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The consolidated and Company financial statements for the year ended\u00a0 31 December 2023\u00a0 from page 174 to
page 276 are presented in \u20ac'000, unless otherwise stated, and have been approved by the Board of Directors of
HELLENiQ ENERGY Holdings S.A. on 29/2/2024.
Andreas Shiamishis
Vasileios Tsaitas
Stefanos Papadimitriou
\u00a0 Chief Executive Officer
Chief Financial Officer
Accounting Director
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{ "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-270": { "value": "-154785000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-271": { "value": "919457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-272": { "value": "900176000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-273": { "value": "
1.General Information
HELLENiQ ENERGY Holdings S.A. (the \"Company\") is the parent company of HELLENiQ ENERGY Group (the
\"Group\"). The Company acts as a holding company and provides administrative and financial services to its
subsidiaries. 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 Exchange and the
London Stock Exchange through Global Depositary Receipts (GDRs).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-274": { "value": "1.General InformationThe 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-275": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-276": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-277": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-278": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-279": { "value": "Greece", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-280": { "value": "Greece", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-281": { "value": "Greece", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-282": { "value": "8A Chimarras Str., Marousi, 151 25", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "
2.Summary of Material 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 2023 have been prepared
in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (\u201cIASB\u201d), as endorsed by the European Union (\u201cEU\u201d), 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\u2019s 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\u2019s report. The most significant
financial and operational risks and uncertainties that may have an impact upon the Group\u2019s performance and their
mitigation are outlined in Note 3 including liquidity risk, market risk, credit risk and capital risk to these
consolidated financial statements.\u00a0
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.\u00a0
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.
Furthermore, profitability can be affected by natural gas and electricity pricing, which together with the cost of
acquiring CO2 certificates in compliance with the European Union Emissions Trading System (EU ETS), will affect
variable operating expenditure. In the medium to long term, Energy transition is further expected to affect key
profitability and operating expenditure factors.
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, have a negative impact on Group
profitability. Conversely, ample supply of crude oil and/ or a higher demand for oil products would lead to higher
benchmark margins and profitability.
In 2023, demand for oil products continued to grow in line with the post pandemic global economic recovery
supporting higher benchmark margins. At the same time, the cost of electricity and Natural Gas declined
compared to the irregularly high prices that it reached in 2022, substantially reverting to pre-energy crisis levels.
In the 12-month period ending 31 December 2023, the Group successfully signed a financing framework
agreement for an amount of up to \u20ac766 million for the financing of existing and new projects for electricity
generation from Renewable Energy Sources and refinanced approximately \u20ac1 billion of outstanding committed
facilities at lower margins whilst improving the maturity profile of its debt liabilities.\u00a0
At 31 December 2023, the Group held cash of \u20ac919 million and has a positive operating working capital position.
Its total loans and borrowings amount to \u20ac2.547 million, \u20ac2.218 million relate to committed term facilities and
\u20ac329 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of
\u20ac829 million of term loans and \u20ac329 million of 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
17.
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2025 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's 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.
In February 2024, the Group proceeded with the extension of a facility of \u20ac200 million initially maturing in
February 2024, for one year (Note 17). Other than the Eurobond amounting to \u20ac599 million maturing in October
2024, there are no other committed borrowings that mature in 2024. With regards to the Eurobond, Management
is considering its alternatives, including the issuance of a new bond. Should further funding be required, the Group
can draw from committed term facilities limits \u20ac953 million without further approvals as well as from
uncommitted facilities \u20ac729 million, subject to approvals from the respective financial institutions.
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\u202ffrom the date
of\u202fapproval of\u202fthese consolidated and Company financial statements.The consolidated financial statements have
been prepared in accordance with the historical cost basis, except for the following:
\u2022 financial instruments \u2013 some of which are measured at fair value (Note 3.3 & 23)
\u2022 defined benefit pension plans \u2013 plan assets measured at fair value
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\u2019s 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 \u201cNote 4:
Critical accounting estimates and judgements\u201d. 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.\u00a0
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 2022 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 2023. Amendments and
interpretations that were applied for the first time in 2023 did not have a significant impact on the consolidated
and company financial statements for the year ended 31 December 2023, unless stated otherwise. These are also
disclosed below.
\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice Statements 2: Disclosure of Accounting
policies (Amendments): The Amendments are effective for annual periods beginning on or after 1 January,
2023. The amendments provide guidance on the application of materiality judgements to accounting policy
disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose \"significant\"
accounting policies with a requirement to disclose \"material\" accounting policies. Also, guidance and
illustrative examples are added in the Practice Statement to assist in the application of the materiality
concept when making judgements about accounting policy disclosures. The Group has assessed and
amended its accounting policies disclosure in accordance with the IAS 1 guidance.
\u2022 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. 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, 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.
\u2022 IAS 12 Income Taxes International Tax Reform - Pillar Two Model Rules (Amendments): The amendments
are effective immediately upon issuance, but certain disclosure requirements are effective later. The
Organisation for Economic Co-operation and Development's (OECD) published the Pillar Two model rules in
December 2021 to ensure that large multinational companies would be subject to a minimum 15% tax rate.
On 23 May 2023, the IASB issued International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes
arising from the jurisdictional implementation of the Pillar Two model rules and disclosure requirements for
affected entities on the potential exposure to Pillar Two income taxes. The Amendments require, for periods
in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of known or
reasonably estimable information that helps users of financial statements understand the entity\u2019s exposure
arising from Pillar Two income taxes. To comply with these requirements, an entity is required to disclose
qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the
reporting period. The disclosure of the current tax expense related to Pillar Two income taxes and the
disclosures in relation to periods before the legislation is effective are required for annual reporting periods
beginning on or after 1 January 2023, but are not required for any interim period ending on or before 31
December 2023. The Group's assessment of the impact is disclosed in Note 29.
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.
\u2022 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\u2019s 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\u2019s classification. Additional disclosures are also required for non-current liabilities arising
from loan arrangements that are subject to covenants to be complied with within twelve months after the
reporting period. The standard has 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) 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\u2019s share of the profit or loss or share of other
comprehensive income of the investee after the date of acquisition. The Group\u2019s 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.
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\u2019s share of its associates\u2019 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\u2019s 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\u2019s fair value less costs to sell and its value in use (discounted cash flows expected to be
generated based upon management\u2019s 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\u2019s financial statements only to the extent of unrelated investor\u2019s 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.
(c) 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\u2019s share of the post-
acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s 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\u2019s 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\u2019 financial statements.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in\u00a0 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 \u2018Share of profit/ (loss) of investments in associates and joint ventures\u2019 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
in the acquiree. For each business combination, the Group measures the non-controlling interest in the acquiree
at the proportionate share of the acquiree\u2019s 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\u2019s 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 2.8) 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\u2019s 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, the Deputy Chief Executive Officer, General and
other senior managers of the Group. The Group\u2019s key operating segments are disclosed in Note 5.
2.5Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s 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\u2019s functional currency and the presentation currency
of the Group. Given that the Group\u2019s 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.\u00a0
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 (\u201cCurrency exchange gains/(losses)\u201d).
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.
2.6Property, 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\u2019s 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:
\u2013 Buildings (including petrol stations)
10 \u2013 40 years
\u2013 Plant & Machinery
\u2022 Specialised industrial installations and Machinery
10 \u2013 35 years
\u2022 Pipelines
\u2022 Other equipment
30 \u2013 50 years
5 \u2013 25 years
\u2022 Wind Farms equipment
\u2022 Solar Parks equipment
20 - 30\u00a0 years
20 - 30\u00a0 years
\u2013 Transportation means
\u2022 LPG and white products carrier tank trucks
5 \u2013 10 years
\u2022 Other Motor Vehicles
4 \u2013 10 years
\u2022 Shipping Vessels
25 \u2013 35 years
\u2013 Furniture and fixtures
\u2022 Computer hardware
3 \u2013 5 years
\u2022 Other furniture and fixtures
4 \u2013 10 years
Specialised industrial installations include refinery units, petrochemical plants, tank facilities and petrol stations.
The assets\u2019 residual values and estimated useful economic lives are reviewed at the end of each reporting period
and adjusted prospectively if appropriate.
If the asset\u2019s carrying amount is greater than its estimated recoverable amount, then it is written down
immediately to its recoverable amount (Note 2.10).
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 either \u201cOther operating
income and other gains\u201d or \u201cOther operating expenses and other losses\u201d.
Estimated restoration costs, for which disbursements are determined to be probable, are recognised as a
provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position.
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.
2.7Leases
2.7.1Right-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.
2.7.2Lease 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
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).
\u03a4he IFRS Interpretations Committee (the \u201cCommittee\u201d) 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 33 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 2023, all leases where the Group acts as an intermediate lessor were
assessed and evaluated as operating.
2.8Intangible assets
(a) Goodwill
Goodwill represents the excess of the consideration transferred over the Company's interest in the fair value of
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.
(b) Licenses 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.
(c) 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).
d) EU ETS Allowances
European Union operates a 'cap and trade' scheme, EU Emissions Trading System (\"EU ETS\"), whereby the Group
is required to deliver emissions certificates to the relevant regulator to meet\u00a0 its CO2 emissions obligation. The
government grants a certain number of emissions certificates (\"EU Allowances\" or \"EUAs\"), to the Group for use
during a compliance period, at zero cost. Further, there is an active market where the Group can trade EUAs with
other parties and ensure that it has sufficient certificates to match its emissions. The Group has determined that
emissions allowances are identifiable non-monetary assets that do not have physical substance and therefore
meet the definition of an intangible asset recognised at cost. Cost is determined using the FIFO method. This
accounting policy choice is applied regardless of whether emissions allowances are purchased from the market or
received from the government as a free allowance. Management might choose to sell EU Allowances because of a
surplus to its expected usage requirements, or because of the timing of the obligation of surrendering the
estimated quantity. The income from the sale of these allowances in the case of surplus with no intention to buy
them back is not recognized as revenue because it does not arise by the Group's ordinary course of activities and is\u00a0
reported within other operating income.\u00a0 The accounting policy on provision for environmental liabilities is stated
in Note 2.22.
2.9Exploration\u00a0 and evaluation of mineral resources
(a) Exploration and evaluation assets
During the exploration period and before a commercially viable discovery, oil and natural gas exploration and
evaluation expenditures are expensed. Geological and geophysical costs as well as costs directly associated with
an exploration are expensed as incurred. Exploration property leasehold acquisition costs are capitalized within
intangible assets and amortised over the period of the licence or in relation to the progress of the activities if there
is a substantial difference. Upstream exploration rights are included in licenses and rights in intangible assets.
(b) Development of tangible and intangible assets
Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines
and the drilling of commercially proven development wells is capitalized within tangible and intangible assets
according to their nature. When development is completed on a specific field, it is transferred to production
assets. No depreciation and/or amortisation is charged during development.
(c) Oil and gas production assets
Oil and gas production assets are presented separately from other property, plant and equipment and comprise of\u00a0
exploration and evaluation tangible assets as well as development expenditures associated with the production of
proven reserves. The Group has not recognised any such assets, as it is currently in the first stages of exploration
and evaluation.
(d) Depreciation/amortisation
Oil and gas properties/intangible assets are depreciated/amortized using the unit-of-production method. Unit-of-
production rates are based on proven developed reserves, which are oil, gas and other mineral reserves estimated
to be recovered from existing facilities using current operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at custody transfer or sales transaction points at the
outlet valve on the field storage tank.
(e) Impairment \u2013 exploration and evaluation assets
The exploration property leasehold acquisition costs are tested for impairment whenever facts and circumstances
indicate impairment. For the purposes of assessing impairment, the exploration property leasehold acquisition
costs subject to testing are grouped with existing cash-generating units (CGUs) of production fields that are
located in the same geographical region corresponding to each license.
(f) Impairment \u2013 proven oil and gas properties and intangible assets
Proven oil and gas properties and intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows.
2.10Impairment of non-financial assets
The Group assesses, at each reporting date, whether an indication of impairment exists. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are
subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management\u2019s expectations of future economic and operating conditions). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-
generating units). For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If
such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
2.11Financial assets
2.11.1 Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that
do not contain a significant financing component or for which the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined
under IFRS 15. Refer to the accounting policies in section 2.23 Revenue from contracts with customers.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that\u00a0 the
Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022 Financial assets at fair value through profit or loss
(a) 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.
(b) Financial assets at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments).
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments:
Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
income in the profit or loss of the statement of comprehensive income, when the right of payment has been
established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are
not subject to impairment assessment.\u00a0
The Group elected to classify irrevocably its listed equity investments under this category.
(c) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term.
Derivatives are also categorised as \u2018held for trading\u2019 unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held for trading or are expected to be realised within 12 months of
the end of the reporting period, otherwise they are classified as non-current. Financial assets with cash flows that
are not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model.
2.11.2 Derecognition and impairment
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
The rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In
that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.
Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\u2022 Disclosures for significant estimates and assumptions Note 4
\u2022 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.
2.11.3 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.
2.12Derivative financial instruments and hedging activities
As part of its risk management policy, the Group utilizes currency and commodity derivatives to mitigate the
impact of volatility in commodity prices and foreign exchange rates. Derivative financial instruments are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative. Changes in fair values of the derivative financial instruments are recognised at
each reporting date either in the statement of comprehensive income or in other comprehensive income,
depending on whether the derivative is designated as a hedging instrument. If so, the nature of the item being
hedged is also disclosed. The Group designates certain derivatives as either:
a. Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions.
\u03a4he documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the
hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the financial reporting periods for which they
were designated. The instruments used for this risk management include commodity exchange traded contracts
(ICE futures), full refinery margin forwards, product price forward contracts or options.
Cash flow hedges
The effective portion of changes in the fair value of these derivatives is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of
comprehensive income within. Amounts accumulated in equity are recycled in the statement of comprehensive
income in the periods when the hedged item affects profit or loss (i.e. when the forecast transaction being hedged
takes place) within cost of sales.
When a hedging instrument expires or is sold, or a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast
transaction is ultimately recognized in the statement of comprehensive income. When a forecast transaction is no
longer expected to occur, the derivative is de-designated and the cumulative gain or loss that was reported in
equity is immediately transferred to the statement of comprehensive income, in a line item depending on the
nature of the hedge.
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.
2.13Inventories
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.
2.14Trade 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.
For trade receivables, which are not in default the Group applies the simplified approach, in accordance with IFRS
9 and calculates ECLs based on lifetime expected credit losses. The Group has established a provision matrix that
is based on the Group\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment. On the other hand, trade receivables in default are assessed on a case by
case basis. The amount of the provision is recognised in the statement of comprehensive income and is included
in \u201cSelling and distribution expenses\u201d.
2.15Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments such as marketable securities and time deposits with original maturities of three months or less.\u00a0
Cash pledged as collateral is included in \u201cTrade and other receivables\u201d.
2.16Share capital and Share premium
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.\u00a0
Share premium includes any proceeds received for the issuance of shares above their nominal value.
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised to profit or loss of the statement of comprehensive income on the purchase, sale,
issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the
consideration, if reissued, is recognised in equity.
2.17Borrowings
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:
\u2022 the currency in which the borrowing is denominated
\u2022 the interest rate (that is fixed versus floating rate)
\u2022 changes in covenants
2.18Current and deferred income tax
The tax expense or credit for the period comprises current and deferred tax. The income tax expense or credit for
the period, is the tax estimated on the current period\u2019s taxable income based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
and to unused tax losses, as well as additional taxes for prior years. Tax is recognised in the statement of
comprehensive income, except to the extent that it relates to items recognized directly in equity. In this case, the
tax is also recognized in equity.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the Group\u2019s subsidiaries and associates operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities. Any interest and penalties arising on uncertain tax
positions are considered as part of income tax.
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.
2.19Employee benefits
(a) Pension obligations
The Group participates in various pension schemes. The payments are determined by the local legislation and the
funds\u2019 regulations. The Group has both defined benefit and defined contribution plans.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive
on retirement, usually dependent on one or more factors such as age, years of service and compensation.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate State
pension fund. The Group has no legal or constructive obligations to pay further contributions if the fund does not
hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods.
Defined benefit pension plan
Where applicable, under local labour laws, employees and workers are entitled to post employment payments in
the event of retirement with the amount of payment varying in relation to the employee\u2019s or worker\u2019s
compensation and length of service. This program is considered as a defined benefit plan.
The liability recognized in the consolidated statement of financial position in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity
approximating to the terms of the related pension obligation.
The current service cost of the defined benefit plan, recognized in the consolidated statement of profit or loss in
employee benefit\u00a0 expense (except where included in the cost of an asset) reflects the increase in the defined
benefit obligation resulting from employee service in the current year, benefit changes curtailments and
settlements.\u00a0
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
or credited to equity in other comprehensive income in the period in which they arise.\u00a0
Past-service costs are recognized immediately in profit or loss of the statement of comprehensive income.
Defined contribution plans
The Group\u2019s employees are covered by one of several Greek State sponsored pension funds which relates to the
private sector and provides pension and pharmaceutical benefits. Each employee is required to contribute a
portion of their monthly salary to the funds, with the Group also contributing a portion. Upon retirement, the
pension fund is responsible for paying the employees retirement benefits. As such, the Group has no legal or
constructive obligation to pay future benefits under this plan.\u00a0
(b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of
IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their
present value.
(c) Share-based compensation
Employees of the Group may receive remuneration in the form of share based payments as part of a share option
plan. The total amount to be expensed over the vesting period is determined by reference to the fair value of the
options granted, at the date of granting. Non-market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each reporting period end, the entity revises its estimates of the number of options that are expected to vest. It
recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, with
a corresponding adjustment to equity.
When the options are exercised, the Company may issue new shares. In that case, the proceeds received net of
any directly attributable transaction costs are credited to share capital (nominal value) and share premium when
the options are exercised. The Group has no share-based compensation schemes in force for 2022 and for 2023.
(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.
2.20Trade 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.
2.21Provisions
Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be required to
settle the obligation; and the amount can be reliably estimated. Provisions are not recognised for future operating
losses.
Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The discount rate used to determine the present
value reflects current market assessments of the time value of money and the increases specific to the liability.
No provisions are recognized for possible future obligations whose existence will be confirmed only by the
occurrence or non\u2011occurrence of one or more uncertain future events not wholly within the control of the Group or
for present obligations if it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. For
such cases the Group discloses a contingent liability.
2.22Environmental 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: EU 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. More specifically, the Group measures the provision as the expected cost of the shortfall in metric tons
(if any), meaning the amount of emissions exceeding the total amount of allowance and purchases, at their
market price at the balance sheet date.
2.23Revenue recognition
Revenue from contracts with customers
Revenue comprises the fair value of the sale of goods and services, net of value-added tax and any excise duties,
rebates and discounts. Revenue from contracts with customers is recognised when control of the goods or
services are transferred to the customer at an amount that reflects the consideration to which the Group expects
to be entitled in exchange for those goods or services. Control over goods sold and services rendered is transferred
to the customer upon delivery of the respective products or service respectively. Revenue is recognised to the
extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. Payment terms vary in line with the type of sales transactions and depend mainly on the products sold
or services rendered, the distribution channels as well as each customer\u2019s specifics.\u00a0
The Group assesses whether it acts as a principal or agent in each of its revenue arrangements. The Group has
concluded that in all sales transactions it acts as a principal.
Revenue is recognised as follows:
Sales of goods \u2013 wholesale & retail
Revenue is recognized when a contractual promise to a customer (performance obligation) is fulfilled by
transferring the promised goods (which is when the customer obtains control over the promised goods). If a
contract contains more than one performance obligation, the total transaction price of the contract is allocated
among the individual, separate performance obligations based on their relative standalone selling prices. The
amount of revenue recognized is the amount allocated to the satisfied performance obligation based on the
consideration that the Group expects to receive in accordance with the terms of the contracts with the customers.
Provision of services
For sales of services, revenue is recognised in the accounting period in which the services are rendered, as the
customer obtains control over the promised services, by reference to stage of completion of each specific
performance obligation and assessed on the basis of the actual service provided (using appraisals of the results
achieved and milestones reached), as a proportion of the total services to be provided.
Variable consideration
If the consideration in a contract includes a variable amount, the Group recognizes this amount as revenue only to
the extent that it is highly probable that a significant reversal will not occur in the future.
Volume discounts
The Group provides volume discounts to customers based on thresholds specified in the respective contracts.
Options for volume related discounts are assessed by the Group to determine whether they constitute a material
right that the customer would not receive without entering into that contract. For all such options that are
considered as material rights, the Group assesses the likelihood of its exercise and then the portion of the
transaction price allocated to the option is deferred and recognized when it is either exercised or lapsed.
The Group has concluded that volume discounts constitute a material right which should be recognized over time
up to the point it is either exercised or lapsed. All such discounts are accrued within the financial year.
Interest income
Interest income is recognised using the effective interest method. When a receivable is impaired, the Group
reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at
original effective interest rate of the instrument, and continues unwinding the discount as interest income.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Company specific
Following the demerger of the refining and petrochemicals segment to the newly established HELPE R.S.S.O.P.P.,
the scope and nature of the Company changed to providing services to the other Group entities. The Company
recognizes two types of income:
\u2013 Revenue related to charges for services provided to other Group entities.
\u2013 Other income related to the reallocation of central expenses it incurs.
Company recognises revenue at a point in time.
2.24Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements
in the period in which the dividends are declared and appropriately authorised or approved by the Company\u2019s
Shareholders\u2019 General Meeting. Interim dividends proposed by the Board of Directors are recognized as liabilities
when it becomes certain they will be paid, as following their proposal by the Board, they are subject to the usual
legal procedures before payment.
2.25Financial 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.
2.26Changes 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 2023.
2.27Comparative figures
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current
year (Notes 16, 20, 23, 26 & 35).
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.10) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 33).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
The Group\u2019s key operating segments are:
a) Refining, Supply and Trading (\"Refining\")
- Activities in Greece revolve around the operation of the Group\u2019s three refineries located in Aspropyrgos, Elefsina
and Thessaloniki, which account for approximately 65% of the country\u2019s total refining capacity. The three
refineries combine a storage capacity of 6,65 million m\u00b3 of crude oil and petroleum products.
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 1.631 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 323\u00a0 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)\u00a0 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 and abroad through its owned
operations in the renewable energy sector.
- Power:\u00a0 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.
and DEPA International Projects S.A. (the remaining 65% of the above entities\u00a0 is held by the Hellenic Republic
Asset Development Fund - HRADF). The DEPA Commercial 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 (in
incorporated jointly controlled operations either as\u00a0 Operator or Non-Operator),\u00a0 including offshore Block 2 west of
Corfu Island, offshore West Crete & Southwest Crete Blocks, offshore Block Ionian and Block 10 (Kyparissiakos
gulf) and the Sea of Thrace Concession in North Aegean. An offer has also been submitted for Block 1, North of
Corfu offshore Western Greece.
f)\u00a0 Other
\u201cOther Segments\u201d include Group entities which provide treasury, consulting and engineering services.
More information about the activities of the Group\u2019s key operating segments, as described above, can be found in
the BoD Report.
Part of the Group\u2019s operations require the use of coastal zones. The Group has entered into an Agreement with
the State for the use of coastal zones in certain areas. There are however other areas, where the Group uses
coastal zones, and for which no agreement exists. The State may periodically issue a notice for compensation for
the use of the coastal zones for these areas. Upon adoption of IFRS 16, the Group concluded that the use of
coastal zones could meet the criteria of an identified asset under IFRS 16, where an Agreement exists. Where the
terms of use by the Greek state are determinable from the Agreement, the Group recognizes a right of use asset
within commercial properties and a lease liability representing its obligation to make payments. For instances
where the Group uses coastal zones without an Agreement, the Group considers that the arrangement does not
constitute a lease and provides for compensation for the use of the coast based on the most recently received
notice. For the year ended 31 December 2023, this is estimated at \u20ac670 thousand (31 December 2022: \u20ac 734) and
is included in current liabilities.\u00a0
Furthermore, the Group operates a number of underground pipelines within the boundaries of various
municipalities, in accordance with relevant laws. As described in Note 33, 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.
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
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%
0.10%
99.74%
37.63%
\u03a4otal gross carrying amount
380,921
20,538
242,988
644,447
Expected credit loss
100
20
242,361
242,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "
2.1Basis of preparation
These consolidated and Company financial statements for the year ended 31 December 2023 have been prepared
in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (\u201cIASB\u201d), as endorsed by the European Union (\u201cEU\u201d), 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\u2019s 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\u2019s report. The most significant
financial and operational risks and uncertainties that may have an impact upon the Group\u2019s performance and their
mitigation are outlined in Note 3 including liquidity risk, market risk, credit risk and capital risk to these
consolidated financial statements.\u00a0
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.\u00a0
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.
Furthermore, profitability can be affected by natural gas and electricity pricing, which together with the cost of
acquiring CO2 certificates in compliance with the European Union Emissions Trading System (EU ETS), will affect
variable operating expenditure. In the medium to long term, Energy transition is further expected to affect key
profitability and operating expenditure factors.
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, have a negative impact on Group
profitability. Conversely, ample supply of crude oil and/ or a higher demand for oil products would lead to higher
benchmark margins and profitability.
In 2023, demand for oil products continued to grow in line with the post pandemic global economic recovery
supporting higher benchmark margins. At the same time, the cost of electricity and Natural Gas declined
compared to the irregularly high prices that it reached in 2022, substantially reverting to pre-energy crisis levels.
In the 12-month period ending 31 December 2023, the Group successfully signed a financing framework
agreement for an amount of up to \u20ac766 million for the financing of existing and new projects for electricity
generation from Renewable Energy Sources and refinanced approximately \u20ac1 billion of outstanding committed
facilities at lower margins whilst improving the maturity profile of its debt liabilities.\u00a0
At 31 December 2023, the Group held cash of \u20ac919 million and has a positive operating working capital position.
Its total loans and borrowings amount to \u20ac2.547 million, \u20ac2.218 million relate to committed term facilities and
\u20ac329 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of
\u20ac829 million of term loans and \u20ac329 million of 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
17.
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2025 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's 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.
In February 2024, the Group proceeded with the extension of a facility of \u20ac200 million initially maturing in
February 2024, for one year (Note 17). Other than the Eurobond amounting to \u20ac599 million maturing in October
2024, there are no other committed borrowings that mature in 2024. With regards to the Eurobond, Management
is considering its alternatives, including the issuance of a new bond. Should further funding be required, the Group
can draw from committed term facilities limits \u20ac953 million without further approvals as well as from
uncommitted facilities \u20ac729 million, subject to approvals from the respective financial institutions.
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\u202ffrom the date
of\u202fapproval of\u202fthese consolidated and Company financial statements.The consolidated financial statements have
been prepared in accordance with the historical cost basis, except for the following:
\u2022 financial instruments \u2013 some of which are measured at fair value (Note 3.3 & 23)
\u2022 defined benefit pension plans \u2013 plan assets measured at fair value
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\u2019s 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 \u201cNote 4:
Critical accounting estimates and judgements\u201d. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "
2.1Basis of preparation
These consolidated and Company financial statements for the year ended 31 December 2023 have been prepared
in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (\u201cIASB\u201d), as endorsed by the European Union (\u201cEU\u201d), and present the financial position, results of
operations and cash flows of the Group and Company on a going concern basis.
The consolidated financial statements have
been prepared in accordance with the historical cost basis, except for the following:
\u2022 financial instruments \u2013 some of which are measured at fair value (Note 3.3 & 23)
\u2022 defined benefit pension plans \u2013 plan assets measured at fair value
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\u2019s 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 \u201cNote 4:
Critical accounting estimates and judgements\u201d. 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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "2.1Basis of preparation
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\u2019s 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\u2019s report. The most significant
financial and operational risks and uncertainties that may have an impact upon the Group\u2019s performance and their
mitigation are outlined in Note 3 including liquidity risk, market risk, credit risk and capital risk to these
consolidated financial statements.\u00a0
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.\u00a0
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.
Furthermore, profitability can be affected by natural gas and electricity pricing, which together with the cost of
acquiring CO2 certificates in compliance with the European Union Emissions Trading System (EU ETS), will affect
variable operating expenditure. In the medium to long term, Energy transition is further expected to affect key
profitability and operating expenditure factors.
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, have a negative impact on Group
profitability. Conversely, ample supply of crude oil and/ or a higher demand for oil products would lead to higher
benchmark margins and profitability.
In 2023, demand for oil products continued to grow in line with the post pandemic global economic recovery
supporting higher benchmark margins. At the same time, the cost of electricity and Natural Gas declined
compared to the irregularly high prices that it reached in 2022, substantially reverting to pre-energy crisis levels.
In the 12-month period ending 31 December 2023, the Group successfully signed a financing framework
agreement for an amount of up to \u20ac766 million for the financing of existing and new projects for electricity
generation from Renewable Energy Sources and refinanced approximately \u20ac1 billion of outstanding committed
facilities at lower margins whilst improving the maturity profile of its debt liabilities.\u00a0
At 31 December 2023, the Group held cash of \u20ac919 million and has a positive operating working capital position.
Its total loans and borrowings amount to \u20ac2.547 million, \u20ac2.218 million relate to committed term facilities and
\u20ac329 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of
\u20ac829 million of term loans and \u20ac329 million of 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
17.
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2025 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's 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.
In February 2024, the Group proceeded with the extension of a facility of \u20ac200 million initially maturing in
February 2024, for one year (Note 17). Other than the Eurobond amounting to \u20ac599 million maturing in October
2024, there are no other committed borrowings that mature in 2024. With regards to the Eurobond, Management
is considering its alternatives, including the issuance of a new bond. Should further funding be required, the Group
can draw from committed term facilities limits \u20ac953 million without further approvals as well as from
uncommitted facilities \u20ac729 million, subject to approvals from the respective financial institutions.
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\u202ffrom the date
of\u202fapproval of\u202fthese consolidated and Company financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "
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 2022 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 2023. Amendments and
interpretations that were applied for the first time in 2023 did not have a significant impact on the consolidated
and company financial statements for the year ended 31 December 2023, unless stated otherwise. These are also
disclosed below.
\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice Statements 2: Disclosure of Accounting
policies (Amendments): The Amendments are effective for annual periods beginning on or after 1 January,
2023. The amendments provide guidance on the application of materiality judgements to accounting policy
disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose \"significant\"
accounting policies with a requirement to disclose \"material\" accounting policies. Also, guidance and
illustrative examples are added in the Practice Statement to assist in the application of the materiality
concept when making judgements about accounting policy disclosures. The Group has assessed and
amended its accounting policies disclosure in accordance with the IAS 1 guidance.
\u2022 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. 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, 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.
\u2022 IAS 12 Income Taxes International Tax Reform - Pillar Two Model Rules (Amendments): The amendments
are effective immediately upon issuance, but certain disclosure requirements are effective later. The
Organisation for Economic Co-operation and Development's (OECD) published the Pillar Two model rules in
December 2021 to ensure that large multinational companies would be subject to a minimum 15% tax rate.
On 23 May 2023, the IASB issued International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes
arising from the jurisdictional implementation of the Pillar Two model rules and disclosure requirements for
affected entities on the potential exposure to Pillar Two income taxes. The Amendments require, for periods
in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of known or
reasonably estimable information that helps users of financial statements understand the entity\u2019s exposure
arising from Pillar Two income taxes. To comply with these requirements, an entity is required to disclose
qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the
reporting period. The disclosure of the current tax expense related to Pillar Two income taxes and the
disclosures in relation to periods before the legislation is effective are required for annual reporting periods
beginning on or after 1 January 2023, but are not required for any interim period ending on or before 31
December 2023. The Group's assessment of the impact is disclosed in Note 29.
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.
\u2022 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\u2019s 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\u2019s classification. Additional disclosures are also required for non-current liabilities arising
from loan arrangements that are subject to covenants to be complied with within twelve months after the
reporting period. The standard has been endorsed by the EU.
2.26Changes 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 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "
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) 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\u2019s share of the profit or loss or share of other
comprehensive income of the investee after the date of acquisition. The Group\u2019s 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.
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\u2019s share of its associates\u2019 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\u2019s 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\u2019s fair value less costs to sell and its value in use (discounted cash flows expected to be
generated based upon management\u2019s 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\u2019s financial statements only to the extent of unrelated investor\u2019s 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.
(c) 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\u2019s share of the post-
acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s 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\u2019s 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\u2019 financial statements.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in\u00a0 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 \u2018Share of profit/ (loss) of investments in associates and joint ventures\u2019 in
the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "
2.2Basis of consolidation
(c) 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\u2019s share of the post-
acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s 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\u2019s 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\u2019 financial statements.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in\u00a0 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 \u2018Share of profit/ (loss) of investments in associates and joint ventures\u2019 in
the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "
2.2Basis of consolidation
(b) 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\u2019s share of the profit or loss or share of other
comprehensive income of the investee after the date of acquisition. The Group\u2019s 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.
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\u2019s share of its associates\u2019 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\u2019s 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\u2019s fair value less costs to sell and its value in use (discounted cash flows expected to be
generated based upon management\u2019s 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\u2019s financial statements only to the extent of unrelated investor\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "
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
in the acquiree. For each business combination, the Group measures the non-controlling interest in the acquiree
at the proportionate share of the acquiree\u2019s 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\u2019s 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 2.8) 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\u2019s 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.
2.8Intangible assets
(a) Goodwill
Goodwill represents the excess of the consideration transferred over the Company's interest in the fair value of
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
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, the Deputy Chief Executive Officer, General and
other senior managers of the Group. The Group\u2019s key operating segments are disclosed in Note 5.
5.Segment Information
The Group\u2019s key operating segments are:
a) Refining, Supply and Trading (\"Refining\")
- Activities in Greece revolve around the operation of the Group\u2019s three refineries located in Aspropyrgos, Elefsina
and Thessaloniki, which account for approximately 65% of the country\u2019s total refining capacity. The three
refineries combine a storage capacity of 6,65 million m\u00b3 of crude oil and petroleum products.
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 1.631 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 323\u00a0 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)\u00a0 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 and abroad through its owned
operations in the renewable energy sector.
- Power:\u00a0 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.
and DEPA International Projects S.A. (the remaining 65% of the above entities\u00a0 is held by the Hellenic Republic
Asset Development Fund - HRADF). The DEPA Commercial 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 (in
incorporated jointly controlled operations either as\u00a0 Operator or Non-Operator),\u00a0 including offshore Block 2 west of
Corfu Island, offshore West Crete & Southwest Crete Blocks, offshore Block Ionian and Block 10 (Kyparissiakos
gulf) and the Sea of Thrace Concession in North Aegean. An offer has also been submitted for Block 1, North of
Corfu offshore Western Greece.
f)\u00a0 Other
\u201cOther Segments\u201d include Group entities which provide treasury, consulting and engineering services.
More information about the activities of the Group\u2019s key operating segments, as described above, can be found in
the BoD Report.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
2.5Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s 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\u2019s functional currency and the presentation currency
of the Group. Given that the Group\u2019s 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.\u00a0
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 (\u201cCurrency exchange gains/(losses)\u201d).
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "
2.5Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s 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\u2019s functional currency and the presentation currency
of the Group. Given that the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "
2.6Property, 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\u2019s 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:
\u2013 Buildings (including petrol stations)
10 \u2013 40 years
\u2013 Plant & Machinery
\u2022 Specialised industrial installations and Machinery
10 \u2013 35 years
\u2022 Pipelines
\u2022 Other equipment
30 \u2013 50 years
5 \u2013 25 years
\u2022 Wind Farms equipment
\u2022 Solar Parks equipment
20 - 30\u00a0 years
20 - 30\u00a0 years
\u2013 Transportation means
\u2022 LPG and white products carrier tank trucks
5 \u2013 10 years
\u2022 Other Motor Vehicles
4 \u2013 10 years
\u2022 Shipping Vessels
25 \u2013 35 years
\u2013 Furniture and fixtures
\u2022 Computer hardware
3 \u2013 5 years
\u2022 Other furniture and fixtures
4 \u2013 10 years
Specialised industrial installations include refinery units, petrochemical plants, tank facilities and petrol stations.
The assets\u2019 residual values and estimated useful economic lives are reviewed at the end of each reporting period
and adjusted prospectively if appropriate.
If the asset\u2019s carrying amount is greater than its estimated recoverable amount, then it is written down
immediately to its recoverable amount (Note 2.10).
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 either \u201cOther operating
income and other gains\u201d or \u201cOther operating expenses and other losses\u201d.
Estimated restoration costs, for which disbursements are determined to be probable, are recognised as a
provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position.
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.
2.10Impairment of non-financial assets
The Group assesses, at each reporting date, whether an indication of impairment exists. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are
subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management\u2019s expectations of future economic and operating conditions). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-
generating units). For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If
such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
2.7Leases
2.7.1Right-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.
2.7.2Lease 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
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).
\u03a4he IFRS Interpretations Committee (the \u201cCommittee\u201d) 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 33 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 2023, all leases where the Group acts as an intermediate lessor were
assessed and evaluated as operating.
7.Right of Use Assets
Part of the Group\u2019s operations require the use of coastal zones. The Group has entered into an Agreement with
the State for the use of coastal zones in certain areas. There are however other areas, where the Group uses
coastal zones, and for which no agreement exists. The State may periodically issue a notice for compensation for
the use of the coastal zones for these areas. Upon adoption of IFRS 16, the Group concluded that the use of
coastal zones could meet the criteria of an identified asset under IFRS 16, where an Agreement exists. Where the
terms of use by the Greek state are determinable from the Agreement, the Group recognizes a right of use asset
within commercial properties and a lease liability representing its obligation to make payments. For instances
where the Group uses coastal zones without an Agreement, the Group considers that the arrangement does not
constitute a lease and provides for compensation for the use of the coast based on the most recently received
notice. For the year ended 31 December 2023, this is estimated at \u20ac670 thousand (31 December 2022: \u20ac 734) and
is included in current liabilities.\u00a0
Furthermore, the Group operates a number of underground pipelines within the boundaries of various
municipalities, in accordance with relevant laws. As described in Note 33, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
2.8Intangible assets
(a) Goodwill
Goodwill represents the excess of the consideration transferred over the Company's interest in the fair value of
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.
(b) Licenses 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.
(c) 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).
d) EU ETS Allowances
European Union operates a 'cap and trade' scheme, EU Emissions Trading System (\"EU ETS\"), whereby the Group
is required to deliver emissions certificates to the relevant regulator to meet\u00a0 its CO2 emissions obligation. The
government grants a certain number of emissions certificates (\"EU Allowances\" or \"EUAs\"), to the Group for use
during a compliance period, at zero cost. Further, there is an active market where the Group can trade EUAs with
other parties and ensure that it has sufficient certificates to match its emissions. The Group has determined that
emissions allowances are identifiable non-monetary assets that do not have physical substance and therefore
meet the definition of an intangible asset recognised at cost. Cost is determined using the FIFO method. This
accounting policy choice is applied regardless of whether emissions allowances are purchased from the market or
received from the government as a free allowance. Management might choose to sell EU Allowances because of a
surplus to its expected usage requirements, or because of the timing of the obligation of surrendering the
estimated quantity. The income from the sale of these allowances in the case of surplus with no intention to buy
them back is not recognized as revenue because it does not arise by the Group's ordinary course of activities and is\u00a0
reported within other operating income.\u00a0 The accounting policy on provision for environmental liabilities is stated
in Note 2.22.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
2.8Intangible assets
(a) Goodwill
Goodwill represents the excess of the consideration transferred over the Company's interest in the fair value of
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
2.9Exploration\u00a0 and evaluation of mineral resources
(a) Exploration and evaluation assets
During the exploration period and before a commercially viable discovery, oil and natural gas exploration and
evaluation expenditures are expensed. Geological and geophysical costs as well as costs directly associated with
an exploration are expensed as incurred. Exploration property leasehold acquisition costs are capitalized within
intangible assets and amortised over the period of the licence or in relation to the progress of the activities if there
is a substantial difference. Upstream exploration rights are included in licenses and rights in intangible assets.
(b) Development of tangible and intangible assets
Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines
and the drilling of commercially proven development wells is capitalized within tangible and intangible assets
according to their nature. When development is completed on a specific field, it is transferred to production
assets. No depreciation and/or amortisation is charged during development.
(c) Oil and gas production assets
Oil and gas production assets are presented separately from other property, plant and equipment and comprise of\u00a0
exploration and evaluation tangible assets as well as development expenditures associated with the production of
proven reserves. The Group has not recognised any such assets, as it is currently in the first stages of exploration
and evaluation.
(d) Depreciation/amortisation
Oil and gas properties/intangible assets are depreciated/amortized using the unit-of-production method. Unit-of-
production rates are based on proven developed reserves, which are oil, gas and other mineral reserves estimated
to be recovered from existing facilities using current operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at custody transfer or sales transaction points at the
outlet valve on the field storage tank.
(e) Impairment \u2013 exploration and evaluation assets
The exploration property leasehold acquisition costs are tested for impairment whenever facts and circumstances
indicate impairment. For the purposes of assessing impairment, the exploration property leasehold acquisition
costs subject to testing are grouped with existing cash-generating units (CGUs) of production fields that are
located in the same geographical region corresponding to each license.
(f) Impairment \u2013 proven oil and gas properties and intangible assets
Proven oil and gas properties and intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
2.9Exploration\u00a0 and evaluation of mineral resources
(c) Oil and gas production assets
Oil and gas production assets are presented separately from other property, plant and equipment and comprise of\u00a0
exploration and evaluation tangible assets as well as development expenditures associated with the production of
proven reserves. The Group has not recognised any such assets, as it is currently in the first stages of exploration
and evaluation.
(d) Depreciation/amortisation
Oil and gas properties/intangible assets are depreciated/amortized using the unit-of-production method. Unit-of-
production rates are based on proven developed reserves, which are oil, gas and other mineral reserves estimated
to be recovered from existing facilities using current operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at custody transfer or sales transaction points at the
outlet valve on the field storage tank.
(e) Impairment \u2013 exploration and evaluation assets
The exploration property leasehold acquisition costs are tested for impairment whenever facts and circumstances
indicate impairment. For the purposes of assessing impairment, the exploration property leasehold acquisition
costs subject to testing are grouped with existing cash-generating units (CGUs) of production fields that are
located in the same geographical region corresponding to each license.
(f) Impairment \u2013 proven oil and gas properties and intangible assets
Proven oil and gas properties and intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "
2.10Impairment of non-financial assets
The Group assesses, at each reporting date, whether an indication of impairment exists. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are
subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management\u2019s expectations of future economic and operating conditions). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-
generating units). For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If
such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
2.11Financial assets
2.11.1 Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that
do not contain a significant financing component or for which the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined
under IFRS 15. Refer to the accounting policies in section 2.23 Revenue from contracts with customers.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that\u00a0 the
Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022 Financial assets at fair value through profit or loss
(a) 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.
(b) Financial assets at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments).
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments:
Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
income in the profit or loss of the statement of comprehensive income, when the right of payment has been
established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are
not subject to impairment assessment.\u00a0
The Group elected to classify irrevocably its listed equity investments under this category.
(c) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term.
Derivatives are also categorised as \u2018held for trading\u2019 unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held for trading or are expected to be realised within 12 months of
the end of the reporting period, otherwise they are classified as non-current. Financial assets with cash flows that
are not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model.
2.11.2 Derecognition and impairment
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
The rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In
that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.
Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\u2022 Disclosures for significant estimates and assumptions Note 4
\u2022 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.
2.11.3 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.
2.12Derivative financial instruments and hedging activities
As part of its risk management policy, the Group utilizes currency and commodity derivatives to mitigate the
impact of volatility in commodity prices and foreign exchange rates. Derivative financial instruments are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative. Changes in fair values of the derivative financial instruments are recognised at
each reporting date either in the statement of comprehensive income or in other comprehensive income,
depending on whether the derivative is designated as a hedging instrument. If so, the nature of the item being
hedged is also disclosed. The Group designates certain derivatives as either:
a. Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions.
\u03a4he documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the
hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the financial reporting periods for which they
were designated. The instruments used for this risk management include commodity exchange traded contracts
(ICE futures), full refinery margin forwards, product price forward contracts or options.
Cash flow hedges
The effective portion of changes in the fair value of these derivatives is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of
comprehensive income within. Amounts accumulated in equity are recycled in the statement of comprehensive
income in the periods when the hedged item affects profit or loss (i.e. when the forecast transaction being hedged
takes place) within cost of sales.
When a hedging instrument expires or is sold, or a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast
transaction is ultimately recognized in the statement of comprehensive income. When a forecast transaction is no
longer expected to occur, the derivative is de-designated and the cumulative gain or loss that was reported in
equity is immediately transferred to the statement of comprehensive income, in a line item depending on the
nature of the hedge.
Derivatives at fair value through profit or loss
Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss.
Changes in the fair value of the derivative instruments that do not qualify for hedge accounting are recognized
immediately in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
2.11Financial assets
2.11.2 Derecognition and impairment
Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\u2022 Disclosures for significant estimates and assumptions Note 4
\u2022 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.
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.10) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 33).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
2.11Financial assets
(c) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term.
Derivatives are also categorised as \u2018held for trading\u2019 unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held for trading or are expected to be realised within 12 months of
the end of the reporting period, otherwise they are classified as non-current. Financial assets with cash flows that
are not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
2.11Financial assets
2.11.3 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "
2.11Financial assets
2.11.2 Derecognition and impairment
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
The rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In
that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
2.12Derivative financial instruments and hedging activities
As part of its risk management policy, the Group utilizes currency and commodity derivatives to mitigate the
impact of volatility in commodity prices and foreign exchange rates. Derivative financial instruments are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative. Changes in fair values of the derivative financial instruments are recognised at
each reporting date either in the statement of comprehensive income or in other comprehensive income,
depending on whether the derivative is designated as a hedging instrument. If so, the nature of the item being
hedged is also disclosed. The Group designates certain derivatives as either:
a. Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions.
\u03a4he documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the
hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the financial reporting periods for which they
were designated. The instruments used for this risk management include commodity exchange traded contracts
(ICE futures), full refinery margin forwards, product price forward contracts or options.
Cash flow hedges
The effective portion of changes in the fair value of these derivatives is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of
comprehensive income within. Amounts accumulated in equity are recycled in the statement of comprehensive
income in the periods when the hedged item affects profit or loss (i.e. when the forecast transaction being hedged
takes place) within cost of sales.
When a hedging instrument expires or is sold, or a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast
transaction is ultimately recognized in the statement of comprehensive income. When a forecast transaction is no
longer expected to occur, the derivative is de-designated and the cumulative gain or loss that was reported in
equity is immediately transferred to the statement of comprehensive income, in a line item depending on the
nature of the hedge.
Derivatives at fair value through profit or loss
Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss.
Changes in the fair value of the derivative instruments that do not qualify for hedge accounting are recognized
immediately in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "
2.13Inventories
Inventories comprise crude oil and other raw materials, refined and semi-finished products, petrochemicals,
merchandise, consumables and other spare parts.
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the monthly weighted
average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour,
other direct costs and related production overheads. It does not include borrowing costs. Net realisable value is
the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated
costs necessary to make the sale, where applicable. Spare parts consumed within a year are carried as inventory
and recognized in cost of sales in the statement of comprehensive income when consumed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "
2.14Trade 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.
For trade receivables, which are not in default the Group applies the simplified approach, in accordance with IFRS
9 and calculates ECLs based on lifetime expected credit losses. The Group has established a provision matrix that
is based on the Group\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment. On the other hand, trade receivables in default are assessed on a case by
case basis. The amount of the provision is recognised in the statement of comprehensive income and is included
in \u201cSelling and distribution expenses\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "
2.15Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments such as marketable securities and time deposits with original maturities of three months or less.\u00a0
Cash pledged as collateral is included in \u201cTrade and other receivables\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
2.16Share capital and Share premium
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.\u00a0
Share premium includes any proceeds received for the issuance of shares above their nominal value.
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised to profit or loss of the statement of comprehensive income on the purchase, sale,
issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the
consideration, if reissued, is recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
2.17Borrowings
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:
\u2022 the currency in which the borrowing is denominated
\u2022 the interest rate (that is fixed versus floating rate)
\u2022 changes in covenants
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "
2.18Current and deferred income tax
The tax expense or credit for the period comprises current and deferred tax. The income tax expense or credit for
the period, is the tax estimated on the current period\u2019s taxable income based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
and to unused tax losses, as well as additional taxes for prior years. Tax is recognised in the statement of
comprehensive income, except to the extent that it relates to items recognized directly in equity. In this case, the
tax is also recognized in equity.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the Group\u2019s subsidiaries and associates operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities. Any interest and penalties arising on uncertain tax
positions are considered as part of income tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "
2.18Current and deferred 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
2.19Employee benefits
(a) Pension obligations
The Group participates in various pension schemes. The payments are determined by the local legislation and the
funds\u2019 regulations. The Group has both defined benefit and defined contribution plans.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive
on retirement, usually dependent on one or more factors such as age, years of service and compensation.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate State
pension fund. The Group has no legal or constructive obligations to pay further contributions if the fund does not
hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods.
Defined benefit pension plan
Where applicable, under local labour laws, employees and workers are entitled to post employment payments in
the event of retirement with the amount of payment varying in relation to the employee\u2019s or worker\u2019s
compensation and length of service. This program is considered as a defined benefit plan.
The liability recognized in the consolidated statement of financial position in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity
approximating to the terms of the related pension obligation.
The current service cost of the defined benefit plan, recognized in the consolidated statement of profit or loss in
employee benefit\u00a0 expense (except where included in the cost of an asset) reflects the increase in the defined
benefit obligation resulting from employee service in the current year, benefit changes curtailments and
settlements.\u00a0
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
or credited to equity in other comprehensive income in the period in which they arise.\u00a0
Past-service costs are recognized immediately in profit or loss of the statement of comprehensive income.
Defined contribution plans
The Group\u2019s employees are covered by one of several Greek State sponsored pension funds which relates to the
private sector and provides pension and pharmaceutical benefits. Each employee is required to contribute a
portion of their monthly salary to the funds, with the Group also contributing a portion. Upon retirement, the
pension fund is responsible for paying the employees retirement benefits. As such, the Group has no legal or
constructive obligation to pay future benefits under this plan.\u00a0
(b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of
IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their
present value.
(c) Share-based compensation
Employees of the Group may receive remuneration in the form of share based payments as part of a share option
plan. The total amount to be expensed over the vesting period is determined by reference to the fair value of the
options granted, at the date of granting. Non-market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each reporting period end, the entity revises its estimates of the number of options that are expected to vest. It
recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, with
a corresponding adjustment to equity.
When the options are exercised, the Company may issue new shares. In that case, the proceeds received net of
any directly attributable transaction costs are credited to share capital (nominal value) and share premium when
the options are exercised. The Group has no share-based compensation schemes in force for 2022 and for 2023.
(d) Short-term paid absences
The Group recognises the expected cost of short-term employee benefits in the form of paid absences in the case
of accumulating paid absences, when the employees render service that increases their entitlement to future paid
absences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
2.19Employee benefits
(c) Share-based compensation
Employees of the Group may receive remuneration in the form of share based payments as part of a share option
plan. The total amount to be expensed over the vesting period is determined by reference to the fair value of the
options granted, at the date of granting. Non-market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each reporting period end, the entity revises its estimates of the number of options that are expected to vest. It
recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, with
a corresponding adjustment to equity.
When the options are exercised, the Company may issue new shares. In that case, the proceeds received net of
any directly attributable transaction costs are credited to share capital (nominal value) and share premium when
the options are exercised. The Group has no share-based compensation schemes in force for 2022 and for 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
2.19Employee benefits
(b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of
IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their
present value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
2.20Trade and other payables
Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost
using the effective interest method. Accounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
2.21Provisions
Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be required to
settle the obligation; and the amount can be reliably estimated. Provisions are not recognised for future operating
losses.
Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The discount rate used to determine the present
value reflects current market assessments of the time value of money and the increases specific to the liability.
No provisions are recognized for possible future obligations whose existence will be confirmed only by the
occurrence or non\u2011occurrence of one or more uncertain future events not wholly within the control of the Group or
for present obligations if it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. For
such cases the Group discloses a contingent liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
2.22Environmental 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: EU 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. More specifically, the Group measures the provision as the expected cost of the shortfall in metric tons
(if any), meaning the amount of emissions exceeding the total amount of allowance and purchases, at their
market price at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
2.22Environmental 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: EU 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. More specifically, the Group measures the provision as the expected cost of the shortfall in metric tons
(if any), meaning the amount of emissions exceeding the total amount of allowance and purchases, at their
market price at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
2.23Revenue recognition
Revenue from contracts with customers
Revenue comprises the fair value of the sale of goods and services, net of value-added tax and any excise duties,
rebates and discounts. Revenue from contracts with customers is recognised when control of the goods or
services are transferred to the customer at an amount that reflects the consideration to which the Group expects
to be entitled in exchange for those goods or services. Control over goods sold and services rendered is transferred
to the customer upon delivery of the respective products or service respectively. Revenue is recognised to the
extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. Payment terms vary in line with the type of sales transactions and depend mainly on the products sold
or services rendered, the distribution channels as well as each customer\u2019s specifics.\u00a0
The Group assesses whether it acts as a principal or agent in each of its revenue arrangements. The Group has
concluded that in all sales transactions it acts as a principal.
Revenue is recognised as follows:
Sales of goods \u2013 wholesale & retail
Revenue is recognized when a contractual promise to a customer (performance obligation) is fulfilled by
transferring the promised goods (which is when the customer obtains control over the promised goods). If a
contract contains more than one performance obligation, the total transaction price of the contract is allocated
among the individual, separate performance obligations based on their relative standalone selling prices. The
amount of revenue recognized is the amount allocated to the satisfied performance obligation based on the
consideration that the Group expects to receive in accordance with the terms of the contracts with the customers.
Provision of services
For sales of services, revenue is recognised in the accounting period in which the services are rendered, as the
customer obtains control over the promised services, by reference to stage of completion of each specific
performance obligation and assessed on the basis of the actual service provided (using appraisals of the results
achieved and milestones reached), as a proportion of the total services to be provided.
Variable consideration
If the consideration in a contract includes a variable amount, the Group recognizes this amount as revenue only to
the extent that it is highly probable that a significant reversal will not occur in the future.
Volume discounts
The Group provides volume discounts to customers based on thresholds specified in the respective contracts.
Options for volume related discounts are assessed by the Group to determine whether they constitute a material
right that the customer would not receive without entering into that contract. For all such options that are
considered as material rights, the Group assesses the likelihood of its exercise and then the portion of the
transaction price allocated to the option is deferred and recognized when it is either exercised or lapsed.
The Group has concluded that volume discounts constitute a material right which should be recognized over time
up to the point it is either exercised or lapsed. All such discounts are accrued within the financial year.
Interest income
Interest income is recognised using the effective interest method. When a receivable is impaired, the Group
reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at
original effective interest rate of the instrument, and continues unwinding the discount as interest income.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Company specific
Following the demerger of the refining and petrochemicals segment to the newly established HELPE R.S.S.O.P.P.,
the scope and nature of the Company changed to providing services to the other Group entities. The Company
recognizes two types of income:
\u2013 Revenue related to charges for services provided to other Group entities.
\u2013 Other income related to the reallocation of central expenses it incurs.
Company recognises revenue at a point in time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
2.24Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements
in the period in which the dividends are declared and appropriately authorised or approved by the Company\u2019s
Shareholders\u2019 General Meeting. Interim dividends proposed by the Board of Directors are recognized as liabilities
when it becomes certain they will be paid, as following their proposal by the Board, they are subject to the usual
legal procedures before payment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
2.25Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the amount of the loss allowance determined in
accordance with IFRS 9 requirements and the amount initially recognized, less when appropriate, the cumulative
amount of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
2.26Changes 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 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
2.27Comparative figures
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current
year (Notes 16, 20, 23, 26 & 35).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
3.Financial Risk Management
3.1Financial risk factors
The nature of operations of the Company on a stand-alone basis does not give rise to significant financial risks.
Consequently, the Financial Risk Management Note covers risks and responses related to the Group.
The Group\u2019s activities are primarily centered on Downstream Refining (incl. Petrochemicals) & Marketing of
petroleum products, electricity generation through renewable sources; with secondary activities relating to
exploration of hydrocarbons and through its investments in Elpedison B.V., DEPA Commercial and DEPA
International Projects, the Group also operates in the natural gas sector and in electricity generation (through gas-
fired units) and trading. As such, the Group is exposed to a variety of financial and commodity markets' risks
including foreign exchange and commodity price, credit, liquidity, cash flow and interest-rate risk. In line with
international best practices and within the context of local markets and legislative framework, the Group's overall
risk management policies aim at reducing possible exposure to market volatility and/or mitigating its adverse
effects on the financial position of the Group to the extent possible. In general, the key factors that impact the
Group's operations are summarised as follows:
Currency: The Group\u2019s business is naturally hedged against a functional currency risk at the gross margin level. All
petroleum industry transactions are referenced to international benchmark quotes for crude oil and oil products in
USD. All international purchases and sales of crude oil and products are conducted in USD and all sales into local
markets are either in USD prices or converted to local currency for accounting and settlement reasons using the
USD reference on the date of the transaction. In addition, the Group's majority of operating expenses transactions
are conducted in Euro. As a result, the Group's operations are mainly exposed to the risk of foreign exchange
caused by fluctuating the dollar exchange rate against the Euro.\u00a0 The strengthening of the US Dollar against the
Euro has a positive effect on the Group\u2019s financial results while in the opposite event, both the financial results and
balance sheet items (net position of inventory, investments, receivables, trade payables and other liabilities in US
dollar) would be valued at lower levels.
Prices: The Group is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk
management is supervised by the Supply and Trading Department. Non-commodity price risk management is
carried out by the Finance Department under policies approved by the Board of Directors. Group Finance identifies
and evaluates financial risks in close co-operation with the Group's operating units.
Continuous crude oil supplies: The Group procures crude oil from a number of suppliers, including national oil
companies and international traders primarily in, but not limited to, the Middle East, North Africa and Black Sea
region. The process of sourcing of crude oil is coordinated by the Supply and Trading department in line with
production plans. Following the developments in Ukraine, and the imposition of economic sanctions against the
Russian Federation, the Group has successfully substituted its crude oil and intermediary feedstock supply
originating from the Russian Federation with equivalent quantities and grades from other sources since March
2022. Further, provided that the Group has only limited sourcing of crude oil through Red Sea, the recent events in
the Middle East have not had to date any significant impact on the ability of the Group to source crude oil or
supply refined products to its customers in the region. Nevertheless, Group's Management continuously monitors
the situation and assesses the potential impact on its operation. The Group\u2019s three coastal refineries\u2019 location, the
flexibility provided by the configuration and technology of each refinery provide access to a wide range of
feedstock sourcing opportunities, which enables the Group to respond to supply shortages of certain crude grades
without materially affecting its operations and financial performance.
Financing of operations: The key priorities of the Group are the management of the \u2018Assets and Liabilities\u2019
maturity profile, funding in accordance with its strategic investment plan and the liquidity risk management for its
operational needs. The vast majority of the Group\u2019s borrowings are committed credit facilities with financial
institutions and debt capital markets.
As of 31 December 2023, approximately 87% of total debt (about 81% as at 31 December 2022), 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 17.
Capital management: Another key priority of the Group has been the management of its Assets. Overall the Group
has approximately \u20ac4.6 billion of capital employed (excluding leases) 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 2023 was positive. 35% of total capital employed is financed through net debt excluding leases, while
the remaining 65% is financed through shareholders equity.
(a) Market risk
(i) Foreign exchange risk
As explained in Note 2.5 \u201cForeign currency translation\u201d, the parent company\u2019s functional currency and
presentation currency of the Group is the Euro. However, in line with industry practice in all international crude oil
and oil trading transactions, underlying commodity prices are based on international reference prices quoted in
US dollars.
Foreign currency exchange risk arises on three types of exposure:
a. Financial position translation risk: Most of the inventory held by the Group is reported in Euro while its
underlying value is determined in USD. Thus, a possible devaluation of the USD against the Euro leads
to a reduction in the realisable value of inventory included in the statement of financial position. In order
to manage this risk, a significant part of the Group\u2019s payables (sourcing of crude oil and petroleum
products) is denominated in USD resulting to an offsetting impact to the one described above. It should
be noted however, that while in the case of USD devaluation the impact on the statement of financial
position is mitigated, in cases of USD appreciation the mark-to-market valuation of USD-denominated
trade liabilities leads to a reported foreign exchange loss, with no compensating benefit as inventories
continue to be included in the statement of financial position at cost. It is estimated that at 31
December 2023 if the Euro had weakened against the US dollar by 5% with all other variables held
constant, pre-tax results would have been approximately \u20ac17 million lower, as a result of foreign
exchange gains on translation of US dollar-denominated receivables, payables, cash and borrowings.
b. Gross Margin transactions and translation risk: The fact that most of the transactions in crude oil and oil
products are based on international Platt\u2019s USD prices leads to exposure in terms of the Gross Margin
translated in Euro. Market volatility has an adverse impact on the cost of mitigating this exposure; as a
result, the Group did not actively hedge material amounts of the Gross margin exposure. This exposure
is linearly related to the Gross margin of the Group in that the appreciation/ depreciation of Euro vs.
USD leads to a respective translation loss/ (gain) on the period results.
c. Local subsidiaries exposure: Where the Group operates in non-Euro markets, namely in the Republic of
Serbia and Northern Macedonia, there is an additional exposure in terms of cross currency translation
between USD (price base), Euro reporting currency and local currency. Where possible the Group seeks
to manage this risk by matching its financial exposure to assets and liabilities held at the same currency.
Although material for each of local subsidiaries\u2019 operations, the overall exposure is not considered
material for the Group.
(ii) Commodity price risk
The Group\u2019s primary activity as a refiner involves exposure to commodity prices. Changes in current or forward
absolute price levels vs acquisition costs affect the value of inventory while exposure to refining margins
(combination of crude oil and product prices) affect the future cash flows of the business.
In the case of price risk, the level of exposure is determined by the amount of the value of inventory carried at the
end of the reporting period. The Group policy is to report its inventory at the lower of historical cost and net
realisable value, and the results are affected by the reduction in the carrying value of the inventory. The extent of
the exposure relates directly to the level of stocks and\u00a0 price decrease.
Refining margin exposure relates to the absolute level of margin generated by the operation of the refineries. This
is determined by Platt\u2019s prices and varies on a daily basis; a change in the refinery margin has a proportionate
impact on the profitability of the refining segment and ultimately on the Group\u2019s profitability. It is estimated that if
the Group's average refining margins in 2023 decreased by 1$/bbl, with all other variables held constant, the pre-
tax results would have been approximately \u20ac99 million lower.
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 23% of the Group\u2019s borrowings are at fixed rates of interest and are comprised of a \u20ac598 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 2023, 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 \u20ac10 million lower.
The Group\u2019s subsidiaries HELLENiQ Renewables Wind Farms of Evia S.A. and Kozilio 1\u00a0 have entered into\u00a0
derivative transactions to hedge the cash flow risk resulting from changes in the interest rates (Note 23).
(b) Credit risk
(i)\u00a0 \u00a0 Risk Management
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial
instruments and deposits with banks and financial institutions, as well as credit exposures to wholesale
customers, including outstanding receivables and committed transactions. If wholesale customers are
independently rated, these ratings are used. Otherwise, if there is no independent rating, Group Credit Risk
Department 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 Group Credit Risk Committee. The utilisation of credit limits is regularly monitored. Sales to retail customers
are settled in cash or using major credit cards.
(ii)\u00a0 Credit quality
The credit quality of cash and cash equivalents is assessed by reference to external credit ratings obtained from
S&P in the table below.
As at
Bank Rating (in \u20acmillion)
31 December 2023
31 December\u00a0 2022
A+
221
8
A-
54
68
A
\u2014
\u2014
B+
\u2014
648
B
43
\u2014
B-
\u2014
142
\u0392\u0392
546
\u2014
BBB-
8
5
No rating
47
29
Total
919
900
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 revolving credit facilities.
The Group\u2019s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
Contractual Term Facility
Repayments
1H24
2H24
2024
Scheduled for
repayment
Scheduled for
refinancing/
extention
Revolving Credit Facility \u20ac200 million
200
\u2014
200
\u2014
200
Eurobond \u20ac599m
\u2014
600
600
600
\u2014
EKO Bulgaria
\u2014
8
8
\u2014
8
HELLENIQ\u00a0 Renewables\u00a0 Wind Farms of
Evia S.A.
2
2
4
4
\u2014
KOZILIO 1
3
3
6
6
\u2014
HELLENiQ RENEWABLES WIND
FARMS OF MANI
2
12
14
14
\u2014
Total
207
625
832
624
208
Within 2023, the Group successfully signed a financing framework agreement for an amount of up to \u20ac766
million for the financing of existing and new projects for electricity generation from Renewable Energy Sources
and refinanced approximately \u20ac1 billion of outstanding committed facilities. In addition, in February 2024, the
Group proceeded with the extension of a facility of \u20ac200 million initially maturing in February 2024, for one year
(Note 17).
The Group has uncommitted credit facilities with various banks to finance general corporate needs (the balances
used are disclosed in Note 17), which have been consistently renewed in the last 20 years in accordance with the
Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the future or will refinance
part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
Less than 1
year
Between 1 and 5
years
Over 5 years
Total
31 December\u00a0 2023
Borrowings
1,412,514
1,094,784
267,917
2,775,215
Lease liabilities (Note 18)
41,018
100,314
148,711
290,043
Derivative financial instruments
13,333
\u2014
1,541
14,874
Trade and other payables
1,534,769
\u2014
\u2014
1,534,769
31 December\u00a0 2022
Borrowings
1,530,978
1,480,253
61,612
3,072,843
Lease liabilities (Note 18)
35,206
100,867
172,780
308,853
Derivative financial instruments
1,761
\u2014
\u2014
1,761
Trade and other payables
1,784,616
\u2014
\u2014
1,784,616
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\u2019s 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.
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 \u201ccurrent and non-current borrowings\u201d as shown in the statement of
financial position) less \u201cCash & cash equivalents\u201d and, \u201cInvestment in equity instruments\u201d. Total capital employed
is calculated as \u201cTotal Equity\u201d 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\u2019s 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 controllable financial cost, the capital structure by sector will be reviewed and is expected to affect
the relevant objectives. The Group has achieved to de-escalate its controllable financial cost through the
negotiation of decreased margins and liquidity optimisation, mitigating the increase in benchmark rate.
The gearing ratios as at 31 December 2023 and 2022 were as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Total Borrowings (Note 17)
2,546,505
2,842,353
Less: Cash & Cash Equivalents (Note 13)
(919,457)
(900,176)
Less: Investment in equity instruments (Note 3.3)
(514)
(490)
Net debt (excl. Lease liabilities)
1,626,534
1,941,687
Total Equity
2,946,391
2,727,401
Total Capital Employed (excl. Lease liabilities)
4,572,925
4,669,088
Gearing ratio (excl. Lease liabilities)
36%
42%
Lease liabilities (Note 18)
214,555
208,117
Net debt (incl. Lease liabilities)
1,841,089
2,149,804
Total Capital Employed (incl. Lease liabilities)
4,787,480
4,877,205
Gearing ratio (incl. Lease liabilities)
38%
44%
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:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022 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).
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2023:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
1,676
\u2014
1,676
Investment in equity instruments
514
\u2014
\u2014
514
514
1,676
\u2014
2,190
Liabilities
Derivatives used for hedging
\u2014
14,874
\u2014
14,874
\u2014
14,874
\u2014
14,874
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
5,114
\u2014
5,114
Derivatives used for hedging
\u2014
958
\u2014
958
Investment in equity instruments
490
\u2014
\u2014
490
490
6,072
\u2014
6,562
Liabilities
Derivatives at fair value through the income statement
\u2014
172
\u2014
172
Derivatives used for hedging
\u2014
1,589
\u2014
1,589
\u2014
1,761
\u2014
1,761
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:
\u2022 Quoted market prices or dealer quotes for similar instruments.
\u2022 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 2023 and 31
December 2022, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2023 was \u20ac586 million (31 December 2022:
\u20ac598 million), compared to its book value of \u20ac598 million (31 December 2022: \u20ac596 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022 Trade receivables
\u2022 Cash and cash equivalents
\u2022 Trade and other payables
12.Trade and Other Receivables
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
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%
0.10%
99.74%
37.63%
\u03a4otal gross carrying amount
380,921
20,538
242,988
644,447
Expected credit loss
100
20
242,361
242,481
23.Derivative Financial Instruments
As of 31 December 2023, non current liabilities include two derivative financial instruments amounting to \u20ac1.0 and
\u20ac0.5 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ Renewables Wind
Farms of Evia S.A. and Kozilio 1. The above mentioned subsidiaries have entered into derivative transactions to
hedge the cash flow risk resulting from changes in the interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
3.Financial Risk Management
3.1Financial risk factors
(c) Liquidity risk
Prudent liquidity risk management entails maintaining sufficient cash reserves and financial headroom, through
committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group aims to maintain
flexibility in its funding operations through the use of cash and committed revolving credit facilities.
The Group\u2019s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
Contractual Term Facility
Repayments
1H24
2H24
2024
Scheduled for
repayment
Scheduled for
refinancing/
extention
Revolving Credit Facility \u20ac200 million
200
\u2014
200
\u2014
200
Eurobond \u20ac599m
\u2014
600
600
600
\u2014
EKO Bulgaria
\u2014
8
8
\u2014
8
HELLENIQ\u00a0 Renewables\u00a0 Wind Farms of
Evia S.A.
2
2
4
4
\u2014
KOZILIO 1
3
3
6
6
\u2014
HELLENiQ RENEWABLES WIND
FARMS OF MANI
2
12
14
14
\u2014
Total
207
625
832
624
208
Within 2023, the Group successfully signed a financing framework agreement for an amount of up to \u20ac766
million for the financing of existing and new projects for electricity generation from Renewable Energy Sources
and refinanced approximately \u20ac1 billion of outstanding committed facilities. In addition, in February 2024, the
Group proceeded with the extension of a facility of \u20ac200 million initially maturing in February 2024, for one year
(Note 17).
The Group has uncommitted credit facilities with various banks to finance general corporate needs (the balances
used are disclosed in Note 17), which have been consistently renewed in the last 20 years in accordance with the
Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the future or will refinance
part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
Less than 1
year
Between 1 and 5
years
Over 5 years
Total
31 December\u00a0 2023
Borrowings
1,412,514
1,094,784
267,917
2,775,215
Lease liabilities (Note 18)
41,018
100,314
148,711
290,043
Derivative financial instruments
13,333
\u2014
1,541
14,874
Trade and other payables
1,534,769
\u2014
\u2014
1,534,769
31 December\u00a0 2022
Borrowings
1,530,978
1,480,253
61,612
3,072,843
Lease liabilities (Note 18)
35,206
100,867
172,780
308,853
Derivative financial instruments
1,761
\u2014
\u2014
1,761
Trade and other payables
1,784,616
\u2014
\u2014
1,784,616
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
3.Financial Risk Management
3.1Financial risk factors
(a) Market risk
(i) Foreign exchange risk
As explained in Note 2.5 \u201cForeign currency translation\u201d, the parent company\u2019s functional currency and
presentation currency of the Group is the Euro. However, in line with industry practice in all international crude oil
and oil trading transactions, underlying commodity prices are based on international reference prices quoted in
US dollars.
Foreign currency exchange risk arises on three types of exposure:
a. Financial position translation risk: Most of the inventory held by the Group is reported in Euro while its
underlying value is determined in USD. Thus, a possible devaluation of the USD against the Euro leads
to a reduction in the realisable value of inventory included in the statement of financial position. In order
to manage this risk, a significant part of the Group\u2019s payables (sourcing of crude oil and petroleum
products) is denominated in USD resulting to an offsetting impact to the one described above. It should
be noted however, that while in the case of USD devaluation the impact on the statement of financial
position is mitigated, in cases of USD appreciation the mark-to-market valuation of USD-denominated
trade liabilities leads to a reported foreign exchange loss, with no compensating benefit as inventories
continue to be included in the statement of financial position at cost. It is estimated that at 31
December 2023 if the Euro had weakened against the US dollar by 5% with all other variables held
constant, pre-tax results would have been approximately \u20ac17 million lower, as a result of foreign
exchange gains on translation of US dollar-denominated receivables, payables, cash and borrowings.
b. Gross Margin transactions and translation risk: The fact that most of the transactions in crude oil and oil
products are based on international Platt\u2019s USD prices leads to exposure in terms of the Gross Margin
translated in Euro. Market volatility has an adverse impact on the cost of mitigating this exposure; as a
result, the Group did not actively hedge material amounts of the Gross margin exposure. This exposure
is linearly related to the Gross margin of the Group in that the appreciation/ depreciation of Euro vs.
USD leads to a respective translation loss/ (gain) on the period results.
c. Local subsidiaries exposure: Where the Group operates in non-Euro markets, namely in the Republic of
Serbia and Northern Macedonia, there is an additional exposure in terms of cross currency translation
between USD (price base), Euro reporting currency and local currency. Where possible the Group seeks
to manage this risk by matching its financial exposure to assets and liabilities held at the same currency.
Although material for each of local subsidiaries\u2019 operations, the overall exposure is not considered
material for the Group.
(ii) Commodity price risk
The Group\u2019s primary activity as a refiner involves exposure to commodity prices. Changes in current or forward
absolute price levels vs acquisition costs affect the value of inventory while exposure to refining margins
(combination of crude oil and product prices) affect the future cash flows of the business.
In the case of price risk, the level of exposure is determined by the amount of the value of inventory carried at the
end of the reporting period. The Group policy is to report its inventory at the lower of historical cost and net
realisable value, and the results are affected by the reduction in the carrying value of the inventory. The extent of
the exposure relates directly to the level of stocks and\u00a0 price decrease.
Refining margin exposure relates to the absolute level of margin generated by the operation of the refineries. This
is determined by Platt\u2019s prices and varies on a daily basis; a change in the refinery margin has a proportionate
impact on the profitability of the refining segment and ultimately on the Group\u2019s profitability. It is estimated that if
the Group's average refining margins in 2023 decreased by 1$/bbl, with all other variables held constant, the pre-
tax results would have been approximately \u20ac99 million lower.
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 23% of the Group\u2019s borrowings are at fixed rates of interest and are comprised of a \u20ac598 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 2023, 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 \u20ac10 million lower.
The Group\u2019s subsidiaries HELLENiQ Renewables Wind Farms of Evia S.A. and Kozilio 1\u00a0 have entered into\u00a0
derivative transactions to hedge the cash flow risk resulting from changes in the interest rates (Note 23).
23.Derivative Financial Instruments
As of 31 December 2023, non current liabilities include two derivative financial instruments amounting to \u20ac1.0 and
\u20ac0.5 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ Renewables Wind
Farms of Evia S.A. and Kozilio 1. The above mentioned subsidiaries have entered into derivative transactions to
hedge the cash flow risk resulting from changes in the interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
3.Financial Risk Management
(b) Credit risk
(i)\u00a0 \u00a0 Risk Management
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial
instruments and deposits with banks and financial institutions, as well as credit exposures to wholesale
customers, including outstanding receivables and committed transactions. If wholesale customers are
independently rated, these ratings are used. Otherwise, if there is no independent rating, Group Credit Risk
Department 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 Group Credit Risk Committee. The utilisation of credit limits is regularly monitored. Sales to retail customers
are settled in cash or using major credit cards.
(ii)\u00a0 Credit quality
The credit quality of cash and cash equivalents is assessed by reference to external credit ratings obtained from
S&P in the table below.
As at
Bank Rating (in \u20acmillion)
31 December 2023
31 December\u00a0 2022
A+
221
8
A-
54
68
A
\u2014
\u2014
B+
\u2014
648
B
43
\u2014
B-
\u2014
142
\u0392\u0392
546
\u2014
BBB-
8
5
No rating
47
29
Total
919
900
A Group credit committee also monitors material credit exposures arising from trade receivables. See Note 12 for
further disclosures on credit risk.
12.Trade and Other Receivables
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
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%
0.10%
99.74%
37.63%
\u03a4otal gross carrying amount
380,921
20,538
242,988
644,447
Expected credit loss
100
20
242,361
242,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
3.3Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022 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).
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2023:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
1,676
\u2014
1,676
Investment in equity instruments
514
\u2014
\u2014
514
514
1,676
\u2014
2,190
Liabilities
Derivatives used for hedging
\u2014
14,874
\u2014
14,874
\u2014
14,874
\u2014
14,874
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
5,114
\u2014
5,114
Derivatives used for hedging
\u2014
958
\u2014
958
Investment in equity instruments
490
\u2014
\u2014
490
490
6,072
\u2014
6,562
Liabilities
Derivatives at fair value through the income statement
\u2014
172
\u2014
172
Derivatives used for hedging
\u2014
1,589
\u2014
1,589
\u2014
1,761
\u2014
1,761
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:
\u2022 Quoted market prices or dealer quotes for similar instruments.
\u2022 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 2023 and 31
December 2022, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2023 was \u20ac586 million (31 December 2022:
\u20ac598 million), compared to its book value of \u20ac598 million (31 December 2022: \u20ac596 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022 Trade receivables
\u2022 Cash and cash equivalents
\u2022 Trade and other payables", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
3.3Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022 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).
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2023:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
1,676
\u2014
1,676
Investment in equity instruments
514
\u2014
\u2014
514
514
1,676
\u2014
2,190
Liabilities
Derivatives used for hedging
\u2014
14,874
\u2014
14,874
\u2014
14,874
\u2014
14,874
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
5,114
\u2014
5,114
Derivatives used for hedging
\u2014
958
\u2014
958
Investment in equity instruments
490
\u2014
\u2014
490
490
6,072
\u2014
6,562
Liabilities
Derivatives at fair value through the income statement
\u2014
172
\u2014
172
Derivatives used for hedging
\u2014
1,589
\u2014
1,589
\u2014
1,761
\u2014
1,761
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:
\u2022 Quoted market prices or dealer quotes for similar instruments.
\u2022 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 2023 and 31
December 2022, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2023 was \u20ac586 million (31 December 2022:
\u20ac598 million), compared to its book value of \u20ac598 million (31 December 2022: \u20ac596 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022 Trade receivables
\u2022 Cash and cash equivalents
\u2022 Trade and other payables", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
3.3Fair value estimation
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:
\u2022 Quoted market prices or dealer quotes for similar instruments.
\u2022 The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
4.Critical Accounting Estimates and Judgements
Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for
current market conditions and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
addressed below.
(i)\u00a0 \u00a0 \u00a0 \u00a0 Critical accounting estimates and assumptions
(a)\u00a0 Income taxes
The Group is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process
for determining the Group\u2019s current and deferred tax balances is complex and involves high degree of estimation
and judgement. There are some transactions and calculations for which the ultimate tax determination is
uncertain. Where tax positions are not settled with the tax authorities, the Group management takes into account
past experience with similar cases as well as the advice of tax and legal experts in order to analyze the specific
facts and circumstances, interpret the relevant tax legislation, assess other similar positions taken by the tax
authorities to form a view about whether its tax treatments will be accepted by the tax authorities, or whether a
provision is needed. Where the Group is required to make payments in order to appeal against positions of tax
authorities and the Group assesses that it is more probable than not to win its appeal, the respective payments are
recorded as assets as these advance payments will be returned to the Group, if the Group\u2019s position is upheld. In
case the Group determines a provision is needed for the outcome of the uncertain tax position, any amounts
already paid are deducted from the said provision.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(b)\u00a0 Recoverability of deferred tax assets
Deferred tax assets include certain amounts which relate to carried forward tax losses. In most cases, depending
on the jurisdiction in which such tax losses have arisen, such tax losses are available for set off for a limited period
of time since they are incurred. The Group makes assumptions on whether these deferred tax assets will be
recoverable using the estimated future taxable income based on the approved business plans and budgets for
each relevant entity.
(c)\u00a0 Provision for environmental restoration
The Group operates in the oil industry with its principal activities being that of exploration and production of
hydrocarbons, refining of crude oil and sale of oil products, and the production and trading of petrochemical
products. Environmental damage caused by such substances may require the Group to incur restoration costs to
comply with the regulations in the various jurisdictions in which the Group operates, and to settle any legal or
constructive obligation. Analysis and estimates are performed by the Group together with its technical and legal
advisers, in order to determine the probability, timing and amount involved with probable required outflow of
resources. Estimated restoration costs, for which disbursements are determined to be probable, are recognised as
a provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position. Subsequently, the effect of the unwinding the discounting on the provision is
charged in the finance cost and the fixed asset is depreciated in the consolidated statement of comprehensive
income. In case there are changes in estimates or the final determination of such obligation amounts differ from
the recognised provisions, the Group\u2019s statement of comprehensive income is impacted.
(d)\u00a0 Estimates in value-in-use calculations
The Group assesses, at each reporting date, whether there is an indication that a non-current asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount. The Group will adjust the key assumptions used in value-in-use calculations and
sensitivity to changes in assumptions should a change be required. An asset\u2019s recoverable amount is the higher of
an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount of a cash-
generating unit (CGU) is determined for impairment tests purposes based on value-in-use calculations which
require the use of assumptions. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. The calculations use cash flow projections based on financial budgets approved
by management with consideration to independent third-party data which inter-alia include forecasted
international commodity prices used in the calculation of benchmarks refining margins, demand evolution and
operating costs. These budgets and forecast calculations generally cover a period of five years. Cash flows beyond
the period over which projections are available are extrapolated using estimated growth rates. These growth rates
are consistent with forecasts included in country or industry reports specific to the country and industry in which
each CGU operates and where appropriate are further calibrated to the Group long term objectives in relation to
climate related matters, such as diminishing growth rates applied for time periods where there are no reliable
forecasts, but policy objectives indicate that changes in the market are reasonably expected. Further, the Group
constantly monitors the latest government legislation in relation to climate related matters. The key assumptions
used to determine the recoverable amount for the different CGUs, or assets, including a sensitivity analysis on
these assumptions, are disclosed and further explained in Notes: 6. for Property, Plant and Equipment, 7 for Right
of use asset and 8. for Goodwill.
(e)\u00a0 Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives and certain investments in equity instruments) is determined by using valuation techniques. The
Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market
conditions existing at the end of each reporting period.
(f)\u00a0 Provision for expected credit losses of receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on the
Group\u2019s historical credit loss experience calibrated to adjust the historical credit loss experience with forward-
looking information specific to the debtors and the economic environment. At each year end, the historical
observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed credit losses, forecast economic conditions and
ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also
not be representative of customer\u2019s actual default in the future.
Especially in the case of marketing segment, individual customer assessments take also into account customers\u2019
ability to pay, expected time of collection and the valuation of collaterals held.
For the years ended 31 December 2023 and 2022, management assessed forward-looking information specific to
its trade debtors and the economic environment and recorded additional losses in line with its policies, when
needed (Note 12).
(g)\u00a0 Retirement Benefit Obligations
The present value of the pension obligations for the Group\u2019s defined benefit plans depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining
the net cost / (income) for pensions include the discount rate and salary rate increases. Any changes in these
assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate
discount rate at the end of each year. This is the interest rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle the pension obligations. In determining the
appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are
denominated in the currency and jurisdiction in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability.
Other key assumptions for pension obligations are based in part on current market conditions. Additional
information is disclosed in Note 20.
(h)\u00a0 Depreciation of property, plant and equipment
The Group periodically assesses the useful lives of its property, plant and equipment to determine whether the
original estimated lives continue to be appropriate. To this respect, the Group may obtain technical studies and
use external sources to determine the lives of its assets, which can vary depending on a variety of factors such as
technological innovation and maintenance programs.
(ii)\u00a0 \u00a0 \u00a0 Critical judgements in applying the Group\u2019s accounting policies
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.10) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 33).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
4.Critical Accounting Estimates and Judgements
Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for
current market conditions and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
addressed below.
(i)\u00a0 \u00a0 \u00a0 \u00a0 Critical accounting estimates and assumptions
(a)\u00a0 Income taxes
The Group is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process
for determining the Group\u2019s current and deferred tax balances is complex and involves high degree of estimation
and judgement. There are some transactions and calculations for which the ultimate tax determination is
uncertain. Where tax positions are not settled with the tax authorities, the Group management takes into account
past experience with similar cases as well as the advice of tax and legal experts in order to analyze the specific
facts and circumstances, interpret the relevant tax legislation, assess other similar positions taken by the tax
authorities to form a view about whether its tax treatments will be accepted by the tax authorities, or whether a
provision is needed. Where the Group is required to make payments in order to appeal against positions of tax
authorities and the Group assesses that it is more probable than not to win its appeal, the respective payments are
recorded as assets as these advance payments will be returned to the Group, if the Group\u2019s position is upheld. In
case the Group determines a provision is needed for the outcome of the uncertain tax position, any amounts
already paid are deducted from the said provision.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(b)\u00a0 Recoverability of deferred tax assets
Deferred tax assets include certain amounts which relate to carried forward tax losses. In most cases, depending
on the jurisdiction in which such tax losses have arisen, such tax losses are available for set off for a limited period
of time since they are incurred. The Group makes assumptions on whether these deferred tax assets will be
recoverable using the estimated future taxable income based on the approved business plans and budgets for
each relevant entity.
(c)\u00a0 Provision for environmental restoration
The Group operates in the oil industry with its principal activities being that of exploration and production of
hydrocarbons, refining of crude oil and sale of oil products, and the production and trading of petrochemical
products. Environmental damage caused by such substances may require the Group to incur restoration costs to
comply with the regulations in the various jurisdictions in which the Group operates, and to settle any legal or
constructive obligation. Analysis and estimates are performed by the Group together with its technical and legal
advisers, in order to determine the probability, timing and amount involved with probable required outflow of
resources. Estimated restoration costs, for which disbursements are determined to be probable, are recognised as
a provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position. Subsequently, the effect of the unwinding the discounting on the provision is
charged in the finance cost and the fixed asset is depreciated in the consolidated statement of comprehensive
income. In case there are changes in estimates or the final determination of such obligation amounts differ from
the recognised provisions, the Group\u2019s statement of comprehensive income is impacted.
(d)\u00a0 Estimates in value-in-use calculations
The Group assesses, at each reporting date, whether there is an indication that a non-current asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount. The Group will adjust the key assumptions used in value-in-use calculations and
sensitivity to changes in assumptions should a change be required. An asset\u2019s recoverable amount is the higher of
an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount of a cash-
generating unit (CGU) is determined for impairment tests purposes based on value-in-use calculations which
require the use of assumptions. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. The calculations use cash flow projections based on financial budgets approved
by management with consideration to independent third-party data which inter-alia include forecasted
international commodity prices used in the calculation of benchmarks refining margins, demand evolution and
operating costs. These budgets and forecast calculations generally cover a period of five years. Cash flows beyond
the period over which projections are available are extrapolated using estimated growth rates. These growth rates
are consistent with forecasts included in country or industry reports specific to the country and industry in which
each CGU operates and where appropriate are further calibrated to the Group long term objectives in relation to
climate related matters, such as diminishing growth rates applied for time periods where there are no reliable
forecasts, but policy objectives indicate that changes in the market are reasonably expected. Further, the Group
constantly monitors the latest government legislation in relation to climate related matters. The key assumptions
used to determine the recoverable amount for the different CGUs, or assets, including a sensitivity analysis on
these assumptions, are disclosed and further explained in Notes: 6. for Property, Plant and Equipment, 7 for Right
of use asset and 8. for Goodwill.
(e)\u00a0 Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives and certain investments in equity instruments) is determined by using valuation techniques. The
Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market
conditions existing at the end of each reporting period.
(f)\u00a0 Provision for expected credit losses of receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on the
Group\u2019s historical credit loss experience calibrated to adjust the historical credit loss experience with forward-
looking information specific to the debtors and the economic environment. At each year end, the historical
observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed credit losses, forecast economic conditions and
ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also
not be representative of customer\u2019s actual default in the future.
Especially in the case of marketing segment, individual customer assessments take also into account customers\u2019
ability to pay, expected time of collection and the valuation of collaterals held.
For the years ended 31 December 2023 and 2022, management assessed forward-looking information specific to
its trade debtors and the economic environment and recorded additional losses in line with its policies, when
needed (Note 12).
(g)\u00a0 Retirement Benefit Obligations
The present value of the pension obligations for the Group\u2019s defined benefit plans depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining
the net cost / (income) for pensions include the discount rate and salary rate increases. Any changes in these
assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate
discount rate at the end of each year. This is the interest rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle the pension obligations. In determining the
appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are
denominated in the currency and jurisdiction in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability.
Other key assumptions for pension obligations are based in part on current market conditions. Additional
information is disclosed in Note 20.
(h)\u00a0 Depreciation of property, plant and equipment
The Group periodically assesses the useful lives of its property, plant and equipment to determine whether the
original estimated lives continue to be appropriate. To this respect, the Group may obtain technical studies and
use external sources to determine the lives of its assets, which can vary depending on a variety of factors such as
technological innovation and maintenance programs.
(ii)\u00a0 \u00a0 \u00a0 Critical judgements in applying the Group\u2019s accounting policies
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.10) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 33).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "4.Critical Accounting Estimates and Judgements Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for current market conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
5.Segment Information
Group\u2019s Executive Committee reviews the Group\u2019s internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based on these reports. The committee
assesses performance taking into account a number of measures which may vary depending on the nature and
evolution of a business segment by taking into account the risk profile, cash flow, product and market
considerations. Information provided to the committee is measured in a manner consistent with that of the
financial statements.
The Group\u2019s key operating segments are:
a) Refining, Supply and Trading (\"Refining\")
- Activities in Greece revolve around the operation of the Group\u2019s three refineries located in Aspropyrgos, Elefsina
and Thessaloniki, which account for approximately 65% of the country\u2019s total refining capacity. The three
refineries combine a storage capacity of 6,65 million m\u00b3 of crude oil and petroleum products.
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 1.631 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 323\u00a0 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)\u00a0 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 and abroad through its owned
operations in the renewable energy sector.
- Power:\u00a0 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.
and DEPA International Projects S.A. (the remaining 65% of the above entities\u00a0 is held by the Hellenic Republic
Asset Development Fund - HRADF). The DEPA Commercial 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 (in
incorporated jointly controlled operations either as\u00a0 Operator or Non-Operator),\u00a0 including offshore Block 2 west of
Corfu Island, offshore West Crete & Southwest Crete Blocks, offshore Block Ionian and Block 10 (Kyparissiakos
gulf) and the Sea of Thrace Concession in North Aegean. An offer has also been submitted for Block 1, North of
Corfu offshore Western Greece.
f)\u00a0 Other
\u201cOther Segments\u201d include Group entities which provide treasury, consulting and engineering services.
More information about the activities of the Group\u2019s key operating segments, as described above, can be found in
the BoD Report.
Financial information regarding the Group\u2019s operating segments for the year ended 31 December 2023 and 31 December 2022 is presented below:
For the period ended 31 December 2023
Group
Refining
Marketing
Exploration &
Production
Petro-
chemicals
RES,
Gas &
Power
Other
Total
Gross Sales
11,442,412
5,196,258
\u2014
301,875
53,214
99,724
17,093,483
Inter-segmental Sales
(4,191,655)
(9,536)
\u2014
\u2014
(66)
(89,165)
(4,290,422)
Revenue from contracts with customers
7,250,757
5,186,722
\u2014
301,875
53,148
10,559
12,803,061
EBITDA
887,034
98,453
(14,917)
41,033
41,011
607
1,053,221
Depreciation & Amortisation (PPE & Intangibles)
(180,295)
(50,371)
(235)
(8,574)
(19,563)
(17,290)
(276,328)
Depreciation of Right-of-Use assets
(3,708)
(33,036)
(179)
(4,168)
(576)
999
(40,668)
Operating profit / (loss)
703,031
15,046
(15,331)
28,291
20,872
(15,684)
736,225
Currency exchange gains / (losses)
(4,342)
(557)
\u2014
\u2014
\u2014
156
(4,743)
Share of profit / (loss) of investments in associates & joint ventures
(2,612)
1,819
\u2014
\u2014
5,065
\u2014
4,272
Finance (expense) / income - net
(104,043)
(9,874)
(62)
(276)
(19,620)
11,849
(122,026)
Lease finance cost
(541)
(8,896)
(18)
(65)
(320)
171
(9,669)
Profit / (loss) before income tax
591,493
(2,462)
(15,411)
27,950
5,997
(3,508)
604,059
Income tax expense
(123,450)
Profit / (loss) for the period
480,609
Profit / (loss) attributable to non-controlling interests
(2,877)
Profit / (loss) for the period attributable to the owners of the parent
477,732
\u00a0 \u00a0
For the period ended 31 December 2022
Group
Refining
Marketing
Exploration &
Production
Petro-
chemicals
RES,
Gas &
Power
Other
Total
Gross Sales
13,086,983
6,295,683
\u2014
380,360
37,497
79,408
19,879,931
Inter-segmental Sales
(5,290,691)
(4,736)
\u2014
\u2014
(75)
(76,362)
(5,371,863)
Revenue from contracts with customers
7,796,292
6,290,948
\u2014
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
\u2014
\u2014
\u2014
6
2,499
Share of profit of investments in associates & joint ventures
(1,137)
1,252
\u2014
\u2014
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)
(156)
(9,261)
Profit / (loss) before income tax
1,168,838
21,117
(32,175)
60,257
115,620
87,324
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
* Other segment relates to Group entities, which provide treasury, consulting and engineering services and includes inter-segment eliminations for depreciation of right
of use assets and lease finance cost.
** EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
An analysis of the Group\u2019s revenue from contracts with external customers by type of market (domestic, aviation
& bunkering, exports and international activities) and business unit is presented below:
Group
For the period ended 31 December 2023
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
1,742,021
2,166,794
117,119
49,858
9,623
4,085,415
Aviation & Bunkering
830,173
1,122,864
\u2014
\u2014
\u2014
1,953,037
Exports
4,678,563
\u2014
184,756
\u2014
\u2014
4,863,319
International activities
\u2014
1,897,064
\u2014
3,290
936
1,901,290
Total
7,250,757
5,186,722
301,875
53,148
10,559
12,803,061
Group
For the period 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
\u2014
\u2014
\u2014
2,459,243
Exports
4,423,927
2,038
228,650
\u2014
1,011
4,655,626
International activities
\u2014
1,983,738
\u2014
\u2014
\u2014
1,983,738
Total
7,796,292
6,290,948
380,360
37,422
3,046
14,508,068
The segment assets and liabilities at 31 December 2023 and 2022 are as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Total Assets
Refining
5,185,128
5,642,728
Marketing
1,514,249
1,552,937
Exploration & Production
15,133
23,172
Petro-chemicals
228,819
227,874
RES, Gas & Power
981,876
912,182
Other segments & inter-segment
183,099
203,108
Total
8,108,303
8,562,000
Total Liabilities
Refining
3,857,528
4,522,398
Marketing
823,111
832,561
Exploration & Production
2,407
17,626
Petro-chemicals
111,370
123,682
RES, Gas & Power
468,659
512,806
Other segments & inter-segment
(101,164)
(174,474)
Total
5,161,912
5,834,599
There has been no material change in the definition of segments or the segmental analysis of total assets or total
liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31
December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
5.Segment Information
An analysis of the Group\u2019s revenue from contracts with external customers by type of market (domestic, aviation
& bunkering, exports and international activities) and business unit is presented below:
Group
For the period ended 31 December 2023
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
1,742,021
2,166,794
117,119
49,858
9,623
4,085,415
Aviation & Bunkering
830,173
1,122,864
\u2014
\u2014
\u2014
1,953,037
Exports
4,678,563
\u2014
184,756
\u2014
\u2014
4,863,319
International activities
\u2014
1,897,064
\u2014
3,290
936
1,901,290
Total
7,250,757
5,186,722
301,875
53,148
10,559
12,803,061
Group
For the period 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
\u2014
\u2014
\u2014
2,459,243
Exports
4,423,927
2,038
228,650
\u2014
1,011
4,655,626
International activities
\u2014
1,983,738
\u2014
\u2014
\u2014
1,983,738
Total
7,796,292
6,290,948
380,360
37,422
3,046
14,508,068
The segment assets and liabilities at 31 December 2023 and 2022 are as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Total Assets
Refining
5,185,128
5,642,728
Marketing
1,514,249
1,552,937
Exploration & Production
15,133
23,172
Petro-chemicals
228,819
227,874
RES, Gas & Power
981,876
912,182
Other segments & inter-segment
183,099
203,108
Total
8,108,303
8,562,000
Total Liabilities
Refining
3,857,528
4,522,398
Marketing
823,111
832,561
Exploration & Production
2,407
17,626
Petro-chemicals
111,370
123,682
RES, Gas & Power
468,659
512,806
Other segments & inter-segment
(101,164)
(174,474)
Total
5,161,912
5,834,599
There has been no material change in the definition of segments or the segmental analysis of total assets or total
liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31
December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
6.Property, Plant and Equipment
Group
Land
Buildings
Plant &
Machinery
Transporta
tion means
Furniture
and
fixtures
Assets
Under
Constructi
on
Total
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 a subsidiary
35
39,656
81,455
\u2014
2
\u2014
121,148
Capitalised projects
897
6,925
350,957
164
1,599
(360,542)
\u2014
Disposals
(1,809)
(5,927)
(6,842)
(158)
(5,376)
(2,199)
(22,311)
Currency translation differences
66
197
232
3
9
(16)
491
Transfers and other movements
(8)
8
(15,362)
511
149
(24,021)
(38,723)
As at 31 December 2022
335,090
1,067,147
5,672,857
65,524
243,260
160,196
7,544,074
Accumulated Depreciation
As at 1 January 2022
4,147
555,200
2,879,973
42,511
182,023
\u2014
3,663,854
Charge for the year
1,033
29,019
204,334
2,147
13,152
\u2014
249,685
Disposals
\u2014
(5,677)
(6,702)
(152)
(5,713)
\u2014
(18,244)
Impairment
405
\u2014
8,776
\u2014
1
\u2014
9,182
Currency translation differences
\u2014
156
205
3
8
\u2014
372
Transfers and other movements
(1)
(4)
85
(1)
142
\u2014
221
As at 31 December 2022
5,584
578,693
3,086,670
44,508
189,613
\u2014
3,905,069
Net Book Value at 31 December
2022
329,506
488,453
2,586,187
21,016
53,647
160,196
3,639,004
Cost
As at 1 January 2023
335,090
1,067,147
5,672,857
65,524
243,260
160,195
7,544,074
Additions
1,037
7,556
26,534
1,371
10,245
214,411
261,154
Acquisition of subsidiaries
\u2014
\u2014
9,763
67
21
9
9,860
Capitalised projects
\u2014
9,930
116,552
445
3,057
(129,984)
\u2014
Disposals
(1,026)
(1,318)
(14,990)
(1,555)
(2,416)
(727)
(22,031)
Currency translation differences
38
24
\u2014
\u2014
(1)
1
63
Transfers and other movements
\u2014
150
6,723
\u2014
(193)
(11,798)
(5,118)
As at 31 December 2023
335,140
1,083,490
5,817,440
65,852
253,974
232,107
7,788,002
Accumulated Depreciation
As at 1 January 2023
5,584
578,693
3,086,670
44,508
189,613
\u2014
3,905,069
Charge for the year
524
29,881
207,492
2,276
13,184
\u2014
253,357
Disposals
\u2014
(1,074)
(12,036)
(1,554)
(2,264)
\u2014
(16,928)
Impairment
797
210
2,414
\u2014
\u2014
\u2014
3,421
Currency translation differences
\u2014
(36)
(53)
(1)
1
\u2014
(89)
Transfers and other movements
\u2014
(3)
143
\u2014
(12)
\u2014
128
As at 31 December 2023
6,905
607,670
3,284,630
45,229
200,522
\u2014
4,144,958
Net Book Value at 31 December
2023
328,235
475,819
2,532,810
20,623
53,451
232,107
3,643,045
1) Additions mainly include:
a) Capital expenditures in the refining segment that mainly relate to the below amounts that are
included in assets under construction:
\u2013 maintenance turnaround works at refineries, long-term maintenance and upgrades of the refining units
(\u20ac124 million).
\u2013 growth, safety, regulatory and environmental expenditures (\u20ac51 million).
b) Marketing segment's capex of \u20ac51 million.
2) Capitalised projects relate to completed assets under construction which are reclassified to their relevant
category. The main items during current period relate to refining segment of \u20ac114 million.
3) Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May 2023.
The Group completed the acquisition of Res Zeus Electricity Company LTD and Solight Electricity Company LTD,
with a total cost of investment of \u20ac15 million. The transaction was accounted for as an asset acquisition. The total
surplus consideration of \u20ac14 million was allocated to the identifiable assets and liabilities as shown below, based
on their relative fair value.
The purchase consideration and their fair value of the assets and liabilities acquired are presented below:
Amounts in 000' \u20ac
Intangibles
14,836
PPE
9,860
Cash acquired
101
Other assets and liabilities - net
1,616
Acquisition consideration
26,413
4) Transfers and other movements include the transfer of computer software development costs to intangible
assets.
5) During 2023 an amount of 7.2 million (31 December 2022: \u20ac5 million) in respect of interest has been capitalised
within Assets Under Construction relating to the refining segment, at an average borrowing rate of 5.01% (31
December 2022: 3.11%).
6) The Group constantly monitors the developments in the sector with respect to energy transition as well as
the latest legislation in relation to climate related matters. The significant accounting estimates made by
management incorporate the future effects of the Group\u2019s own strategic decisions and commitments on
having its portfolio adhered to the energy transition targets, short and long-term impacts of climate-related
matters and energy transition to lower carbon energy sources together with management\u2019s best estimate
on global supply and demand, including forecasted commodities prices. The Group will adjust the key
assumptions used in the assessment for indications of impairment and the value-in-use calculations, if any,
in case a change is required in respect with climate related matters. Management considers the existence of
indicators for impairment and performs an assessment for significant CGUs (Notes 2.1, 4).
a.Refining, Supply, Trading and Petrochemicals CGU: Management Assessed the financial performance
of the CGU 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
2023.
b. Plant and machinery include inter alia the carrying value (\u20ac47m before the recognition of FY23
impairment) of the pipeline connecting Thessaloniki and Skopje, which is an asset of the Group\u2019s
subsidiary Vardax S.A.. The asset has not been in operation since 2013 and is maintained in a state of
suspension until today, repaired continuously throughout the period not in operation. Within 2023 the
pipeline completed all the required technical testing required, verifying that the asset is ready for
operation from a technical aspect. The Company has submitted to the local authorities all necessary
documents and is awaiting their approval in order to resume operations. Based on the aforementioned
developments, Management believes that the pipeline can resume operations by Q2 2024. All of the
above were considered an indication of possible impairment.
Management carried out an impairment test according to the requirements of IAS 36. The analysis was
carried out by identifying the recoverable amount (\u201cValue in Use\u201d) of the asset through the application of
the discounted cash flow valuation method. The impairment test was carried out using the following
main assumptions as of 31 December 2023: Post-tax WACC of 6,99%, Growth rate after 5-year period
0,5%, Year of expected commencement of operation Q2 2024\u00a0 (31 December 2022: Post-tax WACC of
6,63%, Growth 0,5%, Year of expected commencement of operation Q4 2023).
Based on this impairment test, the Group concluded that the carrying amount of the asset should be
written down by a further \u20ac2,4 million during 2023 (included in \"Impairment\") 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 2023 is \u20ac22.7 million.
The value in use measurement is most sensitive to the timing of reoperation of the pipeline and the
sales volumes to pass through the pipeline.
The Group estimated the impact on the recoverable amount if certain key assumptions used in the
application of the discounted cash flow valuation method varied with all other variables held constant as
follows:
Key assumption tested
Change in assumption
Impact on value in use
WACC
+0.5%
(4.68)%
Growth rate
(0.50)%
(3.05)%
Year of operation
+6-month delay
(7.53)%
Sales volumes
(5.00)%
(10.09)%
If these changes exceed the values above, or occur in combination, then additional impairment would
have to be recognised.
c. As at 31 December 2023, 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.
7) Depreciation expense of Property, plant and equipment of \u20ac253 million (31 December 2022: \u20ac250 million),
depreciation expense of right-of-use assets of \u20ac41 million (31 December 2022: \u20ac40 million) (Note 7) and
amortisation expense of \u20ac23 million (31 December 2022: \u20ac15 million) (Note 8) are allocated in the following lines
of the Consolidated Statement of Comprehensive Income:
\u25e6 Cost of Sales \u20ac206 million (31 December 2022: \u20ac211 million),
\u25e6 Selling and distribution expenses \u20ac89 million (31 December 2022: \u20ac87 million),
\u25e6 Administration expenses \u20ac22 million (31 December 2022: \u20ac7 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
7.Right of Use Assets
Group
Petrol station
properties
Commercial
Properties
Plant &
Machinery
Motor Vehicles
Other
Total
Cost
As at 1 January 2022
259,703
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)
\u2014
(177)
\u2014
(26,286)
Modification
13,620
530
(1)
1,860
\u2014
16,009
Currency translation effects
(10)
\u2014
\u2014
(19)
(3)
(32)
Other
\u2014
41
\u2014
\u2014
\u2014
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)
\u2014
(488)
\u2014
(15,100)
Impairment/ Write off
\u2014
\u2014
\u2014
\u2014
\u2014
(8)
Currency translation effects
4
\u2014
\u2014
(2)
\u2014
2
Other
\u2014
23
\u2014
\u2014
\u2014
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
Cost
As at 1 January 2023
277,880
29,441
28,398
48,392
1,468
385,580
Additions
7,358
4,489
53
8,439
26
20,364
Derecognition
(4,829)
(24)
\u2014
(890)
(23)
(5,767)
Modification
18,388
(998)
2,262
2,049
6
21,707
Currency translation effects
8
72
\u2014
(2)
\u2014
78
Other
\u2014
27
\u2014
(7)
\u2014
19
As at 31 December 2023
298,804
33,006
30,713
57,980
1,477
421,982
Accumulated Depreciation
As at 1 January 2023
107,338
7,571
9,008
28,345
176
152,438
Charge for the period
25,228
2,978
2,767
9,607
89
40,668
Derecognition
(2,536)
(16)
\u2014
(651)
(23)
(3,227)
Modification
\u2014
\u2014
\u2014
(51)
\u2014
(51)
Currency translation effects
3
73
\u2014
(1)
(3)
72
Other
\u2014
(101)
\u2014
(7)
\u2014
(108)
As at 31 December 2023
130,032
10,504
11,775
37,242
239
189,792
Net Book Value at 31 December
2023
168,772
22,502
18,938
20,738
1,238
232,189
The Group leases a variety of assets in the course of its activities. Through the marketing segment the Group
enters into lease agreements whereby it leases land on which it constructs petrol stations. Furthermore, the Group
leases operational petrol stations and large complexes which may include other commercial properties such as
highway service stations.
Part of the Group\u2019s operations require the use of coastal zones. The Group has entered into an Agreement with
the State for the use of coastal zones in certain areas. There are however other areas, where the Group uses
coastal zones, and for which no agreement exists. The State may periodically issue a notice for compensation for
the use of the coastal zones for these areas. Upon adoption of IFRS 16, the Group concluded that the use of
coastal zones could meet the criteria of an identified asset under IFRS 16, where an Agreement exists. Where the
terms of use by the Greek state are determinable from the Agreement, the Group recognizes a right of use asset
within commercial properties and a lease liability representing its obligation to make payments. For instances
where the Group uses coastal zones without an Agreement, the Group considers that the arrangement does not
constitute a lease and provides for compensation for the use of the coast based on the most recently received
notice. For the year ended 31 December 2023, this is estimated at \u20ac670 thousand (31 December 2022: \u20ac 734) and
is included in current liabilities.\u00a0
Furthermore, the Group operates a number of underground pipelines within the boundaries of various
municipalities, in accordance with relevant laws. As described in Note 33, 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.
18.Lease Liabilities
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Group
Note
31 December\u00a0 2023
31 December 2022
As at 1 January
208,117
201,796
Additions
17,680
38,994
Derecognition
(2,077)
(11,471)
Modification
26,288
15,315
Interest Cost
27
9,669
9,261
Repayment (capital and interest)
(43,174)
(45,781)
Foreign exchange difference
1
(13)
Other
(1,949)
16
As at 31 December
214,555
208,117
Current
32,220
30,372
Non-current
182,335
177,745
The following are the amounts recognised in the consolidated statement of comprehensive income:
Note
2023
2022
Depreciation expense for right-of-use assets
7
40,668
39,781
Interest expense on lease liabilities
27
9,669
9,259
Expense relating to short-term leases
956
1,599
Expense relating to leases of low-value assets
74
92
Variable lease payments
1,128
950
Total amount recognised in statement of comprehensive income
52,495
51,681
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
41,018
100,314
148,711
290,043
Parent Company
Parent
31 December\u00a0 2023
31 December 2022
As at 1 January
10,868
24,748
Additions
744
11,324
Derecognition
(242)
(23,003)
Modification
308
\u2014
Interest Cost
380
461
Repayment (capital and interest)
(2,678)
(2,663)
Other
15
1
As at 31 December
9,395
10,868
Current
2,422
1,257
Non-current
6,973
9,611
Note
31 December 2023
31 December 2022
Depreciation expense for right-of-use assets
7
2,479
2,661
Interest expense on lease liabilities
380
461
Expense relating to short-term leases
26
\u2014
Total amount recognised in statement of comprehensive income
2,885
3,122
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "8.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licenses
& Rights
Other
EU
Allowances
Total
Cost
As at 1 January 2022
138,588
7,541
141,192
111,339
75,068
52,752
526,480
Additions
\u2014
1,800
6,202
58
58
\u2014
8,118
Acquisition of a subsidiary
\u2014
\u2014
\u2014
52,354
\u2014
\u2014
52,354
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
316,128
316,128
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(87,764)
(87,764)
Disposals
\u2014
(900)
(220)
\u2014
\u2014
\u2014
(1,120)
Currency translation effects
\u2014
\u2014
(10)
\u2014
10
\u2014
\u2014
Other movements
\u2014
\u2014
16,250
566
\u2014
\u2014
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
\u2014
126,514
33,584
65,895
\u2014
297,822
Charge for the year
\u2014
\u2014
8,481
6,862
48
\u2014
15,391
Disposals
\u2014
\u2014
(213)
\u2014
\u2014
\u2014
(213)
Currency translation effects
\u2014
\u2014
286
(344)
\u2014
\u2014
(58)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Net Book Value at 31 December
2022
66,759
8,441
28,348
124,215
9,193
281,116
518,073
Cost
As at 1 January 2023
138,588
8,441
163,415
164,317
75,136
281,116
831,013
Additions
\u2014
1,420
1,374
2,389
2
\u2014
5,185
Acquisition of subsidiaries
\u2014
\u2014
\u2014
14,836
\u2014
\u2014
14,836
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
114,918
114,918
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(305,288)
(305,288)
Disposals
\u2014
\u2014
(199)
\u2014
\u2014
\u2014
(199)
Currency translation effects
\u2014
\u2014
6
\u2014
7
\u2014
12
Other movements
\u2014
\u2014
10,637
(547)
\u2014
\u2014
10,091
As at 31 December 2023
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Accumulated Amortisation
As at 1 January 2023
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Charge for the year
\u2014
\u2014
15,076
7,840
54
\u2014
22,970
Disposals
\u2014
\u2014
(194)
\u2014
\u2014
\u2014
(194)
Impairment
\u2014
\u2014
(3)
1,070
\u2014
\u2014
1,067
Currency translation effects
\u2014
\u2014
2
(218)
1
\u2014
(215)
Other movements
\u2014
\u2014
308
\u2014
\u2014
\u2014
308
As at 31 December 2023
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Net Book Value at 31 December
2023
66,759
9,861
24,978
132,202
9,146
90,746
333,692
1. The majority of the remaining balance of goodwill as at 31 December 2023 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 2.8. Goodwill was tested for impairment as at 31
December 2023 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 6.90% 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 \u20ac67 million as of 31 December
2023.
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 2023 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 8%. 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 9%. The sensitivity analysis
resulted in recoverable values well in excess of the carrying value.
2. Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May
2023. The Group completed the acquisition of Res Zeus Electricity Company LTD and Solight Electricity
Company LTD (Note 6).
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\u2019s 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. \u2018Licenses and Rights\u2019 mainly include the carrying value of licenses as of 31 December 2023 related to
renewable energy generation with their useful life ranging from 15 to 25 years.
5. \u2018Other movements\u2019 include completed IT software projects capitalised during 2023 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.
6. As at 31 December 2023, the balance of EUA allowances comprises 1.1 million metric tons of purchased
emission rights (EUAs) valued at \u20ac91 million (31 December 2022: 0.9 million metric tons at \u20ac281 million) and
2.4 million EUAs of free allowance with no value (31 December 2022: 2.4 million metric tons with no value).
Among these, 500 thousand tons are pledged under a derivative agreement set to expire in April 2024, after
which the EU allowances will be released from pledge (31 December 2022: nil). The deadline for surrendering
the EUAs to cover the emissions deficit of 2023 has been shifted from April 2024 to September 2024, in
accordance with the Greek ministry of finance and the EU regulation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "8.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licenses
& Rights
Other
EU
Allowances
Total
Cost
As at 1 January 2022
138,588
7,541
141,192
111,339
75,068
52,752
526,480
Additions
\u2014
1,800
6,202
58
58
\u2014
8,118
Acquisition of a subsidiary
\u2014
\u2014
\u2014
52,354
\u2014
\u2014
52,354
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
316,128
316,128
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(87,764)
(87,764)
Disposals
\u2014
(900)
(220)
\u2014
\u2014
\u2014
(1,120)
Currency translation effects
\u2014
\u2014
(10)
\u2014
10
\u2014
\u2014
Other movements
\u2014
\u2014
16,250
566
\u2014
\u2014
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
\u2014
126,514
33,584
65,895
\u2014
297,822
Charge for the year
\u2014
\u2014
8,481
6,862
48
\u2014
15,391
Disposals
\u2014
\u2014
(213)
\u2014
\u2014
\u2014
(213)
Currency translation effects
\u2014
\u2014
286
(344)
\u2014
\u2014
(58)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Net Book Value at 31 December
2022
66,759
8,441
28,348
124,215
9,193
281,116
518,073
Cost
As at 1 January 2023
138,588
8,441
163,415
164,317
75,136
281,116
831,013
Additions
\u2014
1,420
1,374
2,389
2
\u2014
5,185
Acquisition of subsidiaries
\u2014
\u2014
\u2014
14,836
\u2014
\u2014
14,836
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
114,918
114,918
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(305,288)
(305,288)
Disposals
\u2014
\u2014
(199)
\u2014
\u2014
\u2014
(199)
Currency translation effects
\u2014
\u2014
6
\u2014
7
\u2014
12
Other movements
\u2014
\u2014
10,637
(547)
\u2014
\u2014
10,091
As at 31 December 2023
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Accumulated Amortisation
As at 1 January 2023
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Charge for the year
\u2014
\u2014
15,076
7,840
54
\u2014
22,970
Disposals
\u2014
\u2014
(194)
\u2014
\u2014
\u2014
(194)
Impairment
\u2014
\u2014
(3)
1,070
\u2014
\u2014
1,067
Currency translation effects
\u2014
\u2014
2
(218)
1
\u2014
(215)
Other movements
\u2014
\u2014
308
\u2014
\u2014
\u2014
308
As at 31 December 2023
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Net Book Value at 31 December
2023
66,759
9,861
24,978
132,202
9,146
90,746
333,692
1. The majority of the remaining balance of goodwill as at 31 December 2023 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 2.8. Goodwill was tested for impairment as at 31
December 2023 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 6.90% 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 \u20ac67 million as of 31 December
2023.
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 2023 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 8%. 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 9%. The sensitivity analysis
resulted in recoverable values well in excess of the carrying value.
2. Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May
2023. The Group completed the acquisition of Res Zeus Electricity Company LTD and Solight Electricity
Company LTD (Note 6).
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\u2019s 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. \u2018Licenses and Rights\u2019 mainly include the carrying value of licenses as of 31 December 2023 related to
renewable energy generation with their useful life ranging from 15 to 25 years.
5. \u2018Other movements\u2019 include completed IT software projects capitalised during 2023 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.
6. As at 31 December 2023, the balance of EUA allowances comprises 1.1 million metric tons of purchased
emission rights (EUAs) valued at \u20ac91 million (31 December 2022: 0.9 million metric tons at \u20ac281 million) and
2.4 million EUAs of free allowance with no value (31 December 2022: 2.4 million metric tons with no value).
Among these, 500 thousand tons are pledged under a derivative agreement set to expire in April 2024, after
which the EU allowances will be released from pledge (31 December 2022: nil). The deadline for surrendering
the EUAs to cover the emissions deficit of 2023 has been shifted from April 2024 to September 2024, in
accordance with the Greek ministry of finance and the EU regulation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "8.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licenses
& Rights
Other
EU
Allowances
Total
Cost
As at 1 January 2022
138,588
7,541
141,192
111,339
75,068
52,752
526,480
Additions
\u2014
1,800
6,202
58
58
\u2014
8,118
Acquisition of a subsidiary
\u2014
\u2014
\u2014
52,354
\u2014
\u2014
52,354
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
316,128
316,128
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(87,764)
(87,764)
Disposals
\u2014
(900)
(220)
\u2014
\u2014
\u2014
(1,120)
Currency translation effects
\u2014
\u2014
(10)
\u2014
10
\u2014
\u2014
Other movements
\u2014
\u2014
16,250
566
\u2014
\u2014
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
\u2014
126,514
33,584
65,895
\u2014
297,822
Charge for the year
\u2014
\u2014
8,481
6,862
48
\u2014
15,391
Disposals
\u2014
\u2014
(213)
\u2014
\u2014
\u2014
(213)
Currency translation effects
\u2014
\u2014
286
(344)
\u2014
\u2014
(58)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Net Book Value at 31 December
2022
66,759
8,441
28,348
124,215
9,193
281,116
518,073
Cost
As at 1 January 2023
138,588
8,441
163,415
164,317
75,136
281,116
831,013
Additions
\u2014
1,420
1,374
2,389
2
\u2014
5,185
Acquisition of subsidiaries
\u2014
\u2014
\u2014
14,836
\u2014
\u2014
14,836
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
114,918
114,918
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(305,288)
(305,288)
Disposals
\u2014
\u2014
(199)
\u2014
\u2014
\u2014
(199)
Currency translation effects
\u2014
\u2014
6
\u2014
7
\u2014
12
Other movements
\u2014
\u2014
10,637
(547)
\u2014
\u2014
10,091
As at 31 December 2023
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Accumulated Amortisation
As at 1 January 2023
71,829
\u2014
135,067
40,101
65,943
\u2014
312,940
Charge for the year
\u2014
\u2014
15,076
7,840
54
\u2014
22,970
Disposals
\u2014
\u2014
(194)
\u2014
\u2014
\u2014
(194)
Impairment
\u2014
\u2014
(3)
1,070
\u2014
\u2014
1,067
Currency translation effects
\u2014
\u2014
2
(218)
1
\u2014
(215)
Other movements
\u2014
\u2014
308
\u2014
\u2014
\u2014
308
As at 31 December 2023
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Net Book Value at 31 December
2023
66,759
9,861
24,978
132,202
9,146
90,746
333,692
1. The majority of the remaining balance of goodwill as at 31 December 2023 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 2.8. Goodwill was tested for impairment as at 31
December 2023 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 6.90% 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 \u20ac67 million as of 31 December
2023.
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 2023 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 8%. 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 9%. The sensitivity analysis
resulted in recoverable values well in excess of the carrying value.
2. Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May
2023. The Group completed the acquisition of Res Zeus Electricity Company LTD and Solight Electricity
Company LTD (Note 6).
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\u2019s 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. \u2018Licenses and Rights\u2019 mainly include the carrying value of licenses as of 31 December 2023 related to
renewable energy generation with their useful life ranging from 15 to 25 years.
5. \u2018Other movements\u2019 include completed IT software projects capitalised during 2023 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.
6. As at 31 December 2023, the balance of EUA allowances comprises 1.1 million metric tons of purchased
emission rights (EUAs) valued at \u20ac91 million (31 December 2022: 0.9 million metric tons at \u20ac281 million) and
2.4 million EUAs of free allowance with no value (31 December 2022: 2.4 million metric tons with no value).
Among these, 500 thousand tons are pledged under a derivative agreement set to expire in April 2024, after
which the EU allowances will be released from pledge (31 December 2022: nil). The deadline for surrendering
the EUAs to cover the emissions deficit of 2023 has been shifted from April 2024 to September 2024, in
accordance with the Greek ministry of finance and the EU regulation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
9.Investments in Subsidiaries, Associates and Joint Ventures
The amounts represent the Group\u2019s share of the net profit / (losses) from associated companies and joint
ventures accounted for on an equity accounting basis, which are analysed as follows:
Group
As at
31 December 2023
31 December 2022
Beginning of the period
402,101
313,723
Dividend income
(3,264)
(32,321)
Share of profit / (loss) of investments in associates & joint ventures
4,272
120,042
Share of other comprehensive income / (loss) of investments in associates
1,460
658
Share capital increase / (decrease)
174
\u2014
Other movements
\u2014
(1)
End of the period
404,743
402,101
Joint ventures
The Group is active in power generation, trading and supply in Greece through its 50% shareholding in Elpedison
B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using the equity method and
as such, the Group\u2019s 50% share of the consolidated results of Elpedison B.V. appear under \u201cShare of profit of
investments in associates and joint ventures\u201d and its 50% share of net assets under \u201cInvestment in associates and
joint ventures\u201d. Based on the positive results of Elpedison for the year ended on 31 December 2023 there is no
indication of impairment.
Given the materiality of this activity for the Group, the table below summarises the key financials of the Elpedison
B.V. Group, which consolidates its 100% holding in Elpedison S.A..
As at
Elpedison B.V. Group
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Financial Position
Non-Current Assets
217,664
251,408
Cash and Cash Equivalents
19,864
10,029
Other Current Assets
469,972
628,314
Total Assets
707,501
889,751
Equity
287,518
248,452
Non-Current Liabilities
28,532
40,028
Short Term Borrowings
149,902
244,489
Other Current Liabilities
241,549
356,782
Total Liabilities
419,983
641,299
Total Liabilities and Equity
707,501
889,751
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group
162,807
143,172
As at
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Comprehensive Income
Revenue
1,622,736
2,966,421
EBITDA
87,883
184,511
Depreciation & Amortisation
(26,512)
(23,824)
EBIT
61,371
160,687
Interest Income
4,880
1,236
Interest Expense
(12,624)
(11,003)
Income / (loss) beforeTax
53,627
150,890
Income Tax
(11,993)
(27,954)
Income / (loss) after Tax
41,634
122,936
Share of gain / (loss) accounted in HELLENiQ ENERGY Group
19,460
61,610
The bond loans of Elpedison S.A. are maturing on March 2024 and the company's management is currently in the
process of refinancing them. 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 2023 amounted to
\u20ac150 million. (31 December 2022: \u20ac244 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 2023, the Group\u2019s share of the above was \u20ac75 million (31 December
2022: \u20ac107 million).
As at 31 December 2023, 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.
In January 2020, the Hellenic Republic Asset Development Fund (HRADF) launched an international public tender
process for the sale of 65% in the share capital of DEPA Commercial S.A.. Following HRADF's decision on October
2023, the privatisation procedure of DEPA Commercial S.A. was terminated.
The table below summarizes the key financials of DEPA Commercial group.
As at
DEPA Commercial Group
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Financial Position
Non-Current Assets
237,049
188,615
Cash and Cash Equivalents
201,150
199,716
Other Current Assets
458,178
974,911
Total Assets
896,377
1,363,242
Equity
594,069
638,909
Non-Current Liabilities
39,293
36,035
Short Term Borrowings
\u2014
6,000
Other Current Liabilities
263,015
682,298
Total Liabilities
302,308
724,333
Total Liabilities and Equity
896,377
1,363,242
Investment in DEPA Commercial Group as accounted in HELLENiQ
ENERGY Group
207,924
223,618
As at
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Comprehensive Income
Revenue
1,777,562
4,826,830
Operating profit / (loss)
(17,255)
105,373
Interest Income
22,951
13,693
Interest Expense
(13,701)
(10,362)
Share of profit / (loss) of investments in associates and joint ventures
(1,869)
1,972
Profit / (loss) before Tax
(9,873)
110,677
Income Tax
1,782
(25,676)
Profit / (loss) from continuing operations
(8,091)
85,000
Share of profit/ (loss) accounted in HELLENiQ ENERGY Group
(15,234)
58,666
Share of other comprehensive loss accounted in HELLENiQ ENERGY
Group
1,460
1,754
Within 2023, DEPA Commercial S.A. declared dividends amounting to \u20ac 5.5 million and the amount corresponding
to HELLENiQ Energy Holdings is \u20ac 1.9 million. The dividend was paid within 2023. The cost of investment in DEPA
Commercial as at 31 December 2023 is \u20ac85.7 million (31 December 2022: \u20ac85.7 million) and the carrying value for
the Group is \u20ac208 million (31 December 2022: \u20ac223.6 million). The share of profit / (loss) accounted in HELLENiQ
Energy Group in 2023 includes a loss of \u20ac 13.7 million relating to an adjustment performed in DEPA Commercial's
2022 accounts after the publication of the 2022 Group and Company financial statements.
Other associates
The Group\u2019s subsidiary company, HELLENiQ ENERGY International GmbH, participates in the shareholding of
DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of
\u201cOTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products\u201d (OTSM). OTSM
is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping
and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM,
reducing its stock holding by approximately 184 kMT (31 December 2022: 25 kMT), at a fee calculated in line with
the legal framework. All Group\u2019s transactions with OTSM are included in Note 35.
An analysis of the financial position and results of the Group\u2019s other associates is set out below:
% interest
As at
held
31 December\u00a0 2023
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
1,206
6,288
2,251
9,069
2,835
Athens Airport Fuel Pipeline Company
S.A.
50%
4,321
10,713
2,069
4,321
2,058
DMEP Holdco
48%
252
226,620
226,096
55,199
(7,585)
% interest
As at
held
31 December\u00a0 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)
There are no contingent liabilities or commitments in relation to the group\u2019s interest in its associates, other than
those disclosed in Note 33.
Joint operations
The Group participates in the following joint operations with other third parties relating to exploration and
production of hydrocarbons in Greece:
\u2022 Energean Italy S.p.A. - Greece
\u2022 Calfrac Well Services Ltd\u00a0 - Greece, Sea of Thrace concession
\u2022 Energean Hellas LTD - Greece, Block 2, West of Corfu Island.
\u2022 Exxon Mobil Exploration and Production Greece (Crete) B.V. - Greece, Block West Crete.
\u2022 Exxon Mobil Exploration and Production Greece (Crete) B.V.\u00a0 - Greece, Block South West Crete.
The jointly controlled operations are still at a research phase and do not contribute to the Group\u2019s revenue.
For contractual commitments of the Group for exploration costs refer to Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
9.Investments in Subsidiaries, Associates and Joint Ventures
Associates
The Group exercises significant influence over a number of entities, which are also accounted for using the equity
method.
In January 2020, the Hellenic Republic Asset Development Fund (HRADF) launched an international public tender
process for the sale of 65% in the share capital of DEPA Commercial S.A.. Following HRADF's decision on October
2023, the privatisation procedure of DEPA Commercial S.A. was terminated.
The table below summarizes the key financials of DEPA Commercial group.
As at
DEPA Commercial Group
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Financial Position
Non-Current Assets
237,049
188,615
Cash and Cash Equivalents
201,150
199,716
Other Current Assets
458,178
974,911
Total Assets
896,377
1,363,242
Equity
594,069
638,909
Non-Current Liabilities
39,293
36,035
Short Term Borrowings
\u2014
6,000
Other Current Liabilities
263,015
682,298
Total Liabilities
302,308
724,333
Total Liabilities and Equity
896,377
1,363,242
Investment in DEPA Commercial Group as accounted in HELLENiQ
ENERGY Group
207,924
223,618
As at
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Comprehensive Income
Revenue
1,777,562
4,826,830
Operating profit / (loss)
(17,255)
105,373
Interest Income
22,951
13,693
Interest Expense
(13,701)
(10,362)
Share of profit / (loss) of investments in associates and joint ventures
(1,869)
1,972
Profit / (loss) before Tax
(9,873)
110,677
Income Tax
1,782
(25,676)
Profit / (loss) from continuing operations
(8,091)
85,000
Share of profit/ (loss) accounted in HELLENiQ ENERGY Group
(15,234)
58,666
Share of other comprehensive loss accounted in HELLENiQ ENERGY
Group
1,460
1,754
Within 2023, DEPA Commercial S.A. declared dividends amounting to \u20ac 5.5 million and the amount corresponding
to HELLENiQ Energy Holdings is \u20ac 1.9 million. The dividend was paid within 2023. The cost of investment in DEPA
Commercial as at 31 December 2023 is \u20ac85.7 million (31 December 2022: \u20ac85.7 million) and the carrying value for
the Group is \u20ac208 million (31 December 2022: \u20ac223.6 million). The share of profit / (loss) accounted in HELLENiQ
Energy Group in 2023 includes a loss of \u20ac 13.7 million relating to an adjustment performed in DEPA Commercial's
2022 accounts after the publication of the 2022 Group and Company financial statements.
Other associates
The Group\u2019s subsidiary company, HELLENiQ ENERGY International GmbH, participates in the shareholding of
DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of
\u201cOTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products\u201d (OTSM). OTSM
is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping
and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM,
reducing its stock holding by approximately 184 kMT (31 December 2022: 25 kMT), at a fee calculated in line with
the legal framework. All Group\u2019s transactions with OTSM are included in Note 35.
An analysis of the financial position and results of the Group\u2019s other associates is set out below:
% interest
As at
held
31 December\u00a0 2023
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
1,206
6,288
2,251
9,069
2,835
Athens Airport Fuel Pipeline Company
S.A.
50%
4,321
10,713
2,069
4,321
2,058
DMEP Holdco
48%
252
226,620
226,096
55,199
(7,585)
% interest
As at
held
31 December\u00a0 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)
There are no contingent liabilities or commitments in relation to the group\u2019s interest in its associates, other than
those disclosed in Note 33.
36.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
DIAXON S.A.
Petrochemicals
GREECE
100.00%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 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
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
FULL
\u0395\u039a\u039f\u03a4\u0391 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
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
FULL
VARDAX S.A
Pipeline
GREECE
80.00%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
81.51%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100.00%
FULL
EKO CYPRUS LTD
Marketing
U.K
100.00%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100.00%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100.00%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
FULL
EKO GAS LIMITED (former BLUE CIRCLE
ENGINEERING LIMITED)
Marketing
CYPRUS
100.00%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32.00%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54.35%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
99.96%
FULL
SAFCO S.A.
Airplane
Fuelling
GREECE
33.33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
FULL
HELLENiQ RENEWABLES 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
HELLENiQ RENEWABLES WIND FARMS OF MANI
S.A.
Energy
GREECE
100.00%
FULL
KOZILIO PRIME
Energy
GREECE
100.00%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FULL
FENSOL S.M.
Energy
GREECE
100.00%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100.00%
FULL
KOZILIO 1
Energy
GREECE
100.00%
FULL
WINDSPUR S.A.
Energy
GREECE
100.00%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS
LYTHRODONTAS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS
LIMITED
Energy
CYPRUS
100.00%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100.00%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
DEPA COMMERCIAL 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
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF
SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100.00%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100.00%
FULL
ASPROFOS S.A.
Engineering
GREECE
100.00%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100.00%
FULL
ELPEFUTURE
Energy
GREECE
100.00%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100.00%
FULL
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \u201cFRONTERA
ENERGEIAKI S.A..\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE RENEWABLES CYPRUS
Limited\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Greece, \u201cKOZILIO PRIME\u201d, a wholly
owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS LYTHRODONTAS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS AGIA VARVARA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS ALAMINOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PACHNA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS POLITIKO LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PAPHOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE ENERGY FINANCE
CYPRUS\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cRES ZEUS
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLIGHT
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
9.Investments in Subsidiaries, Associates and Joint Ventures
Joint ventures
The Group is active in power generation, trading and supply in Greece through its 50% shareholding in Elpedison
B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using the equity method and
as such, the Group\u2019s 50% share of the consolidated results of Elpedison B.V. appear under \u201cShare of profit of
investments in associates and joint ventures\u201d and its 50% share of net assets under \u201cInvestment in associates and
joint ventures\u201d. Based on the positive results of Elpedison for the year ended on 31 December 2023 there is no
indication of impairment.
Given the materiality of this activity for the Group, the table below summarises the key financials of the Elpedison
B.V. Group, which consolidates its 100% holding in Elpedison S.A..
As at
Elpedison B.V. Group
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Financial Position
Non-Current Assets
217,664
251,408
Cash and Cash Equivalents
19,864
10,029
Other Current Assets
469,972
628,314
Total Assets
707,501
889,751
Equity
287,518
248,452
Non-Current Liabilities
28,532
40,028
Short Term Borrowings
149,902
244,489
Other Current Liabilities
241,549
356,782
Total Liabilities
419,983
641,299
Total Liabilities and Equity
707,501
889,751
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group
162,807
143,172
As at
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Comprehensive Income
Revenue
1,622,736
2,966,421
EBITDA
87,883
184,511
Depreciation & Amortisation
(26,512)
(23,824)
EBIT
61,371
160,687
Interest Income
4,880
1,236
Interest Expense
(12,624)
(11,003)
Income / (loss) beforeTax
53,627
150,890
Income Tax
(11,993)
(27,954)
Income / (loss) after Tax
41,634
122,936
Share of gain / (loss) accounted in HELLENiQ ENERGY Group
19,460
61,610
The bond loans of Elpedison S.A. are maturing on March 2024 and the company's management is currently in the
process of refinancing them. 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 2023 amounted to
\u20ac150 million. (31 December 2022: \u20ac244 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 2023, the Group\u2019s share of the above was \u20ac75 million (31 December
2022: \u20ac107 million).
As at 31 December 2023, Elpedison B.V. Management carried out an impairment test according to the
requirements of IAS 36, based on the post-tax cash flows produced by the company. Increased and continued
volatility in electrical market was considered as a probable indicator of impairment, as it could impact the future
cash flows of its assets. Based on this impairment test, the Group concluded that the carrying amount of the
investment in Elpedison is recoverable and consequently no impairment charge was recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2023
31 December 2022
Loans and advances
54,712
58,185
Other long term assets
3,059
6,411
Total
57,771
64,596
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.\u00a0
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 8.75% (31 December 2022: 6.74%) over their respective lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2023
31 December 2022
Loans and advances
54,712
58,185
Other long term assets
3,059
6,411
Total
57,771
64,596
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.\u00a0
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 8.75% (31 December 2022: 6.74%) over their respective lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2023
31 December 2022
Loans and advances
54,712
58,185
Other long term assets
3,059
6,411
Total
57,771
64,596
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.\u00a0
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 8.75% (31 December 2022: 6.74%) over their respective lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "
11.Inventories
Group
As at
31 December 2023
31 December 2022
Crude oil
404,987
733,879
Refined products and semi-finished products
942,214
963,161
Petrochemicals
31,524
35,777
Consumable materials and other spare parts
149,278
145,555
- Less: Provision for consumables and spare parts
(55,467)
(52,130)
Total
1,472,536
1,826,242
No pledged inventories exist as of 31 December 2023.
Under IEA and EU regulations, Greece is obliged to hold crude oil and refined product stocks in order to fulfil the
EU requirement for compulsory stock obligations (90 days stock directive), as legislated by Greek Law 3054/2002.
The responsibility is passed on to all companies, including the HELLENiQ ENERGY\u00a0 Group, which import and sell in
the domestic market who have the obligation to maintain and finance the appropriate stock levels. Such stocks
are part of the operating stocks and are valued on the same basis. The Group has delegated part of compulsory
stock obligations to OTSM (see also Note 9).
The cost of inventories recognised as an expense and included in Cost of sales amounted to \u20ac10 billion (31
December 2022: \u20ac11 billion). As at 31 December 2023, the Group wrote down inventories to their net realisable
value, recording a loss of \u20ac10 million (31 December 2022: loss of \u20ac26 million included in Cost of Sales in the
statement of comprehensive income).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
12.Trade and Other Receivables
As at
Group
31 December 2023
31 December 2022
Trade receivables
644,447
660,810
- Less: Provision for impairment of receivables
(242,481)
(284,662)
Trade receivables net
401,966
376,148
Other receivables
476,529
473,224
- Less: Provision for impairment of receivables
(45,122)
(46,201)
Other receivables net
431,407
427,023
Accrued Income and other prepaid expenses
47,613
62,938
Total
880,986
866,109
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\" typically include\u00a0 amounts paid to obtain the right to challenge imposed fines and duties in
courts as well as VAT and restricted cash. As of 31 December 2023,\u00a0 payments to appeal against the above
mentioned cases amounted to \u20ac156 million (31 December 2022: \u20ac154 million),\u00a0 VAT receivable \u20ac82 million (31
December 2022: \u20ac93 million) and restricted cash \u20ac14 million, including cash related to margin call accounts (31
December 2022: \u20ac26 million).\u00a0
In addition, as of 31 December 2023,\u00a0 \"Other receivables\"\u00a0 include \u20ac65 million receivable as compensation for
indirect cost CO2 in electricity (Note 26) out of which \u20ac35 million relate to 2023, advances to suppliers of \u20ac39
million (31 December 2022: \u20ac15 million), as well as \u20ac21.3 million (31 December 2022: \u20ac21.4 million) regarding the
amount payable to the Group's subsidiary ELPET from the Republic of North Macedonia (Note 33) . As at 31
December 2023, the Group did not have any dividends receivable (31 December 2022: \u20ac32 million).
The table below analyses total trade receivables:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Not past due
340,818
285,636
Past due
303,629
375,174
Total trade receivables
644,447
660,810
The overdue days of trade receivables that were past due are as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Up to 30 days
40,103
84,941
30 - 90 days
20,538
5,543
Over 90 days
242,988
284,690
Total
303,629
375,174
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
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%
0.10%
99.74%
37.63%
\u03a4otal gross carrying amount
380,921
20,538
242,988
644,447
Expected credit loss
100
20
242,361
242,481
The movement in the provision for impairment of trade receivables is set out below.
As at
31 December\u00a0 2023
31 December\u00a0 2022
Balance at 1 January
284,662
262,947
\u00a0 - Exchange differences
38
204
\u00a0 - Additional provisions
7,683
23,773
\u00a0 - Unused amounts reversed
(2,944)
(1,706)
Receivables written off during the year as uncollectible
(46,450)
(45)
Other movements
(508)
(511)
Balance at 31 December
242,481
284,662
During 2023, HFL S.A. completed the sale of a portfolio of delinquent trade receivables to a third party. The book
value of the receivables at the time of disposal amounted to \u20ac45m and the respective provision of \u20ac41,2m were
subsequently written-off.
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\u00a0 2023
31 December\u00a0 2022
Balance at 1 January
46,201
37,735
\u00a0 - Additional provisions
3,890
8,676
\u00a0 - Unused amounts reversed
(450)
(46)
\u00a0 - Receivables written off during the year as uncollectible
(4,449)
(243)
Other movements
(70)
79
Balance at 31 December
45,122
46,201
The additional provision for impairment has been included in Other operating income / (expenses) and other
gains / (losses) in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
12.Trade and Other Receivables
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
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%
0.10%
99.74%
37.63%
\u03a4otal gross carrying amount
380,921
20,538
242,988
644,447
Expected credit loss
100
20
242,361
242,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
13.Cash and Cash Equivalents
Group
As at
31 December\u00a0 2023
31 December\u00a0 2022
Cash at bank and on hand in USD (Euro equivalent)
391,778
149,255
Cash at bank and on hand in Euro
527,678
750,921
Cash and Cash Equivalents
919,457
900,176
The balance of US Dollars included in Cash at bank as at 31 December 2023 was $433 million (euro equivalent
\u20ac392 million). The respective amount for the period ended 31 December 2022 was $159 million (euro equivalent
\u20ac149 million).
The weighted average effective interest rate as at the reporting date on cash and cash equivalents was:
As at
31 December 2023
31 December 2022
Euro
3.08%
1.05%
USD
4.28%
0.01%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-355": { "value": "
14.Share Capital and Share Premium
Group
Number of Shares
(authorised and issued)
Share
Capital
Share
premium
Total
As at 1 January & 31 December 2022
305,635,185
666,285
353,796
1,020,081
As at 31 December 2023
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 \u20ac2.18 (31
December 2022: \u20ac2.18).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "
15.Reserves
Group
Statutory
reserve
Special
reserves
Hedging
reserve
Tax free &
Incentive
Law
Reserves
\u039fther
reserves
Total
As at 1 January 2022
160,656
86,495
(1,112)
71,335
(68,271)
249,104
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
17
17
Recycling of gains / (losses) on hedges through
comprehensive income
\u2014
\u2014
(4,941)
\u2014
\u2014
(4,941)
Transfers to statutory and tax reserves
19,545
\u2014
\u2014
\u2014
\u2014
19,545
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
29,676
29,676
Fair value gains / (losses) on cash flow hedges
\u2014
\u2014
5,733
\u2014
\u2014
5,733
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
(314)
(314)
Share of other comprehensive loss of associates
\u2014
\u2014
\u2014
\u2014
658
658
Other movements
\u2014
\u2014
\u2014
\u2014
(1,765)
(1,765)
As at 31 December 2022
180,201
86,495
(320)
71,335
(39,999)
297,713
As at 1 January 2023
180,201
86,495
(320)
71,335
(39,999)
297,713
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
100
100
Recycling of gains / (losses) on hedges through
comprehensive income
\u2014
\u2014
(17,725)
\u2014
\u2014
(17,725)
Transfers to statutory and tax reserves
13,869
\u2014
\u2014
\u2014
\u2014
13,869
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
(10,732)
(10,732)
Fair value gains / (losses) on cash flow hedges
\u2014
\u2014
6,615
\u2014
\u2014
6,615
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
(290)
(290)
Share of other comprehensive profit / (loss) of
associates
\u2014
\u2014
\u2014
\u2014
1,460
1,460
As at 31 December 2023
194,070
86,495
(11,430)
71,335
(49,461)
291,010
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in
their statutory books to a statutory reserve until this reserve is equal to one third of the outstanding share capital.
This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated
losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate
as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws.
These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or
conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow
hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss when
the associated hedged transaction affects profit or loss within cost of sales. As at 31 December 2023 the fair value
result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
Other reserves include:
(i) Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects
of differences between the previous actuarial assumptions and what has actually occurred) and b) the
effects of changes in actuarial assumptions, applicable for both the Group and the Company.
(ii) Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii) Exchange differences arising on translation of foreign controlled entities, which are recognised in other
comprehensive income. The cumulative amount is reclassified to the profit or loss when the net
investment is disposed of, applicable for the Company
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "
15.Reserves
Group
Statutory
reserve
Special
reserves
Hedging
reserve
Tax free &
Incentive
Law
Reserves
\u039fther
reserves
Total
As at 1 January 2022
160,656
86,495
(1,112)
71,335
(68,271)
249,104
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
17
17
Recycling of gains / (losses) on hedges through
comprehensive income
\u2014
\u2014
(4,941)
\u2014
\u2014
(4,941)
Transfers to statutory and tax reserves
19,545
\u2014
\u2014
\u2014
\u2014
19,545
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
29,676
29,676
Fair value gains / (losses) on cash flow hedges
\u2014
\u2014
5,733
\u2014
\u2014
5,733
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
(314)
(314)
Share of other comprehensive loss of associates
\u2014
\u2014
\u2014
\u2014
658
658
Other movements
\u2014
\u2014
\u2014
\u2014
(1,765)
(1,765)
As at 31 December 2022
180,201
86,495
(320)
71,335
(39,999)
297,713
As at 1 January 2023
180,201
86,495
(320)
71,335
(39,999)
297,713
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
100
100
Recycling of gains / (losses) on hedges through
comprehensive income
\u2014
\u2014
(17,725)
\u2014
\u2014
(17,725)
Transfers to statutory and tax reserves
13,869
\u2014
\u2014
\u2014
\u2014
13,869
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
(10,732)
(10,732)
Fair value gains / (losses) on cash flow hedges
\u2014
\u2014
6,615
\u2014
\u2014
6,615
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
(290)
(290)
Share of other comprehensive profit / (loss) of
associates
\u2014
\u2014
\u2014
\u2014
1,460
1,460
As at 31 December 2023
194,070
86,495
(11,430)
71,335
(49,461)
291,010
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in
their statutory books to a statutory reserve until this reserve is equal to one third of the outstanding share capital.
This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated
losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate
as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws.
These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or
conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow
hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss when
the associated hedged transaction affects profit or loss within cost of sales. As at 31 December 2023 the fair value
result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
Other reserves include:
(i) Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects
of differences between the previous actuarial assumptions and what has actually occurred) and b) the
effects of changes in actuarial assumptions, applicable for both the Group and the Company.
(ii) Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii) Exchange differences arising on translation of foreign controlled entities, which are recognised in other
comprehensive income. The cumulative amount is reclassified to the profit or loss when the net
investment is disposed of, applicable for the Company
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "
16.Trade and other Payables
Group
As at
31 December 2023
31 December 2022
Trade payables
1,159,987
1,250,547
Accrued expenses
279,874
456,546
Other payables
158,865
128,864
Total
1,598,726
1,835,957
Reclassification: Comparative figures from \"Trade payables\" category of \u20ac31 million, have been reclassified to
better reflect the nature of liabilities,\u00a0 to \"Other payables\". The above constitute reclasses with no effect in total
balance.\u00a0
Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.
Trade payables, as at 31 December 2023 and 31 December 2022, 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.\u00a0 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 2023, include an amount of \u20ac117 million (31 December 2022: \u20ac303 million)
relating to the estimated cost of the CO2 emission rights, necessary to meet the Group\u2019s deficit as of 31 December
2023.
Other payables include amounts in respect of payroll related liabilities, social security obligations and sundry
taxes.
22.Other Non-Current Liabilities
As at
31 December\u00a0 2023
31 December\u00a0 2022
Government grants
10,011
8,156
Other payables
15,337
14,506
Total
25,348
22,662
ther payables
Trade and other payables, non-current are comprised of cash guarantees received from petrol station dealers/
managers of the Group\u2019s retail companies in order to ensure that contract terms and conditions are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "
1 7.Interest Bearing Loans and Borrowings
Group
As at
31 December 2023
31 December 2022
Non-current interest bearing loans and borrowings
Committed Revolving Credit facilities
1,156,525
753,820
Eurobonds
\u2014
595,923
Committed term loans (Project Finance)
231,485
83,287
Total non-current interest bearing loans and borrowings
1,388,010
1,433,029
Current interest bearing loans and borrowings
Committed Revolving Credit Facilities
207,967
867,922
Uncommitted Revolving credit facilities
328,956
534,009
Eurobonds
598,167
\u2014
Committed term loans (Project Finance)
23,405
7,393
Total current interest bearing loans and borrowings
1,158,495
1,409,324
Total interest bearing loans and borrowings
2,546,505
2,842,353
Non-current interest bearing loans and borrowings mature as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Between 1 and 2 years
448,026
726,306
Between 2 and 5 years
757,862
660,496
Over 5 years
182,122
46,227
Total
1,388,010
1,433,029
The respective amounts of contractual (undiscounted) cash flows, which include capital and interest are disclosed
in Note 3.1.
The weighted average margins as at 31 December are as follows:
As at
Borrowings
Currency
31 December\u00a0 2023
31 December\u00a0 2022
Short-term
- Floating Euribor + margin
Euro
1.94%
2.45%
- Floating Libor + margin
US Dollar
1.70%
2.40%
- Floating Reference Rate + margin
Bulgarian Lev
0.82%
1.10%
- Fixed coupon
Euro
2.00%
\u2014%
Long-term
- Floating Euribor + margin
Euro
1.83%
2.09%
- Floating Reference Rate + margin
Bulgarian Lev
\u2014%
1.25%
- Fixed coupon
Euro
\u2014%
2.00%
The carrying amounts of the Group's borrowings are denominated in the following currencies:
As at
31 December 2023
31 December 2022
Euro
2,510,649
2,810,535
US Dollar
9,545
6,344
Bulgarian Lev
26,311
25,474
Total interest bearing loans and borrowings
2,546,505
2,842,353
The carrying amount of the borrowings which are denominated in USD relates to recourse factoring. The Group
has centralized treasury operations for the monitoring and management of the funding and liquidity needs of all
group companies. Within this framework, HELLENiQ ENERGY Finance plc (\"HEF\") was established in November
2005 in the U.K. as a wholly-owned subsidiary of HELLENiQ ENERGY Holdings S.A.to act as the Group's financing
vehicle.
Borrowings of the Group net of unamortised finance fees by maturity as at 31 December 2023 and 31 December
2022 are summarised in the table below (amounts in \u20ac million):
Balance as at
Company
Maturity
31 December 2023
31 December 2022
\u20ac100 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
March 2023
\u2014
100
\u20ac150 million RCF 2023
HELPE R.S.S.O.P.P. S.A.
October
2023
\u2014
150
\u20ac200 million RCF 2024
HELPE R.S.S.O.P.P. S.A.
February
2024
200
\u2014
\u20ac100 million RCF 2024
HELPE R.S.S.O.P.P. S.A.
October
2024
\u2014
100
\u20ac599 million Eurobond
HELLENiQ ENERGY FINANCE
PLC
October
2024
598
596
\u20ac30 million RCF 2024
EKO Bulgaria
December
2024
8
11
\u20ac400 million RCF May
2025
HELPE R.S.S.O.P.P. S.A.
May 2025
241
348
\u20ac400 million Syndicated
RCF Dec 2025
HELPE R.S.S.O.P.P. S.A.
December
2025
193
292
\u20ac200 million RCF 2026
HELPE R.S.S.O.P.P. S.A.
February
2026
145
\u2014
\u20ac400 million Syndicated
RCF Jun 2028
HELPE R.S.S.O.P.P. S.A.
June 2028
186
339
\u20ac400 million RCF Nov
2028
HELPE R.S.S.O.P.P. S.A.
November
2028
381
279
PF Evia 2
HELLENiQ RENEWABLES WIND
FARMS OF EVIA S.A.
December
2030
\u2014
17
PF Evia1
HELLENiQ RENEWABLES WIND
FARMS OF EVIA S.A.
June 2032
\u2014
10
PF Mani 1
HELLENiQ RENEWABLES WIND
FARMS OF MANI S.A.
July 2037
24
29
PF Mani 2
HELLENiQ RENEWABLES WIND
FARMS OF MANI S.A.
July 2037
32
34
\u20ac80 million PF Evia -
Framework Agreement
HELLENiQ RENEWABLES WIND
FARMS OF EVIA S.A.
December
2039
73
\u2014
\u20ac133 million PF Kozilio 1 -
Framework Agreement
KOZILIO 1
June 2042
126
\u2014
\u20ac30 million Syndicated
RRF Dec 2037
HELLENiQ ENERGY DIGITAL S.A.
December
2037
11
3
Uncommitted revolving
credit facilities
Various
Various
329
534
Total
2,547
2,842
Refer to \u2018Liquidity Risk Management\u2019 (Note 3.1c) for an analysis of the Group\u2019s refinancing plans regarding the
facilities falling due in 2023.
No loans were in default as at 31 December 2023 (none as at 31 December 2022).
All loans that were refinanced within 2023 met the criteria to be treated as extinguishments, and in accordance
with the Group's accounting policy (Note 2.17),\u00a0 any unamortised finance fees impacted the Group's statement of
comprehensive income.
Significant movements in borrowings (excluding any unamortized fees) for the year ended 31 December 2023 are
as follows:
Revolving Credit Facilities maturing in March, October 2023 and October 2024
In February 2023, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. refinanced 3 revolving credit facilities amounting in
total to \u20ac350 million with 2 new facilities of total \u20ac400 million - \u20ac200 million maturing in 1 year and \u20ac200 million
maturing in 3 years. Both new facilities include a 1-year extension option. The outstanding amount of the facilities
as at 31 December 2023 was \u20ac200 million maturing in February 2024 and \u20ac145 million maturing in February
2026.\u00a0 In February 2024, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. proceeded with the extension of the facility
initially maturing in February 2024, for one year.
Revolving Credit Facilities maturing in June 2028
On 27 June 2023, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. issued a new facility of \u20ac400 million maturing in 5
years in order to refinance an existing \u20ac400 million facility maturing in June 2023 and to finance general
corporate needs. The outstanding amount of the facilities as at 31 December 2023 was \u20ac190 million.
Revolving Credit Facilities maturing in November 2028
Further, on 1 November 2023, the Group signed a new facility of \u20ac400 million maturing in 5 years in order to
refinance an existing \u20ac400 million revolving credit facility maturing in December 2023. The outstanding amount
of the facility as at 31 December 2023 was \u20ac383 million.
Project Finance
In July 2023, HELLENiQ Renewables S.A., a wholly owned subsidiary of HELLENiQ Energy Holdings signed a non-
recourse Project Finance Framework Agreement for an amount of up to \u20ac766m with National Bank of Greece S.A.
and Eurobank S.A. in relation to the financing of existing and new projects in Greece,\u00a0 for electricity generation
from Renewable Energy Sources.
The Group has already finalised the procedures for the above mentioned Framework Agreement for the following
two projects:
PF Wind Farms of Evia - Framework Agreement
On 20 November 2023, HELLENiQ RENEWABLES WIND FARMS OF EVIA SINGLE MEMBER S.A., signed a new
facility of \u20ac86 million maturing in 2039, in order (among others) to refinance the existing \u20ac26million facilities
maturing in December 2023. The outstanding amount of the facility as at 31 December 2023 was \u20ac74million.
PF Kozilio 1 - Framework Agreement
On19 December 2023, KOZILIO ENA SINGLE MEMBER S.A., signed a new facility of \u20ac133 million maturing in 2042.
The outstanding amount of the facility as at 31 December 2023 was \u20ac127million.
Bilateral facilities
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..
The table below presents the changes in Borrowings arising from financing activities:
Group
1 January
2023
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows
- fees
Current
Portion of
Long term
debt
Reclassification
between
Current & Non-
current
Non cash
movements
31 December\u00a0
2023
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
Current
interest-
bearing loans
and
borrowings
1,409,324
348,902
\u2014
(1,226,191)
(400)
26,930
595,923
4,007
1,158,495
Non-current
interest-
bearing loans
and
borrowings
1,433,029
1,170,504
\u2014
(583,054)
(7,201)
(26,930)
(595,923)
(2,415)
1,388,010
Total
2,842,353
1,519,406
\u2014
(1,809,245)
(7,601)
\u2014
\u2014
1,592
2,546,505
Group
1 January
2022
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
through
acquisition of
subsidiary
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows
- fees
Current
Portion of
Long term
debt
Reclassification
between
Current & Non-
current
Non cash
movements
31 December\u00a0
2022
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
\u20ac000
Current
interest-
bearing loans
and
borrowings
1,474,494
380,553
\u2014
(454,273)
\u2014
\u2014
\u2014
8,550
1,409,324
Non-current
interest-
bearing loans
and
borrowings
1,516,530
658,142
63,941
(800,324)
(5,000)
\u2014
\u2014
(261)
1,433,029
Total
2,991,024
1,038,695
63,941
(1,254,597)
(5,000)
\u2014
\u2014
8,288
2,842,353
\u201cCash flows \u2013fees\u201d column includes the finance fees paid and deferred against loans proceeds. \u201cNon-cash
movements\u201d column includes the amortization of deferred borrowing costs.
In accordance with the non-recourse Project Finance Facilities\u2019 Agreements amounting to \u20ac255 million as of 31
December 2023, ( 31 December 2022: \u20ac 91 million) signed by three subsidiaries of the Group (HELLENiQ
RENEWABLES WIND FARMS OF MANI\u00a0 S.A., HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A. and KOZILIO 1),
the three companies have to meet certain financial covenants typical for such types of borrowings, applicable only
to the respective entities.
Management monitors the performance of these subsidiaries to ensure compliance with the above covenants.
Furthermore, these subsidiaries have provided to the banks securities standard for this type of transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "19.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\u00a0 2023
31 December\u00a0 2022
Deferred income tax assets
95,546
91,204
Deferred income tax liabilities
(174,063)
(202,523)
(78,517)
(111,319)
The movement on the deferred income tax asset / (liability) is as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
As at 1 January
(111,319)
(13,776)
Income statement charge
26,646
(89,536)
Charged / (released) to equity
5,048
(7,500)
Other movements
1,108
(507)
As at 31 December
(78,517)
(111,319)
Deferred tax related to the following types of temporary differences:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Intangible and tangible fixed assets
(227,127)
(234,199)
Inventory valuation
13,590
12,764
Unrealised exchange gains
1,288
(3,649)
Employee benefits provision
37,786
35,485
Provision for bad debts
27,558
34,533
Derivative financial instruments at fair value
2,564
(738)
\u0399nterest cost carried forward (thin capitalisation)
7,642
6,208
Tax losses carried forward
19,049
10,154
Environmental provisions
4,670
4,687
Impairment of investments
24,420
11,603
Unearned profit in stock
(748)
(912)
Other temporary differences relating to provisions and accruals
7,714
10,967
Leases (IFRS 16)
3,077
1,778
End of year
(78,517)
(111,319)
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 2023, the Group\u2019s deferred tax assets on tax losses carried
forward amounted to \u20ac19 million (31 December 2022: \u20ac10 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 30% of tax EBITDA.\u00a0 This resulted in a deferred tax asset, which as at 31
December 2023 was \u20ac7.6 million (31 December 2022: \u20ac6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "20.Retirement Benefit Obligations
The table below outlines where the Group\u2019s retirement benefit amounts and activity are included in the financial
statements.
As at
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Financial Position obligations for:
Pension benefits
176,305
175,500
Liability in the Statement of Financial Position
176,305
175,500
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Statement of Comprehensive Income charge for:
Pension benefits
22,373
24,718
Total as per Statement of Comprehensive Income
22,373
24,718
Statement of Other Comprehensive Income charge for:
Pension benefits
12,661
(36,994)
Tax
(1,915)
7,285
Total as per Statement of Other Comprehensive Income
10,746
(29,709)
The amounts recognised in the Statement of Financial Position are as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Present value of funded obligations
42,601
31,085
Fair value of plan assets
(36,805)
(14,779)
Deficit of funded plans
5,796
16,306
Present value of unfunded obligations
170,509
159,194
Liability in the Statement of Financial Position
176,305
175,500
The Group operates defined benefit pension plans in Greece, Bulgaria, Serbia, North Macedonia, Montenegro and
Cyprus. The level of benefits provided depend on members\u2019 length of service and remuneration. Part of the plans
are unfunded, however there are certain plans in Greece and Cyprus that have plan assets.
The movement in the defined benefit obligation is as follows:
Present Value
of Obligation
Fair Value of
Plan Assets
Total
As at 1 January 2022
222,712
(11,975)
210,736
Current service cost
11,053
\u2014
11,053
Interest expense/(income)
2,672
(104)
2,568
Past service costs and (gains)/losses on settlements
11,096
\u2014
11,096
Statement of comprehensive income charge (P&L)
24,822
(104)
24,718
Remeasurements:
- Return on plan assets, excluding amounts included in Interest
(income)/ expense
\u2014
904
904
- (Gain)/loss from change in demographic assumptions
\u2014
\u2014
\u2014
- Loss/ (Gain) from change in financial assumptions
(43,000)
\u2014
(43,000)
- Experience (gains)/losses
5,102
\u2014
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
\u2014
Contributions paid by employees
\u2014
\u2014
\u2014
Settlement payments from the plan
243
\u2014
243
As at 31 December 2022
190,280
(14,779)
175,500
As at 1 January 2023
190,280
(14,779)
175,500
Current service cost
8,743
(58)
8,685
Interest expense/(income)
6,828
(448)
6,380
(Gains)/losses on settlements
2,108
\u2014
2,108
Past service costs
5,200
\u2014
5,200
Statement of comprehensive income charge (P&L)
22,879
(506)
22,373
Remeasurements:
- Return on plan assets, excluding amounts included in Interest
(income)/ expense
\u2014
61
61
- Loss/ (Gain) from change in financial assumptions
843
\u2014
843
- Experience (gains)/losses
10,773
\u2014
10,773
Statement of comprehensive income charge (OCI)
12,600
61
12,661
Benefits paid directly by the group/Contributions paid by the group
(10,715)
(23,515)
(34,230)
Benefit payments from the plan
(1,934)
1,934
\u2014
Settlement payments from the plan
\u2014
\u2014
\u2014
As at 31 December 2023
213,110
(36,805)
176,305
The expected maturity analysis of undiscounted pension benefits is as follows:
Balance at 31 December 2023
Less than a
year
Between 1-2
years
Between 2-5
years
Over 5 years
Total
Pension Benefits
23,406
25,955
41,516
165,581
256,458
Plan assets are comprised as follows:
2023
2022
Quoted
Unquoted
Total
%
Quoted
Unquoted
Total
%
Equity Instruments
1,719
\u2014
1,719
5%
1,769
\u2014
1,769
12%
Debt Instruments
- Government bonds
9,794
\u2014
9,794
27%
2,765
\u2014
2,765
19%
- Corporate bonds
15,684
\u2014
15,684
43%
5,609
\u2014
5,609
38%
Investment funds
2,438
\u2014
2,438
7%
1,722
\u2014
1,722
12%
Real Estate / Property
1,326
\u2014
1,326
4%
1,351
\u2014
1,351
9%
Cash and cash equivalents
5,844
\u2014
5,844
16%
1,563
\u2014
1,563
11%
Total
36,805
\u2014
36,805
100%
14,779
\u2014
14,779
100%
The principal actuarial assumptions used were as follows:
As at
31 December\u00a0 2023
31 December\u00a0 2022
Discount Rate
3.24%
3.78%
Future Salary Increases
2,00% - 2,50%
2,50% - 2,60%
Inflation
2.00%
2.60%
Average future working life in years
8.54
8.77
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%
(3.75)%
4.03%
Future Salary Increases
0.50%
3.85%
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 \u20ac1,8 million. The weighted
average duration of the defined benefit obligation is 9 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "
21.Provisions
The movement for provisions for 2023 and 2022 is as follows:
Provisions for other liabilities and charges
At 1 January 2022
26,959
Charged / (credited) to the statement of comprehensive income:
\u00a0 - Additional provisions
10,056
\u00a0 - Unused amounts reversed
(273)
\u00a0 - Utilized during year
(651)
Other movements / reclassifications
26
At 31 December 2022
36,117
At 1 January 2023
36,117
Charged / (credited) to the statement of comprehensive income:
\u00a0 - Additional provisions
1,200
\u00a0 - Unused amounts reversed
(2,905)
\u00a0 - Utilized during year
(244)
\u00a0 - Unwinding of discount
13
Other movements / reclassifications
(346)
At 31 December 2023
33,835
Long-term provisions as at 31 December 2023 mainly comprise of provision for environmental restoration costs of
\u20ac22 million (31 December 2022: \u20ac24 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "22.Other Non-Current Liabilities
As at
31 December\u00a0 2023
31 December\u00a0 2022
Government grants
10,011
8,156
Other payables
15,337
14,506
Total
25,348
22,662
Government grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2023\u00a0 amounted to \u20ac1.0 million (31 December 2022: \u20ac0.7 million).
\u039fther payables
Trade and other payables, non-current are comprised of cash guarantees received from petrol station dealers/
managers of the Group\u2019s retail companies in order to ensure that contract terms and conditions are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "22.Other Non-Current Liabilities
As at
31 December\u00a0 2023
31 December\u00a0 2022
Government grants
10,011
8,156
Other payables
15,337
14,506
Total
25,348
22,662
Government grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2023\u00a0 amounted to \u20ac1.0 million (31 December 2022: \u20ac0.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-365": { "value": "
23.Derivative Financial Instruments
Derivatives at FVTPL
31 December\u00a0 2023
31 December\u00a0 2022
Derivative type
Notional Amount
Assets
Liabilities
Notional Amount
Assets
Liabilities
MT'000
Bbls'000
\u20ac
\u20ac
MT'000
Bbls'000
\u20ac
\u20ac
Commodity\u00a0 Swaps - EUAs
200
\u2014
1,559
\u2014
5,000
\u2014
5,114
\u2014
Commodity\u00a0 Swaps - Crude and
other oil products
\u2014
2,000
117
\u2014
\u2014
2,000
\u2014
172
Total
200
2,000
1,676
\u2014
5,000
2,000
5,114
172
Derivatives designated as cash
flow hedges
31 December\u00a0 2023
31 December\u00a0 2022
Derivative type
Notional Amount
Assets
Liabilities
Notional Amount
Assets
Liabilities
MT'000
Bbls'000
\u20ac
\u20ac
MT'000
Bbls'000
\u20ac
\u20ac
Commodity\u00a0 Swaps - Crude and
other oil products
\u2014
1,376
\u2014
13,333
\u2014
178
\u2014
1,589
Interest rate swaps
\u2014
\u2014
\u2014
1,541
\u2014
\u2014
958
\u2014
Total
\u2014
1,376
\u2014
14,874
\u2014
178
958
1,589
Grand Total
200
3,376
1,676
14,874
5,000
2,178
6,072
1,761
Derivatives are only used for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the accounting hedging criteria, they are classified as \u2018held for trading\u2019 for accounting
purposes.
The maximum exposure to credit risk at the reporting date is the fair value of the derivative\u00a0 in the statement of
financial position.
The\u00a0 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.
31 December\u00a0 2023
31 December\u00a0 2022
Assets
Liabilities
Assets
Liabilities
Non-current portion
Commodity swaps
746
\u2014
\u2014
\u2014
Interest rate swaps
\u2014
1,541
958
\u2014
746
1,541
958
\u2014
Current portion
Commodity swaps
930
13,333
5,114
1,761
930
13,333
5,114
1,761
Total
1,676
14,874
6,072
1,761
Reclassification: Comparative figures\u00a0 have been reclassified to better reflect the nature of the derivative financial
instruments. The above constitute reclasses with no effect in total balances.\u00a0
Derivatives at fair value through the statement of comprehensive income
Derivatives held for trading include commodity swaps for EUAs (see Note\u00a0 16).
Derivatives designated as cash flow hedges
As of 31 December 2023, non current liabilities include two derivative financial instruments amounting to \u20ac1.0 and
\u20ac0.5 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ Renewables Wind
Farms of Evia S.A. and Kozilio 1. The above mentioned subsidiaries have entered into derivative transactions to
hedge the cash flow risk resulting from changes in the interest rates.
During the year ended 31 December 2023 amounts transferred to the statement of comprehensive income,
relating to contracts that were settled during the year, amounted to a gain of \u20ac17.7 million, net of tax (31
December 2022: \u20ac4,9 million gain, net of tax).
The remaining cash flow hedges are highly effective and the movement in their fair value, amounting to a gain\u00a0 of
\u20ac6.6 million net of tax as at 31 December 2023, (31 December 2022: \u20ac5.7 million gain, net of tax), is included in the
hedging reserve (see Note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-366": { "value": "24.Expenses by Nature
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Raw materials and consumables used
10,652,610
11,750,018
Employee costs
362,059
318,817
Depreciation
294,025
289,484
Amortisation
22,970
15,391
Transportation and warehouse costs
191,979
169,478
Production overheads
254,964
257,486
SWAPS gains / (losses)
(25,790)
36,759
Stock devaluations
10,267
25,767
Other expenses
312,847
286,984
Total cost of sales, distribution cost and administrative expenses
12,075,932
13,150,184
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, \u0399\u03a4 costs and advertising and promotion costs.
\u201cSWAPS gains / (losses)\u201d 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 23).
Auditor fees
Audit and other fees to EY network for the Group are analyzed in the table below:
31 December\u00a0 2023
31 December\u00a0 2022
Statutory audit fees
1,471
1,296
Other assurance related services (including tax audit fees)
616
694
Other non-audit fees
151
414
Total Group fees
2,238
2,404
The statutory audit fees for the Company amounted to \u20ac117 thousand (2022: \u20ac120 thousand) and the other non-
audit services amounted to \u20ac21 thousand (2022: \u20ac0).
Employee costs
Employee costs are set out in the table below:
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Wages and salaries
230,277
214,479
Social security costs
48,549
46,639
Pension costs
21,775
16,532
Other employment benefits
61,457
41,166
Total
362,058
318,816
Other employment benefits include defined contribution plans provided by the Group, medical insurance,
catering, transportation expenses and", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-367": { "value": "25.Exploration and Development Expenses
Explorations costs are expensed as incurred (31 December 2023: \u20ac6,7 million and 31 December 2022: \u20ac26.5
million) and relate mainly to environmental, geological studies and geophysical surveys in the Block 2, Ionion,
Block 10, SW Crete and West Crete Blocks.
In the Ionian Block and Block 10, the 2D\u00a0 & 3D seismic acquisitions have been successfully completed.\u00a0 In West
Crete and Southwest Crete blocks\u00a0 the 2D seismic acquisition was successfully completed and\u00a0 the seismic
processing is ongoing and is expected to be completed in March 2024.
Exploration license costs relating to\u00a0 Block 2, SW Crete, West Crete, Ionio and Block 10 have been capitalized within
intangible assets and are amortised over the term of the exploration period for each block (Note 8).", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-368": { "value": "
26.Other Operating Income / (Expenses) and Other Gains /
(Losses)
Group
Note
For the year ended
31 December 2023
31 December 2022
Other operating income and other gains
Income from Grants
977
128
Services to 3rd parties
5,024
2,733
Rental income
9,231
8,911
Storage fees
3,618
3,300
Gains on disposal of non-current assets
1,528
11,386
Profit on sale of asset held for sale
\u2014
74,000
Compensation for indirect cost Co2 in electricity
30,408
\u2014
Income from arbitration
33
\u2014
21,732
Other
14,417
12,203
Total
65,203
134,393
Other operating expenses and other losses
Loss on disposal of non-current assets
1,006
318
Impairment of fixed assets
6
4,488
9,182
Voluntary retirement scheme cost
447
4,529
Corporate social responsibility Initiatives
10,657
5,688
Litigation & other provisions
20,017
20,552
Other
12,785
12,840
Total
49,400
53,109
Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the
principal trading activities of the Group.
Compensation for indirect cost CO2 in electricity relates to reference years 2021 and 2022. The Group was
informed regarding these amounts during the year ended 31 December 2023, whilst the remaining amount of \u20ac35
million which relates to 2023 is included in \"Cost of sales\".
Corporate social responsibility initiatives relate to donations to counter the impact of floods in Thessalia and
wildfires in Mandra as well as donations for heating oil to Pedriatic Hospitals.
The category \"Profit on sale of asset held for sale\" includes the profit of sale of DEPA Infrastructure S.A..
Rental income relates to long term rental of petrol stations, let to dealers.
Reclassification: A net amount of \u20ac4.3 million has been reclassified from \"Other\" category of comparative figures'
\"Other operating expenses and other losses\", to \"Cost of sales\" and \"Administrative expenses\"\u00a0 to better reflect the
nature of the expenses. All the above constitute reclasses with no effect in Profit before income tax either for the
Group or the Parent Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-369": { "value": "27.Finance Income / (Expense)
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Interest income
11,918
3,315
Interest expense
(111,515)
(88,157)
Other finance costs
(22,429)
(20,076)
Lease finance cost
(9,669)
(9,261)
Finance costs -net
(131,695)
(114,179)
Finance costs amounting to \u20ac7,2 million (31 December 2022: \u20ac5 million) have been capitalised (Note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-370": { "value": "28.Currency Exchange Gains / (Losses)
Group consolidated foreign currency exchange losses of \u20ac4.7 million reported for the year ended 31 December
2023, 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 2022\u00a0 was a gain of \u20ac2.5
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "
29.Income Tax
The income tax (expense) / credit relating to components of comprehensive income, is as follows:
Group
For the year ended
31 December 2023
31 December 2022
Current tax
(176,573)
(438,817)
Prior year tax
26,476
2,349
Deferred tax
26,647
(89,536)
Income tax (expense) / credit
(123,450)
(526,004)
The tax (charge) / credit relating to components of other comprehensive income, is as follows:
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Before
tax
Tax (charge)/
credit
After tax
Before
tax
Tax (charge)/
credit
After tax
Share of other comprehensive
income of associates
1,460
\u2014
1,460
658
\u2014
658
Investment in equity
instruments
97
\u2014
97
6
8
14
Cash flow hedges
(14,243)
3,133
(11,110)
1,015
(223)
792
Currency translation differences
(404)
\u2014
(404)
(278)
\u2014
(278)
Actuarial gains/ (losses) on
defined benefit pension plans
(12,662)
1,915
(10,747)
36,994
(7,285)
29,709
Other comprehensive income
(25,752)
5,048
(20,704)
38,395
(7,500)
30,895
The corporate income tax rate of legal entities in Greece for the period ended 31 December 2023 is 22% (31
December 2022: 22%).
As at 31 December 2023, the deferred tax asset on tax losses carried forward was \u20ac19 million (31 December 2022:
\u20ac10 million).
In accordance with thin capitalization rules the net interest expense is deductible up to 30% of tax EBITDA. This
resulted in a deferred tax asset, which as at 31 December 2023 was \u20ac7.6 million (31 December 2022: \u20ac6 million).
In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:
a. Assurance by Certified Auditors - Tax Compliance Report
Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria can
obtain an \u201cAnnual Tax Compliance Report\u201d as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L.
4174/2013, as of 2014, from their statutory auditor with regards to compliance with tax law. The issuance of a Tax
Compliance Report under certain conditions, substitutes the full tax audit by the tax authorities, however the tax
authorities reserve the right of future tax audit taking into consideration the statute of limitation provisions.
All Group companies based in Greece have received unqualified Tax Compliance Reports by their respective
statutory auditor for fiscal years up to 2022 inclusive. The work for the tax certificate of 2023 has started\u00a0 and
management expects that the same will also apply for this year as well.
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
HELLENIC PETROLEUM RSSOPP S.A.
Newly established in 2022 following the hive-down of Helpe S.A.
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) 2017 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).
In January 2022, the demerger of HELPE S.A. (now named HELLENiQ ENERGY Holdings S.A.) was carried out by
way of hive-down of its refining, supply and trading of oil products and petrochemicals sector, and a new company
named HELLENIC PETROLEUM R.S.S.O.P.P. S.A. was established.
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 2023.
As of 31 December 2023, the income tax receivables include an amount of \u20ac54.8 million related to prepayment of
income taxes for the next financial year. It also include an amount of \u20ac11.0 million advanced by the Group, relating
to uncertain income tax positions as explained in Note 33 (31 December 2022: \u20ac14.0 million). The timing of the
finalization of these disputes cannot be estimated and the Group has classified these amounts as current assets.
c. Temporary Solidarity Contribution
On 6 October 2022, 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. Following the
Decision providing specific detailed instructions on the Solidarity Contribution issued by the Greek Tax Authorities
(AADE) in May 2023, the Solidarity Contribution amounted to \u20ac268.4 million, with the difference being included in
\"Prior year tax\" on the table above. Then after the submission of an amendment in the Income tax return the final
amount of the Contribution was \u20ac267.1 mil and the difference is also included in \"Prior year tax\", on the table
above. The final deadline for submission of the relevant return was set for July 24th\u00a0 and the amount is payable in
8 installments which started on July 31st.
In the context of the international tax developments, the Council Directive (EU) 2022/2523 was published,
providing the framework of a minimum global tax rate of 15% (Pillar II) applied to entities located in the Union,
being members of multinational groups or large-scale domestic groups that meet the annual threshold of at least
\u20ac 750 million of consolidated revenue. Under this new framework, coming into effect as of 2024, a top-up tax,
may be applied calculated in the difference between the effective tax rate per jurisdiction and the 15% minimum
rate.
As of 31 December 2023, the relevant legislation was enacted in certain jurisdictions in which the Group has
presence, in particular, Bulgaria, UK and Austria, while in Cyprus it is in public consultation. In Greece where the
parent entity is established, the legislative framework is in public consultation and is expected to be enacted after
the publishment of the 2023 Financial Statements.
Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax
exposure. In May 2023, the IASB amended IAS 12 to provide timely relief for affected entities, to avoid diverse
interpretations of IAS 12 and to improve disclosures. The amendments have introduced a temporary exception to
the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar
Two income taxes as well as additional disclosure requirements. The Group applied the temporary exception at 31
December 2023.
The relevant assessment, in order to calculate any potential exposure and to comply with the new requirements, is
in progress within the Group. The potential effect cannot be reliably estimated at this time, due to the complexity
of the new provisions and the fact that the new framework in the jurisdictions where the Group is operating,
including Greece, is not yet adapted. However, taking into consideration the latest available data, the
management expects that the impact will not be significant. The Group expects to be able to report the potential
impact in its interim financial statements for the fiscal year 2024.
Numerical reconciliation of Group Income tax expense to prima facie tax payable:
For the year ended
31 December\u00a0 2023
31 December\u00a0 2022
Profit/(loss) before tax
604,059
1,420,982
Solidarity Contribution
36,782
(303,913)
Tax (expense) at Greek corporation tax rate of 22%* (2022: 22%)
(140,985)
(245,755)
Difference in overseas tax rates
3,125
5,306
Tax exempt results of shipping companies
52
881
Tax on expenses not deductible for tax purposes
(12,891)
(8,481)
Utilization of previously unrecognized tax losses
45
65
Tax losses for which no deferred income tax was recognised
(11,832)
(6,796)
Tax on income from associates not subject to corporate tax
940
26,409
Adjustment for prior year taxes
(2,217)
(5,856)
Adjustment for share of profit of disposal of associate
\u2014
15,772
Solidarity Contribution
36,782
(303,913)
Other
3,531
(3,637)
Tax (Charge) / Credit
(123,450)
(526,004)
Effective tax rate
20%
37%
*Tax expense calculated at Greek corporation tax rate excludes solidarity contribution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "value": "
30.Earnings / (Losses) per Share
For the year ended
31 December 2023
31 December 2022
Earnings per share / (Loss) attributable to the Company
Shareholders (expressed in Euro per share):
1.56
2.91
Net income/ (Loss) attributable to ordinary shares\u00a0
(Euro in thousands)
477,732
889,501
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 2023 and 31 December 2022, there were no
treasury shares. Diluted earnings / (losses) per share equal basic earnings (losses) per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "value": "
31.Dividends
At its meeting held on 24 February 2022, the Board of Directors decided to distribute an amount of \u20ac0.30 per
share from prior year retained earnings as well as to propose to the AGM a final dividend of \u20ac0.10 per share for the
financial year 2021. The total dividend amounts to \u20ac122.3 million, of which an amount of \u20ac91.7 million (\u20ac0.30 per
share) was paid in May 2022. The final dividend for the financial year 2021, which amounts to \u20ac30.6 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 decided to distribute \u20ac0.40 per share as an
interim dividend for the financial year 2022 amounting \u20ac122.3 million. The dividend was paid in November 2022.
At its meeting held on 10 November 2022, the Board of Directors decided to distribute an additional interim
dividend of \u20ac0.25 per share for the financial year 2022, which amounts to \u20ac76.4 million and is included in the\u00a0
Annual Consolidated and Company Financial Statements for the year ended 2022 and was paid in January 2023.
At its meeting held on 24 February 2023, the Board of Directors decided to propose a final dividend of \u20ac0.50 per
share for the fiscal year 2022, which amounts to \u20ac152.8 million. The total dividend for the fiscal year 2022 is \u20ac1.15
per share, amounting to \u20ac351.5 million. The final dividend for the financial year 2022 was approved by the AGM on
15 June 2023 and paid on 5 July 2023.
At its meeting held on 2 November 2023, the Board of Directors decided to distribute an interim dividend of
\u20ac0.30 per share for the financial year 2023, which amounts to \u20ac91.7 million, and was paid on 17 January 2024.
At its meeting held on 29 February 2024, the Board of Directors decided to propose a final dividend of \u20ac0.60 per
share for the fiscal year 2023, which amounts to \u20ac183.4 million. The total dividend for the fiscal year 2023 is
\u20ac0.90 per share, amounting to \u20ac275.1 million. The final dividend for the financial year 2023 is subject to approval
by the AGM on 27 June 2024.
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "value": "
32.Cash Generated from / (used in) Operations
Group
For the year ended
Note
31 December 2023
31 December
2022
Profit/ (loss) before tax
604,059
1,420,982
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
6, 7
297,445
298,647
Amortisation and impairment of intangible assets
8
24,037
15,391
Amortisation of grants
26
(977)
(675)
Finance costs - net
27
131,695
114,179
Share of operating profit of associates
9
(4,273)
(120,042)
Provisions for expenses and valuation charges
36,468
11,283
Foreign exchange (gains) / losses
28
4,743
(2,499)
(Gains)/ Losses from discounting of long-term receivables and liabilities
26
(1,458)
571
Gains / (losses) on assets held for sale
26
\u2014
(74,000)
(Gains) / losses on sales of property, plant and equipment
(522)
(11,068)
1,091,217
1,652,769
Changes in working capital
(Increase) / decrease in inventories
350,369
(443,942)
(\u0399ncrease) / decrease in trade and other receivables
3,392
(70,030)
Increase / (decrease) in trade and other payables
(129,629)
(508,679)
224,132
(1,022,652)
Net cash generated from operating activities
1,315,349
630,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "value": "
33.Contingencies and Litigation
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business, the most significant of which are disclosed below:
(a) Business issues
(i) Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising in the
ordinary course of business. Based on currently available information and the opinion of legal counsel,
management believes that the final outcome will not have a significant effect on the Group\u2019s operating results or
financial position and that no additional provisions over and above provisions already reflected in the
consolidated and Company Financial Statements are required.
Helpe S.A. (currently Helpe R.S.S.O.P.P. S.A.) has filed on 29.09.2014 a lawsuit versus the Greek State claiming the
amount of \u20ac7.4 million from undue retentions effected in favor of the pension funds of the Armed Forces on the
price of products sold to the Army during 2011 and 2012. The First Instance Court has rejected the lawsuit by
virtue of Decision No. 1661/2019 and such decision has been upheld by virtue of Decision No. 4781/2022 the
Appellate Court that has ruled on the case further to an appeal filed by the company. Management has decided
not to appeal further before the Supreme Court. The amount of \u20ac7.4 million has been posted to \"Other operating
expenses and other losses\" (Note 26) for the period ended 31 December 2022.
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. The Municipality of Aspropyrgos had imposed duties and fines for
the years 2013 - 2019 amounting to \u20ac 55.1 million (31 December 2022: \u20ac55.6 million). In order to appeal against
these, and in accordance with the legislation, the Group has paid an amount of \u20ac28.3 million (31 December 2022:
\u20ac27.8 million), which is included in Trade and other Receivables in the\u00a0 consolidated Financial Statements. The
Group has exercised all available legal recourse relating to these cases and Group Management has assessed that
it is most probable that the outcome of all appeals will be favorable.
In December 2023, the Municipality of Aspropyrgos, in light of the Court Decisions rendered, has revoked all acts
of imposition of duties and fines for the above period (2013 - 2019) and proceeded to a new assessment for the
years 2013 - 2023, resulting in an amount of duties and fines approximately 77% lower than the revoked one.
The Group has exercised all available legal recourse relating to the new assessment of duties by the Municipality
of Aspropyrgos, and Group Management have assessed that it is most probable that the outcome of most of the
appeals will be favorable. For this reason, no provision has been formed at the annual consolidated financial
statements, except with respect to the cases for which such provision was deemed necessary.
EKO subsidies
EKO AVEE has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought
payment by the Greek State of the amounts of \u20ac2.6 million and \u20ac0.5 million as compensation under Article 105
of the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code),
for the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by
Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from
01/11/2013 until 31/12/2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022, rejecting
EKO's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed untimely
and others were inadequately substantiated. EKO has appealed the above decisions claiming the amounts of
\u20ac1.9 million and \u20ac0.1 million respectively, corresponding to the petitions that have been timely filed. However,
given the uncertainty of the outcome of the appeal decisions, the company has raised a provision amounting to
\u20ac3.1 million.
EKO has also filed two more lawsuits claiming the amounts of \u20ac2.0 million and \u20ac0.3 million corresponding to the
rebates of Article 19 of L. 3054/2002 for the time period between 01/01/2015 and 31/08/2015. After the
rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same
aforementioned grounds, EKO has filed appeals, claiming the amounts of \u20ac1.3 million and \u20ac0.1 million
respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the
outcome of the appeal decisions, the company has raised a provision amounting to \u20ac2.3 million.
(ii) Guarantees
The Company has provided guarantees in favour of banks and debt holders as security for loans granted by them
to subsidiaries and associates of the Group. The outstanding amount of these as at 31 December 2023 was the
equivalent of \u20ac2.1 billion (31 December 2022: \u20ac2.4 billion). Out of these, \u20ac2.0 billion (31 December 2022: \u20ac2.3
billion) are included in consolidated borrowings of the Group and are presented as such in the\u00a0 consolidated and
company\u00a0 financial statements.
\u0391s at 31 December 2023, 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 \u20ac40 million (31
December 2022: \u20ac19 million) and \u20ac13 million (31 December 2022: \u20ac1.7 million) respectively, and corporate
guarantees amounting to \u20ac12 million (31 December 2022: \u20ac12 million). Also, as at 31 December 2023, the
intragroup corporate guarantees provided to the Custom Authorities for the transportation of energy products
within the bonded warehouse regime amounted to \u20ac170 million (31 December 2022:\u00a0\u20ac170\u00a0million).
(iii) International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. Such cases include a dispute in connection with the local
tank depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is
assessed as remote. Management believes that no additional material liabilities will arise as a result of the above
case over and above those recognized in the consolidated and Company financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus\u2019 investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to \u20ac5
million against EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus
and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the
legal advisors of EKO Cyprus view is that such appeal will be rejected by the competent Court.
Arbitration of ELPET vs the Republic of North Macedonia
On 5 December 2018, Elpet Balkaniki S.A. (Elpet) filed a Request for Arbitration before the International Court of
Arbitration of the ICC versus the Republic of North Macedonia (RNM), seeking payment of an amount of $31.6
million for violation of article 10 of the share purchase and concession agreement signed on May 8th 1999
(\"SPCA\") and article 2 of the state performance guarantee signed on the 9th July 1999 (\"SPG\"), both between
Elpet and the RNM, providing for certain clear obligations relating to the minimum consumption of mazut.
By the Final Award rendered on the above case (ICC Case No. 24112/GR/PAR) dated 15 December 2022, the
Tribunal accepted Elpet's claim that, pursuant to Article 10 of the SPCA, together with clause 2 of the SPG, the
RNM is liable to pay Elpet for the shortfall in the minimum consumption of mazut.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in mazut consumption
during the relevant period 2008 - 2011.
It is therefore held that the RNM:
\u2022 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
\u2022 shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1
million and \u20ac0.8 million.
At the end of March 2023 the deadline of the RNM to file a recourse for setting aside of the Final Award lapsed.
As a result of the above developments, the Group's consolidated statement of total comprehensive income of
2022 includes the amount of \u20ac21.4 million recorded in \"Other Operating Income\".
(b) Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group\u2019s
main entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and
alternative interpretation by relevant authorities at different points in time and across different entities. As a
result, there may be types of expenses or treatments for which a company may be assessed on a different basis
than the one adopted during preparation of its tax return and the financial statements. Based on past experience
tax audits were carried out by tax authorities on average close to the stature of limitation after the filing of the
tax return. In addition, where a tax audit results in a different view to the one adopted by a Group entity, the
process for resolving the issue is usually through a court of law proceeding, which has many stages and can take
a considerable number of years to reach its final and irrevocable ruling. For an entity to engage in this process, a
minimum down payment of 50% of the total tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management\u2019s best estimates for any material tax and customs liabilities.
(i) Open tax years \u2013 Litigation tax cases
As disclosed in Note 29, tax audits for the Group\u2019s most important Greek legal entities have been completed by
the Tax Authorities as follows:
\u2022 Financial years up to and including the year ended 31 December 2017 are time-barred. The Tax audit
reports for HELLENiQ ENERGY Holdings S.A. for years ended 31 December 2010 and 31 December 2011
were received in December 2017 and they are subject to legal dispute by the Company. In summary, the
reports assess additional taxes of \u20ac 22.5 million and penalties of \u20ac23.5 million, for items relating to stamp
duty, various non-deductible expenses and other income tax adjustments. Following a detailed review of
the Tax Audit Report, the Company has disputed the additional taxes imposed (which are over and above
the amounts already included in the Companies\u2019 normal tax returns) and proceeded with all possible legal
means and actions to appeal against these additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay a
minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the
results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been
fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. These
amounts are included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other
Receivables balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As
far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the
already applicable 50%; this is also being legally challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to
which: various non-deductible expenses and additional charges are annulled and the amount of \u20ac 18.2 million
was returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially
accepted and the amount of \u20ac 3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that
the final outcome will be in its favor. The hearing date for the income tax differences is set after postponement
for the 10th of April 2024, while for the stamp duty cases the hearing date is set after postponement for the 15
of May 2024.
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit
is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings.
Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax
subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess
additional amounts of \u20ac 16.2 million, penalties of \u20ac 8.1 million and surcharges of \u20ac 9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact,
since in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company
disputes the additional amounts imposed. In January 2021 the Company followed the relevant administrative
procedure against the tax assessment paying the minimum required amount of 50% of the total tax and
surcharges, amounting to \u20ac 16.9 million while the remaining 50% was offset in April 2021, therefore the full
charged amount is now paid. After the implicit rejection of the administrative appeals, the Company has filed
judicial appeals in November 2021. At the hearing that took place on 19 September 2023 the income tax and
stamp duty cases were discussed before the Athens Administrative Court of Appeals and the issuance of the
decision is expected.
Within December 2023, a tax audit report was received by HELPE R.S.S.O.P.P. with regards to receivable VAT
of the 2nd quarter of 2023, according to which the claimed amount was reduced by \u20ac 5 mil while the
remaining \u20ac 11 mil was refunded to the company. The company has disputed this reduction and filed an
administrative appeal, within the relevant deadlines.
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:
\u2022 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\u2013barred. Within July 2022,
notifications for audit have been received for the years 2019 and 2020 and the audit is expected to
commence. The most recent Tax audit reports for 2010 and 2011 were delivered in December 2017, and
assess additional taxes of \u20ac 1.6 million and surcharges of \u20ac 1.9 million for similar reasons as Hellenic
Petroleum S.A.. The process followed is identical to the one described above for Hellenic Petroleum S.A.
and the subsidiary has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With regards
to the Stamp duty cases amounting to \u20ac 3.4 million, the decisions were in favor of the company and the
relevant amounts were refunded to the company. The Authorities have filed cassation recourses for the stamp
duty cases, which were in favor of the company. The cases were heard in December 2022 and the court
decision is expected. For the Real Estate tax dispute of 2010 amounting to \u20ac0.1 million, which was not in favor,
the subsidiary has filed cassation recourse and the hearing date was set after postponements for the 10th of
April 2024. The Authorities have filed cassation recoursed for the stamp duty cases of 2011, which were in
favor of the company. The cases were heard in December 2022 and the new court decision was issued in favor
of the company. With regards to the Income Tax, Real Estate and VAT cases of 2011, the Athens First Instance
Court issued decisions in favor of the company and the relevant amounts of \u20ac0.4 million plus the equivalent
interest, which were fully refunded to the company.
EKO S.A. (prior to the merger) has been audited up to and including 31 December 2010, while notification for
audit has been received for the fiscal year 2012, which according to the general provisions is time-barred. The
most recent Tax audit reports for 2008, 2009 and 2010 were delivered in February 2018 and assess additional
stamp duty of \u20ac 4.1 million and surcharges of \u20ac 3.5 million. The process followed is identical to the one
described above for HELPE S.A. and EKO S.A. has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the first quarter of 2020, the decisions
were in favor of the company and the relevant amounts are refunded to the company. Then the Authorities
have filed cassation recourses which were heard and rejected.
EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit for the years 2017 and 2018. In June
2023 the audit was concluded for 2017 assessing in total \u20ac 0.03 million. Also, in November 2023 the audit was
concluded for 2018 assessing in total \u20ac 0.02 million. The amounts were not disputed by the company and were
paid.
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 2023. 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 2022, the Group\u2019s
Greek legal entities obtained\u00a0 \u201cAnnual Tax Compliance Reports\u201d from their Statutory Auditors, as provided for
by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The Tax Compliance Reports for all Group
entities are \"unqualified\". The management expects that the same will also apply for the year ended 31
December 2023.
(ii) Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately
\u20ac40 million for alleged \u201cstock shortages\u201d during the years 2001-2005. The Group has duly filed contestations
before the Administrative Court of First Instance, and Management believes that this case will have a positive
outcome when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of \u20ac54 million
(full payment plus surcharges) of established VAT refunds (Note 12), an action against which Helpe R.S.S.O.P.P.
S.A. filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of
Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act
No 935/2008 amounting at \u20ac 3.5 million, was heard at first instance, was dismissed and the Company has
appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 was
postponed to 15 December 2021, then postponed again for 26 October 2022 and then postponed again for 1
March\u00a0 2023 when the hearing took place and the relevant decision is expected. In November 2020 the hearing
of the Customs Act No 989/2008, amounting at \u20ac35.7 million, took place before the Administrative Court of
Piraeus, while a new hearing took place on 6 April 2022 and the relevant decision is pending.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2023 there are pending appeals against court decisions that have been filed against the
Group by the State, concerning alleged customs violations that have been carried out by petrol stations dealers
and whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have been issued by
the Supreme Administrative Court in similar cases, which either reject the Group\u2019s appeals, or accept the State\u2019s
appeals and redirect them to the Administrative Appeals Court. The total amounts imposed were \u20ac13.9 million of
which \u20ac12.2 million have been paid and recognized in Other Receivables in the consolidated Financial Statements
(31 December 2022: \u20ac12.2 million).
With regards to EKO S.A.\u2019s cases (currently HFL S.A.), the Group has filed an appeal to the European Court of
Human Rights as it assesses that the above Court decisions contradict the provisions of the European
Convention on Human Rights. The European Court has notified EKO (currently HFL S.A.) that its appeal is
admissible and will be heard in its substance. In this context, Group Management assesses that the probability of
a favorable outcome from the European Court of Human Rights is more likely than not, which may as a result
change the Supreme Administrative Court\u2019s position, which will subsequently result in a favorable outcome for
the Group. For the reasons mentioned above, the Group has not raised a provision with regards to these cases.
With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal
years 2014\u00a0 -2018 and the period January - May 2019, the amount imposed on OKTA up to 31 December 2023 is
\u20ac 19.6 million and has been paid in full.
The provision of \u20ac 0.9 million, which was included in the consolidated statement of financial position as of 31
December 2022 has been fully utilised, while additional expenses of \u20ac 0.11 million have been recognised in the
consolidated statement of profit and loss as of 31 December 2023. All expected decisions have been received.
Therefore, no further amounts are expected to be 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "value": "
33.Contingencies and Litigation
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business, the most significant of which are disclosed below:
(a) Business issues
(i) Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising in the
ordinary course of business. Based on currently available information and the opinion of legal counsel,
management believes that the final outcome will not have a significant effect on the Group\u2019s operating results or
financial position and that no additional provisions over and above provisions already reflected in the
consolidated and Company Financial Statements are required.
Helpe S.A. (currently Helpe R.S.S.O.P.P. S.A.) has filed on 29.09.2014 a lawsuit versus the Greek State claiming the
amount of \u20ac7.4 million from undue retentions effected in favor of the pension funds of the Armed Forces on the
price of products sold to the Army during 2011 and 2012. The First Instance Court has rejected the lawsuit by
virtue of Decision No. 1661/2019 and such decision has been upheld by virtue of Decision No. 4781/2022 the
Appellate Court that has ruled on the case further to an appeal filed by the company. Management has decided
not to appeal further before the Supreme Court. The amount of \u20ac7.4 million has been posted to \"Other operating
expenses and other losses\" (Note 26) for the period ended 31 December 2022.
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. The Municipality of Aspropyrgos had imposed duties and fines for
the years 2013 - 2019 amounting to \u20ac 55.1 million (31 December 2022: \u20ac55.6 million). In order to appeal against
these, and in accordance with the legislation, the Group has paid an amount of \u20ac28.3 million (31 December 2022:
\u20ac27.8 million), which is included in Trade and other Receivables in the\u00a0 consolidated Financial Statements. The
Group has exercised all available legal recourse relating to these cases and Group Management has assessed that
it is most probable that the outcome of all appeals will be favorable.
In December 2023, the Municipality of Aspropyrgos, in light of the Court Decisions rendered, has revoked all acts
of imposition of duties and fines for the above period (2013 - 2019) and proceeded to a new assessment for the
years 2013 - 2023, resulting in an amount of duties and fines approximately 77% lower than the revoked one.
The Group has exercised all available legal recourse relating to the new assessment of duties by the Municipality
of Aspropyrgos, and Group Management have assessed that it is most probable that the outcome of most of the
appeals will be favorable. For this reason, no provision has been formed at the annual consolidated financial
statements, except with respect to the cases for which such provision was deemed necessary.
EKO subsidies
EKO AVEE has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought
payment by the Greek State of the amounts of \u20ac2.6 million and \u20ac0.5 million as compensation under Article 105
of the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code),
for the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by
Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from
01/11/2013 until 31/12/2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022, rejecting
EKO's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed untimely
and others were inadequately substantiated. EKO has appealed the above decisions claiming the amounts of
\u20ac1.9 million and \u20ac0.1 million respectively, corresponding to the petitions that have been timely filed. However,
given the uncertainty of the outcome of the appeal decisions, the company has raised a provision amounting to
\u20ac3.1 million.
EKO has also filed two more lawsuits claiming the amounts of \u20ac2.0 million and \u20ac0.3 million corresponding to the
rebates of Article 19 of L. 3054/2002 for the time period between 01/01/2015 and 31/08/2015. After the
rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same
aforementioned grounds, EKO has filed appeals, claiming the amounts of \u20ac1.3 million and \u20ac0.1 million
respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the
outcome of the appeal decisions, the company has raised a provision amounting to \u20ac2.3 million.
(ii) Guarantees
The Company has provided guarantees in favour of banks and debt holders as security for loans granted by them
to subsidiaries and associates of the Group. The outstanding amount of these as at 31 December 2023 was the
equivalent of \u20ac2.1 billion (31 December 2022: \u20ac2.4 billion). Out of these, \u20ac2.0 billion (31 December 2022: \u20ac2.3
billion) are included in consolidated borrowings of the Group and are presented as such in the\u00a0 consolidated and
company\u00a0 financial statements.
\u0391s at 31 December 2023, 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 \u20ac40 million (31
December 2022: \u20ac19 million) and \u20ac13 million (31 December 2022: \u20ac1.7 million) respectively, and corporate
guarantees amounting to \u20ac12 million (31 December 2022: \u20ac12 million). Also, as at 31 December 2023, the
intragroup corporate guarantees provided to the Custom Authorities for the transportation of energy products
within the bonded warehouse regime amounted to \u20ac170 million (31 December 2022:\u00a0\u20ac170\u00a0million).
(iii) International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. Such cases include a dispute in connection with the local
tank depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is
assessed as remote. Management believes that no additional material liabilities will arise as a result of the above
case over and above those recognized in the consolidated and Company financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus\u2019 investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to \u20ac5
million against EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus
and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the
legal advisors of EKO Cyprus view is that such appeal will be rejected by the competent Court.
Arbitration of ELPET vs the Republic of North Macedonia
On 5 December 2018, Elpet Balkaniki S.A. (Elpet) filed a Request for Arbitration before the International Court of
Arbitration of the ICC versus the Republic of North Macedonia (RNM), seeking payment of an amount of $31.6
million for violation of article 10 of the share purchase and concession agreement signed on May 8th 1999
(\"SPCA\") and article 2 of the state performance guarantee signed on the 9th July 1999 (\"SPG\"), both between
Elpet and the RNM, providing for certain clear obligations relating to the minimum consumption of mazut.
By the Final Award rendered on the above case (ICC Case No. 24112/GR/PAR) dated 15 December 2022, the
Tribunal accepted Elpet's claim that, pursuant to Article 10 of the SPCA, together with clause 2 of the SPG, the
RNM is liable to pay Elpet for the shortfall in the minimum consumption of mazut.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in mazut consumption
during the relevant period 2008 - 2011.
It is therefore held that the RNM:
\u2022 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
\u2022 shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1
million and \u20ac0.8 million.
At the end of March 2023 the deadline of the RNM to file a recourse for setting aside of the Final Award lapsed.
As a result of the above developments, the Group's consolidated statement of total comprehensive income of
2022 includes the amount of \u20ac21.4 million recorded in \"Other Operating Income\".
(b) Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group\u2019s
main entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and
alternative interpretation by relevant authorities at different points in time and across different entities. As a
result, there may be types of expenses or treatments for which a company may be assessed on a different basis
than the one adopted during preparation of its tax return and the financial statements. Based on past experience
tax audits were carried out by tax authorities on average close to the stature of limitation after the filing of the
tax return. In addition, where a tax audit results in a different view to the one adopted by a Group entity, the
process for resolving the issue is usually through a court of law proceeding, which has many stages and can take
a considerable number of years to reach its final and irrevocable ruling. For an entity to engage in this process, a
minimum down payment of 50% of the total tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management\u2019s best estimates for any material tax and customs liabilities.
(i) Open tax years \u2013 Litigation tax cases
As disclosed in Note 29, tax audits for the Group\u2019s most important Greek legal entities have been completed by
the Tax Authorities as follows:
\u2022 Financial years up to and including the year ended 31 December 2017 are time-barred. The Tax audit
reports for HELLENiQ ENERGY Holdings S.A. for years ended 31 December 2010 and 31 December 2011
were received in December 2017 and they are subject to legal dispute by the Company. In summary, the
reports assess additional taxes of \u20ac 22.5 million and penalties of \u20ac23.5 million, for items relating to stamp
duty, various non-deductible expenses and other income tax adjustments. Following a detailed review of
the Tax Audit Report, the Company has disputed the additional taxes imposed (which are over and above
the amounts already included in the Companies\u2019 normal tax returns) and proceeded with all possible legal
means and actions to appeal against these additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay a
minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the
results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been
fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. These
amounts are included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other
Receivables balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As
far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the
already applicable 50%; this is also being legally challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to
which: various non-deductible expenses and additional charges are annulled and the amount of \u20ac 18.2 million
was returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially
accepted and the amount of \u20ac 3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that
the final outcome will be in its favor. The hearing date for the income tax differences is set after postponement
for the 10th of April 2024, while for the stamp duty cases the hearing date is set after postponement for the 15
of May 2024.
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit
is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings.
Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax
subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess
additional amounts of \u20ac 16.2 million, penalties of \u20ac 8.1 million and surcharges of \u20ac 9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact,
since in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company
disputes the additional amounts imposed. In January 2021 the Company followed the relevant administrative
procedure against the tax assessment paying the minimum required amount of 50% of the total tax and
surcharges, amounting to \u20ac 16.9 million while the remaining 50% was offset in April 2021, therefore the full
charged amount is now paid. After the implicit rejection of the administrative appeals, the Company has filed
judicial appeals in November 2021. At the hearing that took place on 19 September 2023 the income tax and
stamp duty cases were discussed before the Athens Administrative Court of Appeals and the issuance of the
decision is expected.
Within December 2023, a tax audit report was received by HELPE R.S.S.O.P.P. with regards to receivable VAT
of the 2nd quarter of 2023, according to which the claimed amount was reduced by \u20ac 5 mil while the
remaining \u20ac 11 mil was refunded to the company. The company has disputed this reduction and filed an
administrative appeal, within the relevant deadlines.
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:
\u2022 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\u2013barred. Within July 2022,
notifications for audit have been received for the years 2019 and 2020 and the audit is expected to
commence. The most recent Tax audit reports for 2010 and 2011 were delivered in December 2017, and
assess additional taxes of \u20ac 1.6 million and surcharges of \u20ac 1.9 million for similar reasons as Hellenic
Petroleum S.A.. The process followed is identical to the one described above for Hellenic Petroleum S.A.
and the subsidiary has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With regards
to the Stamp duty cases amounting to \u20ac 3.4 million, the decisions were in favor of the company and the
relevant amounts were refunded to the company. The Authorities have filed cassation recourses for the stamp
duty cases, which were in favor of the company. The cases were heard in December 2022 and the court
decision is expected. For the Real Estate tax dispute of 2010 amounting to \u20ac0.1 million, which was not in favor,
the subsidiary has filed cassation recourse and the hearing date was set after postponements for the 10th of
April 2024. The Authorities have filed cassation recoursed for the stamp duty cases of 2011, which were in
favor of the company. The cases were heard in December 2022 and the new court decision was issued in favor
of the company. With regards to the Income Tax, Real Estate and VAT cases of 2011, the Athens First Instance
Court issued decisions in favor of the company and the relevant amounts of \u20ac0.4 million plus the equivalent
interest, which were fully refunded to the company.
EKO S.A. (prior to the merger) has been audited up to and including 31 December 2010, while notification for
audit has been received for the fiscal year 2012, which according to the general provisions is time-barred. The
most recent Tax audit reports for 2008, 2009 and 2010 were delivered in February 2018 and assess additional
stamp duty of \u20ac 4.1 million and surcharges of \u20ac 3.5 million. The process followed is identical to the one
described above for HELPE S.A. and EKO S.A. has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the first quarter of 2020, the decisions
were in favor of the company and the relevant amounts are refunded to the company. Then the Authorities
have filed cassation recourses which were heard and rejected.
EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit for the years 2017 and 2018. In June
2023 the audit was concluded for 2017 assessing in total \u20ac 0.03 million. Also, in November 2023 the audit was
concluded for 2018 assessing in total \u20ac 0.02 million. The amounts were not disputed by the company and were
paid.
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 2023. 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 2022, the Group\u2019s
Greek legal entities obtained\u00a0 \u201cAnnual Tax Compliance Reports\u201d from their Statutory Auditors, as provided for
by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The Tax Compliance Reports for all Group
entities are \"unqualified\". The management expects that the same will also apply for the year ended 31
December 2023.
(ii) Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately
\u20ac40 million for alleged \u201cstock shortages\u201d during the years 2001-2005. The Group has duly filed contestations
before the Administrative Court of First Instance, and Management believes that this case will have a positive
outcome when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of \u20ac54 million
(full payment plus surcharges) of established VAT refunds (Note 12), an action against which Helpe R.S.S.O.P.P.
S.A. filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of
Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act
No 935/2008 amounting at \u20ac 3.5 million, was heard at first instance, was dismissed and the Company has
appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 was
postponed to 15 December 2021, then postponed again for 26 October 2022 and then postponed again for 1
March\u00a0 2023 when the hearing took place and the relevant decision is expected. In November 2020 the hearing
of the Customs Act No 989/2008, amounting at \u20ac35.7 million, took place before the Administrative Court of
Piraeus, while a new hearing took place on 6 April 2022 and the relevant decision is pending.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2023 there are pending appeals against court decisions that have been filed against the
Group by the State, concerning alleged customs violations that have been carried out by petrol stations dealers
and whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have been issued by
the Supreme Administrative Court in similar cases, which either reject the Group\u2019s appeals, or accept the State\u2019s
appeals and redirect them to the Administrative Appeals Court. The total amounts imposed were \u20ac13.9 million of
which \u20ac12.2 million have been paid and recognized in Other Receivables in the consolidated Financial Statements
(31 December 2022: \u20ac12.2 million).
With regards to EKO S.A.\u2019s cases (currently HFL S.A.), the Group has filed an appeal to the European Court of
Human Rights as it assesses that the above Court decisions contradict the provisions of the European
Convention on Human Rights. The European Court has notified EKO (currently HFL S.A.) that its appeal is
admissible and will be heard in its substance. In this context, Group Management assesses that the probability of
a favorable outcome from the European Court of Human Rights is more likely than not, which may as a result
change the Supreme Administrative Court\u2019s position, which will subsequently result in a favorable outcome for
the Group. For the reasons mentioned above, the Group has not raised a provision with regards to these cases.
With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal
years 2014\u00a0 -2018 and the period January - May 2019, the amount imposed on OKTA up to 31 December 2023 is
\u20ac 19.6 million and has been paid in full.
The provision of \u20ac 0.9 million, which was included in the consolidated statement of financial position as of 31
December 2022 has been fully utilised, while additional expenses of \u20ac 0.11 million have been recognised in the
consolidated statement of profit and loss as of 31 December 2023. All expected decisions have been received.
Therefore, no further amounts are expected to be 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.
34.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to \u20ac84 million as at 31 December 2023 (31 December
2022: \u20ac46 million), which mainly relate to improvements in refining assets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac6 million as at 31 December 2023 (31
December 2022: \u20ac6 million).
(c)\u00a0 \u00a0 Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and
credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no
additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the
Group is not liable to settle the letter of credit and hence no such liability exists as at the period end. As at the end
of the current year, there were open letters of credit relating to purchase orders of total amount \u20ac192.7 million.
(d)\u00a0 \u00a0 Put and call option
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is counterparty to outstanding put and call option agreements to
purchase oil stock from its associate OTSM. The put and call options may be exercised by either counterparty at
any time before maturity under certain conditions. The value of these two options (put and call) is immaterial due
to the fact that the terms of the agreements are such that the transactions will be at market price resulting in zero
payoff at any time of exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "
34.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to \u20ac84 million as at 31 December 2023 (31 December
2022: \u20ac46 million), which mainly relate to improvements in refining assets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac6 million as at 31 December 2023 (31
December 2022: \u20ac6 million).
(c)\u00a0 \u00a0 Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and
credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no
additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the
Group is not liable to settle the letter of credit and hence no such liability exists as at the period end. As at the end
of the current year, there were open letters of credit relating to purchase orders of total amount \u20ac192.7 million.
(d)\u00a0 \u00a0 Put and call option
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is counterparty to outstanding put and call option agreements to
purchase oil stock from its associate OTSM. The put and call options may be exercised by either counterparty at
any time before maturity under certain conditions. The value of these two options (put and call) is immaterial due
to the fact that the terms of the agreements are such that the transactions will be at market price resulting in zero
payoff at any time of exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "
35.Related Party Balances and Transactions
Both the consolidated and parent company's statement of comprehensive income include proceeds, costs and
expenses\u00a0 that\u00a0 arise from transactions between the Group or the parent company respectively 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:
\u2022 Athens Airport Fuel Pipeline Company S.A. (EAKAA)
\u2022 DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. \u2013 DEPA S.A.)
\u2022 DEPA International Projects S.A.
\u2022 Elpedison B.V.
\u2022 Spata Aviation Fuel Company S.A. (SAFCO)
\u2022 D.M.E.P. HOLDCO
\u2022 VLPG Plant LTD
Group
For the period ended
31 December 2023
31 December 2022
Sales of goods and services to related parties
Associates
464,767
101,444
Joint ventures
13,999
10,141
Total
478,766
111,585
Purchases of goods and services from related parties
Associates
415,752
151,535
Joint ventures
158,913
182,990
Total
574,665
334,525
Balances due to related parties\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Associates
15,961
13,925
Joint ventures
15,627
926
Total
31,588
14,851
Balances due from related parties\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Associates
23,175
12,997
Joint ventures
277
15,226
Total
23,452
28,223
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 2023 was \u20ac75 million (31 December 2022:
\u20ac107 million).
Dividend income includes an amount of \u20ac1.9 million for 2023 related to the dividend declared by the associate
company DEPA Commercial S.A. (Note 31).
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.
\u2022 Hellenic Armed Forces
\u2022 Road Transport S.A.
\u2022 Public Power Corporation Hellas S.A.
\u2022 Lignitiki Megalopolis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
\u2022 Lignitiki Melitis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)
\u2022 Hellenic Distribution Network Operator S.A. (HEDNO)
During the year ended on 31 December 2023, transactions and balances for the Group with the above government
related entities are as follows:
\u2022 Sales of goods and services amounted to \u20ac418 million (31 December 2022: \u20ac625 million)
\u2022 Purchases of goods and services amounted to \u20ac4 million\u00a0 (31 December 2022: \u20ac3 million)
\u2022 Receivable balances of \u20ac101 million (31 December 2022: \u20ac106 million)
\u2022 Payable balances of \u20ac0.1 million (31 December 2022:\u00a0 \u20ac0.1 million).
c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ
ENERGY Holdings S.A.) and General Managers. Where required, comparative amounts have been amended to
better reflect the nature of the compensation earned.
The compensation paid or payable for the year ended on 31 December 2023 to the aforementioned key
management is as follows:
Group
For the period ended
31 December 2023
31 December 2022
Short-term employee benefits
8,096
7,590
Post-employment benefits
6,228
1,012
Termination benefits
\u2014
134
Total
14,324
8,736
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
\u2022 Energean Italy S.p.A. (Greece)
\u2022 Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
\u2022 Energean Hellas LTD (Greece, Block 2)
\u2022 Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete)
\u2022 Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West\u00a0 Crete)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "
36.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
DIAXON S.A.
Petrochemicals
GREECE
100.00%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 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
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
FULL
\u0395\u039a\u039f\u03a4\u0391 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
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
FULL
VARDAX S.A
Pipeline
GREECE
80.00%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
81.51%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100.00%
FULL
EKO CYPRUS LTD
Marketing
U.K
100.00%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100.00%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100.00%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
FULL
EKO GAS LIMITED (former BLUE CIRCLE
ENGINEERING LIMITED)
Marketing
CYPRUS
100.00%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32.00%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54.35%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
99.96%
FULL
SAFCO S.A.
Airplane
Fuelling
GREECE
33.33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
FULL
HELLENiQ RENEWABLES 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
HELLENiQ RENEWABLES WIND FARMS OF MANI
S.A.
Energy
GREECE
100.00%
FULL
KOZILIO PRIME
Energy
GREECE
100.00%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FULL
FENSOL S.M.
Energy
GREECE
100.00%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100.00%
FULL
KOZILIO 1
Energy
GREECE
100.00%
FULL
WINDSPUR S.A.
Energy
GREECE
100.00%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS
LYTHRODONTAS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS
LIMITED
Energy
CYPRUS
100.00%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100.00%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
DEPA COMMERCIAL 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
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF
SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100.00%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100.00%
FULL
ASPROFOS S.A.
Engineering
GREECE
100.00%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100.00%
FULL
ELPEFUTURE
Energy
GREECE
100.00%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100.00%
FULL
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \u201cFRONTERA
ENERGEIAKI S.A..\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE RENEWABLES CYPRUS
Limited\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Greece, \u201cKOZILIO PRIME\u201d, a wholly
owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS LYTHRODONTAS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS AGIA VARVARA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS ALAMINOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PACHNA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS POLITIKO LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PAPHOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE ENERGY FINANCE
CYPRUS\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cRES ZEUS
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLIGHT
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "
36.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
DIAXON S.A.
Petrochemicals
GREECE
100.00%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 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
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
FULL
\u0395\u039a\u039f\u03a4\u0391 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
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
FULL
VARDAX S.A
Pipeline
GREECE
80.00%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
81.51%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA
(HOLDINGS) LTD)
Holding
CYPRUS
100.00%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100.00%
FULL
EKO CYPRUS LTD
Marketing
U.K
100.00%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100.00%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100.00%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
FULL
EKO GAS LIMITED (former BLUE CIRCLE
ENGINEERING LIMITED)
Marketing
CYPRUS
100.00%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32.00%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54.35%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
99.96%
FULL
SAFCO S.A.
Airplane
Fuelling
GREECE
33.33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100.00%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
FULL
HELLENiQ RENEWABLES 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
HELLENiQ RENEWABLES WIND FARMS OF MANI
S.A.
Energy
GREECE
100.00%
FULL
KOZILIO PRIME
Energy
GREECE
100.00%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FULL
FENSOL S.M.
Energy
GREECE
100.00%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100.00%
FULL
KOZILIO 1
Energy
GREECE
100.00%
FULL
WINDSPUR S.A.
Energy
GREECE
100.00%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS
LYTHRODONTAS LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO
LIMITED
Energy
CYPRUS
100.00%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS
LIMITED
Energy
CYPRUS
100.00%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100.00%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100.00%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
DEPA COMMERCIAL 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
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF
SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100.00%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100.00%
FULL
ASPROFOS S.A.
Engineering
GREECE
100.00%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100.00%
FULL
ELPEFUTURE
Energy
GREECE
100.00%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100.00%
FULL
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \u201cFRONTERA
ENERGEIAKI S.A..\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE RENEWABLES CYPRUS
Limited\u201d, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Greece, \u201cKOZILIO PRIME\u201d, a wholly
owned subsidiary of HELLENiQ RENEWABLES S.A..
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS LYTHRODONTAS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS AGIA VARVARA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS ALAMINOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PACHNA LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS POLITIKO LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELLENiQ RENEWABLES
CYPRUS PAPHOS LIMITED\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group established a new company in Cyprus, \u201cHELPE ENERGY FINANCE
CYPRUS\u201d, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cRES ZEUS
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLIGHT
ELECTRICITY COMPANY LIMITED\u201d, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "
37.Events Occurring after the Reporting Period
Other than the events already disclosed in Notes 17 and 31, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }