective management of the credit risk and the transaction behavior of customers, both in Greece and
abroad, is carried out through an integrated software system that has been developed for monitoring the
exposure to credit risk, accompanied by a central unit for managing trade receivables settlement. Finally, the role
of the Group’s Credit Committee is of significant importance as it ensures the effective management of the credit
risk of trade receivables of the Group’s companies.
(c) Liquidity Risk
Liquidity risk is managed by ensuring that efficient cash resources and adequate credit limits with banks are
maintained. Due to the dynamic nature of its activities, the Group seeks to maintain flexibility in funding through
credit lines and other credit facilities.
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F.2 Capital Risk Management
The Group's objective in managing capital is to ensure the smooth operation of its activities and to maintain an
optimal capital allocation, in order to reduce the cost of capital and increase its overall value.
In order for the Group to maintain or adjust its capital structure, it can alter the dividend payout to shareholders,
return capital to shareholders, issue new shares or dispose assets to reduce its debt.
In addition, the Group manages its debt obligations in order to diversify its sources of funding (loans, credit lines,
bonds, etc.), achieving the best possible allocation, considering a number of factors, including costs and maturity.
The Group also sources funds from international debt capital markets, through Eurobonds, issued by its London-
based subsidiary, HELLENIC PETROLEUM FINANCE plc, listed on the Luxembourg stock exchange, for the optimal
management of its debt liabilities.
In line with industry practices, the Group monitors its capital structure through the gearing ratio, which is
calculated by dividing the net debt by total capital employed (as presented in G Selected Alternative Performance
Measures).
The long-term objective is to maintain the gearing ratio between 35% and 45%, as significant fluctuations of
crude oil prices may affect total debt respectively. Given the Group’s new strategy and its transition to activities
that are subject to reduced volatility due to the business environment, the capital structure by sector will be
reviewed and is expected to affect the relevant objectives. It is noted that the Group has significantly reduced its
financial cost by about 50% over the last five years.
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G. Selected Alternative Performance
Measures
This Report includes Alternative Performance Measures (“APMs”), i.e. certain measures of historical
financial performance, financial position, or cash flows, which are not defined or specified under IFRS. The
Group considers that the APMs are relevant and reliable in assessing the Group’s financial performance and
position, however such measures are not a substitute for financial measures under IFRS and should be read
in conjunction with Group published financial statements.
G1. Presentation and Explanation of Use of Alternative Performance
Measures
Reported EBITDA
Reported EBITDA are defined as earnings/(loss) before interest, taxes, depreciation and amortisation, and are
calculated by adding back depreciation and amortization to operating profit. 
Adjusted EBITDA
Adjusted EBITDA are defined as IFRS Reported EBITDA adjusted for: a) Inventory Effect (defined as the effect of
the price fluctuation of crude oil and oil product inventories on gross margin and is calculated as the difference
between cost of sales at current prices and cost of sales at cost) in the Refining, Supply & Trading segment, b)
special items, which may include but are not limited to costs and expenses related to COVID-19 pandemic, cost of
early retirement schemes, write-downs of non-core assets and other one-off and non-operating expenses, in line
with the refining industry practice and c)the accrual of the expense for the net deficit of the projected CO2
emissions throughout the year (which is calculated by deducting the proportion of allowances received for the full
year from the estimated proportion of emission of the refineries for the full year corresponding to the period,
multiplied by the EUA price of the period end) vs allowances received compared to the accounting treatment
under IFRS according to which a provision is raised when realised cumulative emissions exceed the level of
allowances received by the company.
Adjusted EBITDA are intended to provide an approximation of the operating cash flow projection (before any
Capex) in an environment with stable oil and products prices.
ΙFRS Reported EBITDA and Adjusted EBITDA are indicators of the Group’s underlying cash flow generation
capability. The Group’s management uses the above alternative performance measures as a significant indicator
in determining the Group’s earnings performance and operational cash flow generation both for planning
purposes as well as past performance appraisal.
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Adjusted Net Income
Adjusted Net Income is defined as the IFRS Reported Net Income as derived from the Group’s reported financial
statements under IFRS, adjusted for post-tax inventory effect (calculated as Inventory Effect times (1- statutory
tax rate in Greece) and other post-tax special items, as well as the adjustment for the period of the net CO2
emission deficit, at the consolidated  financial statements.
Adjusted Net Income is presented in this report because it is considered by the Group and the Group’s industry as
one of the key measures of its financial performance.
Net Debt
Net Debt is calculated as total borrowings (including “current and non-current borrowings” as shown in the
statement of financial position of the Group financial statements) less “Cash & cash equivalents” and “Investment
in Equity Instruments”, as reflected in the Group’s financial statements. It is noted that finance lease obligations
are not included in the calculation.
Capital Employed
Capital Employed is calculated as “Total Equity” as shown in the statement of financial position of the relevant
financial statements plus Net Debt.
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G2. Reconciliation of Alternative Performance Measures to the
Group’s Financial Statements
The tables below illustrate how the selected alternative performance measures (APMs) presented in this
financial report are reconciled to their most directly reconcilable line item in the financial statements for the
corresponding period.
Calculation of Reported EBITDA, Adjusted EBITDA, Adjusted Profit after tax
million €
2022
2021
Operating Profit/(Loss) -IFRS-
1,412.6
400.3
Depreciation & Amortization -IFRS-
304.8
257.0
Reported EBITDA
1,717.4
657.2
Inventory effect
-102.1
-307.8
Other special items*
-13.9
51.9
Adjusted EBITDA
1,601.4
401.3
Profit/(Loss) After Tax -IFRS-
889.5
337.2
Taxed Inventory effect
-81.3
-240.1
Taxed other special items**
-26.5
43.1
Special items below EBITDA***
224.2
Adjusted Profit/(Loss) After Tax
1,006.0
140.2
Calculation of Net Debt, Capital Employed and Gearing ratio
million €
2022
2021
Borrowings LT -IFRS-
1,433.0
1,516.5
Borrowings ST -IFRS-
1,409.3
1,474.5
Cash & Cash equivalents -IFRS-
900.2
1,052.6
Investment in equity instruments -IFRS-
0.4
0.5
Net Debt
1,941.8
1,937.9
Equity -IFRS-
2,727.4
2,129.1
Capital Employed
4,669.2
4,067.0
Gearing ratio (Net Debt / Capital Employed)
42%
48%
* Main items include,
a) for 2022: COVID-19 related expenses of (€6m), (€10m) for expenses associated with voluntary retirement
schemes and other special item payroll expenses, (€43m) expense for valuation adjustments on balance sheet
items (receivables, inventories, fixed assets), (€33.1m) expenses for other special items as countered by €74m
income related to the profit from assets held for sale, €22m income related to legal cases and €10m income
related to the profit from the sale of fixed assets.
b) for 2021: COVID-19 related expenses of €14m (comprise of incremental payroll costs mainly related to required
modifications in the working shifts in the refineries, protective measures in all Group’s premises and other related
expenses), €9m expenses relating to the corporate restructuring, €9m for expenses associated with early
retirement schemes, €3m for donations to counter the impact of wildfires in the summer of 2021, €3m for
litigation provision, €7m for valuation adjustments on balance sheet items and €7m for other special items.
** Includes all special items post effect of applicable tax rate.
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***Mainly included for 2022: Provision for the temporary solidarity contribution of €237m (after tax), BOTAS
arbitration gain of €29m, litigation provision of €8m (after tax).
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H. Related Party Transactions                         
(L. 1/434/3.7.2007 Art. 3)
Included in the statement of comprehensive income are proceeds, costs and expenses, which 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:
•Athens Airport Fuel Pipeline Company S.A. (EAKAA)
•DEPA Commercial S.A. (ex-Public Gas Corporation of Greece S.A. – DEPA S.A)
•DEPA International Projects S.A.
•Elpedison B.V.
•Spata Aviation Fuel Company S.A. (SAFCO)
•D.M.E.P. HOLDCO
•VLPG Plant Ltd
(Amounts in €000)
For the year ended
31 December 2022
31 December 2021
Sales of goods and services to related parties
Associates
101,444
124,683
Joint ventures
10,141
63,187
Total
111,585
187,870
Purchases of goods and services from related parties
Associates
151,535
559,802
Joint ventures
182,990
129,888
Total
334,525
689,690
As at
31 December 2022
31 December 2021
Balances due to related parties
Associates
13,925
15,768
Joint ventures
926
134
Total
14,851
15,902
Balances due from related parties
Associates
12,997
9,609
Joint ventures
15,226
48,349
Total
28,223
57,958
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The Company has provided guarantees in favor of third parties and banks as security for loans granted by them to
ELPEDISON B.V. The outstanding amount of these as at 31 December 2022 was €107 million (31 December 2021:
€106 million).
The dividend income amount of €32 million for 2022 relates to the dividend declared by the associate company
DEPA Commercial S.A. (Note 32).
b.Government related entities which are under common control with the Group due to the shareholding
and control rights of the Hellenic State and with which the Group has material transactions:
•Hellenic Armed Forces
•Road Transport S.A.
•Public Power Corporation Hellas S.A.
•Lignitiki Megalopolis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
•Lignitiki Melitis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
•Hellenic Distribution Network Operator S.A. (HEDNO)
Following the harmonisation of the Company’s Articles of Association in accordance with the provisions of L.
4706/2020 in June 2021 and the subsequent amendments of the Board of Directors composition, the company
below does not meet the criteria of related parties as per IAS 24 as from July 2021.
•Hellenic Gas Transmission System Operator S.A. (DESFA) - (up to 30 June 2021)
During the year ended 31 December 2022, transactions and balances with the above government related
entities are as follows:
•Sales of goods and services amounted to €625 million (31 December 2021: €231 million)
• Purchases of goods and services amounted to €3 million  (31 December 2021: €35 million)
•Receivable balances of €106 million (31 December 2021: €37 million)
•Payable balances of €0.1 million (31 December 2021: No payable balances)
There were no transactions and balances between the Company and the above government related entities
following the demerger (Note 1) and up to 31 December 2022. The below relevant balances and transactions relate
to discontinued operations of the Company for the year ended on 31 December 2021.
•Sales of goods and services amounted to €96 million
•Purchases of goods and services amounted to €35 million
•Receivable balances of €9 million
•No payable balances
c.Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ
ENERGY Holdings SA) and General Managers. The compensation paid or payable to the aforementioned
key management is as follows:
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Group
(Amounts in €000)
For the year ended
31 December 2022
31 December 2021
Short-term employee benefits
6,329
5,633
Post-employment benefits
197
185
Termination benefits
172
0
Total
6,698
5,818
d.The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
•Energean Italy S.p.A. (Greece, Patraikos Gulf).
•Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
•Energean Hellas LTD (Greece, Block 2).
•Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete).
•Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete).
For transactions and balances with related parties of the Parent Company see Note 36.
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Borrowings
The Group has centralized treasury operations which coordinate and control the funding and cash management
activities of all Group companies. Within this framework, HELLENIC PETROLEUM Finance plc (HPF) was
established in November 2005 in the U.K. as a wholly-owned subsidiary of 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 December 2021 are summarized in the table
below (amounts in € million):
Balance as at
Company
Maturity
31 December
2022
31 December
2021
€100 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
Mar. 2023
100
100
€400 million Syndicated
RCF Jun 2023
HELPE R.S.S.O.P.P. S.A.
Jun. 2023
339
397
€150 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
Oct. 2023
150
—
€400 million RCF Dec 2023
HELPE R.S.S.O.P.P. S.A.
Dec. 2023
279
398
€100 million RCF 2024
HELPE R.S.S.O.P.P. S.A.
Oct. 2024
100
100
€599 million Eurobond
HPF Plc
Oct. 2024
596
594
€30 million RCF 2024
EKO Bulgaria
Dec. 2024
11
11
€400 million RCF May 2025
HELPE R.S.S.O.P.P. S.A.
May 2025
348
399
€400 million Syndicated
RCF Dec 2025
HELPE R.S.S.O.P.P. S.A.
Dec. 2025
292
384
PF Evia 2
HELPE RENEWABLE WIND FARMS OF
EVIA S.A.
Dec. 2030
17
19
PF Evia1
HELPE RENEWABLE WIND FARMS OF
EVIA S.A.
Dec. 2032
10
12
PF Mani 1
SAGIAS WIND PARK S.A.
Jul. 2037
29
—
PF Mani 2
MAKRYLAKKOMA WIND PARK S.A.
Jul. 2037
34
—
€30 million (Syndicated)
RRF Dec 2037
HELPE Digital S.A.
Dec. 2037
3
—
Bilateral lines
Various
Various
534
578
Total
2,843
2,991
No loans were in default as at 31 December 2022 (none as at 31 December 2021).
All loans that were refinanced within 2022 were done so upon maturity and thus had no impact in the profit or loss
of the Group.
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The table below presents the changes in Borrowings arising from financing activities:
1 January
2022
Cash flows -
borrowings
(inflows
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash
flows -
fees
Non cash
movemen
ts
31 December
2022
€000
€000
€000
€000
€000
€000
€000
Current interest-
bearing loans
and borrowings
1,474,494
380,553
-454,273
0
8,550
1,409,324
Non-current
interest-bearing
loans and
borrowings
1,516,530
658,142
63,941
-800,324
-5,000
-261
1,433,029
Total
2,991,025
1,038,695
63,941
-1,254,597
-5,000
8,289
2,842,353
1 January
2021
Cash flows -
borrowings
(inflows
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash
flows -
fees
Non cash
movemen
ts
31 December
2021
€000
€000
€000
€000
€000
€000
€000
Current interest-
bearing loans
and borrowings
744,562
334,059
-474,051
-4,625
874,549
1,474,494
Non-current
interest-bearing
loans and
borrowings
2,131,370
220,000
32,651
-750
-866,651
1,516,530
Total
2,875,932
554,059
32,561
-474,051
-5,375
7,898
2,991,024
Certain loan facilities amounting to €91 million as of 31 December 2022 (31 December 2021: €31 million) and
associated with the four subsidiaries acquired by the Group during 2022 (Aioliko Parko Makrilakkoma S.A.  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’ 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.
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I. Non-Financial Information - ESG
The HELLENiQ ENERGY Group adopts its Sustainable Development Strategy in all of its activities and is
committed through its respective Policies. The key points of this strategic decision are summarized in safe,
accident-free and economically viable operation, with respect to both the environment and society. The
Group discloses its annual Sustainability & Corporate Responsibility Report, which promotes better
communication and information to its stakeholders about the Group's business performance from three
different angles: economic, environmental and social.
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I.1 HELLENiQ ENERGY Group Business Model
HELLENiQ ENERGY Holdings S.A. is one of the leading energy groups in South East Europe, with activities
spanning across the energy value chain and presence in six countries. Refining is the Group’s core business,
accounting for about 70% of total assets.
The Group downstream oil business model’s key characteristic for value creation is its vertically integrated and
diversified business activities. Its fuels marketing and petrochemicals businesses complement its refining margin
returns, which strengthens the Group’s earnings potential. In addition, the Group’s vertical integration of 80% to
85% between the propylene unit at the Aspropyrgos refinery and the petrochemical plant in Thessaloniki,
increases the total financial contribution significantly.
The Group’s three coastal refineries operate as a single, integrated system. Crude oil purchases, production
scheduling and sales forecasting are conducted for the Group’s refining system on a centralized basis, with the
objective of optimizing profitability, while considering prevailing (Eastern Mediterranean/South Eastern Europe)
crude oil and product prices, as well as domestic demand. Increased refining complexity enables the high
conversion of intermediate products (SRAR, VGO) and flexibility in crude slate and processing levels, a key
competitive advantage for the Group, enabling higher profitability vs benchmark margins throughout the
economic cycle.
The key drivers for the Group’s refining margin performance include the following:
•crude slate optimization: access and flexibility to process a variety of crude oil grades, which allows the
Group to capture market discounts in feedstock;
•efficient refining operations: density escalation, as a result of high white products yield, improved yield
performance, as well as realization of synergies among the refineries (mostly in the form of intra-refinery
flows of intermediates for upgrading to high value products);
•commercial/wholesale premia: competitive logistical and trading capabilities due to supply, storage and
distribution infrastructure, which enable the Group to achieve superior returns against the regional Platts
pricing.
The Group seeks to enhance its refining competitiveness, through substantial improvement of the environmental
footprint through a series of initiatives and investments, such as, among others, energy efficiency projects, CO2
emissions reduction, supply of electricity of lower carbon footprint, biofuels production and recycling
technologies.
The domestic marketing business is supported by significant infrastructure facilities, which provide the Group
with an advantageous footprint at both the mainland and the retail markets of the Greek islands, as well as at the
geographically dispersed airport facilities.
In addition, the Group implements an extensive digital transformation program, with more than 70 individual
initiatives, the majority of which relate to the core activity, with the aim of cost saving and profitability
improvement. The initiatives focus on production optimization, asset and energy management, performance
management, hydrocarbon supply chain, procurement, among others.
In the context of updating and implementing its strategy, the Group targets strong growth in new activities, by
expanding in RES, as well as power generation and natural gas activities, while exploring new opportunities
associated with the energy transition, with the aim of improving its environmental footprint, as well as minimizing
its earnings dependence on international oil products pricing.
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More specifically, the initiatives include:
•Developing a significant RES portfolio, targeting installed capacity of more than 1 GW in the medium term
and more than 2 GW by 2030.
•Reduction of the CO2 footprint of its refinery business, through a number of energy efficiency and autonomy
projects, as well as large decarbonization projects (blue/green hydrogen), while it is evaluating selected
investment opportunities in conversion units at the refineries.
•Strengthening its position in power generation and fuels marketing, as well as in the electricity and natural
gas wholesale and retail business, expanding the products and services offered across the energy spectrum,
by taking advantage of its position in the petroleum value chain.
At the same time, the Group focuses selectively on the Exploration & Production sector at specific offshore blocks
in Greece through partnerships with established partners.
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I.2 EU Taxonomy
In December 2019, the European Union (EU) presented the European Green Deal which adopts a set of
initiatives covering the climate, environment, energy, transport, industry, agriculture and sustainable
finance, with the aim of achieving climate neutrality by 2050.
EU Taxonomy Overview
The ‘Fit for 55’ package aims to translate the ambitions of the Green Deal into a legal obligation, according to
which the EU member states commit to reduce the net greenhouse gas (GHG) emissions by at least 55% by 2030,
compared to 1990 levels. In order to meet the emission targets and other environmental objectives, the EU,
through the “Taxonomy Regulation” (Regulation EU 220/852) established the framework for the creation of the
EU Taxonomy of environmentally sustainable economic activities. This common classification system is a tool to
define the environmental performance of economic activities across a wide range of industries, helping investors,
companies and financing providers turn to a low-carbon, resilient and resource-efficient economy. 
The Taxonomy Regulation includes a hierarchy of two levels of reporting, Taxonomy-eligibility and Taxonomy-
alignment, with the latter as subset of the former.
An economic activity is considered Taxonomy-eligible if it is listed in the EU taxonomy and can potentially
contribute to realizing at least one of the following six environmental objectives:
1.Climate change mitigation
2.Climate change adaptation
3.Sustainable use and protection of water and marine resources
4.Transition to a circular economy
5.Pollution prevention and control
6.Protection and restoration of biodiversity and ecosystems
An economic activity is defined as environmentally sustainable i.e. Taxonomy-aligned if it meets all three of
the following conditions:
•It makes a substantial contribution to at least one of the six environmental objectives by meeting the
technical screening criteria to prove substantial contribution criteria.
•It does not significantly harm any of the other five environmental objectives by meeting the Do No
Significant Harm (DNSH) criteria.
•It meets minimum social safeguards, which apply to all economic activities and primarily concern human
rights and social standards.
On 1 January 2022, the Taxonomy Regulation entered into force, requiring companies subject to Articles 19a or
29a of “Non-Financial Reporting Directive (NFRD)” (Directive 2013/34/EU) to disclose, over the course of 2022,
the percentage of their turnovers that are eligible for the EU Taxonomy. In addition, they can also report the
percentage of their capital expenditures (CapEx) and/or their operational expenses (OpEx) that are eligible for the
EU Taxonomy. These three metrics are referred to as key performance indicators (KPIs).
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At the date of publication of this Annual Financial Report 2022, only the technical screening criteria relating to the
first two environmental objectives have entered into force. The technical screening criteria relating to the other
four environmental objectives that will be established through delegated acts are still being negotiated or drafted.
EU Taxonomy Reporting by HELLENiQ ENERGY Group
Under the Taxonomy Regulation, the HELLENiQ ENERGY Group reported on the climate change mitigation and
climate change adaptation environmental objectives for the first time during 2022 for fiscal year 2021. The
disclosure requirements include the share of economic activities that are Taxonomy-eligible and that are not
Taxonomy-eligible in sales revenue, CapEx and OpEx. The Group reports against the Taxonomy Regulation for
fiscal year 2022, by extending the disclosures to also include the share of economic activities that are Taxonomy-
aligned.
The financial metrics reported relate to the consolidated companies included in the HELLENiQ ENERGY’s financial
statements. Please note that this Taxonomy disclosure does not consider the Group’s holding companies as they
do not provide goods and services. In addition, economic activities under joint ventures, which the Group does not
have management control upon such as ELPEDISON S.A., have not been included.
Additionally, the eligibility screening process was conducted by taking into account both climate change
mitigation and climate change adaptation objectives as the delegated acts specifying the TSC of the four
remaining objectives have not been published. Through the process it was apparent that activities which are
Taxonomy-aligned for climate change mitigation could also meet the substantial contribution criteria for the
climate change adaptation objective. On the other hand, we have not identified activities that only contribute to
the climate change adaptation objective (without having substantial contribution to climate change mitigation
objective) due to the nature of the Group’s business model. Therefore, although we disclose the KPI figures for
climate change adaptation as displayed in the “Results” section below, all relevant KPIs for climate change
adaptation are reported as zero.
The reason for this is twofold:
a.the revenue generated from an activity that is adapted to climate change shall not be computed in the
numerator of the turnover KPI and,
b.it is not feasible to distinguish climate change adaptation-related CapEx and OpEx from those related to
climate change mitigation, therefore, to avoid double counting, the CapEx and OpEx figures are
reported under climate change mitigation objective only.
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Group’s Business Activities Process Analysis
The five-step assessment methodology process showcased below:
1.Eligibility Screening
An evaluation of the eligibility of the Group’s business activities was conducted on the basis of the Taxonomy
Regulation and Climate Delegated Act as well as the Complementary Climate Delegated Act.
With regard to identification of eligible activities concerning climate change mitigation and climate change
adaptation objectives of the Taxonomy Regulation, the Group’s business activities were analyzed and assessed by
structuring them according to the nature of the activities and their associated NACE codes.
Following the aforementioned definition of Taxonomy eligibility, the Group has identified a total of forty three (43)
economic activities as eligible across eight (8) economic activities defined by EU Taxonomy, specifically the listed
activities in Annex I and Annex II to Climate Delegated Act, concerning climate change mitigation and adaptation
objective. 
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These 8 EU Taxonomy-defined economic activities include:
Eligible Activities
EU Taxonomy-defined Economic Activity
Description of the Group’s Activity
Petrochemicals
3.17 Manufacture of plastics in primary form
Production of polypropylene
Renewable Energy Sources
4.1 Electricity generation using solar photovoltaic
technology
Electricity production from solar energy using photovoltaic
systems
4.3 Electricity generation from wind power
Electricity production from wind energy
Refining, Supply & Trading
6.10 Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
Marine and ship transport services of bulk liquids or gases by
tankers and other sea and costal freight services
Electromobility Services
7.4 Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and parking
spaces attached to buildings)
Electric vehicles charging infrastructure operator
Others
7.7 Acquisition and ownership of buildings
Rental and management services of owned residential and non-
residential properties
8.1 Data processing, hosting and related activities
Database development services and provision of IT application
services
8.2 Data-driven solutions for GHG emissions reductions
Energy modelling optimization solutions, which enable CO2
reduction, based on financial impact.
Non-Eligible Activities
The rest of the Group activities have not been considered eligible as they are not currently considered in the
Climate Delegated Act. These include activities in Refining, Supply & Trading, Petrochemicals, Fuels Marketing,
Power Generation & Natural Gas, Exploration & Production and other supporting activities (non-revenue
generating activities). For greater details on our business activities, please refer to “Main Group Activities”.
2.Alignment Screening – Substantial Contribution Criteria
Next, each of 43 eligible activities identified in the previous phase were thoroughly analyzed against the
corresponding substantial contribution criteria (SCC) for climate change mitigation objective. The assessment
against SCC for climate change adaptation objective is discussed in the “Alignment Screening – Do No Significant
Harm (DNSH) Criteria”  considering that there is crossover between SCC and DNSH for climate change adaptation,
while still acknowledging that the SCC for climate change adaptation carries a higher level of ambition than those
for the DNSH counterpart.
Out of the 43 eligible activities across eight EU Taxonomy-defined activities, 36 activities sufficiently meet the
respective substantial contribution criteria for climate change mitigation objective across four EU Taxonomy-
defined activities.
Economic Activities in Renewable Energy Sources
4.1 Electricity generation using solar photovoltaic technology
Through the subsidiary (HELPE Renewables), the Group participates in the generation of electricity using solar
energy with total installed capacity of 241 MW. Throughout 2022, the Group has completed constructions of a
cluster of 18 solar PV parks located in Kozani, totaling 204.3 MW installed capacity with approximately 1,100 MW
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solar projects still under development. The newly installed capacities have started generating electricity since May
2022. As of the end of 2022, 399 GWh of electricity has been generated from solar energy and distributed across
Greece. For more details on our solar energy activities, please refer to “Main Group Activities - Renewable Energy
Sources (R.E.S.)” section in this Annual Financial Report.
Substantial contribution criterion for Activity 4.1 is described as “the activity generates electricity using solar PV
technology”. All the Group’s solar energy activities meet the substantial contribution criteria as they generate
electricity using solar PV technology.
4.3 Electricity generation from wind power
Beside solar energy, HELPE Renewables also operates wind farms. In 2022, the Group acquired 55.2 MW wind
farms in Mani, Greece, which, along with the existing wind farms, reached total installed capacity of 99.2 MW.
Additionally, the Group has 380 MW wind projects currently under development in Voiotia, Rodopi and Xanthi.
Cumulatively, the Group has converted wind power into a total of 321 GWh of electricity until the end of 2022. For
more details on our wind power activities, please refer to “Main Group Activities - Renewable Energy Sources
(R.E.S.)” section in this Annual Financial Report.
Substantial contribution criterion for Activity 4.3 is described as “the activity generates electricity from wind
power”. All the Group’s activities which involve electricity production from wind energy meet the substantial
contribution criteria as they generate electricity from wind power.
Economic Activities in Electromobility Services
7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking
spaces attached to buildings)
One of the Group’s wholly owned subsidiaries (ElpeFuture) operates as an electric vehicle (EV) charging
infrastructure operator. As of now, ElpeFuture operates fifty (50) DC fast chargers (50-120kW) at EKO & BP fuel
stations, at motorway service stations and urban-type fuel stations and seventy five (75) charging points of 22 kW
power in large shopping malls and in public parking lots, as well as, in private parking areas of the Group's
infrastructure and in B2B partners. For more details on the Group activities related to EV charging infrastructure,
please refer to “Business Activity - Electromobility Services” section in this Annual Financial Report.
Substantial contribution criterion for Activity 7.4 is described as “installation, maintenance or repair of charging
stations for electric vehicles”. In accordance with the substantial contribution criteria, all the ElpeFuture activities
involving operations of EV charging stations meet the substantial contribution criteria. This economic activity is
categorized as an enabling16 activity where it complies with the technical screening criteria in accordance with the
Climate Delegated Act.
Economic Activities in Other Sectors
8.2 Data-driven solutions for GHG emissions reductions
HELPE Digital provides and uses ICT solutions, known as “Visual MESA” for energy optimization modelling. The
solutions support energy management system activities to operate efficiently while simultaneously reducing CO2
emissions based on financial impact and economic costs.
We have assessed this activity against its substantial contribution criteria which require “(a) the ICT solutions to be
predominantly used for the provision of data and analytics enabling GHG emission reductions and (b) where an
alternative solution/technology is already available on the market, the ICT solution demonstrates substantial life-
cycle GHG emission savings compared to the best performing alternative solution/technology”.
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16 Enabling activities are those that directly enable others to make a substantial contribution to an environmental objective
In accordance with the substantial contribution criteria above, this activity has been considered to meet the
criteria as it provides data and analytics in relation to energy consumption, leading to GHG emissions reduction.
The “Visual MESA” solutions are the world’ first integrated energy optimization technology, hence there is
currently no alternative solution already available on the market. This economic activity is categorized as an
enabling activity where it complies with the technical screening criteria in accordance with the Climate Delegated
Act.
Summary of Substantial Contribution Criteria Screening
EU Taxonomy-defined
Economic Activity
The Group’s Activity
SCC Met?
(Y/N)
Rationale
Renewable Energy Sources
4.1 Electricity generation using
solar photovoltaic technology
Electricity production from solar
energy using photovoltaic systems
Yes
The Group’s activities generate
electricity using solar PV technology.
4.3 Electricity generation from
wind power
Electricity production from wind
energy
Yes
The Group’s activities generate
electricity from wind power.
Electromobility Services
7.4 Installation, maintenance and
repair of charging stations for
electric vehicles in buildings (and
parking spaces attached to
buildings)
Electric vehicles charging
infrastructure operation services
Yes
The Group’s activities involve
installation, maintenance and repair of
charging stations for electric vehicles.
Others
8.2 Data-driven solutions for
GHG emissions reductions
Energy modelling optimization
solutions which enable CO2
reduction based on financial impact
Yes
The Group provides and uses ICT
solutions aimed at energy optimization
modelling which enables GHG emission
reduction.
The Group continuously evaluates and explores investments, adjustments and opportunities for growth towards
the expansion of the alignment scope in the future.
3.Alignment Screening – Do No Significant Harm (DNSH) Criteria
At HELLENIQ ENERGY, we take our responsibilities for environmental safeguards very seriously. Therefore, for
eligible activities that meet their respective substantial contribution criteria as identified in the previous phase, we
have applied the guidance established in Article 17 of the Taxonomy Regulation and Climate Delegated Act to
assess them against the relevant DNSH principles. Below, we present our assessment of the specific DNSH
criteria against our eligible activities.
DNSH to Climate Change Adaptation
DNSH criteria to climate change adaptation objective apply to all eligible activities that meet their respective
substantial contribution criteria for climate change mitigation objective including all renewable energy activities
and EV charging services. In brief, for all activities, the climate change adaptation DNSH criteria require that “the
activity:
•has identified material physical climate risks by performing a climate risk and vulnerability assessment;
•where relevant, has identified and implemented adaptation solutions that can reduce the identified physical
climate risks”.
To assess physical climate risks and how they may impact the Group’s operations, the Group has performed
secondary research by leveraging scientific research articles investigating the physical climate change impact in
Greece in general and specifically on relevant activities.
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According to the IPCC Sixth Assessment Report, the Mediterranean region is predominantly vulnerable to the
impacts of warming, notably prolonged and stronger heat waves, increased drought in an already dry climate and
risk of coastal flooding. The performance of renewables (solar, wind) is also affected by changes in climate. In
regard to the first two parameters (heat waves and droughts) that could affect the efficiency and the energy
output of the renewables, a recent study showed that the overall future PV and wind potential do not change
considerably by climate change in any climate scenario examined (RCP 2.6, RCP 4.5, RCP 8.517). As for the last
parameter (coastal flooding) the IPCC Report indicates that sea level rise is minimal in the short and medium-
term, as major changes in all climate scenarios are observed in the long-term (after 2050). Besides, the majority of
the Group’s renewable energy activities are located in elevated terrain, which reduces the risks of physical climate
hazards in the form of flooding or sea level rise.
Based on the outcomes of the climate risk assessment above, indicating that the impact of climate change on the
Group’s activities are considerably low, the Group has not identified immediate measures to be implemented.
However, it is worth noting that all physical assets exposed to physical climate risks are appropriately insured.
DNSH to Sustainable Use and Protection of Water and Marine Resources
DNSH criteria to sustainable use and protection of water and marine resources apply to Activity 4.3 Electricity
generation from wind power, but only in case of offshore wind. Given that the Group does not currently operate
offshore wind power, the DNSH criteria are not applicable. As a result, we did not assess compliance with DNSH
criteria to sustainable use and protection of water and marine resources.
DNSH to Transition to a Circular Economy
DNSH criteria to transition to a circular economy apply to Activity 4.1. Electricity generation using solar
photovoltaic technology, Activity 4.3 Electricity generation from wind power and Activity 8.2 Data-driven
solutions for GHG emissions reductions.
For the first two activities, the DNSH criteria require “the activity to assess availability of and, where feasible, uses
equipment and components of high durability and recyclability and that are easy to dismantle and refurbish”. For
the HELLENiQ ENERGY Group, the utilization of materials and natural resources throughout their life cycle is an
important business opportunity and a response to its commitment to environmental protection. The Group’s
strategic approach is based not only on the reduction of solid waste, but also on prioritizing the use of recycled
materials and materials of high durability. As the Group also aims to promote circular economy, within and beyond
its operations, to the extent possible, it favors materials which are easy to reuse and recycle. In accordance with its
Procurement Policies, the Group’s partners are selected and evaluated, both when they are included in the list of
suppliers, and while working with them, based not only on business criteria but also on sustainable development
criteria, which may include the life cycle sustainability of goods offered by the suppliers. Life cycle sustainability
includes considerations of reusability, recyclability and durability of materials of the purchased goods. For further
details on our waste management and circular economy practices, please refer to “Waste management & Circular
Economy Practices” section in our 2021 Sustainability & Corporate Responsibility Report.
In line with the Group’s commitment to circular economy, for its renewable energy projects, it ensures to use
equipment and components of high quality, durability and recyclability. As part of the project development,
recyclability, durability and other important criteria of materials required for fostering circular economy were also
examined. All PV modules and wind turbines used in the renewable energy generation activities are of high
durability (expected lifespan of 25-30 years) and recyclable. End-of-life treatments of the equipment used for
these activities are also considered following best practices suggested in relevant literature. The Group also
considers recycling all PV modules at their end of life.
DNSH to Pollution Prevention and Control
DNSH to pollution prevention and control is not applicable to any of the identified eligible activities. Therefore, we
did not assess compliance with the DNSH criteria.
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17 Climate Change and Renewable Energy Generation in Europe—Long-Term Impact Assessment on Solar and Wind Energy Using High-Resolution
Future Climate Data and Considering Climate Uncertainties, Yuchen Yang, Kavan Javanroodi and Vahid M. Nik
DNSH to Protection and Restoration of Biodiversity and Ecosystems
DNSH criteria to protection and restoration of biodiversity and ecosystems apply to Activity 4.1. Electricity
generation using solar photovoltaic technology and Activity 4.3 Electricity generation from wind power. Appendix
D of Annex I to Climate Delegated Act specifies the generic criteria for DNSH for this environmental objective. The
DNSH criteria for biodiversity and ecosystems objective require that “the activity in question:
•has completed an Environmental Impact Assessment (EIA) or screening in accordance with Directive
2011/92/EU or other equivalent laws or standards for activities in third countries;
•has implemented the mitigation and compensation measures for protecting the environment if required
based on the outcomes of the EIA; and
•for sites/operations located in or near biodiversity-sensitive areas (including the Natura 2000 network of
protected areas, UNESCO World Heritage sites and Key Biodiversity Areas, as well as other protected areas),
has conducted an appropriate assessment, where applicable, and has implemented the necessary mitigation
measures based on the conclusions of the assessment”.
As above, the Group does not operate any offshore wind, thus the DNSH criteria to this environmental objective
specific for offshore wind is not applicable. The Group is committed to adhering to regulation on the protection
and restoration of biodiversity and ecosystems, including conducting EIA where large infrastructure projects
require it and implementing standards on biodiversity across the business. All of the renewable energy projects in
operations and currently under development that are required to conduct an EIA have completed their respective
EIAs in line with Directive 2011/92/EU. In a few cases, the conclusions of EIAs required specific mitigation and
compensation measures for protecting the environment. These too have been implemented accordingly.
Out of 53 operational solar and wind power sites, two are located in and/or near biodiversity areas. For instance,
these include wind farms located within the boundaries of the Special Protection Zone for Poultry (SPA) enlisted in
the European Ecological Network Natura 2000. The company is also developing various wind and solar projects
within or close to biodiversity areas e.g. solar project currently under development located in Forest lands and
Wildlife Refuge "Dovra-Valta". For those activities, the Group has carried out appropriate assessments in
accordance with Directives 2009/147/EC, 92/43/EEC. Where the outcomes of the assessments suggest
necessary mitigation measures to protect the ecosystems and biodiversity, the Group has implemented such
measures. An example of these mitigation measures is the regular inspection of wind farm sites and the removal
of any dead animals to avoid attracting scavenger animals.
4.Alignment Screening – Minimum Social Safeguards
According to the Taxonomy Regulation, an economic activity shall qualify as environmentally sustainable where
that economic activity is carried out in compliance with the minimum safeguards laid down in the Article 18 of the
Regulation. The minimum safeguards are procedures implemented by an undertaking to ensure the alignment
with the OECD Guidelines for Multinational Enterprises (OECD MNEs) and the UN Guiding Principles on Business
and Human Rights (UNGPs), including the principles and rights set out in the eight fundamental conventions
identified in the Declaration of the International Labour Organisation (ILO) on Fundamental Principles and Rights
at Work and the International Bill of Human Rights.
The Platform on Sustainable Finance (PSF) released a Final Report on Minimum Safeguards on October 2022
(referred to as ‘PSF Report’ for the remainder of this report) to provide detailed guidance on how undertakings can
ensure compliance with the minimum safeguards. Unlike the first two criteria to Taxonomy-alignment,
compliance with minimum safeguards is assessed at the undertaking level as opposed to activity level.
To ensure compliance with the four specific areas, the PSF Report suggests a two-pronged approach consisting of
two criteria.
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Below, we describe the main analyses we used to examine whether the minimum safeguards are adhered to.
In brief, we confirmed that the Group’s economic activities are all implemented in accordance with the
minimum safeguards as explained below.
Human Rights
The HELLENiQ ENERGY Group maintains a Code of Conduct setting out the principles that govern the Group's
activities in Greece and abroad. The Code of Conduct covers principles in relation to, inter alia, human rights,
corruption and bribery, competition, conflict of interests, human resources, environmental stewardship, social
responsibility and financial reporting accuracy.
Furthermore, the Group conducts regular stakeholder engagements by maintaining continuous and meaningful
communication with all its stakeholders, in order to record any concerns and needs and to communicate
information about its activities, which cover concerns related to human rights, using all available communication
channels. Periodically, and in accordance with its principles and values, strategy, activities, market, geographical
proximity and community, the Group redefines the stakeholders who influence and/or are significantly affected
by its business activities, with the aim of ensuring a two-way and effective communication.
At the beginning of the year 2022, the Group carried out a new materiality assessment to identify and assess the
most important (material) ESG topics for its responsible operation with the participation of senior management
and representatives of all stakeholders. Human rights issue has been identified as one material topic which may
impact the Group’s overall operations and the sustainable development. Through the materiality study which
assessed the residual risks of material issues based on the level of risk exposure and the degree of processes,
procedures and management by the Group, human rights issue is comprehensively covered and managed by the
company and therefore no substantial risks are posed to the Group.
In addition, the Group also has established a risk management system designed to identify and manage threats
and opportunities and includes safeguards and audit mechanisms at various levels within the Group. Part of the
Internal Audit System is the Group’s Internal Audit Division (GIAD), which contributes to the improvement of the
Risk Identification, Assessment and Management environment, with the objective of attaining the Group's
strategic objectives. In 2022, the Group-Wide Risk Assessment process was carried out for the 8th consecutive
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year. The work was completed by the heads of the Group's administrative units and companies and was
coordinated by GIAD. In addition to other issues, a total of 10 audits were carried out on social issues which include
Human Resources, Procurement, etc., some of which relate to human rights issues.
The HR and Procurement Divisions monitor human rights management of employees and third-party supplier the
Group works with, including operations and suppliers at significant risk for incidents of forced and child labor.
Relations between employees and the Group are based on the principle of equal treatment. Both the integration
and the career of each employee in the Group are judged on the basis of their qualifications, performance and
potential, without discrimination. The Group monitors the relevant labor legislation (national, European, ILO),
which includes issues relating to respect for human rights and working conditions and is in full compliance with
collective and relevant international conventions. To minimize risk of child labor, the Group’s recruitment policy
states that no employees under the age of 18 can be employed.
As far as its suppliers concerned, the Group follows a defined framework for cooperation, which includes a Code of
Conduct, Procurement Regulations, policies and procedures to promote responsible labor practices with respect
for human rights. It is worth noting that the Group's partners are selected and evaluated, both when they are
included in the list of suppliers and while working with them, based not only on business criteria but also on
sustainable development criteria. Furthermore, all contracts with the suppliers incorporate a "condition of
compliance" with the principles of the UN Global Compact in the areas of human rights, labor, environment and
anti-corruption. For instance, each member of the security staff (100%) provided by our partner companies has
been officially certified and licensed by KEMEA (Center for Security Studies) and EOPEP (National Organization for
the Certification of Professional Qualifications), as security personnel. To acquire the certification, they are also
trained on matters of human rights protection.
The Code of Conduct specifies procedures to raise concerns over violations of the Code of Conduct, including
those related to human rights matters. All employees, members of the management, executives and anyone
providing services to the Group can freely reach out to the Group Regulatory Compliance Service to report
concerns over any behavior possibly deviating from the law or any behavior they may have doubt about whether it
complies with the law, the Code of Conduct, the policies and regulations of the Group, including any behavior that
may constitute as human rights violations, following the procedures set by the Group. In addition, the Group
maintains a variety of communication channels with all its stakeholders in order to record any concerns or
complaints covering matters pertaining to human rights, among other matters. Particularly, employees can use
communications means through intranet (internal information & communication network), corporate updates,
events, information & awareness campaigns and employee suggestion box, to voice their concerns. The Group
also maintains grievance mechanisms (or similar communication channels) within ISO certified management
systems.
In 2022, no incidents of non-compliance or fines in relation to discrimination, labor issues and dispute have been
reported. Furthermore, neither HELLENiQ ENERGY nor its subsidiaries have been found liable or in breach or given
allegations of labour or human rights laws according to the BHRRC lawsuits database. There is also no NCP’s
report stating that HELLENiQ ENERGY or its subsidiaries has breached the OECD MNEs.
Corruption
The Group is committed to conducting business in the most ethical manner and has a zero-tolerance policy
toward bribery and corruption of any type. As mentioned above, anti-corruption and bribery policies are covered in
the Group Code of Conduct. Furthermore, the internal structure and corporate governance of the Group
companies provide for adequate safeguards, partnerships of two or more persons, internal approvals and audits to
prevent corruption.
All employees have received information on anti-corruption policies and procedures through the Internal Labor
Regulation and the Group Code of Conduct. Moreover, 100% employees are aware of the Group’s commitment to
UNGC principles, corporate policy and values through the Group’s Sustainability Report (all reports are posted on
the Group’s site and intranet). All employees have been given the Code of Conduct of the HELLENiQ ENERGY
Group, where special reference is made to corruption issues and specific examples to be avoided. Additionally, a
special e-learning program has been charted for all employees, which includes elements for the Group’s Code of
Conduct. With regard to our partners, relevant communication is ensured through the inclusion in contracts of a
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clause concerning commitment to the principles of the UN Global Compact. The Group’s Code of Conduct, which
includes anti-corruption policies, has been communicated to 100% of its business partners.
All units are screened for corruption-related risks following a standardized internal review, and the process is also
in line with the Group’s Code of Conduct. Audits carried out in 2021 at administrative units, refinery facilities and
foreign subsidiaries did not reveal any significant deviations in the application of the Group’s Policies, Regulations
and Procedures. During 2022, no incident of corruption was reported to the Regulatory Compliance Office or to
the Management of the Group’s companies.
Taxation
The Group has a tax strategy which applies in all Group entities. For UK operations, the Group’s approach to tax
strategy is made available in UK Tax Strategy.
Tax & Customs issues for all Group companies are monitored, audited and coordinated centrally by the Group Tax
& Customs Department (GT&CD). GT&CD ensures compliance with tax and customs legislation, as well as
compliance, transparency and audit requirements, both in Greece and in all other countries where the Group
operates, in accordance with the existing institutional framework and the Group's practices and policies, in close
cooperation with the competent authorities.
Specifically in Greece, where the Group's main activities and the parent company are located, tax compliance is
verified annually with all companies obtaining “unqualified” tax certificates issued by the auditors.
GT&CD also acts as a tax advisor to the Group, by providing suggestions and instructions, directly monitoring the
developments and constant changes in the respective institutional framework, in addition to actively participating
in committees and bodies for consultation and submission of additional proposals and adjustments, to the
competent authorities. It also examines the inclusion of investments within the framework of development laws,
with the aim of optimal overall management of tax and customs issues at all levels, taking into account the
respective impacts, risks and opportunities. To date, no examples of unethical or illegal behavior, particularly in
relation to tax and/or customs matters, have been identified.
Fair Competition
Since 2018, the Group has adopted a Competition Policy and Compliance Manual. This Policy reflects the Group’s
ongoing commitment to comply with the provisions of Greek and European competition law, as well as the
national laws of the countries in which it operates. Furthermore, the Policy aims to assist the Group’s
Management, executives and employees to understand the fundamental rules of Fair Competition and their
impact on the Group’s day-to-day operations and the formation of its business practices.
Alike corruption and other issues covered in the Group Code of Conduct, all employees have received information
on fair competition as they have been given the Code of Conduct of the Group with special reference made to fair
competition. In addition, a relevant special e-learning program has been provided for all employees. During 2021,
there were no court appeals concerning anti-competitive behavior, anti-trust and monopoly practices. Also, the
Group is in full compliance with the relevant legislation on unfair competition and consumer protection. The
Group’s companies are also complied with EU competition laws as there is no listing of any company in the EU
Competition Policy Database.
As minimum safeguards criteria apply at the undertaking level, we have mapped our corporate disclosures with
the four minimum safeguards issues. Please refer to the following for further details on our compliance with
minimum safeguards criteria.
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Minimum Safeguards Areas
HELLENiQ ENERGY Disclosures
Human Rights
a.2021 Sustainability & Corporate Responsibility Report: Human Rights and
Equal Opportunities for Employees & Partners, Stakeholders
b.GRI Sustainability Standards: 2-27, 406-1, 409-1, 407-1, 408-1, 410-1
c.UNGC Communication of Progress Report: Human rights & Labour
Corruption
a.2021 Sustainability & Corporate Responsibility Report: Business Ethics,
Compliance & Transparency
b.GRI Sustainability Standards: 205-3, 205-1, 205-2
c.UNGC Communication of Progress Report: Anti-corruptio
Taxation
a.2021 Sustainability & Corporate Responsibility Report: Business Ethics,
Compliance & Transparency
b.GRI Sustainability Standards: 207-1, 207-2, 207-3, 207-4
Fair Competition
a.2021 Sustainability & Corporate Responsibility Report: Business Ethics,
Compliance & Transparency
b.GRI Sustainability Standards: 206-1
5.Calculation of Financial KPIs
The Disclosures Delegated Act particularly in Annex I (KPIs of non-financial undertakings) specifies three KPIs to
be disclosed regarding the proportion of the Taxonomy-eligible and Taxonomy-aligned activities of the Group to
its total activities. Namely, these KPIs are Turnover, Operating Expenses and Capital Expenditure.
The policies used in deriving the respective amounts used in these KPIs are the following:
Turnover KPI (%): Ta/Tt
Ta as numerator represents the net turnover derived from products or services, including intangibles, associated
with Taxonomy-eligible and Taxonomy-aligned activities for eligible turnover and aligned turnover, respectively.
Tt as denominator represents the net turnover of the Group.
Both Ta and Tt are calculated in accordance with the International Accounting Standard (IAS) 1 “Presentation of
Financial Statements”. The structure of the Group is such that for each of the eligible and aligned activities is
managed through a separate legal entity. As a result, the Taxonomy-eligible or Taxonomy-aligned turnover is
obtained from the accounting records of these entities which form part of the audited consolidated turnover. The
net turnover of the Group is obtained from the audited Consolidated Group Financial Statements. Our
consolidated net turnover can be reconciled to our consolidated financial statements, cf. income statement on
this Annual Financial Report 2022, (“Revenue from contracts with Customers”).
To avoid double counting in the allocation in the numerator of turnover across economic activities, the figures
used have eliminated intercompany transactions.
CapEx KPI (%): Ca/Ct
Ca represents additions to tangible and intangible assets made during the year before depreciation, amortization
and any remeasurements, including those resulting from the revaluations and impairments for the relevant
financial year and excluding fair value changes, that either:
•are related to assets or processes that are associated with Taxonomy-aligned activities;
•are part of a plan to expand Taxonomy-aligned economic activities or are part of a plan to allow Taxonomy-
eligible activities to become Taxonomy-aligned (CapEx plan), provided that the CapEx plan meets the
following conditions: (a) the plan aims either to expand the undertaking’s Taxonomy-aligned economic
activities or to upgrade Taxonomy-eligible economic activities to render them Taxonomy-aligned within a
period of five years and (b) the plan shall be disclosed at economic activity aggregated level and be approved
by the management body of nonfinancial undertakings either directly or by delegation.
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•are related to the purchase of output from Taxonomy-aligned economic activities and individual measures
enabling the target activities to become low-carbon or to lead to greenhouse gas reductions e.g. Activity 7.3
installation, maintenance and repair of energy efficiency equipment and 7.6 installation, maintenance and
repair of renewable energy technologies, provided that such measures are implemented and operational
within 18 months.
Ct represents additions to tangible and intangible assets made during the year before depreciation, amortization
and any remeasurements including those resulting from the revaluations and impairments for the relevant
financial year and excluding fair value changes. The figure also includes the additions to tangible and intangible
assets resulting from Business Combinations.
Capital Expenditure amounts are calculated as defined by IFRS, namely IAS 16 “Property, Plant and Equipment”,
IAS 38 “Intangible Assets”, IAS 40 “Investment Property” and IFRS 16 “Leases”. As mentioned above, due to the
company structure of the Group, the Taxonomy-eligible and Taxonomy-aligned Capital Expenditure can be
obtained from the accounting records of these entities. For 2022, the Taxonomy-eligible and Taxonomy-aligned
Capital Expenditure includes the Capital Expenditure for the acquisition of eligible and aligned activities,
respectively. The total Capital Expenditure of the Group is obtained from the audited Consolidated Group Financial
Statements.
Our total CapEx can be reconciled to our consolidated financial statements of this Annual Financial Report 2022
(Note 6 “Property, Plant and Equipment”, Note 7 “Right of Use Asset” and Note 8 “Intangible Assets” ) as well as
on the Consolidated Statement of Cash flows. They are the total of the movement types (acquisition and
production costs),
•additions and
•additions from business combinations
for intangible assets, right-of-use assets and property, plant and equipment.
To avoid double counting in the allocation in the numerator of CapEx across economic activities, the figures have
eliminated intercompany transactions.
OpEx KPI (%): Oa/Ot
Oa  represents direct, non-capitalised costs that relate to the day-to-day servicing of assets of property, plant and
equipment of Taxonomy-eligible or Taxonomy-Aligned activities by the Group or third-party to whom activities
are outsourced that are necessary to ensure the continued and effective functioning of such assets. These
numerator equals to the part of the operating expenditure included in the denominator that either:
•are related to assets or processes associated with Taxonomy-eligible or Taxonomy-aligned economic
activities, including training and other human resources adaptation needs, and direct non-capitalised costs
that represent research and development;
•are part of the CapEx plan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible
economic activities to become Taxonomy-aligned within a predefined timeframe; or
•are related to the purchase of output from Taxonomy-aligned economic activities and individual measures
enabling the target activities to become low-carbon or to lead to greenhouse gas reductions, provided that
such measures are implemented and operational within 18 months.
Ot represents direct, non-capitalised costs that relate to the day-to-day servicing of assets of property, plant and
equipment by the Group or third-party to whom activities are outsourced that are necessary to ensure the
continued and effective functioning of such assets. These costs can relate to research and development, building
renovation measures, short-term leases, repair and maintenance. To avoid double-counting, research and
development costs and other expenses already accounted for in the CapEx KPI are not counted as OpEx.
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Operating Expenses are not specifically defined under IFRS. Therefore, the amounts used in Oa and Ot are defined
in the Disclosures Delegated Act. To determine Oa the accounting records of the entities who have Taxonomy-
eligible or Taxonomy-aligned activities were used, while for Ot the audited Consolidated Group financial
statements formed the basis of calculation. The costs included in the Operating Expenses KPI primarily involve
cleaning, repair and maintenance expenses. Expenses such as overheads, electricity and cost of employees
operating the assets are excluded from both Oa and Ot.
To avoid double counting in the allocation in the numerator of OpEx across economic activities, the figures have
eliminated intercompany transactions.
Overall Results of EU Taxonomy Assessment
After conducting eligibility and alignment screening for all the Group activities as thoroughly discussed in the
“Process for Analyzing the Group’s Business Activities” section, below is the summary of the outcomes.
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Overall Results of KPI's
We have calculated percentages of turnover, CapEx, and OpEx for eligible-aligned, eligible-not aligned, and not
eligible activities, for fiscal year 2022. The results are presented below.
The shares of aligned, eligible-non-aligned and non-eligible activities according to the Taxonomy Regulation is
shown below. The results have shown different degrees of eligibility according to the KPI. The turnover indicator
shows 0.26% aligned, 0.15% eligible-non-aligned and 99.59% non-eligible in 2022.
The CapEx indicator shows 36.74% aligned, 13.98% eligible-non-aligned and 49.28% non-eligible in 2022. The
result obtained for CapEx demonstrates the solvency of a sustainable business model and the creation of long-
term value in favor of the planet and people.
The OpEx indicator shows 4.73% aligned, 1.36% eligible-non-aligned and 93.91% non-eligible in 2022.
More detailed disclosures of the three KPIs are provided below
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109
HELLENiQ ENERGY
Complementary
Information
Turnover
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
Turnover
2022
Proportion of
Turnover to
Total
Turnover
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
Total Turnover
2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Renewable Energy Sources
Electricity
generation using
solar photovoltaic
technology
4.1
19.23
0.13
100
0
—
Y
—
Y
—
Y
Y
0.13
—
—
Electricity
generation from
wind power
4.3
18.20
0.13
100
0
—
Y
—
Y
—
Y
Y
0.13
—
—
Electromobility Services
Installation,
maintenance and
repair of charging
stations for
electric vehicles in
buildings (and
parking spaces
attached to
buildings)
7.4
0.40
0
100
0
—
Y
—
—
—
—
Y
0
E
—
Turnover of
environmentally
sustainable
activities
(Taxonomy-
aligned) (A.1)
—
37.82
0.26
100
0
 
 
 
 
 
 
 
0.26
0
0
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HELLENiQ ENERGY
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Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
Turnover
2022
Proportion of
Turnover to
Total
Turnover
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
Turnover 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Petrochemicals
Manufacture of
plastics in primary
forms
3.17
21.63
0.15
Refining, Supply & Trading 
Sea and coastal
freight water
transport, vessels
for port
operations and
auxiliary activities
6.10
0
0
Others
Acquisition and
ownership of
buildings
7.7
0
0
 
 
 
 
 
 
 
 
 
Data processing,
hosting and
related activities
8.1
0
0
Data-driven
solutions for GHG
emissions
reductions
8.2
0
0
Turnover of
taxonomy-
eligible but not
environmentally
sustainable
activities (not
Taxonomy-
aligned activities)
(A.2)
—
21.63
0.15
Total (A.1+A.2=Α)
—
59.45
0.41
0.26
0
0
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Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
Turnover
2022
Proportion of
Turnover to
Total
Turnover
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
Turnover 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
B. Taxonomy-non-eligible activities 
Refining, Supply
& Trading
—
7,796
53.52
Petrochemicals
—
380
2.61
Fuels Marketing
—
6,291
43.18
Power
Generation &
Natural Gas
—
37
0.26
Exploration &
Production
—
0
0.00
Others
—
3
0.02
Turnover of
Taxonomy-non-
eligible activities
(B)
—
14,449
99.59
Total (A+B)
—
14,508
100
112
HELLENiQ ENERGY
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Information
Capital Expenditure (CapEx)
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
CapEx 2022
Proportion of
CapEx to
Total CapEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
Total CapEx
2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Renewable Energy Sources
Electricity
generation using
solar
photovoltaic
technology
4.1
39.59
7.72
100
0
—
Y
—
Y
—
Y
Y
7.72
—
—
Electricity
generation from
wind power
4.3
148.09
28.87
100
0
—
Y
—
Y
—
Y
Y
28.87
—
—
Electromobility Services
Installation,
maintenance
and repair of
charging
stations for
electric vehicles
in buildings (and
parking spaces
attached to
buildings)
7.4
0.79
0.15
100
0
—
Y
—
—
—
—
Y
0.15
E
—
CapEx of
environmentally
sustainable
activities
(Taxonomy-
aligned) (A.1)
—
188.48
36.74
100
0
36.74
0.15
0
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Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
CapEx 2022
Proportion of
CapEx to
Total CapEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
CapEx 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Petrochemicals
Manufacture of
plastics in
primary forms
3.17
3.64
0.71
Refining, Supply & Trading 
Sea and coastal
freight water
transport,
vessels for port
operations and
auxiliary
activities
6.10
0.73
0.14
Others
Acquisition and
ownership of
buildings
7.7
67.33
13.12
Data processing,
hosting and
related activities
8.1
0
0
Data-driven
solutions for
GHG emissions
reductions
8.2
0
0
CapEx of
taxonomy-
eligible but not
environmentally
sustainable
activities (not
Taxonomy-
aligned
activities) (A.2)
—
71.70
13.98
Total
(A.1+A.2=A)
—
260.18
50.72
36.74
0.15
0
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HELLENiQ ENERGY
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Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
CapEx 2022
Proportion of
CapEx to
Total CapEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
CapEx 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
B. Taxonomy-not-eligible activities 
Refining, Supply
& Trading
—
192
37.48
Petrochemicals
—
4
0.73
Fuels Marketing
—
41
8.07
Power
Generation &
Natural Gas
—
0
0
Exploration &
Production
—
0
0
Others
—
15
3.01
CapEx of
Taxonomy-non-
eligible activities
(B)
—
253
49
Total (A+B)
—
513
100
115
HELLENiQ ENERGY
Complementary
Information
Operational Expenditure (OpEx)
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
OpEx 2022
Proportion of
OpEx to
Total OpEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
Total OpEx 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Renewable Energy Sources
Electricity
generation using
solar
photovoltaic
technology
4.1
1.12
1.53
100
0
—
Y
—
Y
—
Y
Y
1.53
—
—
Electricity
generation from
wind power
4.3
1.92
2.62
100
0
—
Y
—
Y
—
Y
Y
2.62
—
—
Electromobility Services
Installation,
maintenance
and repair of
charging
stations for
electric vehicles
in buildings (and
parking spaces
attached to
buildings)
7.4
0.42
0.58
100
0
—
Y
—
—
—
—
Y
0.58
E
—
OpEx of
environmentally
sustainable
activities
(Taxonomy-
aligned) (A.1)
—
3.46
4.73
100
0
4.73
0.58
0
116
HELLENiQ ENERGY
Complementary
Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
OpEx 2022
Proportion of
OpEx to
Total OpEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
OpEx 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Petrochemicals
Manufacture of
plastics in
primary forms
3.17
1.00
1.36
Refining, Supply & Trading 
Sea and coastal
freight water
transport,
vessels for port
operations and
auxiliary
activities
6.10
0
0
Others
Acquisition and
ownership of
buildings
7.7
0
0
Data processing,
hosting and
related activities
8.1
0
0
Data-driven
solutions for
GHG emissions
reductions
8.2
0
0
OpEx of
taxonomy-
eligible but not
environmentally
sustainable
activities (not
Taxonomy-
aligned
activities) (A.2)
—
1.00
1.36
Total
(A.1+A.2=A)
—
4.46
6.09
4.73
0.58
0
117
HELLENiQ ENERGY
Complementary
Information
Substantial Contribution
Criteria
DNSH Criteria ('Does Not Significantly Harm')
Category
Absolute
OpEx 2022
Proportion of
OpEx to
Total OpEx
2022
Climate
Change
Mitigation
Climate
Change
Adaptation
Climate
Change
Mitigation
Climate
Change
Adaptation
Water and
Marine
Resources
Circular
Economy
Pollution
Biodiversity
and
Ecosystems
Minimum
Safeguards
Taxonomy-
aligned
Proportion of
OpEx 2022
Enabling
Activity
Transitional
Activity
Economic
activities
Code
millions €
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
B. Taxonomy-non-eligible activities 
Refining, Supply
& Trading
—
48.30
66.05
Petrochemicals
—
1.98
2.71
Fuels Marketing
—
18.29
25.02
Power
Generation &
Natural Gas
—
0
0
Exploration &
Production
—
0
0
Others
—
0.09
0.12
OpEx of
Taxonomy-non-
eligible activities
(B)
—
68.67
94
Total (A+B)
—
73.12
100
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I.3 Health, Safety, Environment and Climate Change
The HELLENiQ ENERGY Group incorporates Sustainable Development into its strategic planning and is
committed, through its Policy on Health, Safety and Sustainable Development, to ensure safe, accident-free
and economically viable operation, while respecting the environment and the community, in line with the 17
UN Sustainable Development Goals (SDGs) and ESG criteria (Environmental - Social - Governance).
The HELLENiQ ENERGY Group, due to the nature of its activities, faces a series of risks in its operations, with
regard to the use of dangerous and flammable substances and other technical challenges in oil and other products
manufacturing and distribution facilities of considerable complexity and significant size. Failure to manage these
risks could have considerable impact on the Group’s operation and financial position, including administrative
penalties and/or inability to carry out its activities.
With regard to risk management related to health, safety and environmental issues, the Group uses a series of
control and mitigation procedures during equipment design and operation to manage and mitigate them. At the
same time, it actively participates in international organizations in order to measure important indicators and
compare with the European oil and chemical industry as well as to transfer and incorporate best practices with the
aim of improving the Group’s performance in health, safety and environment.
In addition, compliance to relevant procedures and health, safety and environment management performance in
each facility is evaluated regularly, not only through internal audits carried out by trained and experienced staff,
but also through independent audits carried out by accredited external certification bodies. At the same time,
progress of health, safety, environment and energy indicators (KPIs) is monitored, which are included in the
Group’s periodic reports, as well as the management’s performance evaluation criteria.
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Health and Safety
For the HELLENiQ ENERGY Group, Health and Safety is a major priority in all its activities. An overall
approach to managing issues related to Health and Safety, includes planned initiatives and preventive
measures to eliminate hazards and improve performance. At the same time, it includes management
systems, inspections and actions to strengthen leadership, in all Group’s activities. Additionally, the Group
takes all required safety measures for employees, external partners and visitors in all working areas, in
alignment with the UN’s international Sustainability Goal for Good Health (SDG 3).
The Group continuously invests in prevention, infrastructure, improvement – revising procedures and aligning
with current standards and best practices, while constantly investing in personnel and partners training in the
Health and Safety field to ensure compliance with the strictest criteria on a national and European level.
All Group facilities set targets to monitor and improve their performance on Health and Safety issues, with regular
periodic reports reviewed against these targets. Targets on specific Health and Safety indicators are set and
monitored based on CONCAWE’s proposals.
In addition to key actions taken toward Health and Safety, the Group continued to effectively manage the
COVID-19 pandemic crisis through coordinated actions set out in the pandemic response Policy in all activities and
levels of the organization. The HELPE Group Policy to prevent and address problems due to the COVID-19
pandemic was revised in accordance with National Public Health Organization (NPHO) and World Health
Organization (WHO) instructions and according to necessity and new scientific data.
Health and Safety Indicators
In 2022 the lost workday injury frequency and accident frequency index – which are key safety indicators –
exhibited a decrease of 16.5% and 12.5% respectively, compared to last year and in contrast to the corresponding
European indicators, which exhibited a small increase.
Specifically, in 2022, out of a total of 10.5 million working-hours, there were 26 lost work days injuries registered
for staff and external partners.
The diagrams below show the trends for the basic safety key performance indicators (KPIs).
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Leading Health and Safety Indicators
In 2022, the target set for reporting and investigating near misses was achieved, which is a key leading indicator
for H&S performance across all Group facilities.
In the context of establishing a common Safety Culture at all Group facilities, basic H&S training continued (which
included fire safety, first aid, rescue techniques, basic safety procedures, best practices, etc.). Training extends to
external partners’ contractors, visitors, tank truck drivers and service station operators in accredited training
centers.
Finally, in 2022, safety audits / safety visits (an equally important leading Health and Safety Indicator) were carried
out, in accordance with the objectives set in all activities.
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Environment and Climate Change
The HELLENiQ ENERGY Group, as an energy products producer and at the same time a significant energy
consumer, faces significant challenges in the energy sector with regard to climate change. Specifically, the climate
change affects our business activity, creating significant challenges and opportunities. Potential risks and
opportunities for the Group's business activities indicatively include cost management for the participation in the
European Emissions Trading System – EU ETS and the pertinent legislative changes, but also opportunities in
accelerating the implementation of energy efficiency projects, feasibility studies for investments/activities
focusing on RES and increasing the project and investment portfolio in the context of the energy transition
towards climate neutrality.
The first step to effectively plan the Group's actions/strategy is to record and manage the risks and opportunities
that exist, both in terms of mitigating climate change and in terms of strategically adapting to its impacts.
Increased costs for fuels and raw materials, reduced demand for energy intensive products as well as additional
measures to control and limit greenhouse gas (GHG) emissions comprise critical issues that are examined and
analyzed through various pillars such as existing and forthcoming legislation, new technologies as well as markets
in which the Group operates. At the same time, international forecasts on the energy market and climate change
are evaluated systematically in order to develop the Group's long-term strategy.
In particular, through the implementation of its sustainable development strategy, the Group seeks to achieve
short- and long-term goals of improving energy performance and reducing greenhouse gas emissions, in line with
relevant international UN Sustainable Development Goals for Clean Energy (SDG 7) and Climate (SDG 13).
Indicatively, the group has committed to reducing greenhouse gas emissions by 50% by 2030. This reduction will
be achieved by improving energy efficiency in refinery processes, adopting new technologies (carbon capture CCS,
green hydrogen, Sustainable Aviation Fuels) as well as by developing a significant renewable energy portfolio with
a target installed capacity of 1 GW by 2025 and 2 GW by 2030. Specifically, in 2022 with regard to energy
management, the Group's refineries were successfully re-certified for the Energy Management System according
to ISO 50001:2018, while, the marketing companies EKO ABEE and KALYPSO KEA SA (100% subsidiary of EKO)
were also certified for the first time. It is noted that in 2022, the first year of the 204 MW Kozani photovoltaic park
in full operation, the park contributed to the avoidance of emissions of over 100,000 tons of CO2. Additionally, the
installed capacity in RES projects at the end of 2022 was 341 MW (2021: 65 MW).
As a result of the rapid implementation of the strategic decision to invest in RES, the total CO2 avoided emissions
from RES surpassed the 400,000 tons of CO2, (about 206,000 tons only for 2022 production), while more than
€190 million were invested in projects to reduce the Group's environmental footprint, such as RES, energy
efficiency and air emission reduction projects in the refineries, in addition to equipment/unit upgrade -
modernization projects.
For 2022, HELLENiQ ENERGY’s direct financial impacts were mainly related to the cost of covering the emission
allowance deficit, since all three of the Group's refineries in Greece participate in the EU Emissions Trading System
(EU-ETS). Under the 4th phase (2021-2030) of CO2 emissions trading, compliance costs have increased
significantly, despite all the energy saving projects, due to decreasing free allowance allocation from year to year,
but also to the significant increase in the price of allowances over the last years (approximately 10 times, €8/tn in
early 2018 vs €80/tn at the end of 2022). The estimated CO2 emissions for the three refineries (scope 1) in 2022
(to be finalized after verification by a certified body) amount to 3.6 million tons.
Following European level developments, regarding the announcement of a 55% greenhouse gas emissions
reduction target by 2030 (in context to the Green Deal), as well as the already implemented EU-ETS restructuring
measures for 2021-2030 and the planned new EU ETS revision, the price of allowances (€/tn) is estimated to
reach the level of €100/tn, which affects compliance costs, both directly, and indirectly through power
consumption, which is also subject to corresponding costs.
Within the framework of reducing its wider environmental footprint, the Group aims to reduce both air emissions
and waste generated through specific actions, such as maximizing the use of fuel gases, using fuels with higher
environmental standards and applying advanced technologies in the production process. For 2022, measures to
improve the environmental footprint in the context of compliance with the new emission levels linked to Best
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Available Techniques (BAT), which have been incorporated into the new environmental permits approving the
operating conditions of the Group's refineries, were continued. Note that in the Aspropyrgos refinery in 2022, the
new electrostatic particulate filter (ESP) was put in operation, which since its start led to a ~75% reduction in the
PMs of the refinery's FCC unit, which is the most important source of particulate emissions (PMs) in the refinery.
Concerning wastewater and solid waste management, in line with circular economy principles and the UN Goal for
Sustainable Production and Consumption (SDG 12), the primary objective is to reduce their production at source,
maximize recycling and reuse in the production process for as many waste streams as possible and then manage
them in the best possible way with regard to the environment and human health. The goal is to significantly
reduce waste for final landfill disposal in accordance to European targets and policies.
Since 2016, the Group has adopted the Greek Sustainability Code and is actively involved in the dialogue on
sustainable development, contributing through actions and investments toward the 17 goals set by the UN to be
achieved by 2030. In 2022, the Group retained its position yet another year in the leadership team of The Most
Sustainable Companies in Greece 2022, which are model companies in forming a Business Charter for Sustainable
Development in Greece. Furthermore, for a fifth year, it was evaluated for its overall management of climate
change issues by the international organization CDP (previous Carbon Disclosure Project, which includes a large
part of the ‘Task Force for Climate related Financial Disclosures’ -TCFD proposals) and was rated at level A-
("Management level - Taking Coordinated Action on climate issues"), a level higher than in previous years and over
the global sector average.
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I.4 Human Resources
The industry in which the Group operates requires specialized skills, training and experience. As a result, the ability
to attract and retain the right human resources is an important factor in the Group’s optimal operation.
Difficulties in finding and employing competent personnel, especially middle and senior management and highly
skilled personnel, can adversely affect the Group's operations and financial position.
Providing a safe working environment, that also motivates employees and treats them with respect, giving equal
opportunities to all, is a Group priority. The corporate policies and practices of the Group give priority to the
strengthening of the skills of the employees, the harmonization of professional and family life and the
development of teamwork and cooperation.
The Group maintains an excellent working climate and implements an integrated system of human resource
development and management with collective agreements and internal labor regulations, competitive
remuneration, development opportunities, benefits, awards, employee performance appraisal, internal education
system, encouraging employees to take on different roles, depending on their knowledge, experience and skills.
Creative relationship with the Group's employees are based on information and open dialogue. In the Group, open
communication between Management and executives (open door policy) is possible, aiming on increasing
cooperation, efficiency and mutual respect. Employee relations are based on the equal treatment principle.
Employee placement and advancement within the Group is based on an employee’s qualifications,
performance and potential, without any discrimination:
•Meritocratic systems for attracting and evaluating personnel.
•Equal opportunities for all in enhancing the skills related to their tasks and staying up to date with
developments in the field of energy.
•Opportunities for advancement, without any discrimination (e.g. as to gender, age, origin, religion,
nationality etc.).
The internal operation of the Group's business units is based on specific principles and rules, to ensure
consistency and continuity, key blocks of success and development. In this context, the Code of Conduct
summarizes the principles governing the internal operation of the Group's Companies and determines its
operation, while the Internal Labour Regulation defines the rules governing the relationship between the Company
and its employees.
As mentioned, the safety of the Group's facilities is one of the most important priorities. In occupational risk
management, emphasis is placed on prevention in order to anticipate and control all possible health and safety
risks in accordance with the criteria of the Greek law (Law 3850/2010), the European and international codes and
best practices. As part of the effort to acquire a common safety culture in all industrial facilities of the Group, a
common basic training process is applied (fire safety, rescue techniques, first aid, etc.) and leadership seminars
(from managers to coordinators and foremen), in order to strengthen and consolidate Safety Culture. The training
is extended to contractors, customers, tanker drivers, gas station owners, etc. Guests are informed through
printed material about the safety instructions of the facilities.
In addition, safeguarding the health of our employees and ensuring a safe working environment are core values,
reflected in the relevant Health & Safety, and Surveillance of employees’ health policies, etc. In this context
periodic medical examinations of employees are carried out, taking into account job descriptions, age group and
gender.
Employee training is a continuous Group priority, to ensure that each employee has the required knowledge and
experience to effectively fulfill his/her role and develop his/her skills.
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The Group monitors all relevant labor law (national, European, ILO), including reports on child labor, respect for
human rights and working conditions, and is in full compliance with all collective and relevant international
conventions.
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I.5 Society
HELLENiQ ENERGY's operation is guided by values such as integrity, respect, innovation and reliability and aims to
take a responsible attitude towards society as a whole, with a view to sustainable development. Consequently, it
has identified the stakeholders that affect and/or are affected by its activities and is in constant and meaningful
dialogue with them.
In this context, the Group implements materiality analysis of ESG (Environment - Social - Governance) issues in
order to identify and assess the most important of them for its responsible operation, with the participation of
representatives of all stakeholders, as well as, senior management (Double Materiality) (see Annual Report:
https://www.helpe.gr/media-center/company-publications/annual-report/ and detailed analysis at the
Sustainability and Corporate Responsibility Report: https://www.helpe.gr/corporate-responsibility/sustainability-
reports/). At the same time, it is committed to operate with transparency and accountability, delivering value to its
stakeholders. To this end, it has integrated the UN Global Sustainable Development Goals into its strategy and
publishes a Sustainability and Corporate Responsibility Report, which is aligned with international standards on
Sustainability Reporting, the 10 Principles and CoP criteria of the UN Global Compact, the GRI Standards of the
Global Reporting Initiative, including the indicators for the oil sector (GRI 11 Oil and Gas Sector). The reliability of
the information provided is verified by an independent third party.
It is also worth noting that, HELLENiQ ENERGY cooperates with its stakeholders to ensure timely identification of
their needs, responsible operation, strengthening of society and protecting the environment. The practical
support of citizens through actions and initiatives that improve everyday life and contribute to social progress are
an integral part of the Group's corporate philosophy.
To this end, it has developed an extensive Corporate Responsibility programme. In particular, the Group's
Corporate Responsibility strategy serves material needs through the implementation of effective interventions.
As a responsible corporate citizen, the Group designs programs that focus on 4 key pillars:
1.Society
2.Education
3.Environment
4.Culture & Sports,
while in the context of employees and the market, through its petrol stations, it implements actions designed per
thematic category. These actions are carried out both at national and at local level, highlighting the breadth of the
Group's commitment to society.
More specifically, in 2022, through the "Proud of Youth" program, it rewarded excellence for another year and
actively supported young people's efforts for learning and development. In this context, it granted 16 scholarships
for postgraduate studies at universities in Greece or abroad. At the same time, for the 14th consecutive year, it
rewarded a total of 464 top-performing graduates of General and Vocational High Schools residing in the
neighbouring municipalities of Thriassio, Western Thessaloniki and - for the first time - Kozani.
In addition, through its companies HELLENIC PETROLEUM and EKO, HELLENiQ ENERGY implemented the "Wave
of warmth" program, an important new contribution to society to address the global energy crisis. Specifically, the
Group covered the heating oil needs of the largest public pediatric hospitals in Attica and a pediatric unit in
Thessaloniki. It also provided free heating oil to low-income multi-children families, covering up to 500 litres per
family. The programme was implemented in cooperation with the Ministry of Labour & Social Affairs and the
Ministry of Finance, with the valuable support of the Independent Public Revenue Authority and is estimated to
have benefited over 13,000 people.
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In the environmental sector, the Group implemented anti-corrosion projects in the areas of Shino Corinth (Gerania
Mountains) and Varybobi, while in its neighbouring municipalities it carried out voluntary clean-ups of beaches
and green areas, with the participation of 1,000 students and 130 employees and their families, collecting almost 2
tons of waste.
At the same time, it supported the "EKO Rally Acropolis" historic sporting event, while contributing to the
renovation of the historic "ELEYSIS" cinema, for hosting events of the 2023 Eleusis European Capital of Culture.
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I.6 Ethics and Transparency - Code of Conduct
The Code of Conduct summarizes the principles governing the business activities of the Group in Greece and
abroad, which specify the way it operates to achieve its business goals. This serves the best interests of the
stakeholders (indicatively, shareholders, employees, business partners and National Economy), minimizing, at the
same time, the additional risks regarding compliance and reputation of the Group. The Code summarizes the
principles, according to which each individual employee who participates in the operation of the Group companies
and all collective bodies must act within the scope of their duties, constituting a guide for everyone and third
parties cooperating with HELLENiQ ENERGY Group.
The procedure of accepting and reaffirming the commitment by employees is made periodically by the General
Directorate of Human Resources and Administrative Services of the Group and the Code is translated into all the
languages of the countries where the Group operates, as well as in English.
Since the implementation of the Code of Conduct in 2011, systematic education and training of executives and
employees of companies of the Group has taken place, in the content of the Code and its applications. Also, the
Code of Conduct is part of the training program of the Group’s new recruitments.
In 2022, the drafting of the Policy against Violence and Harassment at work was completed, in accordance to the
provisions of Law 4808/2021. Within 2023, an update of the Code of Conduct is foreseen in order to harmonize it
with newer legislative developments, such as the EU Directive 1937/2019 for the protection of persons alleging
breaches of Union law (Whistleblowing), which was recently ratified by the Law 4990/2022.
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J. Information about Financial
Instruments
The nature of the Group’s activities exposes the Group to significant risks, which stem mainly from the
volatile and unpredictable international refining environment, as well as from the growing volatility of
international financial markets.
In the context of risk management, as described in detail in the published financial statements, the Group enters
into hedging transactions using financial derivatives wherever possible, aiming to protect its interests. These
transactions are split into two main categories:
Short-term Transactions
The first category involves short-term risk management and hedging transactions that affect short term
profitability mainly for the next 6 to 12 months. The results of these transactions are evaluated on a quarterly
basis and included in quarterly income or expenses.
Long-term Transactions
The second category involves longer-term transactions that provide cover for strategic issues, such as
investments.
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J.1. Significant Events after the end of the Reporting Period
Other than the events disclosed in Notes 18 and 32 of the financial statements, no significant events occurred
after the end of the year and until the date of submission of this report.
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J.2. Board of Directors’ Explanatory Report on the information of
par. 7 article 4 Law 3556/2007 (in accordance with par. 8 of article 4
of Law 3556/2007)
The BoD submits to the Ordinary General Meeting of Shareholders this Explanatory Report on the
information of par.7 of article 4 of Law 3556/2007, in accordance with the provisions of par.8 of article 4 of
Law 3556/2007, as apply.
a) Company's Share Capital Structure
The Company's share capital amounts to six hundred and sixty-six million, two hundred and eighty-four thousand,
seven hundred and three euros and thirty cents (€666,284,703.30), divided into three hundred and five million,
six hundred and thirty-five thousand, one hundred and eighty-five (305,635,185) intangible common shares, with
a nominal value of two euros and eighteen cents (€2.18) each. The shares are all listed on the Main Market of the
Athens Exchange.
b) Restrictions to transferring Company shares
Following the amendment of the Company’s Articles of Association in 2013, when the mandatory, minimum
percentage participation of the Greek State in its capital (35%) was abolished, there are no longer restrictions to
the transfer of the Company's shares.
c) Significant direct or indirect holdings, in the meaning of the Law 3556/2007
Shareholders (individuals or legal entities) holding, directly or indirectly, more 2% of the total number of the
Company’s shares as of 31.12.2022 are listed in the table below:
Shareholding Structure
Shareholder
Number of Shares
Share (%)
Voting Rights
Paneuropean Oil & Industrial Holdings SA
144,002,032
47.12
144,002,032
Greek State (HRADF)
108,430,304
35.48
108,430,304
Private & Institutional investors
53,202,849
17.40
53,202,849
Total Shares
305,635,185
100
305,635,185
d) Securities (including shares) conferring special control rights and description 
There are no Company securities (including shares) conferring special control rights to their holders.
e) Restrictions to the voting right
Following the amendment of the Company’s Articles of Association by the Extraordinary General Meeting of 28
May 2021, the Greek State has the right to appoint four (4) BoD members on behalf of the Hellenic Republic Asset
Development Fund (“HRADF”). In the event that this right is exercised, HRADF does not participate in the election
of the other 7 BoD members by the General Meeting of the Company’s shareholders (article 20 par. 2). 
f) Shareholders’ agreements known to the Company, entailing restrictions to
transferring shares or exercising voting rights.  
There is an agreement between the shareholder Paneuropean Oil and Industrial Holdings SA and the Greek State
(HRADF), dated 30/05/2003, which provides for restrictions on the transfer of shares by the contracting parties to
it. The Company is not a party to this shareholders’ agreement.
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g) Rules on appointing and replacing BoD members and amending Articles of
Association
The Company’s Articles of Association (article 20), as amended in May 2021, within the framework of options
provided by Law 4548/2018, as in force, provides the following, regarding the appointment and replacement of
the BoD members: 
1.The Greek State, on behalf of the shareholder HRADF, has the right to appoint four (4) out of the eleven (11)
BoD members, as long as it holds, directly or indirectly, via HRADF, at least 35% of the voting shares of the
Company. This provision may be amended upon decision of the General Meeting, in which shareholders
representing one half plus one of the total of the Company’s voting shares, attend or are represented, and by
a majority of one half plus one of the Company’s voting shares. In case the Greek State’s shareholding falls
below 35% of the Company’s voting shares, the provision may be amended following a decision of the
General Meeting, which is taken by simple quorum and majority. Exercise of the right of appointment by the
Greek State takes place according to the provisions of article 79 of Law 4548/2018 and once the Company
has been informed that the suitability criteria, as per the Company’s suitability policy, have been met by the
appointed members.
2.The BoD may elect its members in replacement of members that resigned, deceased or lost their
membership in any other way. Such election is possible on condition that the remaining members of the
Board of Directors are at least three (3) and is effective for the rest of the term of the replaced member. The
election decision is given the publicity of article 13 of Law 4548/2018, as in force, and is announced by the
BoD to the immediately next General Meeting, which is entitled to replace the elected person, even if no
such item is included in the agenda.
3.In case of resignation, demise or in any other way loss of membership by a member or members of the BoD,
the other members may carry on with the Company’s management and representation even without
replacing the missing members, in accordance with paragraph 2 above, on condition that their number
exceeds one half of the members in place before the event occurred.
4.In any case, the remaining BoD members, regardless of their number, may proceed to convening a General
Meeting for the sole purpose of electing a new BoD.
5.The BoD members’ replacement or substitution, in accordance with the above, takes place in conformance
and subject to the application of the provisions of L. 4706/2020 regarding the participation of independent
non-executive members in the BoD.
Apart from the special provision under paragraph (1) above, the rules provided in the Company’s Articles of
Association on amending its provisions do not diverge from the provisions in Law 4548/2018.
h) Power of the BoD or of certain members thereof for issuing new shares or for
purchasing own shares
It is possible (article 6, paragraph 2 of the Company’s Articles of Association) for the General Meeting to concede
to the BoD the power to increase the Company’s share capital; however, no such decision has been taken by the
General Meeting of shareholders.
Regarding fiscal period 2022, no stock options were granted and no stock award plan is in force. As it has done in
the past, the Company may set up and implement a mid and long-term goals and associated variable
remunerations plan, aiming to equate the executives’ long-term personal pursuits to the Company’s and its
shareholders’ interests. Depending on their kind, such plans shall receive all necessary approvals.
No decision has been taken by the General Meeting of shareholders about ceding to the BoD or to any other
person the authority to purchase own shares up to 10% of the paid-in capital, under the terms and conditions set
by such (General Meeting) decision, in accordance with the special terms and procedures of article 49 of Law
4548/2018.
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i) Significant agreements put into effect, amended or terminated in the event of
change of control following a public offer and these agreements’ results.
There are no agreements that are put into effect, amended or terminated in the event of a change in the
Company’s control following a public offer.
It is noted that, loan agreements, which provide, as is usually the case with relevant agreements, for the lending
banks’ or the bondholders’ right to demand, on conditions, repayment of the loans/bonds in case of a change in
the Company’s control. 
j) Agreements with members of the Board of Directors or the staff, which provide for
the payment of compensation especially in the event of resignation, or dismissal
without a valid reason, or termination of their term of office or employment, on
account of a public offer.
There are no agreements of the Company with members of its Board of Directors or its staff providing for the
payment of compensation, especially in the event of resignation, or dismissal without a valid reason, or
termination of their term of office or employment, on account of a public offer. However, there is a contract of
mandate between the Company and the Chairman of the Board of Directors, which was approved by the
Extraordinary General Assembly of 10.12.2021, that provides for the payment of compensation in case of
termination of the contract by the Company before the end of the term of the Board of Directors (30/06/2024).
Athens, 24 February 2022
On delegated authority by the Board of Director
The Chairman of the Board of
Directors
The Chief Executive Officer
The General Manager Group
Strategic Planning &
New Activities, Executive Board
Member
Ioannis Papathanassiou
Andreas Shiamishis
Georgios Alexopoulos
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K1. Group Structure
Company Name
Activity
Country Of
Registration
Effective
Participation
Percentage
Refining & Petrochemicals
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.
Refining /
Petrochemicals
GREECE
100.00%
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
VARDAX S.A
Pipeline
GREECE
80.00%
DIAXON S.A.
Petrochemicals
GREECE
100.00%
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL
AND COMMERCIAL S.A.
Marketing
GREECE
100.00%
ΕΚΟ KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
ΕΚΟΤΑ KO S.A.
Marketing
GREECE
49.00%
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100.00%
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100.00%
OKTA CRUDE OIL REFINERY A.D
Marketing
FYROM
81.51%
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
EKO SERBIA AD
Marketing
SERBIA
100.00%
EKO CYPRUS LTD (former HELLENIC PETROLEUM
CYPRUS LTD)
Marketing
U.K
100.00%
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
EKO LOGISTICS LTD (former YUGEN LTD)
Marketing
CYPRUS
100.00%
HELPE COMPANY HOLDING LTD
Marketing
CYPRUS
100.00%
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
BLUE CIRCLE ENGINEERING LIMITED
Marketing
CYPRUS
100.00%
JUGOPETROL AD
Marketing
ΜONTENEGRO
54.35%
GLOBAL ALBANIA S.A
Marketing
ΑLBANIA
99.96%
RES, Power & Gas
HELLENiQ  RENEWABLES SINGLE MEMBER S.A.
(former HELPE R.E.S. S.A.)
Energy
GREECE
100.00%
ENERGIAKI SERVION S.A.
Energy
GREECE
51.00%
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
HELPE RENEWABLE WIND FARMS OF EVIA S.A.
Energy
GREECE
100.00%
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100.00%
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100.00%
HELLENIC PETROLEUM RENEWABLE WIND FARMS
OF MANI S.A.
Energy
GREECE
100.00%
AIOLIKO PARKO MAKRYLAKKOMA S.A.
Energy
GREECE
100.00%
AIOLIKO PARKO SAGIAS S.A.
Energy
GREECE
100.00%
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FENSOL S.M.
Energy
CYPRUS
100.00%
ATEN ENERGY S.A.
Energy
GREECE
100.00%
KOZILIO 1
Energy
GREECE
100.00%
136
HELLENiQ ENERGY
Complementary
Information
WINDSPUR Private Company
Energy
GREECE
100.00%
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100.00%
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100.00%
E&P
HELPE E&P HOLDINGS S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE ARTA PREVEZA S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE NW PELOPONISSOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE WEST KERKYRA S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE SEA OF THRACE S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE IONIO S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE KIPARISSIAKOS GULF S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE WEST CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE SW CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE PATRAIKOS  S.A.
E&P of
hydrocarbons
GREECE
100.00%
HELPE UPSTREAM S.A.
E&P of
hydrocarbons
GREECE
100.00%
Other
HELLENIC PETROLEUM INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
HELLENIC PETROLEUM FINANCE  PLC
Treasury
services
U.K
100.00%
HELLENIC PETROLEUM CONSULTING
Consulting
services
GREECE
100.00%
ASPROFOS S.A
Engineering
GREECE
100.00%
HELPE DIGITAL S.A.
IT Services
GREECE
100.00%
ELPEFUTURE
Energy
GREECE
100.00%
HELPE REAL ESTATE S.A.
Real Estate
GREECE
100.00%
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
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Associates & Joint Ventures (equity accounting)
Company
Relation
%
Activities
DEPA Commercial S.A.
Sole shareholder:
HELLENIC PETROLEUM Holdings S.A.
35
Wholesale trading of natural gas in Greece
DEPA International
Projects S.A.
Sole shareholder:
HELLENIC PETROLEUM Holdings S.A.
35
International infrastructure for gas
distribution
Ε.Α.Κ.Α.Α S.A.
Sole shareholder:
HELLENiQ ENERGY S.A.
50
Aspropyrgos – Spata pipeline
DMEP HOLDCO LTD
Sole shareholder:
HELLENIC PETROLEUM INTERNATIONAL AG
48
Operation of fuel storage facilities
ELPEDISON BV
Shareholder:
HELLENIC PETROLEUM Holdings S.A.
5
Power generation and electricity supply
Shareholder:
HELLENIC PETROLEUM INTERNATIONAL AG
45
SAFCO S.A.
Sole shareholder:
Hellenic Fuels and Lubricants Industrial and
Commercial SA
33.3
Airplane Fuelling
VLPG Plant Ltd
Sole shareholder:
EKO Logistics Ltd
32
Logistics and Distribution of LPG
138
HELLENiQ ENERGY
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Information
K2. BoD Members CVs
Ioannis Papathanassiou
Chairman, Non-Executive Member
He was born in Athens in 1954. He holds a degree in Electrical Engineering from the National Technical University
of Athens.
Until 2002, he was Chairman and Managing Director of “J.D. Papathanassiou S.A.”, a company engaged in the
trading of technological equipment for buildings.
His political career started in 2000 when he was first elected as a Member of the Greek Parliament, with the New
Democracy party. He was re-elected in 2004, 2007, 2009 and in May 2012. He served in several posts:
From March 2004 to September 2007, he was Deputy Minister of Development for Commerce and Consumers’
issues, while in 2005 he was also assigned the Research and Technology issues of the Ministry.
From September 2007 to January 2009 he was Deputy Minister of Finance and Economy for Investments and
Development.
From January to October 2009 he was Minister of Finance and Economy.
He was Secretary-General of the Athens Chamber of Commerce and Industry (ACCI) for six years (1987-1993) and
President of the ACCI for seven years (1993-2000).
In 1993, he was appointed Vice Chairman of the BoD of Public Gas Corporation (DEPA) S.A., while in 1991-1992 he
was advisor to the Minister of Industry on energy issues.
He chaired the BoD of the Company also during the period 27/2/2014 – 4/5/2015. He speaks English, French, and
German.
Andreas Shiamishis
Chief Executive Officer, Executive Member
Holds an Economics degree specializing in Econometrics from the University of Essex England and is a Fellow
(FCA) member of the Institute of Chartered Accountants in England and Wales (ICAEW).
He began his career in 1989 with KPMG in London, specializing in banking and large multinational Groups before
joining the international food and drink group DIAGEO in 1993, to assume senior Greek and European positions in
Finance and Business development. During 1998-1999 he also worked for the development of the food sector
business (Pillsbury) in Middle East and North Africa. Between 2000 and 2002 he worked as Chief Financial Officer
and Chief Restructuring Officer in an ASE listed high-tech company (part of LEVENTIS Group) and in 2003 he
joined PETROLA HELLAS as Chief Financial and IT Officer.
After the legal merger and operational integration of PETROLA HELLAS with HELLENIC PETROLEUM, he was
appointed as CFO of the new Group in 2005 and became a member of the Group’s Executive Committee. In 2012
he assumed the responsibility for International subsidiaries and he was Deputy CEO during the period 2014-2015
and 2017- 2019 when he became CEO.
Since 2020, Mr. Α. Shiamishis serves as a board member of the Hellenic Federation of Enterprises (SEV) and sits
on the board of SEV Council for Sustainable Development (BCSD). He is a founding member of the American
Hellenic Chamber of Commerce (AMCHAM) board of Corporate Governance and is also a member in a number of
professional bodies including the Economic Chamber of Greece and ICAEW specialized faculties.
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Georgios Alexopoulos
Executive Member
As General Manager of Strategic Planning and New Business for the Group, he is responsible for the strategic
planning and management of new business development in natural gas, electricity, renewable energy sources,
exploration and production, strategic projects, and participations (DEPA/Elpedison/ASPROFOS) and the Group’s
representation in international organizations. He has been a member of the Board of Directors of the European
Petroleum Refiners Association as a regular or alternate member since 2012. He joined the Group in 2007.
He held the position of Director of Strategic Planning and Development in an international group of companies
(SETE S.A.), based in Geneva, Switzerland, from 1998 to 2006, where he was responsible for overseeing the
group’s energy portfolio.
Previously, he worked for a number of technical and executive positions at Stone & Webster, Molten Metal
Technology, Merck, Dow Corning, and Dow Chemical in the United States between 1993 and 1997.
He holds an MBA degree (1998) from Harvard Business School and M.Sc. (1993) and B.Sc. (1992) degrees in
Chemical Engineering from the Massachusetts Institute of Technology (MIT).
Iordanis Aivazis
Independent Non-Executive Member
He graduated from the University of Athens with a Degree in Economics (Department of Politics and Economics).
He completed his postgraduate studies at the University of Lancaster (England) and he obtained a Postgraduate
Diploma in Economics and a Masters of Arts (M.A.) in Marketing and Finance.
He worked at senior positions with Greek and international banks in Athens, Greece, and he was Chief Financial
Officer (CFO) and Chief Operating Officer (COO) with Hellenic Telecoms (OTE S.A.). Following the acquisition of
OTE by Deutsche Telekom (DT), he joined OTE’s Board of Directors as an Executive member and DT’s European
Management Board. Additionally, he was sitting, as a NED, on the Boards of Greek listed companies.
Currently, he is Chair of the Special Liquidations Committee of the Bank of Greece.
Theodoros-Achilleas Vardas
Non-Executive Member
Mr. Theodoros-Achilleas Vardas is a Member of the Board of Directors of HELLENiQ ENERGY (former HELLENIC
PETROLEUM) since 2003. He also serves as Vice Chairman of the BoD of EKO SA, the Group’s marketing
company.
He was born in Athens in 1950. He has a Degree in Chemical Engineering from the Swiss Federal Institute of
Technology in Zurich and a Ph.D. from the Systems Engineering Department of the same institute.
He began his professional career in 1979 at the Latsis Group, where he worked in key positions and in 1981 as
General Manager of Petroleum Products Trading. At the same time, from 1988 to 2003, he was the Deputy CEO
and Member of the BoD of Petrola Hellas SA.
Since October 2003, following the merger of Petrola Hellas SA and HELLENIC PETROLEUM until the end of 2016,
he served as a Management Consultant of the Company.
He also served as a Member of the BoDs of Papastratos SA (1999-2003), DEPA SA (2004-2016), and ELPEDISON
BV (2008-2016).
He is married and the father of two children.
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Nikolaos Vrettos
Independent Non-Executive Member
Mr. Vrettos was born in Athens in 1962. He obtained his diploma as a Chemical Engineer from the University of
Karlsruhe (Germany) and a Ph.D. in Computational Solid-State Physics from Kyoto University (Japan).
From 1990 to 1991, he worked for the Bayer Group Japan, and then until 2014 at The Boston Consulting Group in
Düsseldorf, New York, Athens, and Tokyo as a Senior Partner and Managing Director, specializing in a number of
fields including energy, the financial sector, shipping, industrial goods, health care, telecommunications, retail, and
airlines.
From 2013 until today he is a member of the Board of Directors and a seed investor in the German technology
company nanoSaar AG, and since 2015 advisor and consultant to family offices.
He has been a member of the General Council of the Federation of Greek Industries, the Executive Committee of
the Hellenic-American Chamber of Commerce, and the Board of Directors of the Federation of Young
Entrepreneurs. He has  authored publications on economic studies, as well as articles on financial issues.
Anastasia (Natasha) Martsekis
Non-Executive Member
As an ex banking sector director, Natasha Martsekis has significant experience in the international equity and
capital markets.
She was Head of Institutional Equity Sales in Alpha Finance/ Alpha Bank for 19 years where she led and managed
the largest institutional international fund managers investing in Greece. Before that, she had similar managerial
positions in Lehman Brothers (New York & London), Citibank (Zurich), and Shell Oil.   
Currently, she is an independent non-executive member of the Board of Directors of FOURLIS TRADE ESTATES
REIC, a newly established real estate investment company.
In 2014, she founded Bright Blue, a company engaged in the tourist sector.
Natasha is a founding member and Secretary General of NED Club Greece, an independent entity aiming to
promote the role of best corporate governance practices in Greek companies through the independent non-
executive members of the Boards. She is also a member of the ESG Working Group of European ecoDA and has
participated in educational programs of BoD members on issues of ESG and Corporate Governance.
She holds an MBA Degree from Columbia Business School, where she was a Fulbright Scholar and a Bachelor in
Business Administration & Finance from the Athens University of Economics and Business (ASOEE). She
graduated from Anavryta Lyceum.
She is a member of Woman on Boards UK Columbia Business School Women’s Circle Club and an active volunteer
in Safe Water Sports.
Alexandros Metaxas
Non-Executive Member
Born in Athens in 1967. He studied law at the Law School of the National and Kapodistrian University of Athens,
from which he graduated in 1990. During the years 1992-1993, he followed post-graduate studies and obtained a
master's degree from the University of Southampton in UK in the field of Corporate Law, European Community
Law, and Information Technology Law. His dissertation was on banking law and in particular on the collapse of
BCCI bank, in 1991, incorporated under the laws of England, and the relevant international regulatory legal
framework.
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From 1993 he is attorney at law, member of the Athens Bar Association, and he is specialized in corporate law,
banking law, and mergers & acquisitions, as well as in dispute resolution, before the competent courts, related to
the above fields.
From 2004 until today he is partner of the Law Firm “Sarantitis Law Firm” and from 2018 deputy managing
partner of the said law firm, whilst from 1994 until 2004 he was associate of the law office “Sarantitis & Partners”.
Lorraine Scaramanga
Independent Non-Executive Member
Ms. Scaramanga was born in Scotland in 1956. She is a graduate of the University of Glasgow, with an MA
(Language and Literature) and LLB (Law). She is a fellow (F.C.A.) of the Institute of Chartered Accountants in
England and Wales (ICAEW), as well as a member (non-practicing) of the Institute of Certified Public Accountants
of Greece (SOEL).
She has extensive experience in accounting, finance and auditing. She worked at Arthur Andersen in London
between 1979 and 1985 and at Coopers & Lybrand/PwC in Greece from 1985 to 2005, where she became a
partner in 1991. Subsequently, between 2005 and 2011, she was a Consultant/Finance Director of Alpha Tankers &
Freighters International Ltd, and, from 2007-2020, Chairman of the Audit Committees of the banks, Eurobank
Bulgaria (Postbank) and Eurobank Serbia (Beograd).
She is currently a member of the Board of Directors and of the Audit Committee of Eurobank Private Bank
Luxembourg.  She also acts as a consultant on quality assurance and improvement matters for the Internal Audit
Department of a large Greek Bank and provides consultancy services in the shipping sector.
Panagiotis (Takis) Tridimas
Independent Non-Executive Member
Mr. Tridimas was born in Athens in 1963. He is a graduate of the University of Athens, with a degree in Legal
Sciences, and holds a Master of Science (LL.M.) and a Ph.D. from the University of Cambridge with a specialization
in Harmonisation of Securities Regulation in the European Community.
He is a lawyer in Athens since 1987 and a Barrister in England and Wales since 2000 and has appeared before the
European Court of Justice, the General Court of the European Union, the Supreme Court of the United Kingdom,
the European Court of Human Rights, as well as investment arbitration courts.
He previously held academic positions at the Universities of Birmingham, Southampton, Cambridge, and London
(Queen Mary), while he has also worked at the European Court of Justice as a Référendaire. He has taught in a
number of universities in Europe, the U.S.A, and Canada.
He is currently Professor of European Law and Director of the Center for European Law at Dickson Poon School of
Law, at King’s College London, while he is also Professor and Distinguished Researcher (Nancy A. Patterson
Distinguished Faculty Scholar) at Pennsylvania State University School of Law (Penn State Law) and Visiting
Professor at the College of Europe in Bruges. He works as a Barrister at Matrix Chambers in London.
He has experience in international and European affairs, having been an advisor to European institutions on a
number of legal issues as well as the Republic of Cyprus during the negotiations on Brexit, as well as the Greek
Presidency of the European Union between 2002-2003 with emphasis on issues of enlargement of the European
Union.
From 2005-2013 he was an independent non-executive member of the Board of Directors of EFG Eurobank, and
since February 2020, he is a non-executive member of the General Council of the Financial Stability Fund.
He has published numerous legal studies and has written important textbooks on European Law.
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Complementary
Information
Alkiviades-Constantinos Psarras
Non-Executive Member
Born in Athens in 1964. Attorney at law graduated from the University of Athens, Law School (LL.B.) and the
University of Kent at Canterbury, UK (LL.M on European Competition Law, Intellectual Property, International
Business Transactions, and Ph.D.).
His fields of expertise include commercial law, competition law, electronic communications, and media,
intellectual and industrial property law, information technology law with an emphasis on electronic payments,
mergers, corporate law, and on corporate restructuring and financing.
During 2000 – 2004 he acted as the Head of the Legal Department of the Hellenic Telecommunications and Post
Commission (ΕΕΤΤ), and during 2005 - 2006 he served as a Board member in the Board of Directors of ΕΕΤΤ.
From 2004 up to 2007 he was a member of the Board of Directors of the Hellenic Copyright Organization (OPI),
and from 2009 up to 2011, he acted as Vice-Chairman of the Board of Directors of the Hellenic Industrial Property
Organisation (OVI). He has participated in various legislative committees (working on the drafting of legislation for
sociétés anonymes, public procurement, electronic public procurement, consumer protection, intellectual
property, electronic communications and competition).
Since 2003 he teaches electronic communications law in the Interdepartmental Post-Graduate Program of the
Department of Informatics and Telecommunications and the Department of Economics of the National &
Kapodistrian University of Athens, "Management and Economics of Telecommunication Networks". He has
various publications on issues of commercial law in academic journals and in foreign newsletters on competition
law and corporate law.
Christina Stampoultzi
Company Secretary
Christina Stampoultzi joined the Company’s Legal Services in February 2015 as senior legal counsel on finance,
while from April 2015 is also the Company Secretary of HELPE and of several of the Group’s companies.
From November 2011 until January 2015, she was legal advisor to the “Hellenic Republic Asset and Development
Fund (HRADF) S.A.” where she was involved in concessions and share acquisition projects. Prior to that, she was
legal advisor in financial and advisory services in Geniki Bank -Societe Generale Group (2002-2011), advisor to the
Ministry of National Economy on privatization projects (1999-2002) and associate lawyer in law firms in Athens
and London (1993-2002).
She has significant experience in corporate, commercial and finance law (M&As, project finance, corporate
finance, securitizations and capital markets) and an extensive knowledge of privatizations. During the last few
years she has been also involved in corporate governance, policy and regulatory reform issues.
Christina is a member of the Board of Directors of “Hellenic Petroleum Finance plc” and “Hellenic Petroleum
International Consulting S.A.”
She holds a degree in Law from Aristotelion University of Thessaloniki and a Master of Laws (LL.M.) in European
Legal Studies from the University of Exeter (UK).  
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Information
CONTENTS
146
HELLENiQ ENERGY
Complementary
Information
I. Company Information
Directors
Ioannis Papathanassiou - Chairman of the Board
Andreas Shiamishis - Chief Executive Officer
Georgios Alexopoulos - Member
Theodoros-Achilleas Vardas - Member
Alexandros Metaxas - Member
Iordanis Aivazis - Member
Alkiviadis-Konstantinos Psarras - Member
Anastasia Martseki  - Member
Nikolaos Vrettos - Member
Lorraine Skaramaga - Member
Panagiotis Tridimas - Member
Registered Office
8A Chimarras Str
GR 151 25 - Marousi
General Commercial
Registry
000296601000
II. Authorised signatories
The consolidated and Company financial statements for the year ended  31 December 2022  from page 145 to
page 255 are presented in €'000, unless otherwise stated, and have been approved by the Board of Directors of
HELLENiQ ENERGY Holdings S.A. on 24 February  2023.
Andreas Shiamishis
Vasileios Tsaitas
Stefanos Papadimitriou
  Chief Executive Officer
Group CFO
Accounting Director
147
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Complementary
Information
III. Consolidated Statement of Financial Position
As at
Note
31 December 2022
31 December 2021
Αssets
Non-current assets
Property, plant and equipment
6
3,639,004
3,484,805
Right-of-use assets
7
233,141
228,375
Intangible assets
8
518,073
228,659
Investments in associates and joint ventures
9
402,101
313,723
Deferred income tax assets
20
91,204
75,702
Investment in equity instruments
3
490
504
Derivative financial instruments
24
958
—
Loans, advances and long term assets
10
64,596
73,910
4,949,567
4,405,678
Current assets
Inventories
11
1,826,242
1,379,135
Trade and other receivables
12
866,109
694,606
Income tax receivable
30
14,792
16,479
Derivative financial instruments
24
5,114
92,143
Cash and cash equivalents
13
900,176
1,052,618
3,612,433
3,234,981
Assets held for sale
14
—
191,577
Total assets
8,562,000
7,832,236
Equity
Share capital and share premium
15
1,020,081
1,020,081
Reserves
16
297,713
249,104
Retained Earnings
1,341,908
795,468
Equity attributable to the owners of the parent
2,659,702
2,064,653
Non-controlling interests
67,699
64,402
Total equity
2,727,401
2,129,055
Liabilities
Non- current liabilities
Interest bearing loans and borrowings
18
1,433,029
1,516,531
Lease liabilities
19
177,745
172,296
Deferred income tax liabilities
20
202,523
89,478
Retirement benefit obligations
21
175,500
210,736
Derivative financial instruments
24
—
860
Provisions
22
36,117
26,959
Other non-current liabilities
23
22,662
27,801
2,047,576
2,044,661
Current liabilities
Trade and other payables
17
1,835,957
2,146,559
Derivative financial instruments
24
1,761
2,214
Income tax payable
30
432,385
4,488
Interest bearing loans and borrowings
18
1,409,324
1,474,493
Lease liabilities
19
30,372
29,499
Dividends payable
77,224
1,267
3,787,023
3,658,520
Total liabilities
5,834,599
5,703,181
Total equity and liabilities
8,562,000
7,832,236
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
148
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Information
IV. Statement of Financial Position of the Company
As at
Note
31 December 2022
31 December 2021
Assets
Non-current assets
Property, plant and equipment
671
2,707,520
Right-of-use assets
7
10,817
26,547
Intangible assets
138
53,863
Investments in subsidiaries, associates and joint ventures
9
1,654,517
933,596
Deferred income tax assets
11,020
—
Investment in equity instruments
38
37
Loans, advances and long term assets
10
230,243
143,172
1,907,444
3,864,735
Current assets
Inventories
—
1,240,774
Trade and other receivables
86,159
569,077
Income tax receivables
—
13,898
Derivative financial instruments
—
92,143
Cash and cash equivalents
209,054
843,493
295,213
2,759,385
Assets held for sale
—
122,301
Total assets
2,202,657
6,746,421
Equity
Share capital and share premium
15
1,020,081
1,020,081
Reserves
16
281,104
260,642
Retained Earnings
765,156
714,744
Total equity
2,066,341
1,995,467
Liabilities
Non-current liabilities
Interest bearing loans & borrowings
—
1,149,696
Lease liabilities
19
9,611
16,532
Deferred income tax liabilities
—
60,807
Retirement benefit obligations
7,977
174,211
Provisions
—
22,248
Other non-current liabilities
174
11,956
17,762
1,435,450
Current liabilities
Trade and other payables
36,491
1,954,091
Derivative financial instruments
—
2,214
Income tax payable
30
3,582
416
Interest bearing loans & borrowings
—
1,349,300
Lease liabilities
19
1,257
8,216
Dividends payable
32
77,224
1,267
118,554
3,315,504
Total liabilities
136,316
4,750,954
Total equity and liabilities
2,202,657
6,746,421
Comparable balances of 31 December 2021 relate to HELLENIC PETROLEUM  S.A., prior to the demerger on 3
January 2022 (Notes 1 and 9).  The notes on pages 156 to 255  are an integral part of these consolidated and
Company financial statements. 
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V. Consolidated Statement of Comprehensive Income
 
For the year ended
Note
31 December
2022
31 December
2021
Revenue from contracts with customers
5
14,508,068
9,222,235
Cost of sales
25
(12,557,681)
(8,346,317)
Gross profit / (loss)
1,950,387
875,918
Selling and distribution expenses
25
(393,350)
(326,588)
Administrative expenses
25
(194,765)
(151,798)
Exploration and development expenses
26
(26,548)
(3,636)
Other operating income and other gains
27
134,393
36,365
Other operating expense and other losses
27
(57,497)
(29,971)
Operating profit / (loss)
1,412,620
400,290
Finance income
28
3,315
5,356
Finance expense
28
(108,233)
(101,387)
Lease finance cost
19,28
(9,261)
(10,092)
Currency exchange gains / (losses)
29
2,499
16,246
Share of profit / (loss) of investments in associates and joint ventures
9
120,042
96,660
Profit / (loss) before income tax
1,420,982
407,073
Income tax
30
(526,004)
(65,916)
Profit / (loss) for the year
894,978
341,157
Profit / (loss) attributable to:
    Owners of the parent
889,501
337,444
    Non-controlling interests
5,477
3,713
894,978
341,157
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit
or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
21
29,709
(15,254)
Changes in the fair value of equity instruments
16
14
(349)
Share of other comprehensive income / (loss) of associates
16
—
(3,930)
29,723
(19,533)
Other comprehensive income / (loss) that may be reclassified
subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates
16
658
—
Fair value gains / (losses) on cash flow hedges
16
5,733
24,973
Recycling of (gains) / losses on hedges through comprehensive income
16
(4,941)
(31,794)
Currency translation differences and other movements
(278)
97
1,172
(6,724)
Other comprehensive income / (loss) for the year, net of tax
30,895
(26,257)
Total comprehensive income / (loss) for the year
925,873
314,900
Total comprehensive income / (loss) attributable to:
    Owners of the parent
920,330
311,165
    Non-controlling interests
5,543
3,735
925,873
314,900
Εarnings / (losses) per share (expressed in Euro per share)
31
2.91
1.10
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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VI. Statement of Comprehensive Income of the Company
For the year ended
Note
31 December
2022
31 December
2021
Continuing Operations
Revenue from contracts with customers
38,167
3,729
Cost of sales
(34,697)
(3,390)
Gross profit / (loss)
3,470
339
Administrative expenses
(7,628)
(2,567)
Other operating income and other gains
27
180,131
3,680
Other operating expense and other losses
27
(21,373)
(3,261)
Operating profit /(loss)
154,600
(1,809)
Finance income
6,761
3,400
Finance expense
(513)
—
Lease finance cost
(461)
(616)
Dividend income
32
234,069
14,525
Profit / (loss)  before income tax from continuing operations
394,456
15,500
Income tax credit / (expense)
(3,558)
(3,410)
Profit / (loss) for the period from continuing operations
390,898
12,090
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit or
loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
917
—
Other comprehensive income / (loss) for the year, net of tax
917
—
Total comprehensive income / (loss) for the year from continuing operations
391,815
12,090
Discontinued operations
Total comprehensive income after tax for the period from discontinued
operations
—
197,984
Total comprehensive income / (loss) for the period
391,815
210,074
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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VII. Consolidated Statement of Changes in Equity
Attributable to owners of the Parent
Note
Share
Capital
Reserves
  Retained
Earnings
Total
Non-controlling
Interest
  Total
Equity
Balance at 1 January 2021
1,020,081
273,959
489,481
1,783,521
62,340
1,845,861
Other comprehensive income / (loss)
—
(25,606)
(673)
(26,279)
22
(26,257)
Profit / (loss) for the period
—
—
337,444
337,444
3,713
341,157
Total comprehensive income / (loss) for the year
—
(25,606)
336,771
311,165
3,735
314,900
Dividends to non-controlling interests
—
—
—
—
(1,673)
(1,673)
Dividends
—
—
(30,564)
(30,564)
—
(30,564)
Other equity movements
—
751
(220)
531
—
531
Balance at 31 December 2021
1,020,081
249,104
795,468
2,064,653
64,402
2,129,055
Balance at 1 January 2022
1,020,081
249,104
795,468
2,064,653
64,402
2,129,055
Other comprehensive income / (loss)
—
30,829
—
30,829
66
30,895
Profit / (loss) for the period
—
—
889,501
889,501
5,477
894,978
Total comprehensive income / (loss) for the
period
—
30,829
889,501
920,330
5,543
925,873
Transfers to statutory and tax reserves
16
—
19,545
(19,545)
—
—
—
Dividends to non-controlling interests
—
—
—
—
(2,246)
(2,246)
Dividends
32
—
—
(320,940)
(320,940)
—
(320,940)
Other equity movements
—
(1,765)
(2,576)
(4,341)
—
(4,341)
Balance at 31 December 2022
1,020,081
297,713
1,341,908
2,659,702
67,699
2,727,401
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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VIII. Statement of Changes in Equity of the Company
Note
Share
Capital
Reserves
Retained 
Earnings
Total
Balance at 1 January 2021
1,020,081
279,576
516,300
1,815,957
Other comprehensive income / (loss)
—
(18,934)
(673)
(19,607)
Profit / (loss) for the period
—
—
229,681
229,681
Total comprehensive income / (loss) for the
period
—
(18,934)
229,008
210,074
Dividends
—
—
(30,564)
(30,564)
Balance at 31 December 2021
1,020,081
260,642
714,744
1,995,467
Balance at 1 January 2022
1,020,081
260,642
714,744
1,995,467
Other comprehensive income / (loss)
—
917
—
917
Profit / (loss) for the period
—
—
390,898
390,898
Total comprehensive income / (loss) for the
period
—
917
390,898
391,815
Transfers to statutory and tax reserves
16
—
19,545
(19,545)
—
Dividends
32
—
—
(320,941)
(320,941)
Balance at 31 December 2022
1,020,081
281,104
765,156
2,066,341
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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IX. Consolidated Statement of Cash Flows
For the year ended
Note
31 December 2022
31 December 2021
Cash flows from operating activities
Cash generated from operations
33
630,118
262,342
Income tax received / (paid)
30
(6,499)
8,032
Net cash generated from/ (used in) operating activities
623,619
270,374
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
6, 8
(512,175)
(400,441)
Proceeds from disposal of property, plant and equipment & intangible
assets
14,167
6,370
Acquisition of share of associates and joint ventures
37
—
(2,400)
Purchase of subsidiary, net of cash acquired
37
3,053
6,296
Share capital issue expenses
—
(132)
Grants received
—
70
Interest received
28
3,315
5,356
Prepayments for right-of-use assets
(748)
(280)
Dividends received
9
—
6,525
Proceeds from disposal of assets held for sale
265,516
2,649
Net cash generated from/ (used in) investing activities
(226,872)
(375,987)
Cash flows from financing activities
Interest paid on borrowings
(101,565)
(94,420)
Dividends paid to shareholders of the Company
32
(244,983)
(30,320)
Dividends paid to non-controlling interests
(2,240)
(1,635)
Proceeds from borrowings
18
1,102,636
586,620
Repayments of borrowings
18
(1,259,597)
(479,426)
Payment of lease liabilities - principal
19
(36,522)
(32,074)
Payment of lease liabilities - interest
19
(9,261)
(10,092)
Net cash generated from/ (used in) financing activities
(551,532)
(61,347)
Net increase/ (decrease) in cash and cash equivalents
(154,785)
(166,960)
Cash and cash equivalents at the beginning of the year
13
1,052,618
1,202,900
Exchange (losses) / gains on cash and cash equivalents
2,343
16,678
Net increase / (decrease) in cash and cash equivalents
(154,785)
(166,960)
Cash and cash equivalents at end of the year
13
900,176
1,052,618
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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X.  Statement of Cash Flows of the Company
For the year ended
Note
31 December
2022
31 December 2021
Cash flows from operating activities
Cash generated from / (used in) continuing operations
33
8,122
1,870
Cash generated from / (used in) discontinued operations
33
—
96,162
Income tax received / (paid)
—
13,145
Net cash generated from / (used in) operating activities
8,122
111,177
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
(112)
—
Proceeds from disposal of property, plant and equipment & intangible
assets
10,960
—
Participation in share capital increase of subsidiaries, associates and joint
ventures
(41,142)
(1,138)
Loans and advances to Group Companies
(128,197)
(22,252)
Interest received
3,713
3,400
Dividends received
208,354
46,525
Proceeds from disposal of assets held for sale
265,516
—
Net cash generated from / (used in) investing activities from
discontinued operations
—
(107,943)
Net cash generated from / (used in) investing activities
319,092
(81,408)
Cash flows from financing activities
Interest paid
(513)
—
Dividends paid to shareholders of the Company
(244,984)
(30,320)
Payment of lease liabilities - principal, net
(2,202)
(3,275)
Payment of lease liabilities - interest
(461)
(616)
Net cash generated from / (used in) financing activities from
discontinued operations
—
(160,820)
Net cash generated from / (used in) financing activities
(248,160)
(195,031)
Net increase / (decrease) in cash and cash equivalents
79,054
(165,262)
Cash and cash equivalents at the beginning of the period
843,493
992,748
Exchange gain / (loss) on cash and cash equivalents from discontinued
operations
—
16,007
Net cash outflow due to demerger
9
(713,493)
—
Net increase / (decrease) in cash and cash equivalents
79,054
(165,262)
Cash and cash equivalents at end of the period
209,054
843,493
The notes on pages 156 to 255 are an integral part of these consolidated and Company financial statements.
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XI. Notes to the Consolidated and Company Financial Statements
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1.General Information
In the context of the corporate transformation of the HELLENIC PETROLEUM Group and following the decisions of
the Extraordinary General Meeting of Shareholders of 10.12.2021, on January 3, 2022, it was approved -by virtue of
the decision of the Ministry of Development and Investments No 142903/03.01.2022 and registered on 03.01.2022
in GEMI with Registration Number 2767913-, the demerger by way of hive-down of its refining, supply and trading of
oil products and petrochemicals sector and the establishment of a new company, pursuant to the provisions of
articles 57 and 59-74 of Law 4601/2019 and Law 4548/2018.
As a result, a new entity was incorporated under the name “HELLENIC PETROLEUM SINGLE MEMBER SOCIETE
ANONYME REFINING, SUPPLY AND SALES OF OIL PRODUCTS AND PETROCHEMICALS” with the trade name
“HELLENIC PETROLEUM R.S.S.O.P.P. S.A.” and its Articles of Association were approved. HELLENIC PETROLEUM
HOLDINGS S.A. (former HELLENIC PETROLEUM S.A.) became the sole Shareholder of the Beneficiary Entity
“HELLENIC PETROLEUM R.S.S.O.P.P. S.A.”, by acquiring all 130.100.000 common, registered shares issued by the
Beneficiary Entity, with a nominal value of €10 each. Finally, Articles 1 (Name), 4 (Scope) and 19/paragraph 4 (Board
of Directors) of the Articles of Association of the Demerged Entity were amended in accordance with the resolution
of the EGM held on 10.12.2021.
The new corporate name of the Demerged Entity is "HELLENIC PETROLEUM HOLDINGS SOCIETE ANONYME” and
its trade name: "HELLENIC PETROLEUM HOLDINGS S.A.", while its shares will remain listed on the Main Market of
the Athens Stock Exchange. The Company acts as a holding company and is providing administrative and financial
services to its subsidiaries. The impact of the hive-down in the Statement of Financial Position of the Demerged
Entity is presented in Note 9. Comparative information in the statement of comprehensive income and statement of
cash flows have been amended at the level of the Company by the presentation of the operations of demerged
sector as discontinued operations.
HELLENIC PETROLEUM Holdings S.A. was renamed to HELLENiQ ENERGY Holdings Société Anonyme and its
distinctive title HELLENiQ ENERGY Holdings S.A. (the “Company”) as approved by the Extraordinary General Meeting
of the Shareholders of the Company held on 20 September 2022. HELLENiQ ENERGY Holdings S.A. is the parent
company of HELLENiQ ENERGY Group (the “Group”).
The aforementioned restructuring has no effect on the consolidated financial information for the current period or
comparative figures.
The Group operates in the energy sector predominantly in Greece, as well as in the wider South Eastern Europe /
East Mediterranean region. The Group’s activities include refining and marketing of oil products, production and
marketing of petrochemical products and electricity generation through renewable energy sources. The Group is
also active in exploration for hydrocarbons and provides engineering services. Through its investments in DEPA
Commercial, DEPA International Projects and Elpedison B.V., the Group also operates in the natural gas sector and in
electricity generation (through gas-fired units) and trading.
The parent company is incorporated in Greece with an indefinite corporate life and the address of its registered
office is 8A Chimarras Str., Marousi, 151 25. The shares of the Company are listed on the Athens Stock Exchange and
the London Stock Exchange through Global Depositary Receipts (GDRs).
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2.Summary of Significant Accounting Policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out
below. These policies have been consistently applied to all the years presented unless otherwise stated.
2.1Basis of preparation
These consolidated and Company financial statements for the year ended 31 December 2022 have been prepared
in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (“IASB”), as endorsed by the European Union (“EU”), and present the financial position, results of
operations and cash flows of the Group and Company on a going concern basis.
In determining the appropriate basis of preparation of the consolidated and Company financial statements, the
Directors are required to consider whether the Group and the Company can continue in operational existence for
the foreseeable future. It is noted that since the activity of the Company is directly related to the activity of its
subsidiaries, the assessment of the going concern principle of the Company is directly related to the going
concern of the Group.
The Group’s business activities, together with factors which the Directors consider are likely to affect its
development, financial performance and financial position are set out in the Director’s report. The most significant
financial and operational risks and uncertainties that may have an impact upon the Group’s performance and their
mitigation are outlined in Note 3 including liquidity risk, market risk, credit risk and capital risk to these
consolidated financial statements. 
The Group continues to execute its strategic transformation plan including the establishment of a material 2nd
pillar in New Energy as an enabler of delivering on its climate objectives, diversifying its profitability sources and
increasing the share of more stable cash flows. 
The future financial performance of the Group is dependent upon the wider economic environment in which it
operates. The factors that particularly affect the environment and therefore the performance of the Group include
macroeconomic conditions and supply and demand for crude oil and oil products that affect their pricing and
consequently benchmark refining margins which is a key determinant of profitability, in the short term, as well as
energy transition in the medium to long term. Furthermore, geopolitical developments, especially in the region
can have an impact on the supply/demand balances and therefore the pricing of crude and oil products and
refining margins, as well as natural gas and electricity pricing, as well as compliance costs associated arising
principally from EU Emissions Trading System (ETS), which together will affect variable operating expenditure.
The aforementioned factors are to an extent independent from each other but at the same time are not mutually
exclusive as such their parallel occurrence could impact the financial performance of the Group in opposite
directions. In 2022 demand for oil products grew in line with the post pandemic global economic recovery leading
to higher benchmark margins. At the same time the cost of electricity and Natural Gas adversely affected the cost
base for refining and profitability.
In general, factors that adversely affect the demand for oil products such as negative macroeconomic conditions,
supply and demand for crude oil that result in price increases or increase in the cost elements of refining oil
products such as cost of natural gas, electricity and costs from EU ETS, are detrimental to Group profitability.
Conversely, ample supply of crude oil and/ or a higher demand for oil products would lead to higher benchmark
margins and profitability.
The Group’s financial forecasts were modelled over an 18-month period, ending 30 June 2024 and reflect the
outcomes that the Directors consider most likely, based on the information available at the date of signing of
these consolidated financial statements. This includes the expectation of demand evolution, benchmark refining
margins and associated costs applicable to the Group. The Group financial forecasts have been prepared with
consideration to independent third-party data which inter-alia include forecasted international commodity prices
used in the calculation of benchmarks refining margins, demand evolution and operating costs.
Management expects that all committed borrowings maturing within the next 12 months from the balance sheet
date will be refinanced with similar terms. Discussions in relation to €250 million of borrowings maturing in the
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next 12 months from the balance sheet date are at the final stages for refinancing with the respective lenders,
while for the remaining discussions are planned to commence in the near term and Management is confident that
such discussions will conclude successfully. Moreover, as part of its long term funding strategy, Management is
able to raise funds from debt capital markets through the issuance of listed bonds. Should further funding be
required, the Group can draw from committed term facilities limits €370 million without further approvals as well
as from uncommitted facilities €375 million, subject to approvals from the respective financial institutions. In the
12-month period ending 31 December 2022, the Group successfully refinanced €900 million of maturing
committed facilities at lower margins whilst improving the maturity profile of its debt liabilities. 
At 31 December 2022, the Group held cash of €900 million and has a positive operating working capital position.
Its total loans and borrowings amount to €2.842 million, €2.308 million relate to committed term facilities and
€534 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of
€875 million of term loans and €534 million to uncommitted short-term revolving facilities fall due within the
next 12 months from the balance sheet date. Details of these balances and their maturities are presented in Note
18.
In the 18-month period assessed and considering successful refinancing of maturing debt obligations, the Group
expects to generate sufficient cash from operations to meet all its operating liabilities as they fall due and planned
investments. Management has exercised judgement and concluded that, at the time of approving the
consolidated and Company financial statements the expectation is that the Group and Company have adequate
resources to continue in operational existence for the foreseeable future, being at least 12 months from the date
of approval of these consolidated and Company financial statements.
The consolidated financial statements have been prepared in accordance with the historical cost basis, except for
the following:
•financial instruments – some of which are measured at fair value (Note 3.3 & 24)
•defined benefit pension plans – plan assets measured at fair value
•assets held for sale – measured at the lower of carrying value and fair value less cost to sell
The preparation of financial statements, in accordance with IFRS, requires the use of certain critical accounting
estimates and assumptions. It also requires management to exercise its judgment in the process of applying the
Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements are disclosed in “Note 4:
Critical accounting estimates and judgements”. Estimates and judgements are continuously evaluated and are
based on historical experience and other factors, including expectations of future events as assessed to be
reasonable under the present circumstances. 
2.1.1New standards, amendments to standards and interpretations
New and amended standards adopted by the Group
The accounting principles and calculations used in the preparation of the consolidated financial statements are
consistent with those applied in the preparation of the consolidated financial statements for the year ended 31
December 2021 and have been consistently applied in all periods presented in this report except for the following
IFRS amendments, which have been adopted by the Group as of 1 January 2022. Amendments and
interpretations that were applied for the first time in 2022 did not have a significant impact on the consolidated
and company financial statements for the year ended 31 December 2022. These are also disclosed below.
•IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018 - 2020 (Amendments)
The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application
permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:
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•IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the previous version of the
IASB’s Conceptual Framework for Financial Reporting to the current version issued in 2018 without
significantly changing the accounting requirements for business combinations.
•IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from the cost of
property, plant and equipment any proceeds  from the sale of items produced while bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended by management.
Instead, a company recognizes such sales proceeds and related cost in profit or loss.
•IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a
company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a
contract is onerous. The amendments clarify, the costs that relate directly to a contract to provide goods or
services include both incremental costs and an allocation of costs directly related to the contract activities. 
•Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples
accompanying IFRS 16 Leases.
•IFRS 16 Leases-Cοvid 19 Related Rent Concessions beyond 30 June 2021 (Amendment). The Amendment
applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted,
including in financial statements not yet authorized for issue at the date the amendment is issued. In March
2021, the Board amended the conditions of the practical expedient in IFRS 16 that provides relief to lessees
from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct
consequence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to
rent concessions for which any reduction in lease payments affects only payments originally due on or
before 30 June 2022, provided the other conditions for applying the practical expedient are met.
Standards issued but not yet effective and not early adopted
The Group has not early adopted any of the following standard, interpretation or amendment that have been
issued but are not yet effective. In addition, the Group is in the process of assessing the impact of all standards,
interpretations and amendments issued but not yet effective, on the consolidated and Company financial
statements.
•IFRS 17 Insurance Contracts: The standard is effective for annual periods beginning on or after 1 January
2023 with earlier application permitted, provided the entity also applies IFRS 9 Financial Instruments on or
before the date it first applies IFRS 17. This is a comprehensive new accounting standard for insurance
contracts, covering recognition and measurement, presentation and disclosure. IFRS 17 applies applies to all
types of insurance contracts issued, as well as to certain guarantees and financial instruments with
discretional participation contracts. The Group and the Company do not issue contracts in scope of IFRS 17;
therefore its application does not have an impact on the Group's and the Company's financial performance,
financial position or cash flows.
•IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies
(Amendments): The Amendments are effective for annual periods beginning on or after January 1, 2023,
with earlier application permitted. The amendments provide guidance on the application of materiality
judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose "significant" accounting policies with a requirement to disclose "material" accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of
the materiality concept when making judgements about accounting policy disclosures.
•IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
(Amendments): The amendments become effective for annual reporting periods beginning on or after
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January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes
in accounting estimates that occur on or after the start of that period. The amendments introduce a new
definition of accounting estimates, defined as monetary amounts in financial statements that are subject to
measurement uncertainty, if they do not result from a correction of prior period error. Also, the amendments
clarify what changes in accounting estimates are and how these differ from changes in accounting policies
and corrections of errors.
•IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments): The amendments are effective for annual periods beginning on or after January 1, 2023 with
earlier application permitted. The amendments narrow the scope of and provide further clarity on the initial
recognition exception under IAS 12 and specify how companies should account for deferred tax related to
assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The
amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter
of judgement, having considered the applicable tax law, whether such deductions are attributable for tax
purposes to the liability or to the related asset component. Under the amendments, the initial recognition
exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible
temporary differences. It only applies if the recognition of a lease asset and lease liability (or
decommissioning liability and decommissioning asset component) give rise to taxable and deductible
temporary differences that are not equal.
•IFRS 16 Leases: Lease Liability in a Sale and Leaseback (Amendments): The amendments are effective for
annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The
amendments are intended to improve the requirements that a seller-lessee uses in measuring the lease
liability arising in a sale and leaseback transaction in IFRS 16, while it does not change the accounting for
leases unrelated to sale and leaseback transactions. In particular, the seller-lessee determines ‘lease
payments’ or ‘revised lease payments’ in such a way that the seller-lessee would not recognise any amount
of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent
the seller-lessee from recognising, in profit or loss, any gain or loss relating to the partial or full termination
of a lease. A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and
leaseback transactions entered into after the date of initial application, being the beginning of the annual
reporting period in which an entity first applied IFRS 16. The amendments have not yet been endorsed by
the EU.
•IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
(Amendments): The amendments are effective for annual reporting periods beginning on or after January 1,
2024, with earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8.
The objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either
current or non-current. The amendments clarify the meaning of a right to defer settlement, the requirement
for this right to exist at the end of the reporting period, that management intent does not affect current or
non-current classification, that options by the counterparty that could result in settlement by the transfer of
the entity’s own equity instruments do not affect current or non-current classification. Also, the
amendments specify that only covenants with which an entity must comply on or before the reporting date
will affect a liability’s classification. Additional disclosures are also required for non-current liabilities arising
from loan arrangements that are subject to covenants to be complied with within twelve months after the
reporting period. The amendments have not yet been endorsed by the EU.
•Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture:  The
amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS
28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
The main consequence of the amendments is that a full gain or loss is recognized when a transaction
involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a
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transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the
outcome of its research project on the equity method of accounting. The amendments have not yet been
endorsed by the EU. 
2.2Basis of consolidation
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the entity.
At each reporting period, the Group reassesses whether it exercises control over the investees, in case there are
facts and circumstances indicating a change in one of the control elements above. Subsidiaries are consolidated
from the date on which effective control is transferred to the Group and cease to be consolidated from the date on
which control is transferred out of the Group.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated, unless there is objective evidence that the asset is impaired.
Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of comprehensive income, statement of changes in equity and statement of financial position
respectively.
(b) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity
transactions – that is, as transactions with the owners in their capacity as owners. The difference between the fair
value of any consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in
equity.
(c) Disposal of subsidiaries
When the Group ceases to have control over an entity, any retained interest in the entity is re-measured to its fair
value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair
value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an
associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive
income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or
liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to
profit or loss.
(d) Associates and Equity method
Associates are all entities over which the Group has significant influence but not control, generally accompanying
a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using
the equity method of accounting. Under the equity method, investments are initially recognised at cost and their
carrying amount is increased or decreased to recognise the investor’s share of the profit or loss or share of other
comprehensive income of the investee after the date of acquisition. The Group’s investment in associates
includes goodwill identified on acquisition. Dividends received or receivable from associates and joint ventures are
recognised as a reduction in the carrying amount of the investment.
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If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share
of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where
appropriate.
The Group’s share of its associates’ post-acquisition profit or loss is recognised in the statement of
comprehensive income, and its share of post-acquisition movements in other comprehensive income is
recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the
investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the
Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments
on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the
associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between
the recoverable amount of the investment in the associate and its carrying value. The recoverable amount is the
higher of the associate’s fair value less costs to sell and its value in use (discounted cash flows expected to be
generated based upon management’s expectations of future economic and operating conditions). The
impairment is recognized within Share of profit / (loss) of investments in associates in the statement of profit or
loss.
Profits and losses resulting from upstream and downstream transactions between the Group and its associates
are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the
associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the
asset transferred. Accounting policies of associates are changed where necessary to ensure consistency with the
policies adopted by the Group.
(e) Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the
contractual rights and obligations of each investor.
Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in
joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-
acquisition profits or losses and movements in other comprehensive income. When the Group’s share of losses in
a joint venture equals or exceeds its interest in the joint ventures, the Group does not recognise further losses,
unless it has incurred obligations or made payments on behalf of the joint venture. Unrealised gains on
transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the
joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred. Accounting policies of joint ventures are changed where necessary to ensure consistency
with the policies adopted by the Group.
A joint operation arises where the Group has rights to the assets and obligations of the operation. The Group
recognizes its share of the assets, obligations, revenue and expenses of the jointly controlled operation, including
its share of those held or incurred jointly, in each respective line of its’ financial statements.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in  joint ventures. At each reporting date, the Group determines whether there is objective
evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the
amount of impairment as the difference between the recoverable amount of the joint venture and its carrying
value, and then recognises the loss within ‘Share of profit/ (loss) of investments in associates and joint ventures’ in
the statement of profit or loss.
2.3Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether
equity instruments or other assets are acquired. The cost of an acquisition is measured as the aggregate of the
consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest
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in the acquiree. For each business combination, the Group measures the non-controlling interest in the acquiree
at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed.
The consideration transferred for the acquisition of a subsidiary is the total of the fair values of the assets
transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the
Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent
consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values at the acquisition date.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
to their present value as at the date of acquisition. The discount rate used is the entity’s incremental borrowing
rate, being the rate at which similar borrowing could be obtained from an independent financier under comparable
terms and conditions.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date and
is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently
remeasured to fair value with changes in fair value recognized in profit or loss, in accordance with the appropriate
IFRS. Amounts classified as equity are not remeasured.
Goodwill (as disclosed in Note 2.10) is initially measured as the excess of the aggregate of the consideration
transferred and the amount recognized for non-controlling interest and any previous interest held over the net
identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net
assets of the subsidiary acquired, the Group reassesses whether it has correctly identified all of the assets
acquired and liabilities assumed and reviews their measurement, before any remaining difference is recognised in
profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of
the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether
other assets or liabilities of the acquiree are assigned to those units.
For a transaction or event to be a business combination, the assets acquired and liabilities assumed over which the
Group has obtained control are required to constitute a business.
A 'business' is an integrated set of activities and assets that is capable of being conducted and managed to
provide goods or services to customers, generate investment income or generate other income from ordinary
activities. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to
the creation of outputs. At a minimum, to be considered a business the acquired set is required to include an input
and a substantive process that together significantly contribute to the ability to create outputs.
To be a business, the acquired set does not need to include all of the inputs and processes required to create
outputs but it is required to be capable of being managed to create outputs.
If the group concludes that an entity acquired is in essence an asset acquisition, then no goodwill is recognised
and the respective assets are recognised at cost, which is effectively the purchase price allocated to these assets.
2.4Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The executive committee is the chief operating decision-maker, who makes strategic
decisions and is responsible for allocating resources and assessing performance of the operating segments. The
executive committee is comprised of the Chief Executive Officer and eight General Managers of the Group. The
Group’s key operating segments are disclosed in Note 5.
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2.5Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The consolidated financial
statements are presented in Euro, which is the parent entity’s functional currency and the presentation currency
of the Group. Given that the Group’s primary activities are in oil refining and trading, in line with industry practices,
most crude oil and oil product trading transactions are based on the international reference prices of crude oil and
oil products in US Dollars. Depending on the country of operation, the Group translates this value to the local
currency (Euro in most cases) at the time of any transaction.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates
are recognised in the statement of comprehensive income. They are deferred in equity if they relate to qualifying
cash flow hedges and qualifying net investment hedges. 
For transactions that include the receipt or payment of advance consideration in a foreign currency the date of the
transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-
monetary prepayment asset or deferred income liability.
Foreign exchange gains and losses are presented in the same line as the transaction they relate to in the
statement of comprehensive income, except those that relate to borrowings and cash, which are presented in a
separate line (“Currency exchange gains/(losses)”).
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
(c) Group companies
The results and financial position of all the Group entities that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
i.assets and liabilities for each statement of financial position presented are translated at the closing rate
at the date of that statement of financial position;
ii.income and expenses for each statement of comprehensive income are translated at average exchange
rates (unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the dates of
the transactions); and
iii.all resulting exchange differences are recognized in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations
are recognised in other comprehensive income. When a foreign operation is sold, exchange differences that were
recorded in other comprehensive income are recycled to the profit or loss of the statement of comprehensive
income.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and
liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in
other comprehensive income.
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2.6Assets held for sale
The Group classifies assets as held for sale if their carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Assets classified as held for sale are measured at the lower of
their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to
the disposal of an asset.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset is
available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is
unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to be completed within one
year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for
sale.
Upon the classification of investments in associates and joint ventures as assets held for sale, the equity method
of accounting is discontinued from that point onwards.
Assets held for sale and their related liabilities are presented separately as current items in the statement of
financial position.
2.7Property, plant and equipment
Property, plant and equipment is comprised mainly of land, buildings, plant & machinery, transportation means
and furniture and fixtures. Property, plant and equipment are shown at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Repairs and
maintenance are charged to the profit or loss of the statement of comprehensive income as incurred. Refinery
turnaround costs that take place periodically are capitalised and charged to profit or loss on a straight line basis
until the next scheduled turnaround to the extent that such costs either extend the useful economic life of the
equipment or improve the capacity of its production.
Assets under construction are assets (mainly related to the refinery units) that are in the process of construction
or development, and are carried at cost. Cost includes cost of construction, professional fees and other direct
costs. Assets under construction are not depreciated, as the corresponding assets are not yet available for use.
Land is also not depreciated. Depreciation on assets is calculated using the straight-line method to allocate the
cost of each asset to its residual value over its estimated useful economic life, as shown on the table below for the
main classes of assets:
– Buildings (including petrol stations)
10 – 40 years
– Plant & Machinery
•Specialised industrial installations and Machinery
10 – 35 years
•Pipelines
•Other equipment
30 – 50 years
5 – 25 years
•Wind Farms equipment
•Solar Parks equipment
20 - 30  years
20 - 30  years
– Transportation means
•LPG and white products carrier tank trucks
5 – 10 years
•Other Motor Vehicles
4 – 10 years
•Shipping Vessels
25 – 35 years
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– Furniture and fixtures
•Computer hardware
3 – 5 years
•Other furniture and fixtures
4 – 10 years
Specialised industrial installations include refinery units, petrochemical plants, tank facilities and petrol stations.
The assets’ residual values and estimated useful economic lives are reviewed at the end of each reporting period
and adjusted prospectively if appropriate.
If the asset’s carrying amount is greater than its estimated recoverable amount then it is written down
immediately to its recoverable amount (Note 2.12).
The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the
time of sale or retirement and any gain or loss, which is determined by comparing the proceeds with the carrying
amount, is included in the consolidated statement of comprehensive income within “Other operating income /
(expenses) and other gains / (losses)”.
2.8Leases
2.8.1Right-of-use assets
At inception of a contract, that is the earlier of the date of a lease agreement and the date of commitment by the
parties to the principal terms and conditions of the lease, the Group assess whether the contract is, or contains, a
lease. Also, the Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation
and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives received. Unless the Group is reasonably certain to
obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are
depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use
assets are subject to impairment on their own or together with the Cash Generating Unit to which they belong.
2.8.2Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for
terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognized as expense in the period on which the event or
condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a
change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to
purchase the underlying asset. The result of this re-measurement is disclosed in a line of the right-of-use assets
Note as modifications.
(a) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have
a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the low-value assets recognition exemption to leases that are considered of low value (i.e., below five
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thousand Euros). Lease payments on short-term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.
(b) Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised.
The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies
judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all
relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date,
the Group reassesses the lease term if there is a significant event or change in circumstances that is within its
control and affects its ability to exercise (or not to exercise) the option to renew (as a change in business strategy).
Τhe IFRS Interpretations Committee (the “Committee”) has issued, among others, a summary of decisions
reached in its public meetings to clarify interpretations in respect to IFRS 16 on the following topics:
(c) Subsurface rights
The Committee concluded that the arrangement presented in its decision, where a pipeline operator obtains the
right to place a pipeline in an underground space constitutes a lease and therefore this arrangement as presented
in this decision should be in scope of IFRS 16. As disclosed in Note 7, the Group operates a number of subsurface
pipelines within the boundaries of various municipalities, in accordance with relevant laws, without the
requirement to pay any compensation for them. As described in Note 34 of these financial statements, 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 believes the outcome will be favourable.
The Group considers these do not fall within the scope of IFRS 16 as there is no requirement to pay compensation.
(d) Lease term
The Committee issued a decision that in assessing the notion of no more than an insignificant penalty, when
establishing the lease term, the analysis should not only capture the termination penalty payment specified in the
contract but use a broader economic consideration of penalty and thus include all kinds of possible economic
outflows related to termination of the contract. The Group applies this decision and uses judgment in estimating
the lease term, especially in cases, where the agreements do not provide for a predetermined term, such as rights
of use of coastal zones as described in Note 7. The Group considers all relevant factors that create an economic
incentive for it to exercise either the renewal or termination.
(e) Lessor accounting
The Group enters into certain sublease agreements with third parties and therefore, acts as an intermediate
lessor. In classifying a sublease, the Group acting as the intermediate lessor shall classify the sublease as a finance
lease or an operating lease as follows:
(a) if the head lease is a short-term lease that the Group, as a lessee, has accounted for applying paragraph 6 of
the standard, the sublease shall be classified as an operating lease.
(b) otherwise, the sublease shall be classified by reference to the right-of- use asset arising from the head lease,
rather than by reference to the underlying asset.
The Group has assessed all subleases it enters into based on the above criteria and classifies these as either
operating or finance. As at 31 December 2022, all leases where the Group acts as an intermediate lessor were
assessed and evaluated as operating.
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2.9Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset
are added to the cost of the asset during the period of time that is required to complete and prepare the asset for
its intended use.
Borrowing costs are capitalised to the extent that funds are borrowed specifically for the purpose of obtaining a
qualifying asset. To the extent that funds are borrowed generally and used for the purpose of obtaining a
qualifying asset, the amount of borrowing costs eligible for capitalisation is determined by applying a
capitalisation rate to the expenditures on that asset. All other borrowing costs are expensed as incurred.
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’s 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).
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2.11Exploration  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 
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 – 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 – 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’s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s 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.
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’s 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
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indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset’s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management’s 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’s or CGU’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s
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.
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’s contractual cash flow
characteristics and the Group’s 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 ‘solely payments of principal and interest (SPPI)’ on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group’s 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  the
Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
•Financial assets at amortised cost (debt instruments)
•Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
•Financial 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.
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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 ‘held for trading’ 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. 
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’s 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 ‘pass-through’ arrangement; 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.
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Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
•Disclosures for significant estimates and assumptions Note 4
•Trade 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.
Τhe documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to changes in the
hedged item’s 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 “Other operating income / (expenses) and other gains / (losses)”. 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
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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 “Other operating income /
(expenses) and other gains / (losses)”.
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.
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 “Other
non-current liabilities”. 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.
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.
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’s 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 “Selling and distribution expenses”.
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. 
Cash pledged as collateral is included in “Trade and other receivables”.
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,
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issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the
consideration, if reissued, is recognised in equity.
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:
•the currency in which the borrowing is denominated
•the interest rate (that is fixed versus floating rate)
•changes in covenants
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’s 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’s subsidiaries and associates operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in
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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.
Deferred 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.
2.22Employee benefits
(a) Pension obligations
The Group participates in various pension schemes. The payments are determined by the local legislation and the
funds’ 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’s or worker’s
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  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. 
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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. 
Past-service costs are recognized immediately in profit or loss of the statement of comprehensive income.
Defined contribution plans
The Group’s 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. 
(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.
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.
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.
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Provisions are measured at the present value of management’s 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‑occurrence 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.
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:
• Group and Company Statement of financial position as at 31 December 2021: Intangible assets (increase) €52.8
million and Trade and other liabilities (increase) €52.8 million (Notes 8 and 17).
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’s specifics. 
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.
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Revenue is recognised as follows:
Sales of goods – 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:
– Revenue related to charges for services provided to other Group entities.
– Other income related to the reallocation of central expenses it incurs.
Company recognises revenue at a point in time.
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2.27Dividend distribution
Dividend distribution to the company’s shareholders is recognised as a liability in the Group’s financial statements
in the period in which the dividends are declared and appropriately authorised or approved by the Company’s
Shareholders’ 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.
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.
2.29Demerger of the refining and petrochemicals segment
The demerger was accounted for as a common control transaction and thus does not fall under the scope of IFRS
3 'Business combinations'. The refining and petrochemicals segment's assets and liabilities were transferred at
book value and an investment in the newly established company was recognised in the parent company at the
respective net book value of the assets and liabilities transferred.
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.
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.
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’s 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’s 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
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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.  The strengthening of the US Dollar against the
Euro has a positive effect on the Group’s financial results while in the opposite event, both the financial results and
balance sheet items (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.  The Group’s
three coastal refineries’ 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 ‘Assets and Liabilities’
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’s 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 €4.7 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 “Foreign currency translation”, the parent company’s 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’s 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
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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 €33 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’s 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’ operations, the overall exposure is not considered
material for the Group.
(ii) Commodity price risk
The Group’s 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  price decrease.
Refining margin exposure relates to the absolute level of margin generated by the operation of the refineries. This
is determined by Platt’s 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’s 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’s borrowings are at fixed rates of interest and are comprised of a €596 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 €11 million lower. The Group’s 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).
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(b) Credit risk
(i)    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)  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.
As at
Bank Rating (in €million)
31 December 2022
31 December  2021
A+
8
95
A-
68
—
BBB-
5
5
B+
648
901
B-
142
41
No rating
29
11
Total
900
1,053
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’s 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.
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The Group’s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
Contractual Term Facility
Repayments
1H23
2H23
2023
Scheduled for
repayment
Scheduled for
refinancing
Revolving Credit Facility €400 million
340
—
340
—
340
Revolving Credit Facility €400 million
—
280
280
—
280
Revolving Credit Facility €100 million
100
100
—
100
Revolving Credit Facility €150 million
—
150
150
—
150
EKO Bulgaria
—
2
2
2
—
HELPE  Renewable Wind Farms of Evia
S.A.
2
2
3
3
—
Sagias Wind Park
1
1
2
2
—
Makrilakoma Wind Park
1
1
2
2
—
Total
444
435
879
9
870
Within Q4 2022, the Group refinanced revolving credit facilities amounting to €900 million on maturity, whose
outstanding balance as at 31 December 2022 is  €745 million. In February 2023, The Group refinanced the
revolving credit facilities maturing in 2023 (Note 18).
The Group’s 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’s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The table below analyses the Group’s 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.
Less than 1
year
Between 1 and 5
years
Over 5 years
Total
31 December  2022
Borrowings
1,530,978
1,480,253
61,612
3,072,843
Lease liabilities (Note 19)
35,206
100,867
172,780
308,853
Derivative financial instruments
1,761
—
—
1,761
Trade and other payables
1,784,616
—
—
1,784,616
31 December  2021
Borrowings
1,675,097
1,732,053
2,606
3,409,757
Lease liabilities (Note 19)
31,336
98,018
153,525
282,879
Derivative financial instruments
2,214
—
860
3,074
Trade and other payables
2,044,184
—
—
2,044,184
The amounts included as borrowings and lease liabilities in the table above do not correspond to the balance sheet
amounts, as they are contractual (undiscounted) cash flows, which include capital and interest.
Trade and other payables do not correspond to the balance sheet amounts as they include only financial liabilities.
3.2Capital risk management
The Group’s objective with respect to capital structure, which includes both equity and debt funding, is to
safeguard its ability to continue as a going concern and to have in place an optimal capital structure from a cost
perspective.
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In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with the industry convention, the Group monitors capital structure and indebtedness levels on the
basis of the gearing ratio. The ratio is calculated as net debt divided by total capital employed. Net debt is
calculated as total borrowings (including “current and non-current borrowings” as shown in the statement of
financial position) less “Cash & cash equivalents” and, “Investment in equity instruments”. Total capital employed
is calculated as “Total Equity” as shown in the statement of financial position plus net debt.
The long-term objective of the Group is to maintain the gearing ratio between 35% and 45%, as significant
fluctuations of crude oil prices may affect total debt respectively. Given the Group’s new strategy and its transition
to activities that are subject to reduced volatility due to the business environment as well as the significant de-
escalation of financial cost, the capital structure by sector will be reviewed and is expected to affect the relevant
objectives. It is noted that the Group has significantly reduced its financial cost by about 50% in the last five years.
The gearing ratios as at 31 December 2022 and 2021 were as follows:
As at
31 December  2022
31 December  2021
Total Borrowings (Note 18)
2,842,353
2,991,024
Less: Cash & Cash Equivalents (Note 13)
(900,176)
(1,052,618)
Less: Investment in equity instruments (Note 3.3)
(490)
(504)
Net debt (excl. Lease liabilities)
1,941,687
1,937,902
Total Equity
2,727,401
2,129,055
Total Capital Employed (excl. Lease liabilities)
4,669,088
4,066,957
Gearing ratio (excl. Lease liabilities)
42%
48%
Lease liabilities (Note 18)
208,117
201,795
Net debt (incl. Lease liabilities)
2,149,804
2,139,697
Total Capital Employed (incl. Lease liabilities)
4,877,205
4,268,752
Gearing ratio (incl. Lease liabilities)
44%
50%
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:
•Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
•Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
•Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3). 
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The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December
2022:
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
—
5,114
—
5,114
Investment in equity instruments
—
958
—
958
Assets held for sale
490
—
—
490
490
6,072
—
6,562
Liabilities
Derivatives at fair value through the income statement
—
1,761
—
1,761
—
1,761
—
1,761
The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2021:
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
—
92,143
—
92,143
Investment in equity instruments
504
—
—
504
Assets held for sale
191,577
—
—
191,577
192,081
92,143
—
284,224
Liabilities
Derivatives at fair value through the income statement
—
1,428
—
1,428
Derivatives used for hedging
—
1,646
—
1,646
—
3,074
—
3,074
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:
•Quoted market prices or dealer quotes for similar instruments.
•The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
There were no changes in valuation techniques during the 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 €598 million (31 December 2021:
€611 million), compared to its book value of €596 million (31 December 2021: €594 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.
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The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
•Trade receivables
•Cash and cash equivalents
•Trade and other payables
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)        Critical accounting estimates and assumptions
(a)  Income taxes
The Group is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process
for determining the Group’s 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’s 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)  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)  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
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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’s 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’s statement of comprehensive income is impacted.
(d)  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’s 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’s recoverable amount is the higher of
an asset’s or CGU’s 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)  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)  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’s 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’s historical credit loss experience and forecast of economic conditions may also
not be representative of customer’s actual default in the future.
Especially in the case of marketing segment, individual customer assessments take also into account customers’
ability to pay, expected time of collection and the valuation of collaterals held.
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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)  Retirement Benefit Obligations
The present value of the pension obligations for the Group’s 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)  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)      Critical judgements in applying the Group’s accounting policies
(a)    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’s or cash generating unit’s 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)    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’s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 34).
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(c)  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.
5.Segment Information
Group’s Executive Committee reviews the Group’s internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based on these reports. The committee
assesses performance taking into account a number of measures which may vary depending on the nature and
evolution of a business segment by taking into account the risk profile, cash flow, product and market
considerations. Information provided to the committee is measured in a manner consistent with that of the
financial statements.
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
Refining
Marketing
Gross Sales
(32,418)
421,010
Inter-segmental Sales
(388,592)
Revenue from contracts with customers
(421,010)
421,010
EBITDA
(10,397)
10,397
Depreciation & Amortisation (PPE & Intangibles)
2,518
(2,518)
Depreciation of Right-of-Use assets
162
(162)
Operating profit / (loss)
(7,717)
7,717
Currency exchange gains / (losses)
209
(209)
Finance (expense) / income - net
150
(150)
Lease finance cost
8
(8)
Profit / (loss) before income tax
(7,350)
7,350
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The Group’s key operating segments are:
a) Refining, Supply and Wholesale Trading (Refining)
- Activities in Greece revolve around the operation of the Group’s three refineries located in Aspropyrgos, Elefsina
and Thessaloniki, which account for approximately 65% of the country’s total refining capacity. The three
refineries combine a storage capacity of 6,65 million m³ of crude oil and petroleum products. The refining
segment additionally includes the assets and liabilities relating to Elpet Valkaniki and Vardax S.A..
b) Marketing
- Activities in Greece: The Group, through its subsidiary HFL S.A., possesses an extensive fuel supply network in
the country via the EKO and BP brand names, which includes a total of 1.655 petrol stations, 220 of which are
company-operated.
- International activities: The Group operates through subsidiary companies in Cyprus, Bulgaria, Serbia,
Montenegro and North Macedonia with a total network of 317 petrol stations. Furthermore,the Group is active in
the wholesale trading of oil products through OKTA facility, which is located in Skopje and is connected to
Thessaloniki refinery through a pipeline for the transportation of high value-added products (e.g. diesel).
c)  Petrochemicals
Petrochemical activities mainly focus on the production and marketing of polypropylene, BOPP films and
solvents, as well as the trading of imported plastics and chemicals. The polypropylene production plant in
Thessaloniki mainly receives propylene produced in the Aspropyrgos refinery. Part of the production of the
produced polypropylene is the raw material used in the BOPP film production unit in Komotini.
d) RES, Gas and Power
- RES: The Group is active in the production, trading and supply of power in Greece through its owned operations
in the renewable energy sector.
- Power:  The Group is active in the production, trading and supply of power in Greece through its participation
(50%) in the JV Elpedison B.V. (the remaining 50% is held by EDISON S.p.A.). Elpedison B.V. owns 100% of the
share capital of Elpedison S.A..
- Natural Gas: The Group is active in the natural gas sector through its 35% participation in DEPA Commercial S.A.,
DEPA Infrastructure S.A. (up to 30 November 2021 – Note 14) and DEPA International Projects S.A. (the remaining
65% of all three of the above is held by the Hellenic Republic Asset Development Fund - HRADF). The DEPA
Commercial Group, DEPA Infrastructure Group and DEPA International Group are active in the wholesale trading,
supply and distribution of natural gas in Greece and also participate in international gas transportation projects.
Refer also to Note 9.
e) Exploration and Production of Hydrocarbons
The Group is engaged in the exploration and production of hydrocarbons in several areas in Greece (either through
full control or in partnership with other oil & gas companies), including the sea of Thrace in the North Aegean, the
offshore Block 2 west of Corfu Island, the offshore West Crete & Southwest Crete areas, the offshore area
Western Greece in the Ionian Block and the Kyparissiakos gulf (Block 10). An offer has also been submitted for
North Corfu (Block 1).
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Complementary
Information
f)  Other
“Other Segments” include Group entities which provide treasury, consulting and engineering services.
More information about the activities of the Group’s key operating segments, as described above, can be found in
the Group’s Annual Report.
192
HELLENiQ ENERGY
Complementary
Information
Financial information regarding the Group’s operating segments for the year ended 31 December 2022 and 31 December 2021 is presented below:
For the year ended 31 December 2022
Group
Refining
Marketing
Exploration &
Production
Petro-
chemicals
RES,
Gas &
Power
Other
Total
Gross Sales
13,086,983
6,295,683
—
380,360
37,497
79,408
19,879,931
Inter-segmental Sales
(5,290,691)
(4,736)
—
—
(75)
(76,362)
(5,371,863)
Revenue from contracts with customers
7,796,292
6,290,948
—
380,360
37,422
3,046
14,508,068
EBITDA
1,448,927
112,838
(31,794)
70,293
27,687
89,526
1,717,477
Depreciation & Amortisation (PPE & Intangibles)
(188,534)
(47,055)
(239)
(6,342)
(14,099)
(8,807)
(265,076)
Depreciation of Right-of-Use assets
(3,392)
(31,402)
(28)
(3,663)
(466)
(830)
(39,781)
Operating profit / (loss)
1,257,001
34,381
(32,061)
60,288
13,122
79,889
1,412,620
Currency exchange gains / (losses)
1,367
1,126
—
—
—
6
2,499
Share of profit / (loss) of investments in associates & joint ventures
(1,137)
1,252
—
—
119,828
99
120,042
Finance (expense) / income - net
(87,956)
(7,278)
(101)
9
(17,079)
7,487
(104,918)
Lease finance cost
(437)
(8,364)
(13)
(40)
(251)
(147)
(9,261)
Profit / (loss) before income tax
1,168,838
21,117
(32,175)
60,257
115,620
87,333
1,420,982
Income tax expense
(526,004)
Profit / (loss) for the period
894,978
Profit / (loss) attributable to non-controlling interests
(5,477)
Profit / (loss) for the period attributable to the owners of the parent
889,501
193
HELLENiQ ENERGY
Complementary
Information
For the year ended 31 December 2021
Group
Refining
Marketing
Exploration &
Production
Petro-
chemicals
RES,
Gas &
Power
Other
Total
Gross Sales
8,046,767
3,338,805
85
378,757
5,240
14,302
11,783,956
Inter-segmental Sales
(2,546,262)
(3,198)
(82)
—
(47)
(12,133)
(2,561,721)
Revenue from contracts with customers
5,500,505
3,335,607
3
378,757
5,193
2,169
9,222,235
EBITDA
423,472
117,910
(8,855)
130,230
145
(5,681)
657,221
Depreciation & Amortisation (PPE & Intangibles)
(163,154)
(45,488)
(150)
(5,457)
(1,681)
(529)
(216,459)
Depreciation of Right-of-Use assets
(6,139)
(31,703)
(44)
(3,158)
(288)
860
(40,472)
Operating profit / (loss)
254,179
40,719
(9,049)
121,615
(1,823)
(5,350)
400,290
Currency exchange gains / (losses)
16,008
241
—
—
—
(3)
16,246
Share of profit of investments in associates & joint ventures
2,603
179
—
—
89,316
4,562
96,660
Finance (expense) / income - net
(54,507)
(9,773)
(620)
17
(1,469)
(29,679)
(96,031)
Lease finance cost
(1,071)
(8,952)
(3)
(45)
(180)
159
(10,092)
Profit / (loss) before income tax
217,212
22,414
(9,673)
121,587
85,844
(30,311)
407,073
Income tax expense
(65,916)
Profit / (loss) for the period
341,157
Profit / (loss) attributable to non-controlling interests
(3,713)
Profit / (loss) for the period attributable to the owners of the parent
337,444
Other segment's EBITDA and Operating profit / (loss) for the year ended 31 December 2022 include the profit of €74 million from the sale of DEPA Infrastructure (Note
14).
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Information
* 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.
195
HELLENiQ ENERGY
Complementary
Information
An analysis of the Group’s 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
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
2,372,291
2,846,002
151,710
37,422
2,035
5,409,461
Aviation & Bunkering
1,000,074
1,459,169
—
—
—
2,459,243
Exports
4,423,929
2,038
228,648
—
1,011
4,655,626
International activities
—
1,983,738
—
—
—
1,983,738
Total
7,796,292
6,290,948
380,360
37,422
3,046
14,508,068
For the year ended 31 December 2021
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
1,248,871
1,823,235
135,387
5,193
2,028
3,214,715
Aviation & Bunkering
455,824
584,167
—
—
—
1,039,991
Exports
3,795,810
15,731
243,369
—
144
4,055,055
International activities
—
912,473
—
—
—
912,473
Total
5,500,505
3,335,607
378,757
5,193
2,172
9,222,235
The segment assets and liabilities at 31 December 2022 and 2021 are as follows:
As at
31 December  2022
31 December  2021
Total Assets
Refining
5,714,049
5,235,391
Marketing
1,481,625
1,268,662
Exploration & Production
23,172
21,108
Petro-chemicals
227,874
594,610
RES, Gas & Power
912,182
638,905
Other Segments
863,797
1,878,488
Inter-Segment
(660,700)
(1,996,504)
Assets held for sale (*) (Note 14)
—
191,577
Total
8,562,000
7,832,236
Total Liabilities
Refining
4,538,447
3,597,427
Marketing
816,512
679,589
Exploration & Production
17,626
20,873
Petro-chemicals
123,682
23,753
RES, Gas & Power
512,806
321,859
Other Segments
689,265
1,677,204
Inter-Segment
(863,740)
(617,524)
Total
5,834,599
5,703,181
(*):  The prior year’s amount relates to DEPA Infrastructure which was reclassified in assets held for sale from Gas
& Power segment (Note 14). The Group’s share of profit from DEPA Infrastructure up to 30 November 2021 is
included in the Gas & Power segment.
196
HELLENiQ ENERGY
Complementary
Information
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.
197
HELLENiQ ENERGY
Complementary
Information
6.Property, Plant and Equipment
Group
Land
Buildings
Plant &
Machinery
Transportat
ion means
Furniture
and fixtures
Assets
Under
Constructi
on
Total
Cost
As at 1 January 2021
310,882
939,647
5,139,976
76,613
225,168
161,614
6,853,900
Additions
5,367
7,584
22,938
400
10,126
229,686
276,101
Acquisition of a subsidiary
21
16,886
34,810
—
50
—
51,767
Capitalised projects
—
11,051
56,399
173
278
(67,901)
—
Disposals
(1,135)
(1,622)
(10,830)
(13,253)
2,545
(4,213)
(28,509)
Currency translation differences
4
58
105
—
6
4
178
Transfers and other movements
(221)
1,285
4,288
—
3
(8,581)
(3,226)
As at 31 December 2021
314,918
974,890
5,247,686
63,932
238,176
310,609
7,150,211
Accumulated Depreciation
As at 1 January 2021
3,114
527,148
2,719,189
52,664
170,421
1,551
3,474,087
Charge for the year
1,033
26,526
165,725
2,341
12,718
—
208,343
Disposals
—
(1,339)
(10,586)
(12,029)
(1,281)
—
(25,236)
Impairment / Write off
—
311
8
—
146
—
465
Currency translation differences
—
52
90
—
5
—
147
Transfers and other movements
—
2,503
5,547
(465)
15
—
7,600
As at 31 December 2021
4,147
555,200
2,879,973
42,511
182,023
1,551
3,665,405
Net Book Value at 31 December
2021
310,771
419,690
2,367,713
21,421
56,152
309,058
3,484,805
Cost
As at 1 January 2022
314,918
974,890
5,247,686
63,932
238,176
310,609
7,150,211
Additions
20,990
51,397
14,731
1,072
8,702
236,364
333,257
Acquisition of subsidiaries
35
39,656
81,455
—
2
—
121,148
Capitalised projects
897
6,925
350,957
164
1,599
(360,542)
—
Disposals
(1,809)
(5,927)
(6,842)
(158)
(5,376)
(650)
(20,762)
Currency translation differences
66
197
232
3
9
(16)
492
Transfers and other movements
(8)
8
(15,362)
511
149
(24,022)
(38,724)
As at 31 December 2022
335,090
1,067,147
5,672,857
65,524
243,260
161,744
7,545,622
Accumulated Depreciation
As at 1 January 2022
4,147
555,200
2,879,973
42,511
182,023
1,551
3,665,405
Charge for the year
1,033
29,019
204,334
2,147
13,152
—
249,685
Disposals
—
(5,677)
(6,702)
(152)
(5,713)
—
(18,245)
Impairment / Write off
405
—
8,776
—
1
—
9,182
Currency translation differences
—
156
205
3
8
—
372
Transfers and other movements
(1)
(4)
85
(1)
142
(2)
219
As at 31 December 2022
5,584
578,693
3,086,670
44,508
189,613
1,549
3,906,618
Net Book Value at 31 December
2022
329,506
488,453
2,586,187
21,016
53,647
160,195
3,639,004
198
HELLENiQ ENERGY
Complementary
Information
1.Acquisition of subsidiaries include:
a.Capital expenditures in the renewable energy sector of €121 million comprising of:
•Costs 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 €91 million. The transaction was accounted for as an asset acquisition. The total
surplus consideration of €62 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:
EUR
Intangibles
37,590
Property, plant and equipment
112,815
Cash acquired
2,649
Loans (Note 18)
(63,941)
Other assets and liabilities - net
1,945
Acquisition consideration
91,058
•Costs 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 €20 million, net of shareholders loans acquired of €5 million. The transaction was accounted
for as an asset acquisition. The total surplus consideration of €15 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:
EUR
Intangibles
14,799
Property, plant and equipment
8,333
Cash acquired
404
Other LT assets
1,579
Other assets and liabilities - net
(55)
Acquisition consideration
25,060
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 €14 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:
–works of the full turnaround at Elefsina and Thessaloniki Refinery, long-term maintenance and
upgrades of the refining units (€149 million).
–growth, safety, legislation and environmental expenditures (€43 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 €217 million and RES segment
of €132 million which relate to the completion of the construction of the photovoltaic park  in Kozani.
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4.    During 2022 an amount of €5 million (31 December 2021: €3,7 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 €0.5 million. The relevant gain is included in
"Gains on disposal of non-current assets" within “Other income / (expenses) and other gains / (losses) (Note
27).
6.‘Transfers and other movements’ for the year ended on 31 December 2022 include the transfer of
computer software development costs to intangible assets €15 million (Note 8), cost of licenses and rights
for the Kozani's photovoltaic park to intangible assets €7 million (Note 8) and the transfer of spare parts for
the refinery units from fixed assets to inventories, amounting to €22 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’s 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’s 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  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 (€48m) of the pipeline connecting
Thessaloniki and Skopje, which is an asset of the Group’s 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 (“Value in Use”) 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 €8,8 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 €20,3 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.
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Information
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:
Key assumption tested
Change in assumption
Impact on value in use
WACC
+0,5%
(5.21)%
Growth
(0.5)%
(3.48)%
Year of operation
+6-month delay
(2.69)%
Sales volumes
(5.0)%
(7.35)%
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 €250 million (31 December 2021: €208 million),
depreciation expense of right-of-use assets of €40 million (31 December 2021: €40 million) and
amortisation expense of €15 million (31 December 2021: €8 million) are allocated in the following lines of
the Consolidated Statement of Comprehensive Income:
◦Cost of Sales €211 million (31 December 2021: €161 million),
◦Selling and distribution expenses €87 million (31 December 2021: €82 million),
◦Administration expenses €7 million (31 December 2021: €14 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  in preparation of
further development of the asset.
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Information
7.Right of Use Assets
Group
Petrol station
properties
Commercial
Properties
Plant &
Machinery
Motor Vehicles
Other
Total
Cost
As at 1 January 2021
243,396
32,199
15,610
31,546
1,033
323,784
Additions
6,310
8,727
—
4,786
392
20,215
Derecognition
(2,361)
(26)
—
(103)
—
(2,490)
Modification
12,356
848
1
1,385
—
14,590
Currency translation effects
1
—
—
7
—
8
As at 31 December 2021
259,702
41,747
15,611
37,621
1,425
356,107
Accumulated Depreciation
As at 1 January 2021
60,401
10,428
4,700
12,691
23
88,243
Charge for the period
25,817
4,597
2,008
7,985
65
40,472
Derecognition
(851)
(6)
—
(100)
—
(958)
Modification
—
(46)
—
(6)
—
(52)
Currency translation effects
—
—
—
4
—
4
Other
22
—
—
—
—
22
As at 31 December 2021
85,389
14,972
6,708
20,574
88
127,732
Net Book Value at 31 December 2021
174,313
26,775
8,903
17,048
1,337
228,375
Cost
As at 1 January 2022
259,702
41,747
15,611
37,621
1,425
356,107
Additions
10,286
7,514
12,788
9,108
46
39,742
Derecognition
(5,718)
(20,391)
—
(177)
—
(26,286)
Modification
13,620
530
(1)
1,860
—
16,009
Currency translation effects
(10)
—
—
(19)
(3)
(32)
Other
—
41
—
—
—
41
As at 31 December 2022
277,880
29,441
28,398
48,392
1,468
385,580
Accumulated Depreciation
As at 1 January 2022
85,389
14,972
6,708
20,574
88
127,732
Charge for the period
25,213
3,920
2,300
8,261
87
39,781
Derecognition
(3,267)
(11,345)
—
(488)
—
(15,100)
Currency translation effects
4
—
—
(2)
—
2
Other
—
23
—
—
—
23
As at 31 December 2022
107,338
7,571
9,008
28,345
176
152,439
Net Book Value at 31 December
2022
170,542
21,870
19,390
20,047
1,292
233,141
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’s 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
202
HELLENiQ ENERGY
Complementary
Information
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 €734 thousand (31 December 2021: € 670) and
is included in current liabilities. 
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.
203
HELLENiQ ENERGY
Complementary
Information
Parent Company
Company
Commercial
Properties
Plant &
Machinery
Motor
Vehicles
Total
Cost
As at 1 January 2021
23,381
13,772
11,340
48,493
Additions
—
—
3,955
3,955
Modification
35
1
(307)
(271)
As at 31 December 2021
23,416
13,773
14,988
52,177
Accumulated Depreciation
As at 1 January 2021
7,999
2,921
5,416
16,336
Charge for the period
3,247
1,997
4,050
9,294
As at 31 December 2021
11,246
4,918
9,466
25,630
Net Book Value at 31 December 2021
12,170
8,855
5,522
26,547
Cost
As at 1 January 2022
23,416
13,773
14,988
52,177
Additions
10,900
—
465
11,365
Derecognition
(23,416)
(13,773)
(14,038)
(51,227)
As at 31 December 2022
10,900
—
1,415
12,315
Accumulated Depreciation
As at 1 January 2022
11,246
4,918
9,466
25,630
Charge for the period
2,460
—
200
2,661
Derecognition
(12,647)
(4,918)
(9,228)
(26,793)
As at 31 December 2022
1,059
—
438
1,497
Net Book Value at 31 December 2022
9,840
—
977
10,817
Company’s ‘Derecognition’ for the year ended on 31 December 2022 includes the transfer of Right of use Assets
(€15.7 million) to HELLENIC PETROLEUM R.S.S.O.P.P. S.A. due to the demerger and the termination of a lease
(€9.0 million) of the Group's headquarters building that was acquired during the period.
204
HELLENiQ ENERGY
Complementary
Information
8.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licences
& Rights
Other
EU
Allowances
Total
Cost
As at 1 January 2021
138,588
7,541
131,944
41,091
75,163
—
394,327
Additions
—
—
2,319
250
11
—
2,580
Acquisition of a subsidiary
—
—
—
69,993
—
—
69,993
Purchase of EUAs
—
—
—
—
—
172,419
172,419
Surrender of EUAs
—
—
—
—
—
(119,667)
(119,667)
Disposals
—
—
(58)
—
(135)
—
(194)
Currency translation effects
—
—
—
1
—
—
1
Other movements
—
—
6,987
4
30
—
7,021
As at 31 December 2021
138,588
7,541
141,192
111,339
75,068
52,752
526,480
Accumulated Amortisation
As at 1 January 2021
71,829
—
119,501
31,621
65,535
—
288,486
Charge for the year
—
—
7,042
592
482
—
8,116
Disposals
—
—
(29)
—
(122)
—
(151)
Impairment
—
—
—
1,369
—
—
1,369
Currency translation effects
—
—
—
1
—
—
1
As at 31 December 2021
71,829
—
126,514
33,584
65,895
—
297,821
Net Book Value at 31 December 2021
66,759
7,541
14,678
77,756
9,173
52,752
228,659
Cost
As at 1 January 2022
138,588
7,541
141,192
111,339
75,068
52,752
526,480
Additions
—
1,800
6,202
58
58
—
8,118
Acquisition subsidiaries
—
—
—
52,354
—
—
52,354
Purchase of EUAs
—
—
—
—
—
316,128
316,128
Surrender of EUAs
—
—
—
—
—
(87,764)
(87,764)
Disposals
—
(900)
(220)
—
—
—
(1,120)
Currency translation effects
—
—
(10)
—
10
—
—
Other movements
—
—
16,250
566
—
—
16,816
As at 31 December 2022
138,588
8,441
163,415
164,317
75,136
281,116
831,013
Accumulated Amortisation
As at 1 January 2022
71,829
—
126,514
33,584
65,895
—
297,821
Charge for the year
—
—
8,481
6,862
48
—
15,391
Disposals
—
—
(213)
—
—
—
(213)
Currency translation effects
—
—
286
(344)
—
—
(58)
As at 31 December 2022
71,829
—
135,067
40,101
65,943
—
312,941
Net Book Value at 31 December 2022
66,759
8,441
28,348
124,215
9,193
281,116
518,073
Reclassification: Balance of accrued expenses as at 31 December 2021 has been reclassified to exclude EU
Allowances of €52.8 million, which is transferred from Trade and other Payables to intangible assets. More details
on this change are included in Note 2.25.
1.The majority of the remaining balance of goodwill as at 31 December 2022 relates to the unamortised
goodwill arising on the acquisition of EKO Cyprus Ltd (former HELLENIC PETROLEUM Cyprus Ltd) in 2003
which is treated in line with the accounting policy in Note 2.10. Goodwill was tested for impairment as at 31
205
HELLENiQ ENERGY
Complementary
Information
December 2022 using the value-in-use model. This calculation used cash flow projections based on financial
budgets approved by management covering a five year period. Cash flows beyond the five-year period were
extrapolated using an estimated growth rate of 1% that reflects the forecasts in line with management
beliefs, based on GDP growth projections. Management determined annual volume growth rate and gross
margins based on past performance and expectations for the market development. The discount rate used
was 6.25% which reflects the specific risks relating to operations. The results of the model show that the
valuation covers the carrying amount of the goodwill, which amounts to €67 million as of 31 December
2022.
A sensitivity analysis was performed to the key assumptions used in the model (discount rates and
perpetuity growth rates), in order to stress test the adequacy of the valuation headroom. It is estimated that
at 31 December 2022 if the free cash flow growth rate of EKO PETROLEUM Cyprus Ltd used in the
impairment test was lower by 0,5% with all other variables held constant, the Equity Value of the company
would have been lower by 6%. In addition, if the future WACC was higher by 0,5% with all other variables
held constant, the Equity Value of the company would have been lower by 8%. The sensitivity analysis
resulted in recoverable values well in excess of the carrying value.
2.Acquisition of subsidiaries include:
The acquisition of PV parks Tanagra Solar Energeiaki S.A. and S.Aether Energeiaki S.A., for which the
Group recognised intangible assets of €14.8 million and which relate to the value of the power purchase
agreement where the fixed tariff is defined (Notes 6 and 37).
The acquisition of wind parks Makrilakkoma S.A. and Sagias S.A., for which the Group recognised
intangible assets of €37.6 million and which relate to the value of the power purchase agreement where
the fixed tariff is defined (Notes 6 and 37).
3.Other intangible assets include the right of indefinite use of land in Serbia and Montenegro, where under
certain circumstances the local legal framework did not allow outright ownership of land. The balance
represents upfront lump-sum payments in the case of Serbia and in the case of Montenegro the purchase
price allocation of land upon acquisition of the Group’s subsidiary in Montenegro. The legal title of the land
was subsequently contested by the local authorities in both countries without however recalling the right of
the entities to make use of the land and buildings located on it.
4.‘Licenses and Rights’ mainly include the carrying value of licenses as of 31 December 2022 related to
renewable energy generation with their useful life ranging from 15 to 25 years.
5.‘Other movements’ include completed IT software projects capitalised during 2022 and thus transferred
from assets under construction (Note 6). These projects are monitored within assets-under-construction as
implementation of the relevant software takes place over a period of time. They are transferred to Intangible
Assets when the implementation of the software has been completed and tested as being ready for use.
206
HELLENiQ ENERGY
Complementary
Information
9.Investments in Subsidiaries, Associates and Joint Ventures
The amounts represent the Group’s share of the net profit / (losses) from associated companies and joint
ventures accounted for on an equity accounting basis, which are analysed as follows:
As at
31 December 2022
31 December 2021
Beginning of the Year
313,723
416,542
Dividend income
(32,321)
(6,525)
Share of profit / (loss) of investments in associates & joint ventures
120,042
96,660
Share of other comprehensive income / (loss) of investments in associates
658
(3,930)
Participation in joint ventures
—
2,400
Share capital increase / (decrease)
—
150
Transfers from investments to Assets held for sale (Note 14)
—
(191,577)
Other movements
(1)
3
End of the year
402,101
313,723
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’s 50% share of the consolidated results of Elpedison B.V. appear under “Share of profit of
investments in associates and joint ventures” and its 50% share of net assets under “Investment in associates and
joint ventures”. Based on the improved results of Elpedison during the year ended on 31 December 2022 there is
no indication of impairment.
207
HELLENiQ ENERGY
Complementary
Information
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..
As at
Elpedison B.V. Group
31 December  2022
31 December  2021
Statement of Financial Position
Non-Current Assets
251,408
221,675
Cash and Cash Equivalents
10,029
10,864
Other Current Assets
628,314
428,557
Total Assets
889,751
661,096
Equity
248,452
127,812
Other Non-Current Liabilities
40,028
34,938
Short Term Borrowings
244,489
212,473
Other Current Liabilities
356,782
285,873
Total Liabilities
641,299
533,284
Total Liabilities and Equity
889,751
661,096
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group
143,172
82,659
As at
31 December  2022
31 December  2021
Statement of Comprehensive Income
Revenue
2,966,421
1,495,553
EBITDA
184,511
93,562
Depreciation & Amortisation
(23,824)
(22,314)
EBIT
160,687
71,248
Interest Income
—
494
Interest Expense
(9,797)
(10,110)
Income / (loss) beforeTax
150,890
61,632
Income Tax
(27,954)
(9,066)
Income / (loss) after Tax
122,936
52,566
Share of gain / (loss) accounted in HELLENiQ ENERGY Group
61,610
26,227
In September 2018, Elpedison S.A. agreed with its Bondholders to refinance its loans amounting to €213,9 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 €245 million. (31 December 2021: €212,4 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’s share of the above was €107 million (31 December
2021: €106 million).
208
HELLENiQ ENERGY
Complementary
Information
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.
209
HELLENiQ ENERGY
Complementary
Information
The table below summarizes the key financials of DEPA Commercial group.
As at
DEPA Commercial Group
31 December  2022
31 December  2021
Statement of Financial Position
Non-Current Assets
188,615
149,923
Cash and Cash Equivalents
199,716
265,892
Other Current Assets
974,911
784,239
Total Assets
1,363,242
1,200,054
Equity
638,909
557,175
Non-Current Liabilities
36,035
35,136
Short Term Borrowings
6,000
4,000
Other Current Liabilities
682,298
603,744
Total Liabilities
724,333
642,880
Total Liabilities and Equity
1,363,242
1,200,054
Investment in DEPA Commercial Group as accounted in HELLENiQ
ENERGY Group
223,618
194,913
As at
31 December  2022
31 December  2021
Statement of Comprehensive Income
Revenue
4,826,830
1,696,904
Operating profit / (loss)
105,373
227,291
Interest Income
13,693
9,928
Interest Expense
(10,362)
(2,052)
Profit / (loss) before Tax
110,677
234,795
Income Tax
(25,676)
(54,368)
Profit / (loss) from continuing operations
85,000
180,426
Share of profit/ (loss) accounted in HELLENiQ ENERGY Group
58,666
63,089
Share of other comprehensive loss accounted in HELLENiQ ENERGY
Group
1,754
(3,930)
Within 2022, DEPA Commercial S.A. declared dividends amounting to € 90.6 million and the amount
corresponding to HELLENiQ Energy Holdings is € 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 €85.7 million (31
December 2021: €85.7 million) and the carrying value for the Group is €223.6 million (31 December 2021: €194.9
million).
210
HELLENiQ ENERGY
Complementary
Information
Other associates
The Group’s subsidiary company, HELLENIC PETROLEUM International AG, participates in the shareholding of
DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of
“OTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products” (OTSM). OTSM
is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping
and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM,
reducing its stock holding by approximately 25 kMT (31 December 2021: 31 kMT), at a fee calculated in line with
the legal framework. All Group’s transactions with OTSM are included in Note 36.
An analysis of the financial position and results of the Group’s other associates is set out below:
% interest
As at
held
31 December  2022
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
999
5,886
1,667
7,964
2,215
Athens Airport Fuel Pipeline Company
S.A.
50%
3,912
10,846
3,022
3,706
921
DMEP Holdco
48%
3,893
134,097
125,985
35,612
(3,279)
% interest
As at
held
31 December  2021
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
310
5,449
2,615
5,704
1,748
Athens Airport Fuel Pipeline Company
S.A.
50%
3,475
9,774
2,824
2,317
109
DMEP Holdco
48%
5,467
154,783
143,392
32,494
8,415
There are no contingent liabilities or commitments in relation to the group’s 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:
•Energean Italy S.p.A. - Greece, Patraikos Gulf
•Calfrac Well Services Ltd  - Greece, Sea of Thrace concession
•Energean Hellas LTD - Greece, Block 2, West of Corfu Island.
•Exxon Mobil Exploration and Production Greece (Crete) B.V. - Greece, Block West Crete.
•Exxon Mobil Exploration and Production Greece (Crete) B.V.  - Greece, Block South West Crete.
The jointly controlled operations are still at a research phase and do not contribute to the Group’s revenue.
For contractual commitments of the Group for exploration costs refer to Note 35.
211
HELLENiQ ENERGY
Complementary
Information
Parent Company
The Company’s movement of investment in subsidiaries, associates and joint ventures is as follows:
Company
As at
31 December 2022
31 December 2021
Beginning of  the year
933,596
1,064,566
Recognition of investment in HELPE R.S.S.O.P.P.
702,304
—
Transfers due to demerger
(24,979)
—
Increase  /  (Decrease) in share capital of subsidiaries and JV
43,596
22,656
(Impairment) of investments / Reversal of impairment
—
(31,325)
Transfers from investments to "Assets held for sale"
—
(122,301)
End of the year
1,654,517
933,596
On 3rd January 2022 the new corporate structure was completed by way of a hive-down of its refining, supply and
trading of oil products and petrochemicals sector and the establishment of a new subsidiary entity whose sole
Shareholder is the Company (Note 1). As part of the hive-down, the Company transferred its investments in the
subsidiaries Asprofos S.A., Diaxon S.A., HELPE Apollon Maritime Co, Global Albania S.A. and Athens Airport Fuel
Pipeline Company S.A. to the new subsidiary and retained the remaining investments in subsidiaries and a new
investment in HELPE R.S.S.O.P.P was recognised.
As at 31 December 2022 Hellenic Fuels S.A. ("HFL") management carried out an impairment test according to the
requirements of IAS 36, based on the post-tax cash flows produced by the entity. The impact of the energy crisis
and inflationary pressures combined with the volatility in market, in which the entity operates were considered to
be indicators of impairment, as they could impact the future cash flows of its assets.
The valuation analysis considered HFL as a single cash generation unit (CGU). The analysis was carried out by
identifying the recoverable value (fair value) of the CGU through the application of the Discounted Cash Flow
Valuation Method, starting from the entity's approved 5-year business plan. The discount rate applied was 7.05%
(31 December 2021: 4.12%) and was estimated as the post-tax WACC of the entity. Based on this impairment test,
the Company concluded that the carrying amount of the net assets of its marketing activities in Greece is
recoverable and consequently no impairment charge was recorded.
It should be noted that the assumptions and scenarios used could further change in the future, particularly in an
environment characterised by high volatility. Relevant changes in the assumptions used (e.g. EBITDA generation
and discount rates) could have an impact on the recoverable value of the assets. It is estimated that, if the EBITDA
generation was lower by 10% for the period of detailed forecasts (2023 - 2027), then the recoverable amount
would have been lower by 10%. In addition, if the WACC used in the impairment test was higher by 0,5%, with all
other variables held constant, the recoverable amount would have been lower by 13%. In both sensitivity analysis
scenarios, representing reasonably possible changes in assumptions, the carrying amount of the Company's 
investment in HFL is recoverable.
212
HELLENiQ ENERGY
Complementary
Information
The following table presents the split between continuing and discontinued operations for all the lines of the
statement of comprehensive income of the Company:
For the year ended
31 December 2021
Continuing
Operations
Discontinued
Operations
Published
Revenue from contracts with customers
3,729
8,421,806
8,425,535
Cost of sales
(3,390)
(7,859,707)
(7,863,097)
Gross profit / (loss)
339
562,099
562,438
Selling and distribution expenses
—
(104,996)
(104,996)
Administrative expenses
(2,567)
(89,981)
(92,548)
Exploration and development expenses
—
(124)
(124)
Other operating income and other gains
3,680
22,043
25,723
Other operating expense and other losses
(3,261)
(46,865)
(50,126)
Operating profit /(loss)
(1,809)
342,176
340,367
Finance income
3,400
4,319
7,719
Finance expense
—
(92,775)
(92,775)
Finance expense - lease finance cost
(616)
(494)
(1,110)
Currency exchange gain / (loss)
—
16,007
16,007
Dividend income
14,525
8,284
22,809
Profit / (loss)  before income tax
15,500
277,517
293,017
Income tax credit / (expense)
(3,410)
(59,926)
(63,336)
Profit / (loss) for the period
12,090
217,591
229,681
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to
profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
—
(12,940)
(12,940)
Share of other comprehensive income / (loss) of associates
—
(345)
(345)
Net other comprehensive income / (loss) that will not be reclassified
to profit or loss (net of tax):
—
(13,285)
(13,285)
Other comprehensive income / (loss) that may be reclassified
subsequently to profit or loss (net of tax):
Recycling of (gains) / losses on hedges through comprehensive
income
—
25,472
25,472
Currency translation differences and other movements
—
(31,794)
(31,794)
Net other comprehensive income / (loss) that may be reclassified
subsequently to profit or loss (net of tax):
—
(6,322)
(6,322)
Other comprehensive income / (loss)  for the period, net of tax
—
(19,607)
(19,607)
Total comprehensive income / (loss) for the period
12,090
197,984
210,074
213
HELLENiQ ENERGY
Complementary
Information
The following table presents the assets, liabilities and equity accounts transferred to “HELLENIC PETROLEUM
R.S.S.O.P.P. S.A.”
Opening Balances 3/1/2022
HELPE S.A. prior to
demerger
Balances
transferred to
HELPE R.S.S.O.P.P.
S.A.
Recognition of
HELLENiQ ENERGY
Holdings' S.A.
participation in
HELPE R.S.S.O.P.P.
S.A.
HELLENiQ Energy
Holdings S.A.
Balances
Assets
Non-current assets
Property, plant and equipment
2,707,520
2,705,990
—
1,531
Right-of-use assets
26,547
15,705
—
10,841
Intangible assets
53,863
53,589
—
273
Investments in associates and joint ventures
933,594
24,979
702,304
1,610,919
Deferred income tax assets
—
—
—
10,996
Investment in equity instruments
—
—
—
—
Loans, advances and long term assets
143,172
41,126
—
102,046
3,864,696
2,841,390
702,304
1,736,606
Current assets
Inventories
1,345,606
1,345,606
—
—
Trade and other receivables
601,890
558,247
—
43,643
Income tax receivables
13,898
13,898
—
—
Assets held for sale
—
—
—
—
Derivative financial instruments
92,143
92,143
—
—
Cash and cash equivalents
843,493
713,493
—
130,000
2,897,031
2,723,388
—
173,643
Assets held for sale
122,338
—
—
122,338
Total assets
6,884,065
5,564,778
702,304
2,032,587
Total equity
1,994,635
702,304
—
1,994,634
Liabilities
Non-current liabilities
Interest bearing loans & borrowings
1,149,696
1,149,696
—
—
Lease liabilities
16,532
8,245
—
8,288
Deferred income tax liabilities
60,807
71,803
—
—
Retirement benefit obligations
174,211
165,422
—
8,790
Provisions
22,248
22,248
—
—
Other non-current liabilities
11,956
6,737
—
5,219
1,435,451
1,424,150
—
22,297
Trade and other payables
2,092,566
2,080,963
—
11,604
Derivative financial instruments
2,214
2,214
—
—
Income tax payable
416
416
—
—
Interest bearing loans & borrowings
1,349,300
1,349,300
—
—
Lease liabilities
8,216
5,431
—
2,785
Dividends payable
1,267
—
—
1,267
3,453,979
3,438,324
—
15,657
Total liabilities
4,889,430
4,862,474
—
37,953
Total equity and liabilities
6,884,065
5,564,778
—
2,032,587
No material transactions took place in the period between the year end and the date of the hive down.
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        10.Advances and Long Term Assets
As at
Group
31 December 2022
31 December 2021
Loans and advances
58,185
67,144
Other long term assets
6,411
6,766
Total
64,596
73,910
Loans 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.
Parent Company
As at
Company
31 December 2022
31 December 2021
Loans and advances
229,400
139,529
Other long term assets
843
3,643
Total
230,243
143,172
Loans and advances of the Company include long-term loans given to subsidiaries of the Group, amounting to €
229.4 million (December 2021: € 139.5 million).
11.Inventories
As at
31 December 2022
31 December 2021
Crude oil
733,879
546,968
Refined products and semi-finished products
963,161
714,991
Petrochemicals
35,777
35,221
Consumable materials and other spare parts
145,555
115,211
- Less: Provision for consumables and spare parts
(52,130)
(33,256)
Total
1,826,242
1,379,135
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  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 €11 billion (31
December 2021: €7.7 billion). As at 31 December 2022, the Group wrote down inventories to their net realisable
value, recording a loss of €26 million (31 December 2021: loss of €1 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 €22
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HELLENiQ ENERGY
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million (net of cumulative provision) has been transferred from property, plant and equipment to inventories ((31
December 2021: €3,8 million transfer from inventories to fixed assets – see Note 6). The amount of additional
provision for consumables and spare parts for the year ended 31 December 2022 is €8 million, with the remaining
increase relating to the aformentioned reclassification.
12.Trade and Other Receivables
As at
Group
31 December 2022
31 December 2021
Trade receivables
660,810
654,369
- Less: Provision for impairment of receivables
(284,662)
(262,947)
Trade receivables net
376,148
391,422
Other receivables
473,224
312,457
- Less: Provision for impairment of receivables
(46,201)
(37,735)
Other receivables net
427,023
274,722
Accrued Income and other prepaid expenses
62,938
28,462
Total
866,109
694,606
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 €93 million (31 December 2021: €48 million), dividends receivable €32 million (31
December 2021: €0) and restricted cash mainly related to margin call accounts of €26 million (31 December 2021:
€9.3 million). Additionally, other receivables include an amount of €54 million of VAT approved refunds (31
December 2021: €54 million),  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). 
The table below analyses total trade receivables:
As at
31 December  2022
31 December  2021
Not past due
285,636
286,719
Past due
375,174
367,650
Total trade receivables
660,810
654,369
The overdue days of trade receivables that were past due are as follows:
As at
31 December  2022
31 December  2021
Up to 30 days
84,941
74,327
30 - 90 days
5,543
8,387
Over 90 days
284,690
284,936
Total
375,174
367,650
Regarding 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
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HELLENiQ ENERGY
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Information
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:
< 30 days
31 - 90 days
> 91 days
Total
Expected credit loss rate
0.03%
4.17%
99.87%
43.08%
Τotal gross carrying amount
370,577
5,543
284,690
660,810
Expected credit loss
100
231
284,331
284,662
The movement in the provision for impairment of trade receivables is set out below.
As at
31 December  2022
31 December  2021
Balance at 1 January
262,947
261,580
  - Exchange differences
204
24
  - Additional provisions
23,773
11,312
  - Unused amounts reversed
(1,706)
(9,584)
Receivables written off during the year as uncollectible
(45)
(385)
Other movements
(511)
—
Balance at 31 December
284,662
262,947
The additional provision for impairment has been included in Selling & Distribution costs in the statement of
comprehensive income.
The movement in the provision for impairment of other receivables is set out below.
As at
31 December  2022
31 December  2021
Balance at 1 January
37,735
45,416
  - Additional provisions
8,676
766
  - Unused amounts reversed
(46)
(1,211)
  - Receivables written off during the year as uncollectible
(243)
(7,263)
Other movements
79
27
Balance at 31 December
46,201
37,735
The additional provision for impairment has been included in Other operating income / (expenses) and other
gains / (losses) in the statement of comprehensive income.
Parent Company
Variance in Trade and other receivables of the Company from 3 January 2022 (day of demerger, Note 9) to 31
December 2022 mainly relates to dividends receivable from associates of €32 million. (Note 9).
13.Cash and Cash Equivalents
As at
31 December  2022
31 December  2021
Cash at bank and on hand in USD (Euro equivalent)
149,255
317,493
Cash at bank and on hand in Euro
750,921
735,125
Cash and Cash Equivalents
900,176
1,052,618
217
HELLENiQ ENERGY
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The balance of US Dollars included in Cash at bank as at 31 December 2022 was $159 million (euro equivalent
€149 million). The respective amount for the period ended 31 December 2021 was $360 million (euro equivalent
€317 million).
The weighted average effective interest rate as at the reporting date on cash and cash equivalents was:
As at
31 December 2022
31 December 2021
Euro
1.05%
0.01%
USD
0.01%
0.01%
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’s associate, to Italgas SpA,
for a total price of €733 million, with the 35% share of the Group's participation corresponding to €256 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 €192 million and
for the Company €122 million. The business of DEPA Infrastructure was included in the RES, gas and power
segment of the Group in the line “Share of profit / (loss) of investments in associates & joint ventures” 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. 
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 €266 million, being the aforementioned principal plus interest. and
resulted to €74 million profit for the Group and €143 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.
15.Share Capital
Number of Shares
(authorised and issued)
Share
Capital
Share
premium
Total
As at 1 January & 31 December 2021
305,635,185
666,285
353,796
1,020,081
As at 31 December 2022
305,635,185
666,285
353,796
1,020,081
All ordinary shares were authorised, issued and fully paid. The nominal value of each ordinary share is €2.18
(31 December 2021: €2.18).
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16.Reserves
Statutory
reserve
Special
reserves
Hedging
reserve
Tax free &
Incentive Law
Reserves
Οther
reserves
Total
As at 1 January 2021
160,656
86,495
5,709
71,335
(50,237)
273,959
Changes in the fair value of equity
instruments
—
—
—
—
321
321
Recycling of gains / (losses) on hedges
through comprehensive income
24
—
—
(31,794)
—
—
(31,794)
Actuarial gains / (losses) on defined
benefit pension plans
—
—
—
—
(15,265)
(15,265)
Fair value gains / (losses) on cash flow
hedges
24
—
—
24,973
—
—
24,973
Currency translation differences and
other movements
13
—
—
—
—
89
89
Share of other comprehensive loss of
associates
—
—
—
—
(3,930)
(3,930)
Other movements
—
—
—
—
751
751
Balance at 31 December 2021
160,656
86,495
(1,112)
71,335
(68,271)
249,104
Changes in the fair value of equity
instruments
—
—
—
—
17
17
Recycling of gains / (losses) on hedges
through comprehensive income
24
—
—
(4,941)
—
—
(4,941)
Transfers to statutory and tax reserves
19,545
—
—
—
—
19,545
Actuarial gains / (losses) on defined
benefit pension plans
—
—
—
—
29,676
29,676
Fair value gains / (losses) on cash flow
hedges
24
—
—
5,733
—
—
5,733
Currency translation differences and
other movements
13
—
—
—
—
(314)
(314)
Share of other comprehensive profit /
(loss) of associates
—
—
—
—
658
658
Other movements
—
—
—
—
(1,765)
(1,765)
Balance at 31 December 2022
180,201
86,495
(320)
71,335
(39,999)
297,713
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.
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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
Parent Company
Company
Statutory
reserve
Special
reserves
Hedging
reserve
Tax-free &
Incentive
Law reserves
Other
Reserves
Total
Balance at 1 January 2021
160,656
86,495
5,709
71,255
(44,539)
279,576
Other comprehensive income / (loss)
—
—
(6,322)
—
(12,612)
(18,934)
As at 31 December 2021
160,656
86,495
(613)
71,255
(57,151)
260,642
Balance at 1 January 2022
160,656
86,495
(613)
71,255
(57,151)
260,642
Transfers to statutory and tax reserves
19,545
—
—
—
—
19,545
Actuarial gains / (losses) on defined
benefit pension plans
—
—
—
—
917
917
Transfer due to demerger to HELPE
RSSOPP S.A.
—
(80,525)
613
(71,255)
—
(151,167)
Demerger reserve
—
151,167
—
—
—
151,167
As at 31 December 2022
180,201
157,137
—
—
(56,234)
281,104
Reserves' categories Hedging, part of the Special reserves and Tax-free & Incentive Law reserves that relate to the
Company (former HELLENIC PETROLEUM S.A.) were transferred on the demerger to the new established
company (HELPE R.S.S.O.P.P. S.A.) as they relate to the respective sector (Refining and Petchems) (Notes 1 and 9).
Subsequently, an additional reserve of equal value was created in the special reserves category for the parent
company.
220
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17.Trade and other Payables
As at
31 December 2022
31 December 2021
Trade payables
1,282,070
1,667,358
Accrued expenses
456,546
365,503
Other payables
97,341
113,698
Total
1,835,957
2,146,559
Reclassification: Balance of accrued expenses as at 31 December 2021 has been reclassified to exclude EU
Allowances of €52.8 million, which is transferred to intangible assets.  More details on this change are included in
Note 2.25.
Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.
Trade payables, as at 31 December 2022 and 31 December 2021, include amounts in respect of crude oil imports
from Iran, which were received between December 2011 and March 2012 as part of a long term contract with
NIOC. Despite repeated attempts to settle the payment for these cargoes through the international banking
system between January and June 2012, it was not possible to do so.  In the period from 16 January 2016 up to 8
May 2018, when sanctions were suspended, the Group successfully made several payments against a significant
part of these amounts. Following the re-imposition of relevant sanctions by the United States, no deliveries of
Iranian crude oil or payments have taken place since 8 May 2018.
Accrued expenses as of 31 December 2022, include an amount of €303 million (31 December 2021: €280 million)
relating to the estimated cost of the CO2 emission rights, necessary to meet the Group’s deficit as of 31 December
2022.
Other payables include amounts in respect of payroll related liabilities, social security obligations and sundry
taxes.
18.Interest Bearing Loans and Borrowings
As at
31 December 2022
31 December 2021
Non-current interest bearing loans and borrowings
Committed Revolving Credit facilities
753,820
894,598
Eurobonds
595,923
593,725
Committed term loans (Project Finance)
83,287
28,208
Total non-current interest bearing loans and borrowings
1,433,029
1,516,531
Current interest bearing loans and borrowings
Committed Revolving Credit Facilities
867,922
882,256
Revolving credit facilities
534,009
589,298
Committed term loans (Project Finance)
7,393
2,939
Total current interest bearing loans and borrowings
1,409,324
1,474,493
Total interest bearing loans and borrowings
2,842,353
2,991,024
221
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Non-current interest bearing loans and borrowings mature as follows:
As at
31 December  2022
31 December  2021
Between 1 and 2 years
726,306
797,533
Between 2 and 5 years
660,496
703,251
Over 5 years
46,227
15,747
Total
1,433,029
1,516,531
The respective amounts of contractual (undiscounted) cash flows, which include capital and interest are disclosed
in Note 3.1.
The weighted average effective margins  are as follows:
As at
Borrowings
Currency
31 December  2022
31 December  2021
Short-term
- Floating Euribor + margin
Euro
2.45%
2.47%
- Floating Libor + margin
US Dollar
2.40%
2.40%
- Floating Belibor + margin
Serbian Dinar
—%
1.45%
- Floating Reference Rate + margin
Bulgarian Lev
1.10%
1.21%
Long-term
- Floating Euribor + margin
Euro
2.09%
2.64%
- Fixed coupon
Euro
2.00%
2.00%
The carrying amounts of the Group's borrowings are denominated in the following currencies:
As at
31 December 2022
31 December 2021
Euro
2,810,535
2,956,532
US Dollar
6,344
9,792
Serbian Dinar
—
4,763
Bulgarian Lev
25,474
19,937
Total interest bearing loans and borrowings
2,842,353
2,991,024
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.
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Borrowings of the Group by maturity as at 31 December 2022 and 31 December 2021 are summarised in the table
below (amounts in € million):
Balance as at
Company
Maturity
31 December 2022
31 December 2021
1. €100 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
Mar. 2023
100
100
2. €400 million
Syndicated RCF Jun 2023
HELPE R.S.S.O.P.P. S.A.
Jun. 2023
339
397
3. €150 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
Oct. 2023
150
—
4. €400 million RCF Dec
2023
HELPE R.S.S.O.P.P. S.A.
Dec. 2023
279
398
5. €100 million RCF 2024
HELPE R.S.S.O.P.P. S.A.
Oct. 2024
100
100
6. Eurobond €599m
HPF Plc
Oct. 2024
596
594
7. €30 million RCF 2024
EKO Bulgaria
Dec. 2024
11
11
8. €400 million RCF May
2025
HELPE R.S.S.O.P.P. S.A.
May 2025
348
399
9. €400 million
Syndicated RCF Dec 2025
HELPE R.S.S.O.P.P. S.A.
Dec. 2025
292
384
10. PF Evia 2
HELPE RENEWABLE WIND
FARMS OF EVIA S.A.
Dec. 2030
17
19
11. PF Evia1
HELPE RENEWABLE WIND
FARMS OF EVIA S.A.
Dec. 2032
10
12
12. PF Mani 1
SAGIAS WIND PARK S.A.
Jul. 2037
29
—
13. PF Mani 2
MAKRYLAKKOMA WIND PARK
S.A.
Jul. 2037
34
—
14. €30 million
(Syndicated) RRF Dec
2037
HELPE Digital S.A.
Dec. 2037
3
—
15. Bilateral lines
Various
Various
534
578
Total
2,843
2,991
Refer to ‘Liquidity Risk Management’ (Note 3.1c) for an analysis of the Group’s refinancing plans regarding the
facilities falling due in 2022.
No loans were in default as at 31 December 2022 (none as at 31 December 2021).
All loans that were refinanced within 2022 were done so upon maturity and thus had no impact in the profit or loss
of the Group.
Significant movements in borrowings for the year ended 31 December 2022 are as follows:
Revolving Credit Facility €100 million maturing in March 2023
In December 2022 Hellenic Petroleum R.S.S.O.P.P. S.A. extended the €100 million revolving credit facility for three
months. The outstanding balance as at 31 December 2022 was €100 million. Hellenic Petroleum R.S.S.O.P.P. S.A.
refinanced the facility in February 2023.
Revolving Credit Facility €150 million maturing in October 2023
In October 2021 Hellenic Petroleum R.S.S.O.P.P. S.A. issued a new €150 million revolving credit facility with a tenor
of 2 years. The outstanding balance as at 31 December 2022 was €150 million (31 December 2021: €0). Hellenic
Petroleum R.S.S.O.P.P. S.A. refinanced the facility in February 2023.
Revolving Credit Facility €100 million maturing in October 2024
In October 2021 Hellenic Petroleum R.S.S.O.P.P. S.A. issued a new €100 million revolving credit facility with a tenor
of 3 years. The outstanding balance as at 31 December 2022 was €100 million. Hellenic Petroleum R.S.S.O.P.P. S.A.
refinanced the facility in February 2023.
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Revolving Credit Facility €30 million maturing in December 2024
In December 2022, EKO Bulgaria extended the €30 million revolving credit facility for 2 years. The outstanding
balance as at 31 December 2022 was €11 million.
Revolving Credit Facility €400 million maturing in May 2025
In November 2022, Hellenic Petroleum R.S.S.O.P.P. S.A. refinanced a €400 million revolving credit facility with a
new facility of the same principal amount maturing in 2.5 years and 1 year extension option. The outstanding
amount of the facility as at 31 December 2022 was €350 million.
Syndicated Revolving Credit Facility €400 million maturing in December 2025
In December 2022, Hellenic Petroleum R.S.S.O.P.P. S.A. refinanced a €400 million revolving syndicated credit
facility with a new facility of the same principal amount maturing in 3 years and 1 year extension option. The
outstanding amount of the facility as at 31 December 2022 was €295 million.
Syndicated RRF maturing in December 2037
In August 2022 HELPE Digital S.A., 100% subsidiary of HELLENiQ ENERGY Holdings S.A. signed a new €30 million
facility, with the participation of the Resilience and Recovery Fund (RRF). The outstanding balance as at 31
December 2022 was €3 million.
Bilateral facilities
In June 2022, Hellenic Petroleum Real Estate Properties S.A., 100% subsidiary of HELLENiQ ENERGY Holdings S.A.
signed a new €50 million short-term bilateral facility. The outstanding balance as at 31 December 2022 was €50
million.
The Group companies maintain committed and uncommitted credit facilities with various banks to finance
general corporate needs which are renewed in accordance with the Group’s finance needs. The facilities mainly
comprise of short-term loans of Hellenic Petroleum R.S.S.O.P.P. S.A..
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The table below presents the changes in Borrowings arising from financing activities:
1 January
2022
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows
- fees
Foreign
exchange
movement
Non cash
movements
31 December
2022
€000
€000
€000
€000
€000
€000
€000
€000
Current
interest-
bearing loans
and
borrowings
1,474,494
380,553
—
(454,273)
—
—
8,550
1,409,324
Non-current
interest-
bearing loans
and
borrowings
1,516,530
658,142
63,941
(800,324)
(5,000)
—
(261)
1,433,029
Total
2,991,025
1,038,695
63,941
(1,254,597)
(5,000)
—
8,289
2,842,353
1 January
2021
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows
- fees
Foreign
exchange
movement
Non cash
movements
31 December
2021
€000
€000
€000
€000
€000
€000
€000
€000
Current
interest-
bearing loans
and
borrowings
744,562
334,059
—
(474,051)
(4,625)
—
874,548
1,474,493
Non-current
interest-
bearing loans
and
borrowings
2,131,370
220,000
32,561
—
(750)
—
(866,650)
1,516,531
Total
2,875,932
554,059
32,561
(474,051)
(5,375)
—
7,898
2,991,024
Certain loan facilities amounting to €91 million as of 31 December 2022 (31 December 2021: €31 million) and
associated with the four subsidiaries acquired by the Group during 2022 (Aioliko Parko Makrilakkoma S.A.  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’ 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.
225
HELLENiQ ENERGY
Complementary
Information
19.Lease Liabilities
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Group
Note
31 December  2022
31 December 2021
As at 1 January
201,796
201,136
Additions
38,994
19,935
Derecognition
(11,471)
(3,248)
Modification
15,315
16,338
Interest Cost
28
9,259
10,090
Repayment (capital and interest)
(45,781)
(42,166)
Foreign exchange difference
(13)
1
Other
18
(291)
As at 31 December
208,117
201,795
Current
30,372
29,499
Non-current
177,745
172,296
The following are the amounts recognised in the consolidated statement of comprehensive income:
Note
2022
2021
Depreciation expense for right-of-use assets
7
39,781
40,472
Interest expense on lease liabilities
28
9,259
10,090
Expense relating to short-term leases
1,599
1,094
Expense relating to leases of low-value assets
92
33
Variable lease payments
950
508
Total amount recognised in statement of comprehensive income
51,681
52,197
The maturity table of the undiscounted cash flows of the lease liabilities is presented in Note 3.1.
Less than 1 year
Between 1 and 5 years
Over 5 years
Total
As at 31 December
Lease liabilities
35,206
100,867
172,780
308,853
Parent Company
Parent
31 December  2022
31 December 2021
As at 1 January
24,748
30,563
Additions
11,324
3,955
Derecognition
(23,003)
—
Modification
—
(272)
Interest Cost
461
1,110
Repayment (capital and interest)
(2,663)
(10,381)
Other
1
(227)
As at 31 December
10,868
24,748
Current
1,257
8,216
Non-current
9,611
16,532
226
HELLENiQ ENERGY
Complementary
Information
Note
31 December 2022
31 December 2021
Depreciation expense for right-of-use assets
7
2,661
9,294
Interest expense on lease liabilities
461
1,110
Expense relating to short-term leases
—
59
Total amount recognised in statement of comprehensive income
3,122
10,463
20.Deferred Income Tax
Deferred 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:
As at
31 December  2022
31 December  2021
Deferred income tax assets
91,204
75,702
Deferred income tax liabilities
(202,523)
(89,478)
(111,319)
(13,776)
The movement on the deferred income tax asset / (liability) is as follows:
As at
31 December  2022
31 December  2021
As at 1 January
(13,776)
39,589
Income statement charge
(89,536)
(60,141)
Charged / (released) to equity
(7,500)
4,548
Restatement of equity (IAS 19)
—
903
Other movements
(507)
1,325
As at 31 December
(111,319)
(13,776)
227
HELLENiQ ENERGY
Complementary
Information
Deferred tax related to the following types of temporary differences:
As at
31 December  2022
31 December  2021
Intangible and tangible fixed assets
(234,199)
(231,702)
Inventory valuation
12,764
11,031
Unrealised exchange gains
(3,649)
(5,120)
Employee benefits provision
35,485
43,417
Provision for bad debts
34,533
33,002
Derivative financial instruments at fair value
(738)
(20,099)
Ιnterest cost carried forward (thin capitalisation)
6,208
39,103
Tax losses carried forward
10,154
48,726
Environmental provisions
4,687
46,846
Impairment of investments
11,603
15,762
Unearned profit in stock
(912)
496
Other temporary differences relating to provisions and accruals
10,967
3,978
Leases (IFRS 16)
1,778
783
End of year
(111,319)
(13,776)
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’s deferred tax assets on tax losses carried
forward amounted to €10 million (31 December 2021: €49 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 €6 million as at 31 December 2022 ( 31
December 2021: €39 million), which can be offset against future taxable profits without any time constraints.
228
HELLENiQ ENERGY
Complementary
Information
21.Retirement Benefit Obligations
The table below outlines where the Group’s retirement benefit amounts and activity are included in the financial
statements.
As at
31 December  2022
31 December  2021
Statement of Financial Position obligations for:
Pension benefits
175,500
210,736
Liability in the Statement of Financial Position
175,500
210,736
For the year ended
31 December  2022
31 December  2021
Statement of Comprehensive Income charge for:
Pension benefits
24,718
21,212
Total as per Statement of Comprehensive Income
24,718
21,212
Statement of Other Comprehensive Income charge for:
Pension benefits
(36,994)
17,876
Tax
7,285
(2,622)
Total as per Statement of Other Comprehensive Income
(29,709)
15,254
The amounts recognised in the Statement of Financial Position are as follows:
As at
31 December  2022
31 December  2021
Present value of funded obligations
38,674
33,014
Fair value of plan assets
(14,779)
(11,975)
Deficit of funded plans
23,895
21,039
Present value of unfunded obligations
151,605
189,698
Liability in the Statement of Financial Position
175,500
210,736
The Group operates defined benefit pension plans in Greece, Bulgaria, Serbia, North Macedonia, Montenegro and
Cyprus. The level of benefits provided depend on members’ length of service and remuneration. The majority of
the plans are unfunded, however there are certain plans in Greece and Cyprus that have plan assets.
229
HELLENiQ ENERGY
Complementary
Information
The movement in the defined benefit obligation is as follows:
Present Value
of Obligation
Fair Value of
Plan Assets
Total
As at 1 January 2021
210,738
(11,979)
198,759
Current service cost
10,189
—
10,189
Interest expense/(income)
1,561
(55)
1,506
Past service costs and (gains)/losses on settlements
9,517
—
9,517
Statement of comprehensive income charge (P&L)
21,267
(55)
21,212
Remeasurements:
- Return on plan assets, excluding amounts included in Interest
(income)/ expense
—
(506)
(506)
- (Gain)/loss from change in demographic assumptions
344
—
344
- Loss/ (Gain) from change in financial assumptions
13,248
—
13,248
- Experience (gains)/losses
4,806
(16)
4,790
Statement of comprehensive income charge (OCI)
18,398
(522)
17,876
Benefits paid directly by the group/Contributions paid by the group
(26,107)
(1,000)
(27,107)
Benefit payments from the plan
(1,592)
1,592
—
Contributions paid by employees
11
(11)
—
Settlement payments from the plan
(3)
—
(3)
As at 31 December 2021
222,712
(11,975)
210,736
As at 1 January 2022
222,712
(11,975)
210,736
Current service cost
11,053
—
11,053
Interest expense/(income)
2,672
(104)
2,568
(Gains)/losses on settlements
4,395
—
4,395
Past service costs
6,701
—
6,701
Statement of comprehensive income charge (P&L)
24,822
(104)
24,718
Remeasurements:
- Return on plan assets, excluding amounts included in Interest
(income)/ expense
—
904
904
- Loss/ (Gain) from change in financial assumptions
(43,000)
—
(43,000)
- Experience (gains)/losses
5,102
—
5,102
Statement of comprehensive income charge (OCI)
(37,898)
904
(36,994)
Benefits paid directly by the group/Contributions paid by the group
(16,991)
(6,212)
(23,203)
Benefit payments from the plan
(2,608)
2,608
—
Settlement payments from the plan
243
—
243
As at 31 December 2022
190,280
(14,779)
175,500
230
HELLENiQ ENERGY
Complementary
Information
The expected maturity analysis of undiscounted pension benefits is as follows:
Balance at 31 December 2022
Less than a
year
Between 1-2
years
Between 2-5
years
Over 5 years
Total
Pension Benefits
19,214
26,440
40,051
163,786
249,491
Plan assets are comprised as follows:
2022
2021
Quoted
Unquoted
Total
%
Quoted
Unquoted
Total
%
Equity Instruments
1,640
129
1,769
12%
3,420
—
3,420
18%
Debt Instruments
- Government bonds
1,435
1,330
2,765
19%
1,214
—
1,214
11%
- Corporate bonds
3,865
1,744
5,609
38%
3,999
—
3,999
34%
Investment funds
1,421
301
1,722
12%
1,437
—
1,437
17%
Real Estate / Property
1,351
—
1,351
9%
1,351
—
1,351
12%
Cash and cash equivalents
1,456
107
1,563
11%
54
500
554
9%
Total
11,168
3,611
14,779
100%
11,475
500
11,975
100%
The principal actuarial assumptions used were as follows:
As at
31 December  2022
31 December  2021
Discount Rate
3.78%
0.84%
Future Salary Increases
2,50% - 2,60%
2,05% - 2,50%
Inflation
2.60%
2.05%
Average future working life in years
8.77
9.92
The sensitivity of the defined benefit obligation (DBO) to changes in the weighted principal assumptions is:
Impact on Defined Benefit Obligation
Change in assumption
Increase in DBO
Decrease in DBO
Discount Rate
0.50%
(3.81)%
4.10%
Future Salary Increases
0.50%
3.98%
Not applicable
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 €0,7 million. The weighted
average duration of the defined benefit obligation is 9 years.
231
HELLENiQ ENERGY
Complementary
Information
22.Provisions
The movement for provisions for 2022 and 2021 is as follows:
Provisions for other liabilities and charges
At 1 January 2021
26,368
Charged / (credited) to the statement of comprehensive income:
  - Additional provisions
1,696
  - Unused amounts reversed
(116)
  - Utilized during year
(23)
Other movements / reclassifications
(966)
At 31 December 2021
26,959
At 1 January 2022
26,959
Charged / (credited) to the statement of comprehensive income:
  - Additional provisions
10,056
  - Unused amounts reversed
(273)
  - Utilized during year
(651)
  - Unwinding of discount
15
Other movements / reclassifications
11
At 31 December 2022
36,117
Long-term provisions as at 31 December 2022 mainly comprise of provision for environmental restoration costs
of €24 million (31 December 2021: €16 million) and litigation provision of €14 million (31 December 2021: €11
million). Additional provisions for current year mainly relate to €9 million environmental related provisions of
which €3.1 million are included in "Other operating expenses and other losses".
23.Other Non-Current Liabilities
As at
31 December  2022
31 December  2021
Government grants
8,156
8,831
Other payables
14,506
18,970
Total
22,662
27,801
Government grants
Advances by the Government to the Group’s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2022  amounted to €0.7 million (31 December 2021: €0.6 million).
Οther payables
Trade and other payables, non-current are comprised of cash guarantees received from petrol station dealers/
managers of the Group’s retail companies in order to ensure that contract terms and conditions are met. The 2021
figure included €5 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".
232
HELLENiQ ENERGY
Complementary
Information
24.Derivative Financial Instruments
31 December  2022
31 December  2021
Commodity derivative type
Notional Amount
Assets
Liabilities
Notional Amount
Assets
Liabilities
MT'000
Bbls'000
€
€
MT'000
Bbls'000
€
€
Commodity  Swaps - EUAs
5,000
—
5,114
—
2,400
—
92,143
—
Commodity  Swaps - Crude and
other oil products
—
2,178
—
1,761
34
1,680
—
1,428
Total
5,000
2,178
5,114
1,761
2,434
1,680
92,143
1,428
31 December  2022
31 December  2021
Commodity derivative type
Notional Amount
Assets
Liabilities
Notional Amount
Assets
Liabilities
MT'000
Bbls'000
€
€
MT'000
Bbls'000
€
€
Commodity  Swaps - Crude and
other oil products
—
—
—
—
—
230
—
786
Interest rate swaps
—
—
958
—
—
—
—
860
Total
—
—
958
—
—
230
—
1,646
Grand Total
5,000
2,178
6,072
1,761
2,434
1,910
92,143
3,074
31 December  2022
31 December  2021
Assets
Liabilities
Assets
Liabilities
Non-current portion
  Commodity swaps
958
—
—
860
958
—
—
860
Current portion
  Commodity swaps
5,114
1,761
92,143
2,214
5,114
1,761
92,143
2,214
Total
6,072
1,761
92,143
3,074
As of 31 December 2022, derivative financial instruments include an asset amounting to €1,0 million associated
with a loan owed by the Group’s 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 ‘held for trading’ 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 €4,9 million, net of tax (31 December
2021: €31,8 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
€5.7 million net of tax as at 31 December 2022, (31 December 2021: €25 million gain, net of tax), is included in the
hedging reserve (see Note 16).
233
HELLENiQ ENERGY
Complementary
Information
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.
25.Expenses by Nature
For the year ended
31 December  2022
31 December  2021
Raw materials and consumables used
11,750,018
7,741,829
Employee costs
318,817
298,664
Depreciation
289,484
248,833
Amortisation
15,391
8,116
Transportation and warehouse costs
169,478
117,214
Production overheads
257,486
226,476
SWAPS gains / (losses)
36,759
(37,312)
Stock devaluations
25,767
574
Other expenses
284,172
220,309
Total cost of sales, distribution cost and administrative expenses
13,145,796
8,824,703
Other expenses mainly comprise items relating to maintenance & site expenses, insurance costs, provision for
impairment of receivables, corporate social responsibility costs, third party services (consultancy & legal)
expenses, ΙΤ costs and advertising and promotion costs.
“SWAPS gains / (losses)” comprise the total amounts included in comprehensive income for derivatives at fair
value through profit or loss whether realized or unrealized and the effect of recycling for derivatives held for
hedging (Note 3 and 24).
The fees of Ernst & Young concerning the permissible non audit services which have been preapproved by the
Audit Committee of the Group during 2022, amount to €414 thousand.
Employee costs
Employee costs are set out in the table below:
For the year ended
31 December  2022
31 December  2021
Wages and salaries
214,479
202,996
Social security costs
46,639
45,008
Pension costs
16,532
12,959
Other employment benefits
41,166
37,701
Total
318,816
298,664
Other employment benefits include medical insurance, catering and transportation expenses.
234
HELLENiQ ENERGY
Complementary
Information
26.Exploration and Development Expenses
Geological and geophysical costs are expensed as incurred (31 December 2022: €27 million and 31 December
2021: €3.6 million) and relate mainly to exploration operations including environmental and geological studies in
the Block 2, Ionio, Block 10, SW Crete and West Crete. 
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  the 2d seismic acquisition are
in progress.
Εxploration license costs relating to  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).
27.Other Operating Income / (Expenses) and Other Gains /
(Losses)
Group
Note
For the year ended
31 December
2022
31 December
2021
Other operating income and other gains
Income from Grants
128
830
Services to 3rd parties
2,733
3,297
Rental income
8,911
7,117
Insurance compensation
37
158
Gains on disposal of non-current assets
11,386
3,150
Gains from discounting of long-term receivables and liabilities
1,194
3,627
Profit from disposal of asset held for sale
74,000
—
Other
36,004
18,186
Total
134,393
36,365
Other operating expenses and other losses
COVID-19 related expenses
5,658
14,274
Loss on disposal of non-current assets
318
797
Impairment of fixed assets
6
9,182
1,834
Loss from discounting of long-term receivables and liabilities
1,765
1,307
Voluntary retirement scheme cost
4,529
—
Provision for environmental restoration
3,149
—
Other
32,896
11,759
Total
57,497
29,971
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  income from arbitration decision of €21.4 million relating to Elpet Balkaniki S.A. 
(Note 34) as well as income from state reserve maintained of North Macedonia €3.3 million.
Other category in other operating expenses and other losses includes €15 million for a litigation provision of HFL
S.A. and HELPE R.S.S.O.P.P. S.A.  which relates to receivable accounts (Note 34) and €1.6 million a litigation
provision of OKTA.
235
HELLENiQ ENERGY
Complementary
Information
COVID-19 related expenses of €5.7 million (31 December 2021: €14.2 million) comprise of €0.7 million (31
December 2021: €6.1 million) payroll costs mainly related to required modifications in the working shifts in the
refineries and €4.7 million for protective measures in Group’s premises (31 December 2021: €6.7 million). In
Addition, an amount of €0.3 million relates to other expenses related to COVID-19 during the period ended  (31
December 2021: €1.5 million).
Rental income relates to long term rental of petrol stations, let to dealers.
Parent Company
Company
For the year ended
31 December 
2022
31 December 
2021
Other operating income and other gains
Services to 3rd Parties
447
1,759
Recharges to Subsidiaries
25,008
—
Rental income
1,057
1,921
Profit from disposal of asset held for sale
143,276
—
Other
10,343
—
Total from continuing operations
180,131
3,680
Other operating income and other gains from discontinued operations
—
22,043
Total
180,131
25,723
Other operating expenses and other losses
COVID-19 related expenses
(351)
—
Centralised Group expenses
(21,022)
—
Other
—
(3,261)
Total from continuing operations
(21,373)
(3,261)
Other operating expenses and other losses from discontinued operations
—
(46,865)
Total
(21,373)
(50,126)
Recharges to subsidiaries relate to centralized Group expenses and other administrative expenses, such as legal,
finance and procurement expenses, that the Company incurs which are subsequently invoiced at cost.
Other category of other operating income and other gains mainly includes the profit amount of €10 million on sale
of property.
28.Finance Income / (Expense)
For the year ended
31 December  2022
31 December  2021
Interest income
3,315
5,466
Interest expense
(88,157)
(75,961)
Other finance costs
(20,078)
(25,538)
Lease finance cost
(9,259)
(10,090)
Finance costs -net
(114,179)
(106,123)
Finance costs amounting to €5 million (31 December 2021: €3,7 million) have been capitalised (Note 6).
236
HELLENiQ ENERGY
Complementary
Information
29.Currency Exchange Gains / (Losses)
Group consolidated foreign currency exchange gains of €2.5 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  was a gain of €16.2
million.
30.Income Tax
The income tax (expense) / credit relating to components of comprehensive income, is as follows:
Group
For the year ended
31 December 2022
31 December 2021
Current tax
(438,817)
(8,193)
Prior year tax
2,349
2,418
Deferred tax (Note 20)
(89,536)
(60,141)
Income Tax (expense) / credit
(526,004)
(65,916)
The tax (charge) / credit relating to components of other comprehensive income, is as follows:
For the year ended
31 December  2022
31 December  2021
Before
tax
Tax (charge)/
credit
After tax
Before
tax
Tax (charge)/
credit
After tax
Share of other comprehensive
income of associates
658
—
658
(3,930)
—
(3,930)
Investment in equity
instruments
6
8
14
(193)
(156)
(349)
Cash flow hedges
1,015
(223)
792
(8,903)
2,082
(6,821)
Currency translation differences
(278)
—
(278)
97
—
97
Actuarial gains/ (losses) on
defined benefit pension plans
36,994
(7,285)
29,709
(17,876)
2,622
(15,254)
Other comprehensive income
38,395
(7,500)
30,895
(30,805)
4,548
(26,257)
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 €90 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 €10 million
(31 December 2021: €48.7 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 €6 million (31 December 2021:
€39.1 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 “Annual Tax Compliance Report” as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L.
4174/2013, as of 2014, from their statutory auditor 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.
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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:
Company name
HELLENIQ ENERGY HOLDINGS S.A. (former Hellenic
Petroleum S.A.)
Financial years up to (and including) 2011 and financial year 2014
EKO S.A.
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 €14.0 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 December 2021: €14.0 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.  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.
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Numerical reconciliation of Group Income tax expense to prima facie tax payable:
For the year ended
31 December  2022
31 December  2021
Profit/(loss) before tax
1,420,982
407,073
Solidarity Contribution
(303,913)
—
Tax (expense) at Greek corporation tax rate of 22%* (2021: 22%)
(245,755)
(89,556)
Difference in overseas tax rates
5,306
3,868
Tax exempt results of shipping companies
881
175
Tax on expenses not deductible for tax purposes
(8,481)
(9,367)
Adjustments to Deferred tax due to changes in tax rate
—
(2,371)
Utilization of previously unrecognized tax losses
65
161
Tax losses for which no deferred income tax was recognised
(6,796)
(4,676)
Adjustments for deferred tax of prior periods
—
2,589
Tax on income from associates not subject to corporate tax
26,409
21,265
Adjustment for prior year taxes
(5,856)
3,879
Adjustment for share of profit of disposal of associate
15,772
—
Solidarity Contribution
(303,913)
—
Other
(3,637)
8,117
Tax (Charge) / Credit
(526,004)
(65,916)
Effective tax rate
37%
16%
*Tax expense calculated at Greek corporation tax rate excludes solidarity contribution.
Parent Company
Company
For the year ended
31 December 2022
31 December 2021
Current tax
(3,582)
(3,410)
Deferred tax
24
—
Total credit / (expense) from continuing operations
(3,558)
(3,410)
Total tax credit / (expense) from discontinued operations
—
(59,926)
Total credit / (expense) from discontinued operations
—
(59,926)
Total credit / (expense)
(3,558)
(63,336)
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Numerical reconciliation of Group Income tax expense to prima facie tax payable:
For the year ended
31 December 2022
31 December 2021
Profit/(loss) before tax
394,456
293,017
Tax (expense) at Greek corporation tax rate of 22%* (2021: 22%)
(86,780)
(64,464)
Tax on expenses not deductible for tax purposes
206
(5,605)
Adjustments to deferred tax due to changes in tax rate
—
1,257
Adjustments for tax of prior periods
—
(5)
Dividend Income
51,495
5,018
Adjustment for share of profit of disposal of associate
31,521
—
Other
—
463
Tax (Charge) / Credit
(3,558)
(63,336)
Effective tax rate
1%
22%
31.Earnings / (Losses) per Share
For the year ended
31 December 2022
31 December 2021
Earnings per share / (Loss) attributable to the Company Shareholders
(expressed in Euro per share):
2.91
1.10
Net income/ (Loss) attributable to ordinary shares 
(Euro in thousands)
889,501
337,444
Weighted average number of ordinary shares
305,635,185
305,635,185
Basic earnings / (losses) per share are calculated by dividing the net profit / (loss) attributable to equity holders of
the Company by the weighted average number of ordinary shares in issue during the period, excluding the
weighted average number of treasury shares. As of 31 December 2022 and 31 December 2021, there were no
treasury shares. Diluted earnings / (losses) per share equal basic earnings (losses) per share.
32.Dividends
At its meeting held on 25 February 2021, the Board of Directors decided to propose to the AGM a final dividend
€0.10 per share for the financial year 2020, which was approved by the AGM on 30 June 2021. The dividend
amounts to €30.6 million and was paid in July 2021.
At its meeting held on 24 February 2022, the Board of Directors decided to distribute an amount of €0.30 per
share from prior year retained earnings as well as to propose to the AGM a final dividend of €0.10 per share for the
financial year 2021. The total dividend amounts to €122.3 million, of which an amount of € 92 million (€0.30 per
share) was paid on May 2022. The final dividend for the financial year 2021, which amounts to €31.6 million, was
approved by the AGM on 9 June 2022 and was paid in July 2022.
At its meeting held on 29 September 2022, the Board of Directors proposed an amount of €0.40 per share for the
financial year 2022. The total dividend amounts to €122.3 million and  was paid in November 2022.
At its meeting held on 10 November 2022, the Board of Directors decided to distribute an interim dividend of
€0.25 per share for the financial year 2022, which amounts to €76.4 million and is included in the  Annual
Consolidated and Company Financial Statements for the year ended 2022 and was paid in January 2023.
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At its meeting held on 24 February 2023, the Board of Directors decided to propose a final dividend of €0.50 per
share for the fiscal year 2022, which amounts to €152.8 million. The total dividend for the fiscal year 2022 is €1.15
per share, amounting to €351.5 million. The final dividend for the financial year 2022 is subject to approval by the
AGM on 15 June 2023.
The Board did not approve a change in dividend policy overall and will re-evaluate the payment of an additional
dividend or an additional special dividend during 2023.
Parent Company
Dividend income relates to receivable dividend from the below subsidiaries and associates of the Company:
•amount of €200 million from the 100% subsidiary company HELPE R.S.S.O.P.P.  S.A. which was collected in
December 2022.
•amount of €2 million from the 100% subsidiary company Hellenic Petroleum International GmbH.
•amount of €32 million from the associate company DEPA Commercial S.A. which was collected in February
2023.
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33.Cash Generated from / (used in) Operations
Group
For the year ended
Note
31 December 2022
31 December 2021
Profit/ (loss) before tax
1,420,982
407,073
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
6.7
298,647
249,280
Amortisation and impairment of intangible assets
8
15,391
9,485
Amortisation of grants
27
(675)
(830)
Finance costs - net
28
114,179
106,233
Share of operating profit of associates
9
(120,042)
(96,660)
Provisions for expenses and valuation charges
17
11,283
216,409
Foreign exchange (gains) / losses
29
(2,499)
(16,245)
(Gains)/ Losses from discounting of long-term receivables and liabilities
27
571
(2,320)
Gains / (losses) on assets held for sale
27
(74,000)
(205)
(Gains) / losses on sales of property, plant and equipment
(11,068)
(2,353)
1,652,769
869,867
Changes in working capital
(Increase) / decrease in inventories
(443,942)
(690,373)
(Ιncrease) / decrease in trade and other receivables
(70,030)
(144,076)
Increase / (decrease) in trade and other payables
(508,679)
226,924
(1,022,652)
(607,526)
Net cash generated from operating activities
630,118
262,342
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Parent Company
Company
For the year ended
Note
31 December 2022
31 December 2021
Profit/ (Loss) before tax from continuing operations
394,456
15,500
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
2,842
3,673
Amortisation and impairment of intangible assets
205
—
Finance costs / (income) - net
(5,787)
(2,778)
Dividend Income
32
(234,069)
(14,525)
(Gain) / loss on assets held for sale
14
(143,216)
—
(Gain) / loss on disposal of property, plant and equipment
27
(10,403)
—
4,028
1,870
Changes in working capital from continuing operations
(Ιncrease) / decrease in trade and other receivables
(13,753)
—
Increase / (decrease) in trade and other payables
17,847
—
4,094
—
Cash generated from / (used in) operating activities from continued
operations
8,122
1,870
Profit/ (Loss) before tax from discontinued operations
—
277,517
Adjustments for discontinued operations
—
472,026
Changes in working capital from discontinued operations
—
(653,381)
Cash generated from / (used in) operating activities from discontinued
operations
—
96,162
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’s 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  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 €7.4 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 €7.4 million has been posted to "Other operating
expenses and other losses" (Note 27).
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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 € 55.6 million (31
December 2021: €53.3 million). In order to appeal against these, and in accordance with the legislation, the Group
has paid an amount of €27.8 million (31 December 2021: €19.4 million), which is included in Trade and other
Receivables in the  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 € 30 million. On
24 December 2008, BP appealed against the CC Decision before the Athens Appellate Administrative Court and
obtained suspension of enforcement for the amount of €28 million. Said Court, by virtue of Decision No.
1494/2011 sustained the appeal and cancelled the penalty. On 26 October 2011 the CC appealed against the above
Decision before the Supreme Administrative Court (Conseil d’ Etat), which rendered its Decision No. 1770/2019, by
virtue of which it has sustained the appeal of the CC and annulled the Decision of the Appellate Court, before
which the case is tried anew. The relevant hearing took place, after postponement, on 22 October 2020. On 2
November 2021, the Court rendered its decision by virtue of which the company’s 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 €2.6 million and €0.5 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 €1.9
million and €0.1 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 €3.1
million.
EKO has also filed two more lawsuits claiming the amounts of €2.0 million and €0.3 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 €1.3 million and €0.1 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 €2.3 million.
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(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
€793 million (31 December 2021: €783 million). Out of these, €685 million (31 December 2021: €676 million) are
included in consolidated borrowings of the Group and are presented as such in the  consolidated and company 
financial statements.
Αs 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 €19 million (31 December 2021:
€19 million) and €1.7 million (31 December 2021: €15.6 million) respectively, and corporate guarantees amounting
to €12 million (31 December 2021: €7.9 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 €170.3 million (31 December 2021: €170.3 million).
(iii)International operations
Τhe Group’s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. 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  financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus’ investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to €5
million against 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:
•shall 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
•shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1
million and €0.8 million.
As a result of the above developments, the Group's consolidated statement of total comprehensive income
includes the amount of €21.4 million recorded in "Other Operating Income".
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(b)Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group’s main
entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and alternative
interpretation by relevant authorities at different points in time and across different entities. As a result, there
may be types of expenses or treatments for which a company may be assessed on a different basis than the one
adopted during preparation of its tax return and the financial statements. Based on past experience tax audits
were carried out by tax authorities on average 5-7 years after the filing of the tax return. In addition, where a tax
audit results in a different view to the one adopted by a Group entity, the process for resolving the issue is usually
through a court of law proceeding, which has many stages and can take a considerable number of years to reach
its final and irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the
total tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management’s best estimates for any material tax and customs liabilities.
(i)Open tax years – Litigation tax cases
As disclosed in Note 30, tax audits for the Group’s most important Greek legal entities have been completed by
the Tax Authorities as follows:
•Financial 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 € 22.5 million and penalties of €23.5 million, for items relating to stamp duty,
various non-deductible expenses and other income tax adjustments. Following a detailed review of the Tax
Audit Report, the Company has disputed the additional taxes imposed (which are over and above the
amounts already included in the Companies’ normal tax returns) and proceeded with all possible legal means
and actions to appeal against these additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay 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 € 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 € 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
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additional amounts of € 16.2 million, penalties of € 8.1 million and surcharges of € 9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact, since
in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes
the additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure
against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges,
amounting to € 16.9 million while the remaining 50% was offset in April 2021, therefore the full charged
amount is now paid. 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:
•Hellenic 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–barred. 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
€ 1.6 million and surcharges of € 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 € 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 €0.1 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 €0.4 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’s
Greek legal entities obtained  “Annual Tax Compliance Reports” from their Statutory Auditors, as provided for by
par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The 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.
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(ii)Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately €40
million for alleged “stock shortages” during the years 2001-2005. 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 €54 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 € 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  2023. In November 2020 the hearing of the Customs Act No 989/2008, amounting at €35.7 million, took
place before the Administrative Court of Piraeus, 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 – 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’s appeals, or accept the State’s
appeals and redirect them to the Administrative Appeals Court. The total amounts imposed were €13.9 million of
which €13.3 million have been paid and recognized in Other Receivables in the consolidated Financial Statements
(31 December 2021: €13.3 million).
With regards to EKO S.A.’s 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’s
position, which will subsequently result in a favorable outcome for the Group. For the reasons mentioned above,
the Group has not raised a provision with regards to these cases.
With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal
years 2014  -2018, the amount imposed on OKTA as of 31 December 2022 is €18million 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 €0.4 million which OKTA has paid. Additionally, a provision
was included in the consolidated statement of financial position, amounting to €0.9 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.
248
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Complementary
Information
35.Commitments
(a)  Capital commitments
Significant contractual commitments of the Group amount to €46 million as at 31 December 2022 (31 December
2021: €61 million), which mainly relate to improvements in refining assets.
(b)    Exploration costs
Contractual commitments of the Group for exploration costs amount to €6 million as at 31 December 2022
(31 December 2021: €4.3 million).
(c)    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 €186.8 million.
(d)    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.
249
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Information
36.Related Party Balances and Transactions
Included in the statement of comprehensive income are proceeds, costs and expenses, that  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:
•Athens Airport Fuel Pipeline Company S.A. (EAKAA)
•DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. – DEPA S.A.)
•DEPA International Projects S.A.
•Elpedison B.V.
•Spata Aviation Fuel Company S.A. (SAFCO)
•D.M.E.P. HOLDCO
•VLPG Plant LTD
Group
For the year ended
31 December 2022
31 December 2021
Sales of goods and services to related parties
Associates
101,444
124,683
Joint ventures
10,141
63,187
Total
111,585
187,870
Purchases of goods and services from related parties
Associates
151,535
559,802
Joint ventures
182,990
129,888
Total
334,525
689,690
Group
As at
31 December 2022
31 December 2021
Balances due to related parties                                                                     
Associates
13,925
15,768
Joint ventures
926
134
Total
14,851
15,902
Balances due from related parties                                                   
Associates
12,997
9,609
Joint ventures
15,226
48,349
Total
28,223
57,958
250
HELLENiQ ENERGY
Complementary
Information
The Company has provided guarantees in favour of third parties and banks as security for loans granted by them
to Elpedison B.V. The outstanding amount of these as at 31 December 2022 was €107 million (31 December 2021:
€106 million).
Dividend income amount of €32 million  for 2022 relates to the dividend declared by the associate company DEPA
Commercial S.A. (Note 32).
b) Government related entities which are under common control with the Group due to the shareholding and
control rights of the Hellenic State and with which the Group has material transactions.
•Hellenic Armed Forces
•Road Transport S.A.
•Public Power Corporation Hellas S.A.
•Lignitiki Megalopolis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
•Lignitiki Melitis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
•Hellenic Distribution Network Operator S.A. (HEDNO)
Following the harmonisation of the Company’s Articles of Association in accordance with the provisions of law L.
4706/2020 in June 2021 and the subsequent amendments of the Board of Directors composition, the company
below does not meet the criteria of related parties as per IAS 24 as from July 2021.
•Hellenic Gas Transmission System Operator S.A. (DESFA) - (up to 30 June 2021)
During the year ended on 31 December 2022, transactions and balances for the Group with the above government
related entities are as follows:
•Sales of goods and services amounted to €625 million (31 December 2021: €231 million)
• Purchases of goods and services amounted to €3 million  (31 December 2021: €35 million)
•Receivable balances of €106 million (31 December 2021: €37 million)
•Payable balances of €0,1 million (31 December 2021: No payable balances).
There were no transactions and balances between the Company and the above government related entities
following the demerger (Note 1) and up to 31 December 2022. The below relevant balances and transactions relate
to discontinued operations of the Company for the year ended on 31 December 2021.
•Sales of goods and services amounted to €96 million
•Purchases of goods and services amounted to €35 million
•Receivable balances of €9 million
•No payable balances
251
HELLENiQ ENERGY
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Information
c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ
ENERGY Holdings S.A.) and General Managers. The compensation paid or payable for the year ended on 31
December 2022 to the aforementioned key management is as follows:
Group
For the year ended
31 December 2022
31 December 2021
Short-term employee benefits
6,329
5,633
Post-employment benefits
197
185
Termination benefits
172
—
Total
6,698
5,818
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
• Energean Italy S.p.A. (Greece, Patraikos Gulf)
• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
• Energean Hellas LTD (Greece, Block 2)
• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete)
•Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West  Crete)
252
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Information
Parent Company
Transactions and balances with related parties:
Company
For the year ended
31 December  2022
31 December  2021
Sales of goods and services to related parties - * 2021 figures
relate to discontinued operations
Group entities
38,167
2,546,112
Associates
4
123,959
Joint ventures
428
62,622
Total
38,599
2,732,693
Purchases  of goods and services to related parties - * 2021 figures
relate to discontinued operations
Group entities
15,779
38,884
Associates
—
553,592
Joint ventures
978
126,849
Total
16,757
719,325
Company
As at
31 December  2022
31 December  2021
Balances due to related parties
(Trade and other creditors)
Group entities
14,258
11,925
Associates
—
15,329
Joint ventures
4
—
Total
14,262
27,254
Balances due from related parties
(Trade and other debtors)
Group entities
15,655
170,802
Associates
—
5,284
Joint ventures
41
48,069
Total
15,696
224,155
Balances above relate to transactions between the Company and other Group’s companies.
Key management compensation:
Company
For the year ended
31 December 2022
31 December 2021
Short-term employee benefits
4,835
5,539
Post-employment benefits
188
185
Termination benefits
172
—
Total
5,195
5,724
253
HELLENiQ ENERGY
Complementary
Information
37.List of Principal Consolidated Subsidiaries and Associates
Included in the Financial Statements
Company Name
Activity
Country Of
Registration
Effective
Participation
Percentage
Method Of
Consolidation
Refining & Petrochemicals
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.
Refining /
Petrochemicals
GREECE
100.00%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
FULL
VARDAX S.A
Pipeline
GREECE
80.00%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100.00%
FULL
Ε.Α.Κ.Α.Α S.A.
Pipeline
GREECE
50.00%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48.00%
EQUITY
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL
AND COMMERCIAL S.A.
Marketing
GREECE
100.00%
FULL
ΕΚΟ KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
FULL
ΕΚΟΤΑ KO S.A.
Marketing
GREECE
49.00%
FULL
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100.00%
FULL
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100.00%
FULL
OKTA CRUDE OIL REFINERY A.D
Marketing
FYROM
81.51%
FULL
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
FULL
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
FULL
EKO SERBIA AD
Marketing
SERBIA
100.00%
FULL
EKO CYPRUS LTD (former HELLENIC PETROLEUM
CYPRUS LTD)
Marketing
U.K
100.00%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
FULL
EKO LOGISTICS LTD (former YUGEN LTD)
Marketing
CYPRUS
100.00%
FULL
HELPE COMPANY HOLDING LTD
Marketing
CYPRUS
100.00%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
FULL
BLUE CIRCLE ENGINEERING LIMITED
Marketing
CYPRUS
100.00%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32.00%
EQUITY
JUGOPETROL AD
Marketing
ΜONTENEGRO
54.35%
FULL
GLOBAL ALBANIA S.A
Marketing
ΑLBANIA
99.96%
FULL
SAFCO S.A.
Airplane
Fuelling
GREECE
33.33%
EQUITY
RES, Power & Gas
HELLENiQ  RENEWABLES SINGLE MEMBER S.A.
(former HELPE R.E.S. S.A.)
Energy
GREECE
100.00%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
51.00%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
FULL
HELPE RENEWABLE WIND FARMS OF EVIA S.A.
Energy
GREECE
100.00%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
HELLENIC PETROLEUM RENEWABLE WIND FARMS
OF MANI S.A.
Energy
GREECE
100.00%
FULL
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Information
AIOLIKO PARKO MAKRYLAKKOMA S.A.
Energy
GREECE
100.00%
FULL
AIOLIKO PARKO SAGIAS S.A.
Energy
GREECE
100.00%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FULL
FENSOL S.M.
Energy
CYPRUS
100.00%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100.00%
FULL
KOZILIO 1
Energy
GREECE
100.00%
FULL
WINDSPUR Private Company
Energy
GREECE
100.00%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
DEPA COMMERCIAL S.A. (former DEPA S.A.)
Natural Gas
GREECE
35.00%
EQUITY
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35.00%
EQUITY
ELPEDISON B.V.
Power
Generation
NETHERLANDS
50.00%
EQUITY
E&P
HELPE E&P HOLDINGS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE ARTA PREVEZA S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE NW PELOPONISSOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE WEST KERKYRA S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE SEA OF THRACE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE IONIO S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE KIPARISSIAKOS GULF S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE WEST CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE SW CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE PATRAIKOS  S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE UPSTREAM S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
Other
HELLENIC PETROLEUM INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
FULL
HELLENIC PETROLEUM FINANCE  PLC
Treasury
services
U.K
100.00%
FULL
HELLENIC PETROLEUM CONSULTING
Consulting
services
GREECE
100.00%
FULL
ASPROFOS S.A
Engineering
GREECE
100.00%
FULL
HELPE DIGITAL S.A.
IT Services
GREECE
100.00%
FULL
ELPEFUTURE
Energy
GREECE
100.00%
FULL
HELPE REAL ESTATE S.A.
Real Estate
GREECE
100.00%
FULL
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
FULL
•Following the demerger on 3rd January 2022, the Group established the new company HELPE R.S.S.O.P.P.
(Note 9).
•During 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.
255
HELLENiQ ENERGY
Complementary
Information
•During the current period, the Group completed the acquisition of two wind parks companies in Greece,
“MAKRYLAKKOMA S.A.” and “SAGIAS S.A.”, by “HELLENIC PETROLEUM RENEWABLE WIND FARMS OF
MANI S.A.”, 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 €88 million
which is mainly allocated in intangible assets (Note 8) and property, plant and equipment (Note 6).
•During 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 €25 million which is mainly allocated in
intangible assets (Note 8) and property, plant and equipment (Note 6).
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.
256
HELLENiQ ENERGY
Complementary
Information
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of HELLENiQ ENERGY Holdings S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the accompanying separate and consolidated financial statements of HELLENiQ ENERGY
Holdings S.A. (“the Company”), which comprise the separate and consolidated statement of financial position as at
December 31, 2022, and the separate and consolidated statements of comprehensive income, changes in equity
and cash flows for the year then ended and a summary of significant accounting policies and other explanatory
information.
In our opinion, the accompanying separate and consolidated financial statements present fairly in all material
respects the financial position of HELLENiQ ENERGY Holdings S.A. and its subsidiaries (“the Group”) as at
December 31, 2022 and its consolidated financial performance and cash flows for the year then ended in
accordance with International Financial Reporting Standards, as endorsed by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as incorporated in Greek
Law. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the
Audit of the Separate and Consolidated Financial Statements” section of our report. We remained independent of
the Company and the Group throughout the period of our appointment in accordance with the International Ethics
Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), as incorporated in
Greek Law, together with the ethical requirements that are relevant to the audit of the consolidated financial
statements in Greece, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the separate and consolidated financial statements of the current period. These matters and the related risks of
material misstatement were addressed in the context of our audit of the separate and consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor’s Responsibilities for the Audit of the Separate and
Consolidated Financial Statements” section of our report, including in relation to these matters. Accordingly, our
audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the separate and consolidated financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying separate and consolidated financial statements.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Key audit matter
How our audit addressed the key audit matter
Assessing impairment of non-current assets (separate
and consolidated financial statements)
At December 31, 2022, the consolidated statement of
financial position includes property, plant and equipment
of €3,6 billion, Right-of-Use assets of €233 million and
investments in associates and joint ventures of €402
million. The statement of financial position of the
Company includes investments in subsidiaries, associates
and joint ventures of €1,7 billion.
Under IFRS, an entity is required to assess at the end of
each reporting period whether impairment indicators
exist for its assets.
Changes in the forecasted crude oil prices, the level of
refining margins, the economic activity and the euro to
dollar exchange rate, significantly affect the operations
and financial position of the Company and the Group and
could have a significant impact on the recoverable
amounts of their non-current assets.
Determining the recoverable amount of an asset or a cash
generating unit involves exercise of significant
management judgment and estimates. The uncertainties
related to global economic developments and the
geopolitical tensions, as well as the consequences in the
industry due to the energy transition, increase the
inherent uncertainty embedded in making estimates
about future prices and cash flows.
Moreover, significant judgment may be required for the
determination of the appropriate level at which the
recoverable amount is to be determined, by assessing the
lowest level of assets for which there are separately
identifiable cash inflows.
Given the materiality of balances of non-current assets
(property, plant and equipment, right-of-use assets,
investments in associates and joint ventures) in the
consolidated statement of financial position and in the
statement of financial position of the Company
(investments in subsidiaries, associates and joint
ventures), the inherent uncertainty in making estimates
and assumptions in light also of the changing economic
environment, we consider non-current assets’
assessment for impairment a key audit matter.
The Company’s and Group’s disclosures regarding their
accounting policy, judgments and estimates used in the
assessment for impairment of their non-current assets
are in notes 2.12, 4, 6, 7 and 9 of the separate and
consolidated financial statements.
Our work included, but was not limited to, the
following procedures:
•We evaluated management’s assessment of
the potential impairment indicators, focusing
on whether indicators exist, including by
comparing actual performance to that
budgeted, analyzing reasons for any deviations
and considering whether these may affect
future performance, as well as assessing
historical accuracy of management’s budgets
and forecasts.
•For the assets where impairment indicators
were identified, and hence an impairment test
performed by management, we assessed with
the assistance of our own internal specialists:
(i) the assumptions and methodologies used by
management to determine the recoverable
amount of assets (or cash generating units)
and (ii) the level at which the recoverable
amount was determined (asset or cash
generating unit).
•Where impairment tests were performed by
the Company and the Group, we used external
data, as applicable, in assessing the
assumptions and estimates used by
management. We compared the estimates
used by management to externally available
financial data, where available, as well as
performed sensitivity analyses for possible
reasonable changes to the most significant
inputs.
•We also assessed the adequacy of the
Company’s and the Group’s disclosures in the
separate and consolidated financial
statements with respect to the above matters.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Key audit matter
How our audit addressed the key audit matter
Recoverability of trade receivables (consolidated
financial statements)
Included in the gross balance of trade receivables in note
12 of the consolidated financial statements as at
December 31, 2022 is an amount of €372 million relating
to the Group’s marketing operations in Greece, against
which provision for impairment amounting to €170
million is recorded.
Management assesses the recoverability of trade
receivables, and estimates a loss allowance for expected
credit losses, considering, among others, its experience
with collection trends in the marketing segment, the
current economic conditions and the securities and
collaterals obtained from specific customers.
The assessment for impairment of trade receivables
requires significant management judgment in assessing
the trade debtors’ ability to pay, the expected time of
collection, the valuation of collaterals held, and an
estimation of future market conditions. Moreover,
considering the current economic environment,
significant management judgment is required to
incorporate in this assessment the potential effects of the
energy crisis and inflationary pressures, in assessing any
significant increase in credit risk and other forward-
looking information. Thus, we have considered the
recoverability of trade receivables a key audit matter.
The Group’s disclosures regarding trade receivables, the
related risks such as credit risk and the aging of trade
receivables are included in notes 3.1(b) and 12 of the
consolidated financial statements, while note 4 discloses
the Group’s significant accounting judgments and
estimates.
Our work included, but was not limited to, the
following procedures: 
•We obtained an understanding of the Group’s
process to monitor trade receivables, including
its credit control procedures and the factors
considered in estimating the provision for
expected credit losses. We evaluated whether
the process is in line with IFRS.
•We evaluated the Group’s policy and key
assumptions used for recording a provision for
expected credit losses on trade receivables,
including the valuation of collaterals obtained
from specific customers with the involvement
of our specialists in the valuation of real estate
market. In this process we evaluated whether
there are any significant changes to the
valuation of collaterals taking into
consideration possible effects of energy crisis
and inflationary pressures.
•We reviewed minutes of the Group’s credit
review committee and obtained and assessed
legal letters, where applicable, to corroborate
management’s assumptions on recoverability
of trade receivables.
•We also assessed the adequacy of the Group’s
disclosures in the consolidated financial
statements with respect to the above matters.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Key audit matter
How our audit addressed the key audit matter
Uncertain tax positions (consolidated financial
statements)
As disclosed in note 34 of the consolidated financial
statements as of December 31, 2022, the Group has
certain open legal disputes mainly (but not solely) relating
to tax audits by the Greek tax authorities. In addition, the
tax authorities reserve the right for future tax audits
within the statute of limitation deadlines.
The accounting for uncertain tax positions requires
significant judgment by management mainly in assessing
whether it is probable that the taxation authorities will
accept an uncertain tax treatment and how to reflect the
effect of uncertainty in determining the related taxable
profit (tax loss), tax bases, unused tax losses or unused tax
credits.
Given the complex and changing tax environment, and
the time taken for the judicial process to result in a final
position in case of a dispute, high level of management
judgment and estimates are involved in assessing
uncertain tax positions, thus we considered the uncertain
tax positions as a key audit matter.
The Group’s disclosures about Uncertain Tax Positions are
included in notes 30 and 34 of the consolidated financial
statements, while notes 2.21 and 4 refer to the Group’s
accounting policies and significant judgments and
estimates.
Our work included, but was not limited to, the
following procedures: 
•Together with our professionals specialized in
tax matters we updated our prior years’
assessment of the Group’s open tax audits and
the relevant legal cases.
•We assessed the outcome of tax and legal
cases concluded in 2022, comparing to the
estimates and assumptions made by
management in previous years.
•We evaluated management’s estimates for the
uncertain tax and related legal positions
considering legal advice (from external and
internal lawyers) and tax advice received by the
Group, as considered necessary.
•We also assessed the adequacy of the Group’s
disclosures in the consolidated financial
statements with respect to the above matters.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Other information
Management is responsible for the other information in the Annual Financial Report. The other information,
includes the Board of Directors’ Report, for which reference is also made in section “Report on Other Legal and
Regulatory Requirements”, the Statements of the Members of the Board of Directors, and any other information
either required by law or voluntarily incorporated by the Company in its Annual Financial Report prepared in
accordance with Law 3556/2007, but does not include the separate and consolidated financial statements and
our auditor’s report thereon.
Our opinion on the separate and consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other information is materially
inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report that fact. We have nothing to report
in this regard.
Responsibilities of the Management and Those Charged with Governance for the Separate and Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the separate and consolidated financial
statements in accordance with International Financial Reporting Standards as endorsed by the European Union,
and for such internal control as management determines is necessary to enable the preparation of separate and
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing the
Company’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate the
Company and the Group or to cease operations, or has no realistic alternative but to do so.
The Audit Committee  (Law 44 ν.4449/2017) is responsible for overseeing the Company’s and the Group’s
financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs, as incorporated in Greek Law, will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these separate and consolidated financial statements.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
As part of an audit in accordance with ISAs, as incorporated in Greek Law, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
•Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company’s and the Group’s internal control.
•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the separate and consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the Company and the Group to
cease to continue as a going concern.
•Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
•Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the separate and consolidated financial statements. We
are responsible for the direction, supervision and performance of the Company and its subsidiaries. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the separate and consolidated financial statements of the current period and are
therefore the key audit matters.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Report on Other Legal and Regulatory Requirements
1.Board of Directors’ Report
Taking into consideration that management is responsible for the preparation of the Board of Directors’ Report
and the Corporate Governance Statement that is included therein, according to the provisions of paragraph 5
article 2 of Law 4336/2015 (part B), we report that:
a) The Board of Directors’ Report includes a Corporate Governance Statement that contains the information
required by article 152 of Law 4548/2018.
b) In our opinion the Board of Directors’ Report has been prepared in accordance with the legal requirements of
articles 150-151 and 153 -154 and paragraph 1 (c and d) of article 152 of Law 4548/2018 and the content of the
Board of Directors’ report is consistent with the accompanying separate and consolidated financial statements for
the year ended December 31, 2022.
c) Based on the knowledge and understanding concerning HELLENiQ ENERGY Holdings S.A. and its environment,
obtained during our audit, we have not identified information included in the Board of Directors’ Report that
contains a material misstatement.
2.Additional Report to the Audit Committee
Our opinion on the separate and consolidated financial statements is consistent with our Additional Report to the
Audit Committee of the Group, in accordance with Article 11 of the EU Regulation 537/2014.
3.Provision of Non-audit Services
We have not provided any prohibited non-audit services per Article 5 of the EU Regulation 537/2014.
Non-audit services provided by us to the Company and its subsidiaries during the year ended December 31, 2022,
are disclosed in Note 25 of the separate and consolidated financial statements.
4.Appointment of the Auditor
We were firstly appointed as auditors of the Company by the General Assembly on June 23, 2017. Our
appointment has been renewed annually by virtue of decisions of the annual general meetings of the shareholders
for a continuous period of 6 years.
5.Rules of Procedure
The Company has in place Rules of Procedure, the context of which is in accordance with the provisions of article
14 of Law 4706/2020.
6.Reasonable Assurance report on the European Single Electronic Format
We have examined the digital files of HELLENiQ ENERGY Holdings S.A., prepared in accordance with the European
Single Electronic Format (“ESEF”) as defined in the EU Delegated Regulation 2019/815, as amended by the EU
Delegated Regulation 2020/1989 of the European Commission (hereinafter referred to as “the ESEF Regulation”),
which includes the separate and consolidated financial statements of the Company and the Group for the year
ended December 31, 2022 in XHTML format and the XBRL file “213800YUBJMZYR1SNG35-2022-12-31-en.zip”
with appropriate tagging on the aforementioned consolidated financial statements, including the explanatory
notes.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Auditor’s Responsibilities for the Audit of the Separate and Consolidated Financial Statements
The digital files of the European Single Electronic Format are prepared in accordance with the ESEF Regulation
and the Interpretative Communication of the European Commission 2020/C 379/01 dated 10 November 2020, as
required by Law 3556/2007 and the relevant communications of the Hellenic Capital Market Commission and the
Athens Stock Exchange (hereinafter referred to as the "ESEF Regulatory Framework").
This Framework provides, among others, the following requirements:
•all annual financial reports should be prepared in XHTML format.
•for the consolidated financial statements prepared in accordance with International Financial Reporting
Standards, the financial information in the statement of comprehensive income, the statement of financial
position, the statement of changes in equity and the statement of cash flows, as well as the financial
information included in the explanatory notes, should be marked-up (XBRL tags and block tag), according to
the Taxonomy of ESEF (ESEF Taxonomy) as applicable. The technical specifications for ESEF, including the
relevant taxonomy, are set out in the ESEF Regulatory Technical Standards.
The requirements set out in the ESEF Regulatory Framework provide appropriate criteria for us to express a
reasonable assurance conclusion.
Responsibilities of Management and Those Charged With Governance
Management is responsible for the preparation and submission of the separate and consolidated financial
statements of the Company and the Group for the year ended December 31, 2022, in accordance with the
requirements set out in the ESEF Regulatory Framework, and for such internal control as management
determines is necessary to enable the preparation of the digital files that is free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibilities
Our responsibility is to plan and perform this assurance engagement in accordance with the Decision
214/4/11-02-2022 of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board
and the “Guiding instructions to auditors in connection with their assurance engagement on the European Single
Electronic Format (ESEF) of public issuers in regulated Greek markets”, as issued by the Institute of Certified
Public Accountants of Greece on 14 February 2022 (hereinafter referred to as “ESEF Guiding Instructions”), in
order to obtain reasonable assurance that the separate and consolidated financial statements of the Company
and the Group prepared by management in accordance with ESEF comply, in all material respects, with the ESEF
Regulatory Framework.
Our work was performed in accordance with the International Ethics Standards Board for Accountants’ Code of
Ethics for Professional Accountants (IESBA Code), as incorporated in Greek Law, and we have fulfilled our other
ethical independence responsibilities in accordance with Law 4449/2017 and the EU Regulation 537/2014.
The assurance engagement we performed, in accordance with the International Standard on Assurance
Engagements 3000, "Assurance Engagements Other Than an Audit or Review of Historical Financial
Information", is limited to the objectives included in the ESEF Guiding Instructions. Reasonable assurance is a high
level of assurance, but it is not a guarantee that this reasonable assurance engagement will always detect a
material misstatement with respect to non-compliance with the requirements of the ESEF Regulatory Framework
when it exists.
Conclusion
Based on the procedures performed and the evidence obtained, we express the conclusion that the separate and
consolidated financial statements of the Company and the Group for the year ended  December 31, 2022, in
XHTML file format, as well as the required XBRL file “213800YUBJMZYR1SNG35-2022-12-31-en.zip” with
appropriate tagging on the aforementioned consolidated financial statements, including the explanatory notes,
have been prepared and presented, in all material respects, in accordance with the ESEF Regulatory Framework.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Athens, 24 February 2023
The Certified Auditor Accountant
Andreas Hadjidamianou
SOEL R.N. 61391
ERNST & YOUNG (HELLAS)
Certified Auditors – Accountants S.A.
8B Chimarras
151 25 Maroussi, Greece
Company SOEL R.N. 107
A member firm of Ernst & Young Global Limited
5.1 Information required as per article 10 of L. 3401/2005
Pursuant to decision 7/448/11.01.2007 article 1 of the Capital Market Commission’s Board of Directors and the
provision of article 10 of L. 3401/2005, the Company informs investors of the following announcements issued to
the Athens Stock Exchange and Capital Market Commission supervisory authorities, in accordance with applicable
law during the financial year 2022. 
The full text of these announcements can be found on the Company’s website at the following electronic address:
https://www.helpe.gr/en/.
Financial Statements
25.02.2022
HELPE S.A. & GROUP 2021 Annual Financial Statements
25.08.2022
HELPE S.A. & GROUP 1Q 2021 Interim Financial Statements
Press releases regarding the
Financial Statements
24.02.2022
Fourth quarter / Full Year 2021 financial results
12.05.2022
First quarter 2022 financial results
25.08.2022
Second quarter / first half 2022 financial results
10.11.2022
Third Quarter / Nine Month 2022 financial results
General Μeetings / General
Μeeting resolutions /
Dividends
24.02.2022
Announcement of dividend distribution from prior year’s
earnings
14.04.2022
New payment date for dividend distribution from prior years'
earnings
19.05.2022
Invitation to Annual Ordinary General Meeting 09.06.22
09.06.2022
Resolution of the Annual Ordinary General Meeting 09.06.22
09.06.2022
Announcement for dividend payment 2021
26.08.2022
Invitation to Extraordinary General Meeting 20.09.22
21.09.2022
Resolution of the Extraordinary General Meeting 20.09.22
29.09.2022
Announcement for the payment of interim dividend for fiscal
year 2022
10.11.2022
Announcement for the payment of interim dividend for fiscal
year 2022
Senior executives and
organizational changes
31.01.2022
Appointment of new Group Chief Financial Officer
09.03.2022
Appointment of new Investor Relations Officer
Announcement of regulated
information, pursuant to law
3556/2007
28.06.2022
Various
03.01.2022
Approval of the demerger of "HELLENIC PETROLEUM S.A." by
way of hive-down of its refining, supply and trading of oil
products and petrochemicals sector and the establishment of a
new company.
14.01.2022
Amendment of “HELLENIC PETROLEUM S.A.” corporate and
trade name in Athens Stock Exchange
24.02.2022
Financial Calendar 2022
268
HELLENiQ ENERGY
14.04.2022
Financial Calendar 2022 (Amendment)
24.05.2022
Response to press reports regarding the transfer of
TotalEnergies' interests in hydrocarbon E&P consortium
04.07.2022
Announcement of cooperation between HELPE Renewables S.A.
and RWE Renewables GmbH
19.07.2022
Announcement regarding the transfer of TotalEnergies' interest
in hydrocarbon E&P consortia
28.07.2022
Announcement for the acquisition of wind farms of 55.2 MW
capacity in Eastern Mani, Laconia, Greece
01.09.2022
Completion of the sale of 100% of the share capital of DEPA
Infrastructure S.A.
29.09.2022
Financial Calendar 2022 (Amendment)
29.09.2022
Amendment of "HELLENIC PETROLEUM Holdings S.A."
corporate and trade name on the Athens Exchange
10.11.2022
Financial Calendar 2022 (Amendment)
269
HELLENiQ ENERGY
5.2 Website
The annual financial statements of the Company, on a consolidated and non-consolidated basis, the Independent
Auditors’ Report and the Annual Report of the Board of Directors are available on the internet at www.helpe.gr.
Since year end 2021, the Annual Financial Report is prepared in compliance with the European Single Electronic
Format (ESEF) in xHTML and inline XBRL format and it is available on its website.
The financial statements of the consolidated companies under EKO S.A. are available online at www.eko.gr.
On HELLENiQ ENERGY's website https://www.helpe.gr/investor-relations/quarterly-results/financial-
statements/financial-statements-of-subsidiary-companies/, there is a list of subsidiaries that are fully
consolidated in the Group's financial statements; these companies also operate their own website through which
their financial statements can be accessed. The financial statements of the remaining subsidiaries can be viewed
at the aforementioned address.
270
HELLENiQ ENERGY
271
HELLENiQ ENERGY