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The consolidated and Company financial statements for the year ended 31 December 2024 from page 305 to
page 410 are presented in \u20ac'000, unless otherwise stated, and have been approved by the Board of Directors of
HELLENiQ ENERGY Holdings S.A. on 27/02/2025.
Andreas Shiamishis
Vasileios Tsaitas
Stefanos Papadimitriou
\u00a0 Chief Executive Officer
Chief Financial Officer
Accounting Director
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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-267": { "value": "-5225000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-268": { "value": "-301442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-269": { "value": "24506000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-270": { "value": "618055000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-271": { "value": "919457000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00", "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
Elpedison B.V. and DEPA International Projects, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-272": { "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 Elpedison B.V. and DEPA International Projects, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-274": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-275": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-276": { "value": "HELLENiQ ENERGY Holdings S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-278": { "value": "Greece", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-279": { "value": "Greece", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-280": { "value": "Greece", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "value": "8A Chimarras Str., Marousi, 151 25", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-282": { "value": "
2.Summary of Material Accounting Policies
The material 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 2024 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) (IFRS refer to the IFRS Accounding
Standards), 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 2024, demand for oil products continued to grow, albeit, at a decelerated pace on lower than expected demand
from China with the corresponding downward pressure\u00a0 on\u00a0 benchmark margins. At the same time, the cost of
electricity and Natural Gas per MWh on an annual basis did not change significantly compared to 2023.
At 31 December 2024, the Group held cash of \u20ac618 million and has a positive operating working capital position.
Within 2024 the Group proceeded with refinancing maturing loans as well as extending the maturity of a facility
due in 2028 by a further two years. As result of the aforementioned actions, the Group's borrowings maturity and
borrowing type profile has substantially improved with longer maturities and lower margins. Of its total loans and
borrowings amounting to \u20ac2,410 million, \u20ac2,244 million relate to committed term and revolving facilities and
\u20ac166 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of \u20ac74
million of term loans and \u20ac166 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.\u00a0
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2026 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 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 2023 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 2024. Amendments and
interpretations that were applied for the first time in 2024 did not have a significant impact on the consolidated
and company financial statements for the year ended 31 December 2024, unless stated otherwise. These are also
disclosed below.
\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice 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, and are applied retrospectively. 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 within twelve months after the reporting period.
\u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments are effective for
annual reporting periods beginning on or after January 1, 2024. The amendments are intended to improve
the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback
transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback
transactions. Under the amendments, the seller-lessee determines \u2018lease payments\u2019 or \u2018revised lease
payments\u2019 in such a way that the seller-lessee would not recognise any amount of the gain or loss that
relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from
recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. The
amendments apply retrospectively to sale and leaseback transactions entered into after the date of initial
application, being the beginning of the annual reporting period in which an entity first applied IFRS 16.
\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements
(Amendments). The amendments are effective for annual reporting periods beginning on or after January 1,
2024. The amendments supplement requirements already in IFRS and require an entity to disclose the
terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the
beginning and end of reporting period the carrying amounts of supplier finance arrangement financial
liabilities and the line items in which those liabilities are presented as well as the carrying amounts of
financial liabilities and line items, for which the finance providers have already settled the corresponding
trade payables. Entities should also disclose the type and effect of non-cash changes in the carrying
amounts of supplier finance arrangement financial liabilities, which prevent the carrying amounts of the
financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the
beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the
finance providers and for comparable trade payables that are not part of those arrangements.
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 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier
application permitted. The amendments specify how an entity should assess whether a currency is
exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency
is considered to be exchangeable into another currency when an entity is able to obtain the other currency
within a time frame that allows for a normal administrative delay and through a market or exchange
mechanism in which an exchange transaction would create enforceable rights and obligations. If a currency
is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the
measurement date. An entity\u2019s objective in estimating the spot exchange rate is to reflect the rate at which
an orderly exchange transaction would take place at the measurement date between market participants
under prevailing economic conditions. The amendments note that an entity can use an observable exchange
rate without adjustment or another estimation technique. The amendments have been endorsed by the EU.
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and
Measurement of Financial Instruments (Amendments). The amendments are effective for annual reporting
periods beginning on or after January 1, 2026. Early adoption of amendments related to the classification of
financial assets and the related disclosures is permitted, with the option to apply the other amendments at a
later date. The amendments clarify that a financial liability is derecognised on the \u2018settlement date\u2019, when
the obligation is discharged, cancelled, expired, or otherwise qualifies for derecognition. They introduce an
accounting policy option to derecognise liabilities settled via electronic payment systems before the
settlement date, subject to specific conditions. They also provide guidance on assessing the contractual
cash flow characteristics of financial assets with environmental, social, and governance (ESG)-linked
features or other similar contingent features. Additionally, they clarify the treatment of non-recourse assets
and contractually linked instruments and require additional disclosures under IFRS 7 for financial assets and
liabilities with contingent event references (including ESG-linked) and equity instruments classified at fair
value through other comprehensive income. The amendments have not yet been endorsed by the EU.
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-
dependent Electricity (Amendments). The amendments are effective for annual reporting periods beginning
on or after January 1, 2026, with earlier application permitted. The amendments include clarifying the
application of the 'own-use' requirements, permitting hedge accounting if contracts in scope of the
amendments are used as hedging instruments, and introduce new disclosure requirements to enable
investors to understand the impact of these contracts on a company's financial performance and cash flows.
The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on
or after the date of initial application. The amendments have not yet been endorsed by the EU.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 introduces new requirements on
presentation within the statement of profit or loss. It requires an entity to classify all income and expenses
within its statement of profit or loss into one of the five categories: operating; investing; financing; income
taxes; and discontinued operations. These categories are complemented by the requirements to present
subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit
or loss\u2019. It also requires disclosure of management-defined performance measures and includes new
requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of
the primary financial statements and the notes. In addition, there are consequential amendments to other
accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with
earlier application permitted. Retrospective application is required in both annual and interim financial
statements. The standard has not yet been endorsed by the EU.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. IFRS 19 permits subsidiaries without public
accountability to use reduced disclosure requirements if their parent company (either ultimate or
intermediate) prepares publicly available consolidated financial statements in compliance with IFRS
accounting standards. These subsidiaries must still apply the recognition, measurement and presentation
requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to
apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards. IFRS 19
is effective for reporting periods beginning on or after January 1, 2027, with early application permitted. The
standard has not yet been endorsed by the EU.
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. The IASB\u2019s annual improvements process
deals with non-urgent, but necessary, clarifications and amendments to IFRS. In July 2024, the IASB issued
Annual Improvements to IFRS Accounting Standards \u2014 Volume 11. An entity shall apply those amendments
for annual reporting periods beginning on or after January 1, 2026. The Annual Improvements to IFRS
Accounting Standards - Volume 11, includes amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7. These
amendments aim to clarify wording, correct minor unintended consequences, oversights, or conflicts
between requirements in the standards. The standard has not been endorsed by the EU.
\u2022 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The
amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS
28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
The main consequence of the amendments is that a full gain or loss is recognised when a transaction
involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a
transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the
outcome of its research project on the equity method of accounting. The amendments have not yet been
endorsed by the EU.
2.2Basis of consolidation
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the entity.
At each reporting period, the Group reassesses whether it exercises control over the investees, in case there are
facts and circumstances indicating a change in one of the control elements above. Subsidiaries are consolidated
from the date on which effective control is transferred to the Group and cease to be consolidated from the date on
which control is transferred out of the Group.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated, unless there is objective evidence that the asset is impaired.
Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of comprehensive income, statement of changes in equity and statement of financial position
respectively.
(b) 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 and accumulated impairment losses, if any. 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 Note 33 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 2024, 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 licenses 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 license 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 sections 2.14 Trade receivables and 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 adopted a new share-based compensation within 2024.
(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 a Sustainability 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 2024.
2.27Comparative figures
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current
year (Notes 24 & 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 1.583 petrol stations, 229 of which are
company-operated.
- International activities: The Group operates through subsidiary companies in Cyprus, Bulgaria, Serbia,
Montenegro and in Republic of North Macedonia with a total network of 329\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 & Natural Gas:\u00a0 The Group is active in the production, trading and supply of power as well as in the natural
gas sector 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. In December 2024, the Group
agreed with EDISON S.p.A. for the acquisition of 50% of the share capital of Elpedison B.V (Note 9). Within the
segment the Group reports the results of its participation of DEPA Commercial Group up to 30 December 2024 at
which point the sale of participation of DEPA was completed (Note 9).
e) Exploration and Production of Hydrocarbons
The Group is engaged in the exploration and production of hydrocarbons in several areas in Greece (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.
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 2024, this is estimated at \u20ac670 thousand (31 December 2023: \u20ac670
thousand) 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, ce rtain 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%
0.08%
99.26%
38.47%
\u03a4otal gross carrying amount
380,914
26,463
257,568
664,945
Expected credit loss
100
20
255,660
255,780
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "value": "
2.1Basis of preparation
These consolidated and Company financial statements for the year ended 31 December 2024 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) (IFRS refer to the IFRS Accounding
Standards), 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 2024, demand for oil products continued to grow, albeit, at a decelerated pace on lower than expected demand
from China with the corresponding downward pressure\u00a0 on\u00a0 benchmark margins. At the same time, the cost of
electricity and Natural Gas per MWh on an annual basis did not change significantly compared to 2023.
At 31 December 2024, the Group held cash of \u20ac618 million and has a positive operating working capital position.
Within 2024 the Group proceeded with refinancing maturing loans as well as extending the maturity of a facility
due in 2028 by a further two years. As result of the aforementioned actions, the Group's borrowings maturity and
borrowing type profile has substantially improved with longer maturities and lower margins. Of its total loans and
borrowings amounting to \u20ac2,410 million, \u20ac2,244 million relate to committed term and revolving facilities and
\u20ac166 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of \u20ac74
million of term loans and \u20ac166 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.\u00a0
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2026 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "value": "
2.1Basis of preparation
These consolidated and Company financial statements for the year ended 31 December 2024 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) (IFRS refer to the IFRS Accounding
Standards), 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 2024, demand for oil products continued to grow, albeit, at a decelerated pace on lower than expected demand
from China with the corresponding downward pressure\u00a0 on\u00a0 benchmark margins. At the same time, the cost of
electricity and Natural Gas per MWh on an annual basis did not change significantly compared to 2023.
At 31 December 2024, the Group held cash of \u20ac618 million and has a positive operating working capital position.
Within 2024 the Group proceeded with refinancing maturing loans as well as extending the maturity of a facility
due in 2028 by a further two years. As result of the aforementioned actions, the Group's borrowings maturity and
borrowing type profile has substantially improved with longer maturities and lower margins. Of its total loans and
borrowings amounting to \u20ac2,410 million, \u20ac2,244 million relate to committed term and revolving facilities and
\u20ac166 million to uncommitted short-term revolving facilities on demand. Of its total borrowings, an amount of \u20ac74
million of term loans and \u20ac166 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.\u00a0
The Group\u2019s financial forecasts were modelled over an 18-month period, ending 30 June 2026 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "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 2023 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 2024. Amendments and
interpretations that were applied for the first time in 2024 did not have a significant impact on the consolidated
and company financial statements for the year ended 31 December 2024, unless stated otherwise. These are also
disclosed below.
\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice 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, and are applied retrospectively. 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 within twelve months after the reporting period.
\u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments are effective for
annual reporting periods beginning on or after January 1, 2024. The amendments are intended to improve
the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback
transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback
transactions. Under the amendments, the seller-lessee determines \u2018lease payments\u2019 or \u2018revised lease
payments\u2019 in such a way that the seller-lessee would not recognise any amount of the gain or loss that
relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from
recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. The
amendments apply retrospectively to sale and leaseback transactions entered into after the date of initial
application, being the beginning of the annual reporting period in which an entity first applied IFRS 16.
\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements
(Amendments). The amendments are effective for annual reporting periods beginning on or after January 1,
2024. The amendments supplement requirements already in IFRS and require an entity to disclose the
terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the
beginning and end of reporting period the carrying amounts of supplier finance arrangement financial
liabilities and the line items in which those liabilities are presented as well as the carrying amounts of
financial liabilities and line items, for which the finance providers have already settled the corresponding
trade payables. Entities should also disclose the type and effect of non-cash changes in the carrying
amounts of supplier finance arrangement financial liabilities, which prevent the carrying amounts of the
financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the
beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the
finance providers and for comparable trade payables that are not part of those arrangements.
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 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier
application permitted. The amendments specify how an entity should assess whether a currency is
exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency
is considered to be exchangeable into another currency when an entity is able to obtain the other currency
within a time frame that allows for a normal administrative delay and through a market or exchange
mechanism in which an exchange transaction would create enforceable rights and obligations. If a currency
is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the
measurement date. An entity\u2019s objective in estimating the spot exchange rate is to reflect the rate at which
an orderly exchange transaction would take place at the measurement date between market participants
under prevailing economic conditions. The amendments note that an entity can use an observable exchange
rate without adjustment or another estimation technique. The amendments have been endorsed by the EU.
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and
Measurement of Financial Instruments (Amendments). The amendments are effective for annual reporting
periods beginning on or after January 1, 2026. Early adoption of amendments related to the classification of
financial assets and the related disclosures is permitted, with the option to apply the other amendments at a
later date. The amendments clarify that a financial liability is derecognised on the \u2018settlement date\u2019, when
the obligation is discharged, cancelled, expired, or otherwise qualifies for derecognition. They introduce an
accounting policy option to derecognise liabilities settled via electronic payment systems before the
settlement date, subject to specific conditions. They also provide guidance on assessing the contractual
cash flow characteristics of financial assets with environmental, social, and governance (ESG)-linked
features or other similar contingent features. Additionally, they clarify the treatment of non-recourse assets
and contractually linked instruments and require additional disclosures under IFRS 7 for financial assets and
liabilities with contingent event references (including ESG-linked) and equity instruments classified at fair
value through other comprehensive income. The amendments have not yet been endorsed by the EU.
\u2022 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-
dependent Electricity (Amendments). The amendments are effective for annual reporting periods beginning
on or after January 1, 2026, with earlier application permitted. The amendments include clarifying the
application of the 'own-use' requirements, permitting hedge accounting if contracts in scope of the
amendments are used as hedging instruments, and introduce new disclosure requirements to enable
investors to understand the impact of these contracts on a company's financial performance and cash flows.
The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on
or after the date of initial application. The amendments have not yet been endorsed by the EU.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 introduces new requirements on
presentation within the statement of profit or loss. It requires an entity to classify all income and expenses
within its statement of profit or loss into one of the five categories: operating; investing; financing; income
taxes; and discontinued operations. These categories are complemented by the requirements to present
subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit
or loss\u2019. It also requires disclosure of management-defined performance measures and includes new
requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of
the primary financial statements and the notes. In addition, there are consequential amendments to other
accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with
earlier application permitted. Retrospective application is required in both annual and interim financial
statements. The standard has not yet been endorsed by the EU.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. IFRS 19 permits subsidiaries without public
accountability to use reduced disclosure requirements if their parent company (either ultimate or
intermediate) prepares publicly available consolidated financial statements in compliance with IFRS
accounting standards. These subsidiaries must still apply the recognition, measurement and presentation
requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to
apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards. IFRS 19
is effective for reporting periods beginning on or after January 1, 2027, with early application permitted. The
standard has not yet been endorsed by the EU.
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. The IASB\u2019s annual improvements process
deals with non-urgent, but necessary, clarifications and amendments to IFRS. In July 2024, the IASB issued
Annual Improvements to IFRS Accounting Standards \u2014 Volume 11. An entity shall apply those amendments
for annual reporting periods beginning on or after January 1, 2026. The Annual Improvements to IFRS
Accounting Standards - Volume 11, includes amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7. These
amendments aim to clarify wording, correct minor unintended consequences, oversights, or conflicts
between requirements in the standards. The standard has not been endorsed by the EU.
\u2022 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The
amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS
28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
The main consequence of the amendments is that a full gain or loss is recognised when a transaction
involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a
transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the
outcome of its research project on the equity method of accounting. The amendments have not yet been
endorsed by the EU.
2.26Changes 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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "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 1.583 petrol stations, 229 of which are
company-operated.
- International activities: The Group operates through subsidiary companies in Cyprus, Bulgaria, Serbia,
Montenegro and in Republic of North Macedonia with a total network of 329\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 & Natural Gas:\u00a0 The Group is active in the production, trading and supply of power as well as in the natural
gas sector 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. In December 2024, the Group
agreed with EDISON S.p.A. for the acquisition of 50% of the share capital of Elpedison B.V (Note 9). Within the
segment the Group reports the results of its participation of DEPA Commercial Group up to 30 December 2024 at
which point the sale of participation of DEPA was completed (Note 9).
e) Exploration and Production of Hydrocarbons
The Group is engaged in the exploration and production of hydrocarbons in several areas in Greece (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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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.
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "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 and accumulated impairment losses, if any. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "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 Note 33 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 2024, 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 2024, this is estimated at \u20ac670 thousand (31 December 2023: \u20ac670
thousand) 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, ce rtain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "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 licenses 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "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 license 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "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 sections 2.14 Trade receivables and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "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 adopted a new share-based compensation within 2024.
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "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 adopted a new share-based compensation within 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
2.22Environmental liabilities
The Group has a Sustainability 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
2.22Environmental liabilities
The Group has a Sustainability 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
2.27Comparative figures
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current
year (Notes 24 & 35).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "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. 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 process of sourcing crude oil is coordinated by the Supply and Trading
department in line with production and sales planning.\u00a0 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 developments over recent years in all regions of crude supply of the Group (conflicts, sanctions) impacted the
transportation of raw materials and finished goods; the risk of attacks on shipping in the Red Sea is causing
disruptions in the supply chain and necessitating longer trade routes. Given that the Group does not source crude
oil through Red Sea, the above mentioned events 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.
Environmental risks: The key means of the Group's contribution to addressing the climate change have been and
remains the enhancement of energy efficiency and energy saving. Potential risks and opportunities and
associated financial impacts are thoroughly analysed for the\u00a0 short- and long-term planning of the strategy and
financial implications,\u00a0 both in terms of climate change mitigation and adaptation to its impacts.
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 2024, approximately 93% of total debt (about 87% as at 31 December 2023), 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 2024 was positive. 39% of total capital employed is financed through net debt excluding leases, while
the remaining 61% 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 2024 if the Euro had weakened against the US dollar by 5% with all other variables held
constant, pre-tax results would have been approximately \u20ac25 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 2024 decreased by 1$/bbl, with all other variables held constant, the pre-
tax results would have been approximately \u20ac105 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 35% of the Group\u2019s borrowings are at fixed rates of interest and are comprised of a \u20ac450 million
Eurobond with a fixed coupon of 4,25% and a \u20ac400 million credit facility with fixed rate. 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 2024, 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., HELLENiQ Renewables Wind Farms of
Mani S.A. and Kozilio 1\u00a0 have entered into 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\u00a0 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 2024
31 December\u00a0 2023
A+
91
221
A-
5
54
B
\u2014
43
\u0392\u0392
88
546
BBB-
409
8
No rating
25
47
Total
618
919
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 structured finance facilities expiring within the next 12 months are presented
below in million Euros.
Contractual Structured Finance\u00a0
Facility Repayments
1H25
2H25
2025
Scheduled for
repayment
Scheduled for
refinancing/
extention
HELLENIQ RENEWABLES WIND
FARMS OF EVIA
2
2
4
4
\u2014
KOZILIO 1
3
3
6
6
\u2014
HELLENiQ RENEWABLES WIND
FARMS OF MANI
3
1
4
4
\u2014
KOZILIO NEW PROJECTS
1
58
59
4
55
HELLENiQ ENERGY REAL ESTATE
\u2014
1
1
1
\u2014
Total
10
65
74
19
55
In July 2024, HELLENiQ ENERY Finance plc (\"HEF\") successfully issued a new 5-year Eurobond of an aggregate
principal amount of \u20ac450 million. The new issue was combined with a simultaneous tender offer for cash to the
holders of the existing notes of a total outstanding amount of \u20ac600 million maturing in October 2024. HEF
accepted for purchase in cash an aggregate principal amount of existing notes validly tendered pursuant to the
offer equal to \u20ac300 million, thus, facilitating the purchase of the new notes by the specific bondholders. The
remaining amount of \u20ac300 million was repaid upon maturity in October 2024.
Within 2024, the Group proceeded with the refinancing of term loans totaling \u20ac800 million with new facilities of
the same amount, and signed a new committed revolving credit facility of \u20ac200 million. In addition, in December
2024, HELLENiQ RENEWABLES WIND FARMS OF MANI SINGLE MEMBER S.A., signed an \u20ac80 million new project
finance facility maturing until December 2040, in order (among others) to refinance two existing facilities. Finally,
in December 2024, the Group acquired Kozilio New Projects S.A. and assumed all assets and liabilities including a
Project finance loan maturing until June 2042. The Group is in initial discussions to refinance this Project Finance
and include it under the existing Project Finance Framework Agreement, which is expected to be concluded within
the next 12 months.
Following the aforementioned actions, the Group currently has no drawn term loan maturing until 2026.
The Group\u2019s bilateral lines (refer to Note 17 for the balances used), are uncommitted credit facilities with various
banks to finance general corporate needs, which have been consistently renewed in the last 20 years in
accordance with the Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
Less than 1
year
Between 1 and 5
years
Over 5 years
Total
31 December\u00a0 2024
Borrowings
265,862
1,880,220
785,998
2,932,080
Lease liabilities (Note 18)
38,773
101,474
152,353
292,600
Derivative financial instruments
\u2014
\u2014
1,940
1,940
Trade and other payables
1,544,869
\u2014
\u2014
1,544,869
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
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.\u00a0 The completion of the new corporate structure
and the Group's new strategy, which focuses on transitioning to activities with reduced volatility in response to the
business environment, necessitates a periodic review of the capital structure by business sector.
The gearing ratios as at 31 December 2024 and 2023 were as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Total Borrowings (Note 17)
2,410,379
2,546,505
Less: Cash & Cash Equivalents (Note 13)
(618,055)
(919,457)
Less: Investment in equity instruments (Note 3.3)
(646)
(514)
Net debt (excl. Lease liabilities)
1,791,678
1,626,534
Total Equity
2,762,222
2,946,391
Total Capital Employed (excl. Lease liabilities)
4,553,900
4,572,925
Gearing ratio (excl. Lease liabilities)
39%
36%
Lease liabilities (Note 18)
225,314
214,555
Net debt (incl. Lease liabilities)
2,016,992
1,841,089
Total Capital Employed (incl. Lease liabilities)
4,779,214
4,787,480
Gearing ratio (incl. Lease liabilities)
42%
38%
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
2024:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
887
\u2014
887
Derivatives used for hedging
\u2014
7,309
\u2014
7,309
Investment in equity instruments
646
\u2014
\u2014
646
646
8,196
\u2014
8,842
Liabilities
Derivatives used for hedging
\u2014
1,940
\u2014
1,940
\u2014
1,940
\u2014
1,940
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 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 2024 and 31
December 2023, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2024 was \u20ac456 million (31 December 2023:
\u20ac586 million), compared to its book value of \u20ac443 million (31 December 2023: \u20ac598 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%
0.08%
99.26%
38.47%
\u03a4otal gross carrying amount
380,914
26,463
257,568
664,945
Expected credit loss
100
20
255,660
255,780
23.Derivative Financial Instruments
As of 31 December 2024, non current liabilities include three derivative financial instruments amounting to \u20ac0.9,\u00a0
\u20ac0.1\u00a0 and \u20ac0.9 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ
Renewables Wind Farms of Evia S.A., HELLENiQ Renewables Wind Farms of Mani S.A.and\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "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 structured finance facilities expiring within the next 12 months are presented
below in million Euros.
Contractual Structured Finance\u00a0
Facility Repayments
1H25
2H25
2025
Scheduled for
repayment
Scheduled for
refinancing/
extention
HELLENIQ RENEWABLES WIND
FARMS OF EVIA
2
2
4
4
\u2014
KOZILIO 1
3
3
6
6
\u2014
HELLENiQ RENEWABLES WIND
FARMS OF MANI
3
1
4
4
\u2014
KOZILIO NEW PROJECTS
1
58
59
4
55
HELLENiQ ENERGY REAL ESTATE
\u2014
1
1
1
\u2014
Total
10
65
74
19
55
In July 2024, HELLENiQ ENERY Finance plc (\"HEF\") successfully issued a new 5-year Eurobond of an aggregate
principal amount of \u20ac450 million. The new issue was combined with a simultaneous tender offer for cash to the
holders of the existing notes of a total outstanding amount of \u20ac600 million maturing in October 2024. HEF
accepted for purchase in cash an aggregate principal amount of existing notes validly tendered pursuant to the
offer equal to \u20ac300 million, thus, facilitating the purchase of the new notes by the specific bondholders. The
remaining amount of \u20ac300 million was repaid upon maturity in October 2024.
Within 2024, the Group proceeded with the refinancing of term loans totaling \u20ac800 million with new facilities of
the same amount, and signed a new committed revolving credit facility of \u20ac200 million. In addition, in December
2024, HELLENiQ RENEWABLES WIND FARMS OF MANI SINGLE MEMBER S.A., signed an \u20ac80 million new project
finance facility maturing until December 2040, in order (among others) to refinance two existing facilities. Finally,
in December 2024, the Group acquired Kozilio New Projects S.A. and assumed all assets and liabilities including a
Project finance loan maturing until June 2042. The Group is in initial discussions to refinance this Project Finance
and include it under the existing Project Finance Framework Agreement, which is expected to be concluded within
the next 12 months.
Following the aforementioned actions, the Group currently has no drawn term loan maturing until 2026.
The Group\u2019s bilateral lines (refer to Note 17 for the balances used), are uncommitted credit facilities with various
banks to finance general corporate needs, which have been consistently renewed in the last 20 years in
accordance with the Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
Less than 1
year
Between 1 and 5
years
Over 5 years
Total
31 December\u00a0 2024
Borrowings
265,862
1,880,220
785,998
2,932,080
Lease liabilities (Note 18)
38,773
101,474
152,353
292,600
Derivative financial instruments
\u2014
\u2014
1,940
1,940
Trade and other payables
1,544,869
\u2014
\u2014
1,544,869
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "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 2024 if the Euro had weakened against the US dollar by 5% with all other variables held
constant, pre-tax results would have been approximately \u20ac25 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 2024 decreased by 1$/bbl, with all other variables held constant, the pre-
tax results would have been approximately \u20ac105 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 35% of the Group\u2019s borrowings are at fixed rates of interest and are comprised of a \u20ac450 million
Eurobond with a fixed coupon of 4,25% and a \u20ac400 million credit facility with fixed rate. 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 2024, 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., HELLENiQ Renewables Wind Farms of
Mani S.A. and Kozilio 1\u00a0 have entered into 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 2024, non current liabilities include three derivative financial instruments amounting to \u20ac0.9,\u00a0
\u20ac0.1\u00a0 and \u20ac0.9 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ
Renewables Wind Farms of Evia S.A., HELLENiQ Renewables Wind Farms of Mani S.A.and\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "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\u00a0 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 2024
31 December\u00a0 2023
A+
91
221
A-
5
54
B
\u2014
43
\u0392\u0392
88
546
BBB-
409
8
No rating
25
47
Total
618
919
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%
0.08%
99.26%
38.47%
\u03a4otal gross carrying amount
380,914
26,463
257,568
664,945
Expected credit loss
100
20
255,660
255,780
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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
2024:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
887
\u2014
887
Derivatives used for hedging
\u2014
7,309
\u2014
7,309
Investment in equity instruments
646
\u2014
\u2014
646
646
8,196
\u2014
8,842
Liabilities
Derivatives used for hedging
\u2014
1,940
\u2014
1,940
\u2014
1,940
\u2014
1,940
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 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 2024 and 31
December 2023, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2024 was \u20ac456 million (31 December 2023:
\u20ac586 million), compared to its book value of \u20ac443 million (31 December 2023: \u20ac598 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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
2024:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
\u2014
887
\u2014
887
Derivatives used for hedging
\u2014
7,309
\u2014
7,309
Investment in equity instruments
646
\u2014
\u2014
646
646
8,196
\u2014
8,842
Liabilities
Derivatives used for hedging
\u2014
1,940
\u2014
1,940
\u2014
1,940
\u2014
1,940
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 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 2024 and 31
December 2023, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2024 was \u20ac456 million (31 December 2023:
\u20ac586 million), compared to its book value of \u20ac443 million (31 December 2023: \u20ac598 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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.
(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 indications that non-current assets may be
impaired. If any indications exist, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount primarily through value-in-use estimations. The Group has identified the key
sustainability risks that could potentially impact the estimates in the value-in-use calculations, which are disclosed
in Section SBM-3 of the Group's sustainability statement in the Group's Annual Financial Report.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The Group adjusts the key assumptions used in value-in-use calculations and sensitivity analyses as needed. 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 the 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.
Where appropriate, the cash flow projections are further calibrated to account for the risks identified during the
Group's assessment of the impact of material sustainability matters, which include but are not limited to
diminishing future growth rates and increased costs relating to greenhouse gas emissions.\u00a0
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 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "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 indications that non-current assets may be
impaired. If any indications exist, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount primarily through value-in-use estimations. The Group has identified the key
sustainability risks that could potentially impact the estimates in the value-in-use calculations, which are disclosed
in Section SBM-3 of the Group's sustainability statement in the Group's Annual Financial Report.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The Group adjusts the key assumptions used in value-in-use calculations and sensitivity analyses as needed. 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 the 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.
Where appropriate, the cash flow projections are further calibrated to account for the risks identified during the
Group's assessment of the impact of material sustainability matters, which include but are not limited to
diminishing future growth rates and increased costs relating to greenhouse gas emissions.\u00a0
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 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "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 1.583 petrol stations, 229 of which are
company-operated.
- International activities: The Group operates through subsidiary companies in Cyprus, Bulgaria, Serbia,
Montenegro and in Republic of North Macedonia with a total network of 329\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 & Natural Gas:\u00a0 The Group is active in the production, trading and supply of power as well as in the natural
gas sector 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. In December 2024, the Group
agreed with EDISON S.p.A. for the acquisition of 50% of the share capital of Elpedison B.V (Note 9). Within the
segment the Group reports the results of its participation of DEPA Commercial Group up to 30 December 2024 at
which point the sale of participation of DEPA was completed (Note 9).
e) Exploration and Production of Hydrocarbons
The Group is engaged in the exploration and production of hydrocarbons in several areas in Greece (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.
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 2024 and 31 December 2023 is presented below:
For the period ended 31 December 2024
Group
Refining
Marketing
Exploration &
Production
Petro-
chemicals
RES,
Gas &
Power
Other
Total
Gross Sales
11,347,995
5,127,768
\u2014
300,496
59,701
115,239
16,951,199
Inter-segmental Sales
(4,049,579)
(15,034)
\u2014
\u2014
(6,816)
(111,876)
(4,183,304)
Revenue from contracts with customers
7,298,416
5,112,734
\u2014
300,496
52,885
3,363
12,767,894
EBITDA
601,809
109,287
(17,948)
52,203
45,608
19,989
810,948
Depreciation & Amortisation (PPE & Intangibles)
(191,460)
(51,405)
(228)
(7,821)
(21,782)
(20,665)
(293,361)
Depreciation of Right-of-Use assets
(3,926)
(34,495)
(178)
(4,367)
(816)
1,032
(42,750)
Operating profit / (loss)
406,423
23,387
(18,354)
40,015
23,010
356
474,837
Currency exchange gains / (losses)
2,601
(466)
\u2014
10
1
1,806
3,952
Share of profit / (loss) of investments in associates & joint ventures
(252)
2,304
\u2014
\u2014
(26,928)
920
(23,956)
Finance (expense) / income - net
(92,135)
(9,929)
(24)
(1,107)
(21,141)
5,418
(118,918)
Lease finance cost
(443)
(8,942)
(10)
(89)
(431)
105
(9,810)
Profit / (loss) before income tax
316,194
6,354
(18,388)
38,829
(25,489)
8,605
326,105
Income tax expense
(263,841)
Profit / (loss) for the period
62,264
Profit / (loss) attributable to non-controlling interests
(2,475)
Profit / (loss) for the period attributable to the owners of the parent
59,789
\u00a0 \u00a0
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 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
- Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
- EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income adding back\u00a0 depreciation and amortisation charges.
- 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,\u00a0 lease finance cost and finance (expenses) / income - net.
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 2024
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
1,581,951
2,164,131
132,396
52,147
3,070
3,933,695
Aviation & Bunkering
973,607
1,115,990
\u2014
\u2014
\u2014
2,089,597
Exports
4,742,859
\u2014
168,099
\u2014
\u2014
4,910,958
International activities
\u2014
1,832,613
\u2014
738
293
1,833,644
Total
7,298,416
5,112,734
300,496
52,885
3,363
12,767,894
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
4,085,416
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
5,186,723
301,875
53,148
10,559
12,803,062
The segment assets and liabilities at 31 December 2024 and 2023 are as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Total Assets
Refining
4,870,002
5,185,128
Marketing
1,537,485
1,514,249
Exploration & Production
11,067
15,133
Petro-chemicals
223,049
228,819
RES, Gas & Power
927,768
981,876
Other segments & inter-segment
184,984
183,099
Total
7,754,354
8,108,303
Total Liabilities
Refining
3,710,618
3,857,528
Marketing
886,998
823,111
Exploration & Production
4,816
2,407
Petro-chemicals
105,282
111,370
RES, Gas & Power
577,128
468,659
Other segments & inter-segment
(292,710)
(101,164)
Total
4,992,132
5,161,912
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "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 2024
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
RES, Gas &
Power
Other
Total
Domestic
1,581,951
2,164,131
132,396
52,147
3,070
3,933,695
Aviation & Bunkering
973,607
1,115,990
\u2014
\u2014
\u2014
2,089,597
Exports
4,742,859
\u2014
168,099
\u2014
\u2014
4,910,958
International activities
\u2014
1,832,613
\u2014
738
293
1,833,644
Total
7,298,416
5,112,734
300,496
52,885
3,363
12,767,894
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
4,085,416
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
5,186,723
301,875
53,148
10,559
12,803,062
The segment assets and liabilities at 31 December 2024 and 2023 are as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Total Assets
Refining
4,870,002
5,185,128
Marketing
1,537,485
1,514,249
Exploration & Production
11,067
15,133
Petro-chemicals
223,049
228,819
RES, Gas & Power
927,768
981,876
Other segments & inter-segment
184,984
183,099
Total
7,754,354
8,108,303
Total Liabilities
Refining
3,710,618
3,857,528
Marketing
886,998
823,111
Exploration & Production
4,816
2,407
Petro-chemicals
105,282
111,370
RES, Gas & Power
577,128
468,659
Other segments & inter-segment
(292,710)
(101,164)
Total
4,992,132
5,161,912
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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "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 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
261,155
Acquisition of a subsidiary
\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)
Transfers and other movements
39
174
6,723
\u2014
(194)
(11,796)
(5,055)
As at 31 December 2023
335,140
1,083,490
5,817,439
65,852
253,974
232,107
7,788,003
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
Transfers and other movements
\u2014
(39)
90
(1)
(11)
\u2014
39
As at 31 December 2023
6,905
607,670
3,284,630
45,229
200,522
\u2014
4,144,959
Net Book Value at 31 December
2023
328,235
475,819
2,532,809
20,623
53,452
232,107
3,643,045
Cost
As at 1 January 2024
335,140
1,083,490
5,817,439
65,852
253,974
232,107
7,788,003
Additions
4,428
8,652
44,597
805
9,860
225,249
293,591
Acquisition of a subsidiary
\u2014
\u2014
105,354
\u2014
\u2014
\u2014
105,354
Capitalised projects
\u2014
20,746
107,947
3,069
1,535
(133,297)
\u2014
Disposals
(104)
(1,359)
(12,332)
(173)
(1,477)
(183)
(15,628)
Transfers and other movements
171
2,888
1,348
747
(2,592)
(33,840)
(31,278)
As at 31 December 2024
339,635
1,114,416
6,064,354
70,300
261,298
290,036
8,140,039
Accumulated Depreciation
As at 1 January 2024
6,905
607,670
3,284,630
45,229
200,522
\u2014
4,144,956
Charge for the year
164
30,034
219,891
2,672
13,508
\u2014
266,269
Impairment
778
\u2014
4,195
\u2014
\u2014
\u2014
4,973
Disposals
\u2014
(1,301)
(12,146)
(157)
(1,456)
\u2014
(15,060)
Transfers and other movements
(72)
(143)
(87)
(63)
(3,074)
\u2014
(3,439)
As at 31 December 2024
7,775
636,261
3,496,483
47,681
209,500
\u2014
4,397,700
Net Book Value at 31 December
2024
331,860
478,155
2,567,871
22,619
51,798
290,036
3,742,339
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
(\u20ac77 million).
\u2013 growth, safety, regulatory and environmental expenditures (\u20ac78 million).
b) Marketing segment's capex of \u20ac65 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 \u20ac116 million.
3) Acquisition of subsidiaries includes the below acquisitions:
\u2022 The Group completed the acquisition of six PV parks in Cyprus, with a total cost of investment of \u20ac19.6
million. The transaction was accounted as an asset acquisition. The surplus consideration of \u20ac18 million was
allocated to the identifiable assets and liabilities based on their relative fair value.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 The purchase consideration and their fair value of the assets and liabilities acquired are presented below:
Amounts in 000' \u20ac
Intangibles
17,709
PPE
20,840
Cash acquired
1,639
Other assets and liabilities - net
(20,586)
Acquisition consideration
19,602
\u2022 The Group completed the acquisition of six PV parks in Greece, with a total cost of investment of \u20ac27.6
million. The transaction was accounted as an asset acquisition. The surplus consideration of \u20ac14 million was
allocated to the identifiable assets and liabilities 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
13,663
PPE
84,513
Cash acquired
5,291
Other assets and liabilities - net
(75,813)
Acquisition consideration
27,654
\u2022 The Group completed the acquisition of a new company in Greece with the purpose of developing a PV park
in Greece. The transaction was accounted as an asset acquisition. The surplus consideration of \u20ac0,8 million
was allocated to the identifiable assets and liabilities 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
938
Cash acquired
31
Other assets and liabilities - net
(86)
Acquisition consideration
883
4) Transfers and other movements primarily include the transfer of computer software development costs to
intangible assets. In addition, transfers and other movements include \u20ac4 million relating to the reduction of the
fair value uplift of HELLENiQ RENEWABLES WIND FARMS OF MANI S.A. following a settlement with the seller
due to faulty equipment.
5) During 2024 an amount of \u20ac10.9 million (31 December 2023: \u20ac7,2 million) in respect of interest has been
capitalised within Assets Under Construction relating to the refining segment, at an average borrowing rate of
5.28% (31 December 2023: 5.01%).
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 all factors described in\u00a0
Note 4 (d) and concluded that there are no indicators for impairment as at 31 December 2024.
b. Plant and machinery include inter alia the carrying value \u20ac43 million (before the recognition of FY24
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 2024,\u00a0
considering the further delay of commencement of operation due to administrative procedures,
Management carried out an impairment test according to the requirements of IAS 36.\u00a0 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 2024: Post-tax WACC of 6,53%, Growth rate after 5-year period
0,5%, Year of expected commencement of operation Q2 2025\u00a0 (31 December 2023: Post-tax WACC of
6,99%, Growth 0,5%, Year of expected commencement of operation Q2 2024).
Based on this impairment test, the Group concluded that the carrying amount of the asset should be
written down by a further \u20ac4 million during 2024 (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\" and is included in Marketing segment in the Segmental Note (Note 5). The
accumulated impairment as of 31 December 2024 is \u20ac26.7 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%
(4.58)%
Growth rate
(0.50)%
(2.99)%
Year of operation
+6-month delay
(8.32)%
Sales volumes
(5.00)%
(11.23)%
If these changes exceed the values above, or occur in combination, then additional impairment would
have to be recognised.
c. As at 31 December 2024, 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 \u20ac266 million (31 December 2023: \u20ac253 million),
depreciation expense of right-of-use assets of \u20ac43 million (31 December 2023: \u20ac41 million) (Note 7) and
amortisation expense of \u20ac27 million (31 December 2023: \u20ac23 million) (Note 8) are allocated in the following lines
of the Consolidated Statement of Comprehensive Income:
\u25e6 Cost of Sales \u20ac240 million (31 December 2023: \u20ac206 million),
\u25e6 Selling and distribution expenses \u20ac90 million (31 December 2023: \u20ac89 million),
\u25e6 Administration expenses \u20ac6 million (31 December 2023: \u20ac22 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
7.Right of Use Assets
Group
Land
Petrol
station
properties
Commercial
Properties
Plant &
Machinery
Motor
Vehicles
Other
Total
Cost
As at 1 January 2023
\u2014
277,880
29,441
28,398
48,392
1,468
385,580
Additions
\u2014
7,358
4,489
53
8,439
26
20,364
Derecognition
\u2014
(4,829)
(24)
\u2014
(890)
(23)
(5,767)
Modification
\u2014
18,388
(998)
2,262
2,049
6
21,707
Other
\u2014
8
99
\u2014
(5)
\u2014
98
As at 31 December 2023
\u2014
298,804
33,006
30,713
57,980
1,477
421,982
Accumulated Depreciation
As at 1 January 2023
\u2014
107,338
7,571
9,008
28,345
176
152,438
Charge for the period
\u2014
25,228
2,978
2,767
9,607
89
40,668
Derecognition
\u2014
(2,536)
(16)
\u2014
(651)
(23)
(3,227)
Modification
\u2014
\u2014
\u2014
\u2014
(51)
\u2014
(51)
Other
\u2014
3
(27)
\u2014
(7)
(3)
(35)
As at 31 December 2023
\u2014
130,032
10,504
11,775
37,242
239
189,792
Net Book Value at 31
December 2023
\u2014
168,772
22,502
18,938
20,738
1,238
232,189
Cost
As at 1 January 2024
\u2014
298,804
33,006
30,713
57,980
1,477
421,982
Additions
105
14,120
4,431
119
12,699
384
31,858
Derecognition
(4)
(4,468)
(1,017)
(3,241)
(16,587)
\u2014
(25,318)
Modification
18
19,115
497
12
753
\u2014
20,394
Other
2,246
585
(1,598)
(49)
(103)
(1,373)
(293)
As at 31 December 2024
2,365
328,155
35,319
27,554
54,741
495
448,630
Accumulated Depreciation
As at 1 January 2024
\u2014
130,032
10,504
11,775
37,242
239
189,792
Charge for the period
120
25,131
3,341
2,730
11,385
43
42,750
Derecognition
\u2014
(1,804)
(254)
(3,241)
(16,477)
\u2014
(21,776)
Modification
4
\u2014
(1)
\u2014
(14)
\u2014
(11)
Other
354
(27)
(866)
(37)
(119)
(185)
(879)
As at 31 December 2024
479
153,332
12,724
11,227
32,016
98
209,876
Net Book Value at 31
December 2024
1,886
174,823
22,595
16,327
22,725
397
238,753
The Group leases various types of assets in the course of its operations. 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 2024, this is estimated at \u20ac670 thousand (31 December 2023: \u20ac670
thousand) 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, ce rtain 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 2024
31 December\u00a0 2023
As at 1 January
214,556
208,117
Additions
31,793
17,680
Derecognition
(2,404)
(2,077)
Modification
20,451
26,288
Interest Cost
27
9,810
9,669
Repayment (capital and interest)
(49,123)
(43,174)
Foreign exchange difference
(133)
1
Other
362
(1,949)
As at 31 December
225,312
214,555
Current
33,482
32,220
Non-current
191,831
182,335
The following are the amounts recognised in the consolidated statement of comprehensive income:
Group
Note
31 December\u00a0 2024
31 December\u00a0 2023
Depreciation expense for right-of-use assets
7
42,750
40,668
Interest expense on lease liabilities
27
9,810
9,669
Expense relating to short-term leases
501
956
Expense relating to leases of low-value assets
96
74
Variable lease payments
1,180
1,128
Total amount recognised in statement of comprehensive income
54,337
52,495
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
38,773
101,474
152,353
292,600
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 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)
Other movements
\u2014
\u2014
10,643
(547)
7
\u2014
10,102
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
Other movements
\u2014
\u2014
309
(218)
1
\u2014
92
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
Cost
As at 1 January 2024
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Additions
\u2014
1,270
1,038
888
\u2014
\u2014
3,196
Acquisition of a subsidiary
\u2014
\u2014
\u2014
32,280
\u2014
\u2014
32,280
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
98,212
98,212
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(110,346)
(110,346)
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Other movements
\u2014
\u2014
31,299
497
6
\u2014
31,802
As at 31 December 2024
138,588
11,131
207,503
212,260
75,151
78,612
723,246
Accumulated Amortisation
As at 1 January 2024
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Charge for the year
\u2014
\u2014
17,953
9,085
55
\u2014
27,094
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Impairment
\u2014
674
\u2014
\u2014
\u2014
\u2014
674
Other movements
\u2014
\u2014
3,177
(1)
(7)
\u2014
3,169
As at 31 December 2024
71,829
674
171,318
55,476
66,045
\u2014
365,344
Net Book Value at 31 December
2024
66,759
10,457
36,185
156,784
9,106
78,612
357,905
1. The majority of the remaining balance of goodwill as at 31 December 2024 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 2024 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 5.93% 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
2024.
A sensitivity analysis was performed to the key assumptions used in the model (discount rates and \u00a0
perpetuity growth rates), in order to stress test the adequacy of the valuation headroom. It is estimated that
at 31 December 2024 if the free cash flow growth rate of EKO Cyprus Limited,\u00a0 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 5%. 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 11%. 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\u00a0 within
2024\u00a0 (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 2024 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 2024 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 2024, the balance of EUA allowances comprises 1.2 million metric tons of purchased
emission rights (EUAs) valued at \u20ac79 million (31 December 2023: 1.1 million metric tons at \u20ac91 million) and
2.4 million EUAs of free allowance with no value (31 December 2023: 2.4 million metric tons with no value).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 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)
Other movements
\u2014
\u2014
10,643
(547)
7
\u2014
10,102
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
Other movements
\u2014
\u2014
309
(218)
1
\u2014
92
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
Cost
As at 1 January 2024
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Additions
\u2014
1,270
1,038
888
\u2014
\u2014
3,196
Acquisition of a subsidiary
\u2014
\u2014
\u2014
32,280
\u2014
\u2014
32,280
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
98,212
98,212
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(110,346)
(110,346)
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Other movements
\u2014
\u2014
31,299
497
6
\u2014
31,802
As at 31 December 2024
138,588
11,131
207,503
212,260
75,151
78,612
723,246
Accumulated Amortisation
As at 1 January 2024
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Charge for the year
\u2014
\u2014
17,953
9,085
55
\u2014
27,094
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Impairment
\u2014
674
\u2014
\u2014
\u2014
\u2014
674
Other movements
\u2014
\u2014
3,177
(1)
(7)
\u2014
3,169
As at 31 December 2024
71,829
674
171,318
55,476
66,045
\u2014
365,344
Net Book Value at 31 December
2024
66,759
10,457
36,185
156,784
9,106
78,612
357,905
1. The majority of the remaining balance of goodwill as at 31 December 2024 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 2024 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 5.93% 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
2024.
A sensitivity analysis was performed to the key assumptions used in the model (discount rates and \u00a0
perpetuity growth rates), in order to stress test the adequacy of the valuation headroom. It is estimated that
at 31 December 2024 if the free cash flow growth rate of EKO Cyprus Limited,\u00a0 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 5%. 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 11%. 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\u00a0 within
2024\u00a0 (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 2024 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 2024 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 2024, the balance of EUA allowances comprises 1.2 million metric tons of purchased
emission rights (EUAs) valued at \u20ac79 million (31 December 2023: 1.1 million metric tons at \u20ac91 million) and
2.4 million EUAs of free allowance with no value (31 December 2023: 2.4 million metric tons with no value).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "8.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licenses
& Rights
Other
EU
Allowances
Total
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)
Other movements
\u2014
\u2014
10,643
(547)
7
\u2014
10,102
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
Other movements
\u2014
\u2014
309
(218)
1
\u2014
92
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
Cost
As at 1 January 2024
138,588
9,861
175,233
180,995
75,145
90,746
670,568
Additions
\u2014
1,270
1,038
888
\u2014
\u2014
3,196
Acquisition of a subsidiary
\u2014
\u2014
\u2014
32,280
\u2014
\u2014
32,280
Purchase of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
98,212
98,212
Surrender of EUAs
\u2014
\u2014
\u2014
\u2014
\u2014
(110,346)
(110,346)
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Other movements
\u2014
\u2014
31,299
497
6
\u2014
31,802
As at 31 December 2024
138,588
11,131
207,503
212,260
75,151
78,612
723,246
Accumulated Amortisation
As at 1 January 2024
71,829
\u2014
150,255
48,793
65,998
\u2014
336,876
Charge for the year
\u2014
\u2014
17,953
9,085
55
\u2014
27,094
Disposals
\u2014
\u2014
(67)
(2,401)
\u2014
\u2014
(2,468)
Impairment
\u2014
674
\u2014
\u2014
\u2014
\u2014
674
Other movements
\u2014
\u2014
3,177
(1)
(7)
\u2014
3,169
As at 31 December 2024
71,829
674
171,318
55,476
66,045
\u2014
365,344
Net Book Value at 31 December
2024
66,759
10,457
36,185
156,784
9,106
78,612
357,905
1. The majority of the remaining balance of goodwill as at 31 December 2024 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 2024 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 5.93% 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
2024.
A sensitivity analysis was performed to the key assumptions used in the model (discount rates and \u00a0
perpetuity growth rates), in order to stress test the adequacy of the valuation headroom. It is estimated that
at 31 December 2024 if the free cash flow growth rate of EKO Cyprus Limited,\u00a0 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 5%. 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 11%. 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\u00a0 within
2024\u00a0 (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 2024 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 2024 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 2024, the balance of EUA allowances comprises 1.2 million metric tons of purchased
emission rights (EUAs) valued at \u20ac79 million (31 December 2023: 1.1 million metric tons at \u20ac91 million) and
2.4 million EUAs of free allowance with no value (31 December 2023: 2.4 million metric tons with no value).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "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 2024
31 December 2023
Beginning of the period
404,743
402,101
Dividend income
(1,742)
(3,264)
Share of profit / (loss) of investments in associates & joint ventures
(23,956)
4,272
Share of other comprehensive income / (loss) of investments in associates
825
1,460
Share capital increase / (decrease)
\u2014
174
Disposal of associate
(177,619)
\u2014
End of the period
202,251
404,743
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.. In December 2024, the Group agreed with Edison International
Shareholdings S.p.A. on the key commercial terms for the acquisition of 50% of the share capital of Elpedison B.V..
The consideration amounts\u00a0 to approximately \u20ac164m plus an amount up to \u20ac31m dependent on changes in
certain balance sheet items and cash reserves, as stipulated in the agreement. The transaction is\u00a0 subject to the
approval of various regulatory bodies such as the Hellenic Competition Commission and RAAEY, as such, the
Group continues to consolidate Elpedison B.V. using the equity method, 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 . Once all the
necessary approvals are obtained, the Group will fully consolidate Elpedison B.V.. Based on aforementioned
developments, there are no indicators for impairment in the Group's and Company's investment in Elpedison.
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 2024
31 December\u00a0 2023
Statement of Financial Position
Non-Current Assets
206,490
217,664
Cash and Cash Equivalents
11,614
19,864
Other Current Assets
424,383
469,972
Total Assets
642,487
707,501
Equity
292,741
287,518
Non-Current Liabilities
23,425
28,532
Short Term Borrowings
138,939
149,902
Other Current Liabilities
187,382
241,549
Total Liabilities
349,746
419,983
Total Liabilities and Equity
642,487
707,501
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group
165,300
162,807
As at
31 December\u00a0 2024
31 December\u00a0 2023
Statement of Comprehensive Income
Revenue
1,261,191
1,622,736
EBITDA
55,030
87,883
Depreciation & Amortisation
(24,705)
(26,512)
EBIT
30,325
61,371
Interest Income
3,017
4,880
Interest Expense
(11,898)
(12,624)
Income / (loss) beforeTax
21,444
53,627
Income Tax
(6,337)
(11,993)
Income / (loss) after Tax
15,107
41,634
Share of gain / (loss) accounted in HELLENiQ ENERGY Group
2,493
19,460
The bond loans of Elpedison S.A. are maturing on March 2025 and the company's management is currently in the
process of refinancing them. The majority of the loans are fully guaranteed by the ultimate shareholders of
Elpedison S.A., according to their shareholdings in the Company. The total loans outstanding as at 31 December
2024 amounted to \u20ac139 million. (31 December 2023: \u20ac150 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 2024, the Group\u2019s share of the above was \u20ac70 million (31 December
2023: \u20ac75 million).
Associates
The Group exercises significant influence over a number of entities, which are also accounted for using the equity
method.
On 30 December 2024, HELLENiQ ENERGY Holdings S.A. announced the completion of the sale of its
participation in DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A., which since then
has been merged with the Hellenic Growthfund. The initial consideration is defined as 35% of DEPA Commercial
Group's net book value as at 31 December 2023, and is subject to various adjustments (refer to Note 33
\"Contingencies and Litigation\"). The Group's and Company's profit from the disposal of DEPA Commercial S.A. is
disclosed in Note 26 \"Other Operating Income / (Expenses) and Other Gains / (Losses)\". The Group accounted for
DEPA Commercial S.A. using the equity method up until the completion of the sale.
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 217 kMT (31 December 2023: 184 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 2024
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
1,545
6,849
1,769
11,085
3,793
Athens Airport Fuel Pipeline Company S.A.
50%
4,425
10,898
2,181
4,977
1,840
VLPG Plant
32%
4,285
38,905
26,879
10,301
3,254
DMEP Holdco
48%
\u2014
236,488
241,532
65,719
(7,749)
DEPA International
35%
26,695
76,615
536
630
4,881
DEPA Commercial
35%
\u2014
\u2014
\u2014
\u2014
\u2014
% 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
VLPG Plant
32%
3,244
38,007
28,806
9,488
2,771
DMEP Holdco
48%
252
226,620
226,096
55,199
(7,585)
DEPA International
35%
24,987
71,592
394
590
2,373
DEPA Commercial
35%
207,924
896,377
302,308
1,777,562
(8,091)
There are no contingent liabilities or commitments in relation to the Group\u2019s interest in its associates, other than
those disclosed in Notes 33 and 34.
Joint operations
The Group participates in the following joint operations with other third parties relating to exploration and
production of hydrocarbons in 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "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.
On 30 December 2024, HELLENiQ ENERGY Holdings S.A. announced the completion of the sale of its
participation in DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A., which since then
has been merged with the Hellenic Growthfund. The initial consideration is defined as 35% of DEPA Commercial
Group's net book value as at 31 December 2023, and is subject to various adjustments (refer to Note 33
\"Contingencies and Litigation\"). The Group's and Company's profit from the disposal of DEPA Commercial S.A. is
disclosed in Note 26 \"Other Operating Income / (Expenses) and Other Gains / (Losses)\". The Group accounted for
DEPA Commercial S.A. using the equity method up until the completion of the sale.
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 217 kMT (31 December 2023: 184 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 2024
Investment
Assets
Liabilities
Revenues
Profit after
tax
Spata Aviation Fuel Company S.A.
33%
1,545
6,849
1,769
11,085
3,793
Athens Airport Fuel Pipeline Company S.A.
50%
4,425
10,898
2,181
4,977
1,840
VLPG Plant
32%
4,285
38,905
26,879
10,301
3,254
DMEP Holdco
48%
\u2014
236,488
241,532
65,719
(7,749)
DEPA International
35%
26,695
76,615
536
630
4,881
DEPA Commercial
35%
\u2014
\u2014
\u2014
\u2014
\u2014
% 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
VLPG Plant
32%
3,244
38,007
28,806
9,488
2,771
DMEP Holdco
48%
252
226,620
226,096
55,199
(7,585)
DEPA International
35%
24,987
71,592
394
590
2,373
DEPA Commercial
35%
207,924
896,377
302,308
1,777,562
(8,091)
There are no contingent liabilities or commitments in relation to the Group\u2019s interest in its associates, other than
those disclosed in Notes 33 and 34.
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%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 S.A.
Pipeline
GREECE
50%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48%
EQUITY
HELLENIC PETROLEUM TRADING SA
Trading
SWITZERLAND
100%
FULL
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL S.A.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f\u03a4\u0391 KO S.A.
Marketing
GREECE
49%
FULL
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100%
FULL
VARDAX S.A
Pipeline
GREECE
80%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
95%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA (HOLDINGS)
LTD)
Holding
CYPRUS
100%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100%
FULL
EKO CYPRUS LTD
Marketing
U.K
100%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100%
FULL
EKO GAS LIMITED (former BLUE CIRCLE ENGINEERING
LIMITED)
Marketing
CYPRUS
100%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
100%
FULL
SAFCO S.A.
Airport Fuelling
GREECE
33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A.
Energy
GREECE
100%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF MANI S.A.
Energy
GREECE
100%
FULL
KOZILIO PRIME
Energy
GREECE
100%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100%
FULL
FENSOL S.M.
Energy
GREECE
100%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100%
FULL
KOZILIO 1
Energy
GREECE
100%
FULL
WINDSPUR S.A.
Energy
GREECE
100%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS LYTHRODONTAS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS LIMITED
Energy
CYPRUS
100%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100%
FULL
EKO ENERGY CYPRUS
Energy
CYPRUS
100%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
SOLARPIN LIMITED
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT I LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT II LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT III LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT IV LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT V LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT VI LTD
Energy
CYPRUS
100%
FULL
HELLENiQ RES ROMANIA S.R.L.
Energy
ROMANIA
100%
FULL
HELLENiQ RES ROM ALPHA S.R.L.
Energy
ROMANIA
100%
FULL
DUO GREEN POWER SRL
Energy
ROMANIA
100%
FULL
NEAMT GREEN ENERGY SRL
Energy
ROMANIA
100%
FULL
DUO RENEWABLE ENERGY SRL
Energy
ROMANIA
100%
FULL
AKTINA XIROCHORIOU
Energy
GREECE
100%
FULL
GREEN POWER KILKIS
Energy
GREECE
100%
FULL
KOZILIO NEW PROJECTS SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 3\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 6\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 4\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 6 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
SUN POWER 1
Energy
GREECE
100%
FULL
Solarproject STAAT VAST I
Energy
GREECE
100%
FULL
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35%
EQUITY
ELPEDISON B.V.
Power
Generation
NETHERLANDS
50%
EQUITY
E&P
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100%
FULL
ASPROFOS S.A.
Engineering
GREECE
100%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100%
FULL
ELPEFUTURE
Energy
GREECE
100%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100%
FULL
HELLENIQ ENERGY (UK) LIMITED
Dormant
UK
100%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLARPIN
LIMITED\u201d, which is the parent company of the entities \"SANTIAM INVESTMENT I LTD\", \"SANTIAM
INVESTMENT II LTD\", \"SANTIAM INVESTMENT III LTD\", \"SANTIAM INVESTMENT IV LTD\", \"SANTIAM
INVESTMENT V LTD\" and \"SANTIAM INVESTMENT VI LTD\", operating 6 PV parks in Cyprus, and is a wholly
owned subsidiary of EKO ENERGY PARTNERS.
\u2022 During the current period, the Group established two new entities in Romania; \"HELLENiQ RES ROMANIA
S.R.L.\" and its subsidiary \"HELLENiQ RES ROM ALPHA S.R.L.\" which is the parent company of the entities
\"DUO GREEN POWER SRL\", \"NEAMT GREEN ENERGY SRL\", and \"DUO RENEWABLE ENERGY SRL \" acquired
by the Group with the purpose of developing 3 PV parks in Romania. \"HELLENiQ RES ROMANIA S.R.L.\" is a
wholly owned subsidiary of HELLENiQ RENEWABLES SINGLE MEMBER S.A.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece,\"Kozilio New
Projects S.M. S.A.\" which is the parent company of the entities \"CLEAN ENERGY 3 S.M. S.A.\", \"CLEAN
ENERGY 5 S.M. S.A.\", \"CLEAN ENERGY 6 S.M. S.A.\", \"CLEAN ENERGY PLUS 4 S.M. S.A.\", \"CLEAN ENERGY
PLUS 5 S.M. S.A.\", \"CLEAN ENERGY PLUS 6 S.M. S.A.\" and \"SUN POWER 1\", operating 7 PV parks in Greece,
and is a wholly owned subsidiary of KOZILIO PRIME.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \"GREEN
POWER KILKIS\", which is the parent of the entity \"AKTINA XIROCHORIOU\" acquired by the Group with the
purpose of developing a PV park in Greece.\u00a0 \"GREEN POWER KILKIS\" is a wholly owned subsidiary of
HELLENiQ RENEWABLES SINGLE MEMBER S.A..
\u2022 During the current period, the Group established a new entity in Switzerland, \"HELLENIC PETROLEUM
TRADING SA\", which is wholly owned subsidiary of HELLENIC PETROLEUM R.S.S.O.P.P. S.A., with the
purpose of trading oil products.
\u2022 During the current period, the Group completed the transfer of its 35% participation in the share capital of
DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A. (HRADF) (refer to notes 9, 26
and 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "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.. In December 2024, the Group agreed with Edison International
Shareholdings S.p.A. on the key commercial terms for the acquisition of 50% of the share capital of Elpedison B.V..
The consideration amounts\u00a0 to approximately \u20ac164m plus an amount up to \u20ac31m dependent on changes in
certain balance sheet items and cash reserves, as stipulated in the agreement. The transaction is\u00a0 subject to the
approval of various regulatory bodies such as the Hellenic Competition Commission and RAAEY, as such, the
Group continues to consolidate Elpedison B.V. using the equity method, 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 . Once all the
necessary approvals are obtained, the Group will fully consolidate Elpedison B.V.. Based on aforementioned
developments, there are no indicators for impairment in the Group's and Company's investment in Elpedison.
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 2024
31 December\u00a0 2023
Statement of Financial Position
Non-Current Assets
206,490
217,664
Cash and Cash Equivalents
11,614
19,864
Other Current Assets
424,383
469,972
Total Assets
642,487
707,501
Equity
292,741
287,518
Non-Current Liabilities
23,425
28,532
Short Term Borrowings
138,939
149,902
Other Current Liabilities
187,382
241,549
Total Liabilities
349,746
419,983
Total Liabilities and Equity
642,487
707,501
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group
165,300
162,807
As at
31 December\u00a0 2024
31 December\u00a0 2023
Statement of Comprehensive Income
Revenue
1,261,191
1,622,736
EBITDA
55,030
87,883
Depreciation & Amortisation
(24,705)
(26,512)
EBIT
30,325
61,371
Interest Income
3,017
4,880
Interest Expense
(11,898)
(12,624)
Income / (loss) beforeTax
21,444
53,627
Income Tax
(6,337)
(11,993)
Income / (loss) after Tax
15,107
41,634
Share of gain / (loss) accounted in HELLENiQ ENERGY Group
2,493
19,460
The bond loans of Elpedison S.A. are maturing on March 2025 and the company's management is currently in the
process of refinancing them. The majority of the loans are fully guaranteed by the ultimate shareholders of
Elpedison S.A., according to their shareholdings in the Company. The total loans outstanding as at 31 December
2024 amounted to \u20ac139 million. (31 December 2023: \u20ac150 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 2024, the Group\u2019s share of the above was \u20ac70 million (31 December
2023: \u20ac75 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2024
31 December 2023
Loans and advances
10,894
54,712
Other long term assets
145,602
3,059
Total
156,496
57,771
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 3.64% (31 December 2023: 8.75%) over their respective lives.
Other long term assets includes the long term portion of the receivable from the disposal of DEPA Commercial
S.A. (\u20ac 122 million). For more details on the disposal for DEPA Commercial S.A. refer to Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2024
31 December 2023
Loans and advances
10,894
54,712
Other long term assets
145,602
3,059
Total
156,496
57,771
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 3.64% (31 December 2023: 8.75%) over their respective lives.
Other long term assets includes the long term portion of the receivable from the disposal of DEPA Commercial
S.A. (\u20ac 122 million). For more details on the disposal for DEPA Commercial S.A. refer to Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "10.Advances and Long Term Assets
As at
Group
31 December 2024
31 December 2023
Loans and advances
10,894
54,712
Other long term assets
145,602
3,059
Total
156,496
57,771
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 3.64% (31 December 2023: 8.75%) over their respective lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
11.Inventories
Group
As at
31 December 2024
31 December 2023
Crude oil
372,630
404,987
Refined products and semi-finished products
800,688
942,214
Petrochemicals
37,278
31,524
Consumable materials and other spare parts
160,654
149,278
- Less: Provision for consumables and spare parts
(60,081)
(55,467)
Total
1,311,169
1,472,536
No pledged inventories exist as of 31 December 2024.
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 (refer to Note 9).
The cost of inventories recognised as an expense and included in Cost of sales amounted to \u20ac10 billion (31
December 2023: \u20ac10 billion). As at 31 December 2024, the Group recorded a loss from the valuation of inventories
to their net realisable value, amounting to a loss of \u20ac2 million (31 December 2023 : loss of \u20ac10 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
12.Trade and Other Receivables
As at
Group
31 December 2024
31 December 2023
Trade receivables
664,945
644,447
- Less: Provision for impairment of receivables
(255,780)
(242,481)
Trade receivables net
409,165
401,966
Other receivables
521,008
476,529
- Less: Provision for impairment of other receivables
(45,148)
(45,122)
Other receivables net
475,860
431,407
Accrued Income and other prepaid expenses
50,907
47,613
Total
935,932
880,986
\"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 2024,\u00a0 payments to appeal against the above
mentioned cases amounted to \u20ac122 million (31 December 2023: \u20ac156 million),\u00a0 VAT receivable \u20ac91 million (31
December 2023 : \u20ac82 million) and restricted cash \u20ac10 million, including cash related to margin call accounts (31
December 2023: \u20ac14 million).\u00a0
In addition, as of 31 December 2024,\u00a0 \"Other receivables\"\u00a0 include \u20ac71\u00a0 million receivable from the disposal of
DEPA Commercial S.A. (refer to Notes 9, 26 and 33), \u20ac39 million receivable as compensation for indirect cost CO2
in electricity (31 December 2023: \u20ac65 million), advances to suppliers of \u20ac33 million (31 December 2023: \u20ac39
million), as well as \u20ac22 million (31 December 2023: \u20ac21 million) regarding the amount payable to the Group's
subsidiary ELPET from the Republic of North Macedonia (Note 33) . As at 31 December 2024, the Group did not
have any dividends receivable (31 December 2023: nil).
The table below analyses total trade receivables:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Not past due
354,972
340,818
Past due
309,973
303,629
Total trade receivables
664,945
644,447
The overdue days of trade receivables that were past due are as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Up to 30 days
25,942
40,103
30 - 90 days
26,463
20,538
Over 90 days
257,568
242,988
Total
309,973
303,629
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%
0.08%
99.26%
38.47%
\u03a4otal gross carrying amount
380,914
26,463
257,568
664,945
Expected credit loss
100
20
255,660
255,780
The movement in the provision for impairment of trade receivables is set out below.
As at
31 December\u00a0 2024
31 December\u00a0 2023
Balance at 1 January
242,481
284,662
\u00a0 - Exchange differences
(2)
38
\u00a0 - Additional provisions
13,107
7,683
\u00a0 - Unused amounts reversed
(180)
(2,944)
Receivables written off during the year as uncollectible
\u2014
(46,450)
Other movements
374
(508)
Balance at 31 December
255,780
242,481
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 2024
31 December\u00a0 2023
Balance at 1 January
45,122
46,201
\u00a0 - Additional provisions
26
3,890
\u00a0 - Unused amounts reversed
\u2014
(450)
\u00a0 - Receivables written off during the year as uncollectible
\u2014
(4,449)
Other movements
\u2014
(70)
Balance at 31 December
45,148
45,122
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "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%
0.08%
99.26%
38.47%
\u03a4otal gross carrying amount
380,914
26,463
257,568
664,945
Expected credit loss
100
20
255,660
255,780
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
13.Cash and Cash Equivalents
Group
As at
31 December\u00a0 2024
31 December\u00a0 2023
Cash at bank and on hand in USD (Euro equivalent)
218,401
391,778
Cash at bank and on hand in Euro
399,654
527,678
Cash and Cash Equivalents
618,055
919,457
The balance of US Dollars included in Cash at bank as at 31 December 2024 was $226 million (euro equivalent
\u20ac218 million). The respective amount for the period ended 31 December 2023 was $433 million (euro equivalent
\u20ac392 million).
The weighted average effective interest rate as at the reporting date on cash and cash equivalents was:
As at
31 December 2024
31 December 2023
Euro
2.09%
3.08%
USD
4.15%
4.28%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "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 2023
305,635,185
666,285
353,796
1,020,081
As at 31 December 2024
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 2023: \u20ac2.18).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "
15.Reserves
Group
Statutory
reserve
Special
reserves
Hedging
reserve
Tax free &
Incentive
Law
Reserves
\u039fther
reserves
Total
As at 1 January 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
23
\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
23
\u2014
\u2014
6,615
\u2014
\u2014
6,615
Currency translation differences and other movements
\u2014
\u2014
\u2014
\u2014
(290)
(290)
Share of acquisition of non-controlling interest in
associate
\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
As at 1 January 2024
194,070
86,495
(11,430)
71,335
(49,461)
291,010
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
146
146
Recycling of gains / (losses) on hedges through
comprehensive income
23
\u2014
\u2014
4,525
\u2014
\u2014
4,525
Transfers to statutory and tax reserves
21,612
\u2014
\u2014
\u2014
\u2014
21,612
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
(2,745)
(2,745)
Fair value gains / (losses) on cash flow hedges
23
\u2014
\u2014
11,265
\u2014
\u2014
11,265
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
52
52
Share of other comprehensive profit / (loss) of
associates
\u2014
\u2014
\u2014
\u2014
825
825
As at 31 December 2024
215,682
86,495
4,360
71,335
(51,183)
326,690
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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "
15.Reserves
Group
Statutory
reserve
Special
reserves
Hedging
reserve
Tax free &
Incentive
Law
Reserves
\u039fther
reserves
Total
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
23
\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
23
\u2014
\u2014
6,615
\u2014
\u2014
6,615
Currency translation differences and other movements
\u2014
\u2014
\u2014
\u2014
(290)
(290)
Share of acquisition of non-controlling interest in
associate
\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
As at 1 January 2024
194,070
86,495
(11,430)
71,335
(49,461)
291,010
Changes in the fair value of equity instruments
\u2014
\u2014
\u2014
\u2014
146
146
Recycling of gains / (losses) on hedges through
comprehensive income
23
\u2014
\u2014
4,525
\u2014
\u2014
4,525
Transfers to statutory and tax reserves
21,612
\u2014
\u2014
\u2014
\u2014
21,612
Actuarial gains / (losses) on defined benefit pension
plans
\u2014
\u2014
\u2014
\u2014
(2,745)
(2,745)
Fair value gains / (losses) on cash flow hedges
23
\u2014
\u2014
11,265
\u2014
\u2014
11,265
Currency translation differences and other
movements
\u2014
\u2014
\u2014
\u2014
52
52
Share of other comprehensive profit / (loss) of
associates
\u2014
\u2014
\u2014
\u2014
825
825
As at 31 December 2024
215,682
86,495
4,360
71,335
(51,183)
326,690
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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "
16.Trade and other Payables
Group
As at
31 December 2024
31 December 2023
Trade payables
1,185,495
1,159,987
Accrued expenses
258,095
279,874
Other payables
159,391
158,865
Total
1,602,981
1,598,726
Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.
Trade payables, as at 31 December 2024 and 31 December 2023, 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 2024, include an amount of \u20ac99 million (31 December 2023: \u20ac117 million)
relating to the estimated cost of the CO2 emission rights, necessary to meet the Group\u2019s deficit as of 31 December
2024.
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 2024
31 December\u00a0 2023
Government grants
28,632
10,011
Other payables
14,467
15,337
Total
43,099
25,348
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "
17.Interest Bearing Loans and Borrowings
Group
As at
31 December 2024
31 December 2023
Non-current interest bearing loans and borrowings
Committed Revolving Credit facilities
1,075,726
1,156,525
Committed Term Loans
397,543
\u2014
Eurobonds
442,964
\u2014
1,916,233
1,156,525
Committed term loans (Project Finance)
253,253
231,485
Total non-current interest bearing loans and borrowings
2,169,486
1,388,010
Current interest bearing loans and borrowings
Committed Revolving Credit Facilities
862
207,967
Uncommitted Revolving credit facilities
166,050
328,956
Eurobonds
\u2014
598,167
166,912
1,135,090
Committed term loans (Project Finance)
73,981
23,405
Total current interest bearing loans and borrowings
240,893
1,158,495
Total interest bearing loans and borrowings
2,410,379
2,546,505
Non-current interest bearing loans and borrowings mature as follows:
Group
As at
31 December\u00a0 2024
31 December\u00a0 2023
Between 1 and 2 years
25,069
448,026
Between 2 and 5 years
1,506,524
757,862
Over 5 years
637,894
182,122
Total
2,169,486
1,388,009
The respective amounts of contractual (undiscounted) cash flows, which include capital and interest are disclosed
in Note 3.1.
The weighted average\u00a0 margins as at 31 December 2024 are as follows:
As at
Borrowings
Currency
31 December\u00a0 2024
31 December\u00a0 2023
Short-term
- Floating Euribor + margin
Euro
1.67%
1.94%
- Floating Libor + margin
US Dollar
1.30%
1.70%
- Floating Reference Rate + margin
Bulgarian Lev
1.13%
0.82%
- Fixed coupon
Euro
\u2014%
2.00%
Long-term
- Floating Euribor + margin
Euro
1.37%
1.85%
- Floating Reference Rate + margin
Bulgarian Lev
0.25%
\u2014%
- Fixed coupon
Euro
1.46%
\u2014%
The carrying amounts of the Group's borrowings are denominated in the following currencies:
Group
As at
31 December 2024
31 December 2023
Euro
2,375,516
2,510,649
US Dollar
8,971
9,545
Bulgarian Lev
25,892
26,311
Total interest bearing loans and borrowings
2,410,379
2,546,505
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 2024 and 31 December
2023 are summarised in the table below (amounts in \u20ac million):
Balance as at
Company
Maturity
31 December 2024
31 December 2023
\u20ac600 million Eurobond
HELLENIQ ENERGY FINANCE
PLC
October
2024
Repaid
598
\u20ac200 million RCF Feb
2025
HELPE R.S.S.O.P.P. S.A.
February
2025
Refinanced
200
\u20ac400 million RCF May
2025
HELPE R.S.S.O.P.P. S.A.
May 2025
Refinanced
241
\u20ac400 million Syndicated
RCF Dec 2025
HELPE R.S.S.O.P.P. S.A.
December
2025
\u2014
193
\u20ac200 million RCF Feb
2026
HELPE R.S.S.O.P.P. S.A.
February
2026
Refinanced
145
\u20ac30 million RCF Dec 2026
EKO Bulgaria
December
2026
8
8
\u20ac200 million RCF Jun
2027
HELPE R.S.S.O.P.P. S.A.
June 2027
199
\u2014
\u20ac400 million Syndicated
RCF Jun 2028
HELPE R.S.S.O.P.P. S.A.
June 2028
\u2014
186
\u20ac400 million RCF Jun
2028
HELPE R.S.S.O.P.P. S.A.
June 2028
324
\u2014
\u20ac50 million RCF Jul 2028
EKO ABEE
July 2028
50
\u2014
\u20ac400 million May 2029
HELPE R.S.S.O.P.P. S.A.
May 2029
398
\u2014
\u20ac40 million RCF Jul 2029
EKO ABEE
July 2029
40
\u2014
\u20ac450 million Eurobond
HELLENIQ ENERGY FINANCE
PLC
July 2029
443
\u2014
\u20ac400 million Nov 2030
HELPE R.S.S.O.P.P. S.A.
November
2030
397
381
PF Mani 1
HELLENiQ RENEWABLES WIND
FARMS OF MANI SINGLE
MEMBER S.A.
July 2037
Refinanced
24
PF Mani 2
HELLENiQ RENEWABLES WIND
FARMS OF MANI SINGLE
MEMBER S.A.
July 2037
Refinanced
32
\u20ac30 million Syndicated
RRF Dec 2037
HELLENiQ ENERGY DIGITAL
SINGLE MEMBER S.A.
December
2037
11
11
\u20ac80 million PF Mani-
Framework Agreement
HELLENiQ RENEWABLES WIND
FARMS OF MANI SINGLE
MEMBER S.A.
December
2040
79
\u2014
\u20ac80 million PF Evia -
Framework Agreement
HELLENiQ RENEWABLES WIND
FARMS OF EVIA SINGLE
MEMBER S.A.
December
2039
69
73
\u20ac50 million Dec 2039
HELLENiQ ENERGY REAL
ESTATE S.A.
December
2039
50
\u2014
\u20ac133 million PF Kozilio 1 -
Framework Agreement
KOZILIO ENA SINGLE MEMBER
S.A.
June 2042
120
126
\u20ac75 million PF Kozilio
New Projects
KOZILIO NEW PROJECTS
SINGLE-MEMBER S.A.
June 2042
59
\u2014
Uncommitted revolving
credit
facilities
Various
Various
168
328
Unamortised fees of
undrawn loans
Various
Various
(4)
\u2014
Total
2,410
2,547
Refer to \u2018Liquidity Risk Management\u2019 (Note 3.1c) for an analysis of the Group\u2019s refinancing plans regarding the
facilities falling due in 2025.
No loans were in default as at 31 December 2024 (none as at 31 December 2023).
All loans that were refinanced within 2024 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 2024 are
as follows:
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.
\u20ac400 million New Credit Facilities maturing in May 2029
In May 2024, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. refinanced a credit facility of \u20ac400 million maturing in May
2025 with a new facility with fixed rate of the same amount, maturing in 5 years. The outstanding amount of the
facility as at 31 December 2024 was \u20ac400 million.
\u20ac400 million New Revolving Credit Facilities maturing in June 2028
In June 2024, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. refinanced 2 revolving credit facilities amounting in total to
\u20ac400 million maturing in February 2025 and February 2026, with a new revolving credit facility of the same total
amount having a tenor of four years, maturing in June 2028. The outstanding amount of the facility as at 31
December 2024 was \u20ac324 million.
\u20ac400 million Credit Facility extended maturing in November 2030
In June 2024, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. extended by two years the tenor of a \u20ac400 million credit
facility (initially maturing in November 2028) to November 2030.The outstanding amount of the facility as at 31
December 2024 was \u20ac400 million.
\u20ac200 million New Revolving Credit Facilities maturing in June 2027
In June 2024, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. signed a new \u20ac200 million revolving credit facility with
three years tenor maturing in June 2027. The outstanding amount of the facility as at 31 December 2024 was
\u20ac200 million.
EKO ABEE
\u20ac90 million New Revolving Credit Facilities maturing in July 2028 and 2029
In July 2024, EKO ABEE refinanced two facilities.
a. \u20ac42 million uncommitted facility with a \u20ac50 million committed revolving credit facility with four years
tenor, maturing in July 2028
b.\u00a0 \u20ac32 million uncommitted facility, with a \u20ac40 million committed revolving credit facility with five years
tenor, maturing in July 2029.
The outstanding amount of the facilities as at 31 December 2024 was \u20ac90 million.
HELLENiQ ENERGY FINANCE PLC
\u20ac450 million New Eurobond maturing in July 2029
In July 2024, HELLENiQ ENERGY FINANCE PLC issued a \u20ac450 million 5-year Eurobond due on July 2029, fully
guaranteed by HELLENiQ ENERGY Holdings S.A. and HELLENIC PETROLEUM R.S.S.O.P.P. S.A., at a fixed coupon
of 4.25%, Yield-To-Maturity (YTM) of 4.375% and an issue price of 99.444%. The new notes were combined with
a simultaneous tender offer for cash to the holders of the previous notes of a total outstanding amount of \u20ac600
million, which carried a fixed coupon of 2% and is maturing in October 2024. HELLENiQ ENERGY FINANCE PLC
accepted for purchase in cash an aggregate principal amount of existing notes validly tendered pursuant to the
Offer equal to \u20ac300 million, thus, facilitating the purchase of the new notes by the specific bondholders.
\u20ac600 million Eurobond maturing in October 2024
Following the tender offer process, in October 2024, HELLENiQ ENERGY FINANCE PLC fully repaid on maturity
date the outstanding balance of \u20ac300 million.
HELLENiQ RENEWABLES WIND FARMS OF MANI SINGLE MEMBER S.A.
\u20ac80 million New Project Finance Facility -\u00a0 Framework Agreement
In December 2024, HELLENiQ RENEWABLES WIND FARMS OF MANI SINGLE MEMBER S.A. signed an \u20ac80
million new project finance facility maturing until December 2040, in order (among others) to refinance two
existing facilities with a total amount of \u20ac56 million maturing until July 2037. The outstanding amount of the new
facility as at 31 December 2024 was \u20ac79 million.
KOZILIO NEW PROJECTS SINGLE-MEMBER S.A.
\u20ac75 million Project Finance Facility
In December 2024, the Group acquired Kozilio New Projects S.A. and assumed all assets and liabilities including a
Project Finance loan maturing until June 2042. The outstanding balance as at 31 December 2024 was \u20ac59 million.
HELLENiQ ENERGY REAL ESTATE S.A.
\u20ac50 million New Credit Facility
In December 2024, HELLENiQ ENERY REAL ESTATE S.A. signed a \u20ac50 million new credit facility maturing until
December 2039, in order to refinance an uncommitted revolving facility of the same amount. The outstanding
balance as at 31 December 2024 was \u20ac50 million.
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.
Unamortised fees of undrawn loans
Total borrowings of \u20ac2.410 million, include unamortised fees amounting to \u20ac4 million (31 December 2023: nil),
associated with two credit lines of HELLENIC PETROLEUM R.S.S.O.P.P. S.A.., for which the total nominal amount
remains undrawn as of 31 December 2024.
The table below presents the changes in Borrowings arising from financing activities:
Group
1 January
2024
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows -
fees
Current
Portion of
Long term
debt
Reclassificatio
n between
Current &
Non-current
Non cash
movements
31 December
2024
Current
interest-
bearing loans
and
borrowings
1,158,495
133,833
(1,231,693)
\u2014
(7,618)
184,698
3,178
240,893
Non-current
interest-
bearing loans
and
borrowings
1,388,011
2,675,999
(1,705,821)
(15,186)
7,618
(184,698)
3,563
2,169,486
Total
2,546,506
2,809,832
(2,937,514)
(15,186)
\u2014
\u2014
6,741
2,410,379
Group
1 January
2023
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows -
fees
Current
Portion of
Long term
debt
Reclassificatio
n between
Current &
Non-current
Non cash
movements
31 December
2023
Current
interest-
bearing loans
and
borrowings
1,409,324
348,902
(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
(583,054)
(7,201)
(26,930)
(595,923)
(2,415)
1,388,011
Total
2,842,353
1,519,406
(1,809,245)
(7,601)
\u2014
\u2014
1,591
2,546,506
\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.
Structured Finance Transactions
In accordance with the market practice, three Group companies (HELLENiQ RENEWABLES WIND FARMS OF
MANI S.A., HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A. and KOZILIO ENA SINGLE MEMBER S.A. )
financed under the Framework Agreement with non-recourse Project Finance Facilities amounting to \u20ac268
million as of 31 December 2024 (\u20ac255 million as of 31 December 2023) have to meet a limited number of financial
covenants (applicable only to the respective entities), typical for such type of structured financing transactions.
The same applies also to the credit facility granted to HELLENiQ ENERGY REAL ESTATE.
Management monitors the performance of these subsidiaries to ensure compliance with the above covenants.
Furthermore, these subsidiaries have provided to the lending banks a market standard comprehensive security
package and securities which is typical for this kind of transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "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 2024
31 December\u00a0 2023
Deferred income tax assets
101,802
95,546
Deferred income tax liabilities
(164,716)
(174,063)
(62,914)
(78,517)
The movement on the deferred income tax asset / (liability) is as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
As at 1 January
(78,517)
(111,319)
Income statement charge
19,164
26,646
Charged / (released) to equity
(3,514)
5,048
Other movements
(49)
1,108
As at 31 December
(62,916)
(78,517)
Deferred tax related to the following types of temporary differences:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Intangible and tangible fixed assets
(218,875)
(227,127)
Inventory valuation
13,056
13,590
Unrealised exchange gains
(1,742)
1,288
Employee benefits provision
36,255
37,786
Provision for bad debts
30,460
27,558
Derivative financial instruments at fair value
(1,803)
2,564
\u0399nterest cost carried forward (thin capitalisation)
9,035
7,642
Tax losses carried forward
21,029
19,049
Environmental provisions
4,865
4,670
Impairment of investments
28,055
24,420
Unearned profit in stock
212
(748)
Other temporary differences relating to provisions and accruals
12,067
7,714
Leases (IFRS 16)
4,468
3,077
End of year
(62,916)
(78,517)
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 2024, the Group\u2019s deferred tax assets on tax losses carried
forward amounted to \u20ac21 million (31 December 2023: \u20ac19 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 2024 was \u20ac9 million (31 December 2023: \u20ac7.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "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 2024
31 December\u00a0 2023
Statement of Financial Position obligations for:
Pension benefits
168,784
176,305
Liability in the Statement of Financial Position
168,784
176,305
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Statement of Comprehensive Income charge for:
Pension benefits
66,616
22,373
Total as per Statement of Comprehensive Income
66,616
22,373
Statement of Other Comprehensive Income charge for:
Pension benefits
3,722
12,661
Tax
(939)
(1,915)
Total as per Statement of Other Comprehensive Income
2,783
10,746
The amounts recognised in the Statement of Financial Position are as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Present value of funded obligations
46,422
42,601
Fair value of plan assets
(37,464)
(36,805)
Deficit of funded plans
8,958
5,796
Present value of unfunded obligations
159,825
170,509
Liability in the Statement of Financial Position
168,784
176,305
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 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 and (gains)/losses on settlements
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
- (Gain)/loss from change in demographic assumptions
984
\u2014
984
- 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
Contributions paid by employees
\u2014
\u2014
\u2014
Settlement payments from the plan
\u2014
\u2014
\u2014
As at 31 December 2023
213,110
(36,805)
176,305
As at 1 January 2024
213,110
(36,805)
176,305
Current service cost
9,592
\u2014
9,592
Interest expense/(income)
6,373
(1,206)
5,167
(Gains)/losses on settlements
51,723
\u2014
51,723
Past service costs
134
\u2014
134
Statement of comprehensive income charge (P&L)
67,822
(1,206)
66,616
Remeasurements:
- Return on plan assets, excluding amounts included in Interest
(income)/ expense
\u2014
(432)
(432)
- Loss/ (Gain) from change in financial assumptions
(1,509)
76
(1,433)
- Experience (gains)/losses
5,576
\u2014
5,576
Statement of comprehensive income charge (OCI)
4,078
(356)
3,722
Benefits paid directly by the group/Contributions paid by the group
(11,834)
(2,366)
(14,200)
Benefit payments from the plan
(3,187)
3,269
82
Settlement payments from the plan
(63,742)
\u2014
(63,742)
As at 31 December 2024
206,247
(37,464)
168,784
In 2024, the Group implemented a voluntary retirement scheme for approximately 200 of its employees. Costs
related to the voluntary retirement scheme comprise the exit incentives provided to employees to retire before
the conventional retirement age and are recorded within \"Retirement Benefit Obligations\" in accordance with the
provisions of IAS 19 as it is considered an enhancement in post-employment benefits and is recorded within
\"(Gains)/losses on settlements\" in the above table.
The expected maturity analysis of undiscounted pension benefits is as follows:
Balance at 31 December FY24
Less than a
year
Between 1-2
years
Between 2-5
years
Over 5 years
Total
Pension Benefits
32,854
15,127
37,650
162,197
247,828
Plan assets are comprised as follows:
2024
2023
Quoted
Unquoted
Total
%
Quoted
Unquoted
Total
%
Equity Instruments
1,972
\u2014
1,972
5%
1,719
\u2014
1,719
5%
Debt Instruments
- Government bonds
13,818
\u2014
13,818
37%
9,794
\u2014
9,794
27%
- Corporate bonds
16,424
\u2014
16,424
44%
15,684
\u2014
15,684
43%
Investment funds
2,664
\u2014
2,664
7%
2,438
\u2014
2,438
7%
Real Estate / Property
1,331
\u2014
1,331
4%
1,326
\u2014
1,326
4%
Cash and cash equivalents
1,255
\u2014
1,255
3%
5,844
\u2014
5,844
16%
Total
37,464
\u2014
37,464
100%
36,805
\u2014
36,805
100%
The principal actuarial assumptions used were as follows:
As at
31 December\u00a0 2024
31 December\u00a0 2023
Discount Rate
3.33%
3.24%
Future Salary Increases
2,00% - 2,50%
2,00% - 2,50%
Inflation
2.00%
2.00%
Average future working life in years
8.75
8.54
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%
(4.10)%
4.43%
Future Salary Increases
0.50%
4.26%
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 \u20ac2.6 million. The weighted
average duration of the defined benefit obligation is 9 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
21.Provisions
The movement for provisions for 2024 and 2023 is as follows:
Provisions for other liabilities and charges
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
As at 1 January 2024
33,835
Charged / (credited) to the statement of comprehensive income:
- Additional provisions
1,942
- Unused amounts reversed
(480)
- Utilized during year
(1,923)
- Unwinding of discount
15
-Other movements / reclassifications
2,858
As at 31 December 2024
36,247
Long-term provisions as at 31 December 2024 mainly comprise of provision for environmental restoration costs
of \u20ac 25 million (31 December 2023: \u20ac22 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "22.Other Non-Current Liabilities
As at
31 December\u00a0 2024
31 December\u00a0 2023
Government grants
28,632
10,011
Other payables
14,467
15,337
Total
43,099
25,348
Government grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2024 amounted to \u20ac0.8 million (31 December 2023: \u20ac 1.0 million).
\u039f 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:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "22.Other Non-Current Liabilities
As at
31 December\u00a0 2024
31 December\u00a0 2023
Government grants
28,632
10,011
Other payables
14,467
15,337
Total
43,099
25,348
Government grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2024 amounted to \u20ac0.8 million (31 December 2023: \u20ac 1.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
23.Derivative Financial Instruments
Derivatives at FVTPL
31 December\u00a0 2024
31 December\u00a0 2023
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
300
\u2014
812
\u2014
200
\u2014
1,559
\u2014
Commodity\u00a0 Swaps - Crude and
other oil products
\u2014
4,000
75
\u2014
\u2014
2,000
117
\u2014
Total
300
4,000
887
\u2014
200
2,000
1,676
\u2014
Derivatives designated as cash
flow hedges
31 December\u00a0 2024
31 December\u00a0 2023
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
1,691
7,309
\u2014
\u2014
1,376
\u2014
13,333
Interest rate swaps
\u2014
\u2014
\u2014
1,940
\u2014
\u2014
\u2014
1,541
Total
\u2014
1,691
7,309
1,940
\u2014
1,376
\u2014
14,874
Grand Total
300
5,691
8,196
1,940
200
3,376
1,676
14,874
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 2024
31 December\u00a0 2023
Assets
Liabilities
Assets
Liabilities
Non-current portion
Commodity swaps
\u2014
\u2014
746
\u2014
Interest rate swaps
\u2014
1,940
\u2014
1,541
\u2014
1,940
746
1,541
Current portion
Commodity swaps
8,196
\u2014
930
13,333
8,196
\u2014
930
13,333
Total
8,196
1,940
1,676
14,874
Derivatives at fair value through the statement of comprehensive income
Derivatives held for trading mainly include commodity swaps for EUAs (see Note\u00a0 16). The Group enters into EUA
swaps to limit the impact of the price volatility of emission rights.
Derivatives designated as cash flow hedges
As of 31 December 2024, non current liabilities include three derivative financial instruments amounting to \u20ac0.9,\u00a0
\u20ac0.1\u00a0 and \u20ac0.9 million respectively, associated with the loans owed by the Group\u2019s subsidiaries HELLENiQ
Renewables Wind Farms of Evia S.A., HELLENiQ Renewables Wind Farms of Mani S.A.and\u00a0 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 2024 losses transferred to the statement of comprehensive income, relating
to contracts that were settled during the year, amounted to \u20ac4.5 million, net of tax (31 December 2023 : \u20ac17.7
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
\u20ac11.3 million net of tax as at 31 December 2024, (31 December 2023: \u20ac6.6 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "24.Expenses by Nature
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Raw materials and consumables used
10,848,675
10,652,610
Employee costs
348,226
326,159
Depreciation
309,019
294,025
Amortisation
27,092
22,970
Transportation and warehouse costs
174,990
171,140
Production overheads
280,015
300,352
SWAPS gains / (losses)
4,213
(25,790)
Other expenses
361,638
334,465
Total cost of sales, distribution cost and administrative expenses
12,353,868
12,075,932
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.\u00a0 Where required, comparative amounts have been
reclassified for better presentation purposes.
\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:
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Statutory audit fees
1,650
1,471
Other assurance related services (including tax audit fees)
1,139
616
Other non-audit fees
313
151
Total Group fees
3,102
2,238
The statutory audit fees for the Company amounted to \u20ac134 thousand (31 December 2023: \u20ac117 thousand) and
the other non-audit services amounted to \u20ac43 thousand (31 December 2023: \u20ac21 thousand). Other assurance
related services include fees for CSRD compliance, approved at the time of appointing the auditor.\u00a0
Employee costs
Employee costs are set out in the table below:
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Wages and salaries
239,174
214,288
Social security contribution
44,141
42,869
Defined benefit plans
15,883
20,600
Other employment benefits
49,028
48,402
Total
348,226
326,159
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "25.Exploration and Development Expenses
Explorations costs are expensed as incurred (31 December 2024: \u20ac10,7 million and 31 December 2023: \u20ac6,7
million) and relate mainly to geophysical surveys, geological and environmental studies in the SW Crete, Block 10,
Ionian, Block 2 and West Crete Blocks.
In the Ionian Block and Block 10\u00a0 the 3D seismic processing\u00a0 has been successfully completed in 2024. In the South
West Crete block a 3D seismic acquisition of 900 sq.km was completed in March 2024 and the reprocessing was
ongoing. Additionally, environmental studies were conducted in both Cretan Blocks. In Block 2, the 3D seismic
processing and interpretation have been completed in the first quarter of 2024.
Exploration license costs relating to\u00a0 Block 10, Ionian, Block 2, SW Crete and West Crete Blocks 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "
26.Other Operating Income / (Expenses) and Other Gains /
(Losses)
Group
Note
For the year ended
31 December 2024
31 December 2023
Other operating income and other gains
Income from Grants
801
977
Services to 3rd Parties
4,858
5,024
Rental income
10,367
9,231
Storage Fees
3,658
3,618
Gain on disposal of non-current assets
189
1,528
Compensation for indirect cost CO2 in electricity
\u2014
30,408
Insurance compensation
103,953
\u2014
Profits on disposal of associate
9, 33
14,541
\u2014
Other
14,849
14,417
Total
153,216
65,203
Other operating expenses and other losses
Loss on disposal of non-current assets
(855)
(1,006)
Impairment charge on fixed assets
6, 8
(5,647)
(4,488)
Voluntary retirement scheme cost
(52,714)
(447)
Corporate social responsibility Initiatives
(4,949)
(10,657)
Litigation & other provision
(4,044)
(20,017)
Other
(13,523)
(12,785)
Total
(81,731)
(49,400)
Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the
principal trading activities of the Group.
Storage fees category relates to the maintenance in OKTA premises of fuels strategic reserves for the Republic of
North Macedonia.
Insurance compensation relates principally to the settlement of insurance claims mainly pertaining to the
Business Interruption in the Elefsina refinery following a mechanical failure at HDC unit in April 2022, as well as
the down payment for mechanical failure incidents at the Hydrogen unit in August 2017 and the Flexicocker unit in
January 2023. The claim process for these two incidents was not completed as at 31 December 2024 and the
largest part of settlement had been collected by 31 December 2024, amounts remaining outstanding are included
within \"Trade and other receivables\".
Compensation for indirect cost CO2 in electricity relates to reference years 2021 and 2022 and therefore
considered as\u00a0 \"Other income\". The respective rebates for 2023 and 2024 have been accounted for within \"Cost of
sales\" in each year respectively.
The category \"Profit from disposal of associate\" includes the profit of sale of DEPA Commercial S.A (net of
associated expenses) (Note 9 & 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "27.Finance Income / (Expense)
Group
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Interest income
13,327
11,918
Interest expense
(105,491)
(111,515)
Other finance costs
(26,754)
(22,429)
Lease finance cost
(9,810)
(9,669)
Finance costs -net
(128,728)
(131,695)
Finance costs amounting to \u20ac10,9 million (31 December 2023: \u20ac7,2 million) have been capitalised (Note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
28.Currency Exchange Gains / (Losses)
Group consolidated foreign currency exchange gains of \u20ac3.9 million reported for the year ended 31 December
2024, mainly relate to unrealized gains arising from the valuation of cash in bank accounts denominated in
foreign currency (mostly USD). The corresponding amount for the year ended 31 December 2023 was a loss
of\u20ac4.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "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 2024
31 December 2023
Current tax
(279,683)
(176,573)
Prior year tax
(3,324)
26,476
Deferred tax
19,166
26,647
Income tax (expense) / credit
(263,841)
(123,450)
The tax (charge) / credit relating to components of other comprehensive income, is as follows:
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Before
tax
Tax (charge)/
credit
After tax
Before
tax
Tax (charge)/
credit
After tax
Share of other comprehensive
income of associates
825
\u2014
825
1,460
\u2014
1,460
Investment in equity
instruments
131
\u2014
131
97
\u2014
97
Cash flow hedges
20,243
(4,453)
15,790
(14,243)
3,133
(11,110)
Currency translation differences
49
\u2014
49
(404)
\u2014
(404)
Actuarial gains/ (losses) on
defined benefit pension plans
(3,722)
939
(2,783)
(12,662)
1,915
(10,747)
Other comprehensive income
17,526
(3,514)
14,012
(25,752)
5,048
(20,704)
The corporate income tax rate of legal entities in Greece for the period ended 31 December 2024 is 22% (31
December 2023: 22%).
As at 31 December 2024, the deferred tax asset on tax losses carried forward was \u20ac19.5 million (31 December
2023: \u20ac19 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 2024 was \u20ac8.1 million (31 December 2023: \u20ac7.6 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 2023 inclusive. The work for the tax certificate of 2024 has started\u00a0 and is in
progress, the 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) 2018 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 2024.
As of 31 December 2024, the income tax receivables include an amount of \u20ac69.4 million\u00a0 (31 December 2023:
\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
2023: \u20ac11.0 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.
The final amount of the amount of the Solidarity Contribution was \u20ac267.1 mil was deducted in 2022 and was
payable in 8 installments which started on 31 July 2023, while the final one was in February 2024, when the
payment was concluded.\u00a0
On 19th July 2024, Law 5122/2024 was enacted, which provides for the application of temporary Solidarity
Contribution on refining companies\u2019 incremental profits also for the financial year 2023, based on the provisions
of the Council Regulation (EU) 2022/1854. Incremental profits are as per the definitions of the relevant regulation
and law and the applicable rate is 33%. The Temporary Solidarity Contribution for HELLENIC PETROLEUM
R.S.S.O.P.P. S.A. (and the Group) is estimated at \u20ac222.4m (\u20ac173.5m net of corporate income tax) and is reflected in
the Group's 2024 results. The return was submitted in September and the amount was payable in one installment
on 27 February 2025.
d. Pillar II legislation
Following the international tax developments in the context of\u00a0 Base Erosion & Profit Shifting (BEPS), specific
Model Rules were published from O.E.C.D., while at EU level 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
\u20ac750 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
provided rate.
In Greece where the parent entity of the Group is established, the relevant law 5100/2024 was issued in April
2024. Until today, the relevant legislation was enacted in certain jurisdictions in which the Group has presence,
more specifically, Austria, Bulgaria, Cyprus, Netherlands, Republic of North Macedonia, Romania, Switzerland and
UK, while in parallel analytical guidelines and specific ministerial decisions are expected to be published at
Jurisdictional level, which are required for the implementation of the relevant framework.\u00a0
The Group applies the amendments of IAS 12 for the exemption in the recognition and disclosure of information
on deferred tax assets and liabilities arising from the provisions of Pillar II, issued in May 2023.
It is pointed out that for jurisdictions in which the framework has not been adopted insofar and/or despite
adoption of the framework the minimum effective tax rate is less than 15%, the relevant obligations are assumed
by the parent company.
The assessment and estimation of the impact in the Group, is performed taking into account the available 2024
data, in the time of the preparation of the 2024 financial statements.
The exercise includes the \u201cTransitional CbCR Safe Harbours\u201d calculations, in order to identify whether the Pillar II
framework is applied or not, in the Group\u2019s operations in the relevant jurisdictions, according to certain criteria/
parameters. The jurisdictions of Cyprus and RNM are not eligible for the application of Transitional CbCR Safe
Harbours, therefore top-up tax applies .
For those jurisdictions, as per the initial assessment based on the latest available 2024 data, the relevant top-up
tax was calculated. The resulting tax liability/exposure is considered\u00a0 immaterial for the Group, amounting to
0.07% of the total pre-tax\u00a0 Group profits. The preparation for the implementation in the countries above is in
progress, taking into account the relevant procedures and the level of adaptation across the jurisdictions where
the Group operates.
Numerical reconciliation of Group Income tax expense to prima facie tax payable:
For the year ended
31 December\u00a0 2024
31 December\u00a0 2023
Profit/(loss) before tax
326,105
604,059
Solidarity Contribution
(222,436)
36,782
Tax (expense) at Greek corporation tax rate of 22%* (2023: 22%)
(22,807)
(140,985)
Difference in overseas tax rates
3,535
3,125
Tax exempt results of shipping companies
77
52
Gain from DEPA disposal - not subject to tax
3,199
\u2014
Tax on expenses not deductible for tax purposes
(10,598)
(12,891)
Utilization of previously unrecognized tax losses
\u2014
45
Tax losses for which no deferred income tax was recognised
(10,254)
(11,832)
Tax on income from associates not subject to corporate tax
(5,270)
940
Adjustment for prior year taxes
(3,221)
(2,217)
Solidarity Contribution
(222,436)
36,782
Other
4,150
3,531
Pillar II
(213)
\u2014
Tax (Charge) / Credit
(263,841)
(123,450)
Effective tax rate
81%
20%
*Tax expense calculated at Greek corporation tax rate excludes solidarity contribution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "
30.Earnings / (Losses) per Share
For the year ended
31 December 2024
31 December 2023
Earnings per share / (Loss) attributable to the Company Shareholders
(expressed in Euro per share):
0.20
1.56
Net income/ (Loss) attributable to ordinary shares\u00a0
(Euro in thousands)
59,789
477,732
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 2024 and 31 December 2023 , 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "
31.Dividends
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 was approved by the
AGM on 27 June 2024 and paid on 17 July 2024.
At its meeting held on 14 November 2024, the Board of Directors proposed to distribute an interim dividend of
\u20ac0.20 per share for the financial year 2024, which amounts to \u20ac61.1 million and was paid on 27 January 2025.
At its meeting held on 27 February 2025, the Board of Directors decided to propose a final dividend of \u20ac0.55 per
share for the fiscal year 2024, which amounts to \u20ac168.1 million. The total dividend for the fiscal year 2024 is \u20ac0.75
per share, amounting to \u20ac229.2 million. The final dividend for the financial year 2024 is subject to approval by the
AGM.
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 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "
32.Cash Generated from / (used in) Operations
Group
For the year ended
Note
31 December 2024
31 December 2023
Profit/ (loss) before tax
326,105
604,059
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
6, 7
313,993
297,445
Amortisation and impairment of intangible assets
8
27,766
24,037
Amortisation of grants
26
(801)
(977)
Finance costs - net
128,728
131,695
Share of operating profit of associates
9
23,956
(4,273)
Provisions for expenses and valuation charges
88,635
36,468
Gain from disposal of associate
(14,541)
\u2014
Foreign exchange (gains) / losses
(3,951)
4,743
(Gains)/ Losses from discounting of long-term receivables and
liabilities
(5,117)
(1,458)
(Gains) / losses on sales of property, plant and equipment
666
(522)
885,438
1,091,217
Changes in working capital
(Increase) / decrease in inventories
158,291
350,369
(\u0399ncrease) / decrease in trade and other receivables
(5,194)
3,392
Increase / (decrease) in trade and other payables
(29,099)
(129,629)
123,998
224,132
Net cash generated from operating activities
1,009,436
1,315,349
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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.
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. 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 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.
As at December 2024, the total amounts imposed amount to \u20ac55 million (December 2023: \u20ac52 million). In order
to appeal against these, and in accordance with the legislation, the Group has paid an amount of \u20ac31 million (31
December 2023: \u20ac28 million), which is included in Trade and other Receivables in the annual consolidated
Financial Statements.
The Group has exercised all available legal recourse relating to these cases and Group Management have assessed
that it is most probable that the outcome of all appeals will be favorable.
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\u00a0 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 2024 was the
equivalent of \u20ac2.0 billion ( 31 December 2023: \u20ac2.1 billion). Out of these, \u20ac1.9 billion (31 December 2023: \u20ac2.0
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 2024, 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 \u20ac42 million (31 December
2023: \u20ac40 million) and \u20ac13 million (31 December 2023: \u20ac13 million) respectively, and corporate guarantees
amounting to \u20ac9 million (31 December 2023: \u20ac12 million). Also, as at 31 December 2024, 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 2023:\u00a0\u20ac170\u00a0million).
(iii) International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to local permits regime and
proceedings 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 fuel oil.
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 fuel oil.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in fuel oil 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.
Disposal of DEPA Commercial S.A.
On 30 December 2024, HELLENiQ ENERGY Holdings S.A. announced the completion of the sale of its
participation in DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A., which since
then has been merged with the Hellenic Growthfund.
Consideration: The 35% of DEPA Commercial's net assets position (\u20ac208 million as at 31/12/23) (first
method), unless within 36 months the Hellenic Growthfund proceeds with the sale or public offering of DEPA
Commercial's shares and their listing on the stock exchange, in which case the price will be calculated based
on the price per share that the Hellenic Growthfund will receive proportionally for the 35% of DEPA's shares
transferred by the Company (second method) .
1. Consideration Adjustments:
a. If the transaction price is derived from 35% of DEPA Commercial's net assets position as at 31/12/2023
(first method), in order to take into account DEPA Commercial's results for the 2024 fiscal year, which
are not currently available, the net consolidated results of the DEPA Group for the 2024 fiscal year
(excluding extraordinary items and provisions) will be added/subtracted as an adjustment to the net
position as of 31/12/2023 at a rate of 50% (so that the price is derived as an average between the net
assets positions of 2023 and 2024). This adjustment will be calculated according to the agreed
procedure. Any price adjustment will have a maximum and minimum amount set at +/- \u20ac20 million.
b. If the transaction price is derived from 35% of DEPA Commercial's net assets position, in case of
changes due to the outcome of specific pending legal and arbitration cases and arbitration proceedings
relating to the fiscal year 2023, there will be a proportional adjustment.
c. The aforementioned price adjustment can take place within 24 months from the date of share transfer,
with the possibility of further extension if deemed appropriate.
2. Payment of the Consideration: The price is credited, and its payment is expected to be mainly offset by the
Company's dividends to the Hellenic Growthfund or the payment of DEPA Commercial's dividends that the
Hellenic Growthfund will receive. If the total price is not settled within 6 years, the Hellenic Growthfund\u00a0 will
be obliged to pay according to the provisions of Article 132 of Law 5162/2024. The payment period can be
extended following the agreement of the two contracting parties, and in any case, any outstanding amount
over 3 months from the share transfer is interest-bearing.
(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 2018 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 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 for October 29th\u00a0 2025,
while for the stamp duty cases the hearing date is set after postponements for May 14th 2025.
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 \u20ac16.2 million, penalties of \u20ac8.1 million and surcharges of \u20ac9.5 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 \u20ac16.9 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. For the stamp duty case, the respective
decision was issued in favor of the Company and the relevant amount of \u20ac33.8 million was refunded to the
Company, while for the income tax case, the decision was issued, and the case was brought to the First Instance
Court of Athens, where it was heard on January 28th 2025, and 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 administrative appeal was rejected on 1st May 2024 and the company
filed judicial appeal on 12 June 2024.
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 \u20ac3.4 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 Stamp Duty case of 2010 was heard in June 2024 and the
relevant court decision was issued, rejecting the Authorities' cassation recourses, amounting to \u20ac2.7 million.
Accordingly, with regards to the Stamp Duty case of 2011, the hearing took place in December 2022 and the
relevant decision was issued in favor of the company rejecting the relevant cassation recourses of the
Authorities amounting to \u20ac0.4 million. 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 9th of April\u00a0 2025. The Authorities have filed cassation recourses 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.
With regards to the Stamp Duty cases of 2003 and 2004 of BP Hellas, (before the acquisition from the
HELLENiQ ENERGY Group), the decisions of the Supreme Administrative Court were issued in July 2022 and the
relevant cases were remitted to the Administrative Court of Appeals, the hearing after postponements is set for
the 2nd June 2025.
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.
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. The amounts paid and/or offset are included in the annual 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 2024. 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 2023, 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 and for all fiscal years are \"unqualified\". The management expects that the same will also apply for the
year ended 31 December 2024.
(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, 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 \u20ac3.5 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,\u00a0 a new hearing
took place on 6 April 2022 and in July 2024 the decision A812/2024 was issued, which qualifies the case as
ordinary customs violation and it upholds the judicial recourse as regards the individuals involved, while it rejects it
as regards the company.
The company retains its position that is has acted in compliance with the relevant legislation and on 14 October
2024 filed cassation recourses before the Supreme Administrative Court for valid reasons and expects that the
final outcome will be in its favor.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2024 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 2023: \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. There were no additional charges imposed after 31 December 2023.
The provision of \u20ac0.9 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 has contested all such decisions to the ultimate judicial level", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "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.
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. 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 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.
As at December 2024, the total amounts imposed amount to \u20ac55 million (December 2023: \u20ac52 million). In order
to appeal against these, and in accordance with the legislation, the Group has paid an amount of \u20ac31 million (31
December 2023: \u20ac28 million), which is included in Trade and other Receivables in the annual consolidated
Financial Statements.
The Group has exercised all available legal recourse relating to these cases and Group Management have assessed
that it is most probable that the outcome of all appeals will be favorable.
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\u00a0 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 2024 was the
equivalent of \u20ac2.0 billion ( 31 December 2023: \u20ac2.1 billion). Out of these, \u20ac1.9 billion (31 December 2023: \u20ac2.0
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 2024, 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 \u20ac42 million (31 December
2023: \u20ac40 million) and \u20ac13 million (31 December 2023: \u20ac13 million) respectively, and corporate guarantees
amounting to \u20ac9 million (31 December 2023: \u20ac12 million). Also, as at 31 December 2024, 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 2023:\u00a0\u20ac170\u00a0million).
(iii) International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to local permits regime and
proceedings 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 fuel oil.
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 fuel oil.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in fuel oil 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.
Disposal of DEPA Commercial S.A.
On 30 December 2024, HELLENiQ ENERGY Holdings S.A. announced the completion of the sale of its
participation in DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A., which since
then has been merged with the Hellenic Growthfund.
Consideration: The 35% of DEPA Commercial's net assets position (\u20ac208 million as at 31/12/23) (first
method), unless within 36 months the Hellenic Growthfund proceeds with the sale or public offering of DEPA
Commercial's shares and their listing on the stock exchange, in which case the price will be calculated based
on the price per share that the Hellenic Growthfund will receive proportionally for the 35% of DEPA's shares
transferred by the Company (second method) .
1. Consideration Adjustments:
a. If the transaction price is derived from 35% of DEPA Commercial's net assets position as at 31/12/2023
(first method), in order to take into account DEPA Commercial's results for the 2024 fiscal year, which
are not currently available, the net consolidated results of the DEPA Group for the 2024 fiscal year
(excluding extraordinary items and provisions) will be added/subtracted as an adjustment to the net
position as of 31/12/2023 at a rate of 50% (so that the price is derived as an average between the net
assets positions of 2023 and 2024). This adjustment will be calculated according to the agreed
procedure. Any price adjustment will have a maximum and minimum amount set at +/- \u20ac20 million.
b. If the transaction price is derived from 35% of DEPA Commercial's net assets position, in case of
changes due to the outcome of specific pending legal and arbitration cases and arbitration proceedings
relating to the fiscal year 2023, there will be a proportional adjustment.
c. The aforementioned price adjustment can take place within 24 months from the date of share transfer,
with the possibility of further extension if deemed appropriate.
2. Payment of the Consideration: The price is credited, and its payment is expected to be mainly offset by the
Company's dividends to the Hellenic Growthfund or the payment of DEPA Commercial's dividends that the
Hellenic Growthfund will receive. If the total price is not settled within 6 years, the Hellenic Growthfund\u00a0 will
be obliged to pay according to the provisions of Article 132 of Law 5162/2024. The payment period can be
extended following the agreement of the two contracting parties, and in any case, any outstanding amount
over 3 months from the share transfer is interest-bearing.
(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 2018 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 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 for October 29th\u00a0 2025,
while for the stamp duty cases the hearing date is set after postponements for May 14th 2025.
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 \u20ac16.2 million, penalties of \u20ac8.1 million and surcharges of \u20ac9.5 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 \u20ac16.9 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. For the stamp duty case, the respective
decision was issued in favor of the Company and the relevant amount of \u20ac33.8 million was refunded to the
Company, while for the income tax case, the decision was issued, and the case was brought to the First Instance
Court of Athens, where it was heard on January 28th 2025, and 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 administrative appeal was rejected on 1st May 2024 and the company
filed judicial appeal on 12 June 2024.
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 \u20ac3.4 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 Stamp Duty case of 2010 was heard in June 2024 and the
relevant court decision was issued, rejecting the Authorities' cassation recourses, amounting to \u20ac2.7 million.
Accordingly, with regards to the Stamp Duty case of 2011, the hearing took place in December 2022 and the
relevant decision was issued in favor of the company rejecting the relevant cassation recourses of the
Authorities amounting to \u20ac0.4 million. 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 9th of April\u00a0 2025. The Authorities have filed cassation recourses 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.
With regards to the Stamp Duty cases of 2003 and 2004 of BP Hellas, (before the acquisition from the
HELLENiQ ENERGY Group), the decisions of the Supreme Administrative Court were issued in July 2022 and the
relevant cases were remitted to the Administrative Court of Appeals, the hearing after postponements is set for
the 2nd June 2025.
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.
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. The amounts paid and/or offset are included in the annual 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 2024. 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 2023, 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 and for all fiscal years are \"unqualified\". The management expects that the same will also apply for the
year ended 31 December 2024.
(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, 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 \u20ac3.5 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,\u00a0 a new hearing
took place on 6 April 2022 and in July 2024 the decision A812/2024 was issued, which qualifies the case as
ordinary customs violation and it upholds the judicial recourse as regards the individuals involved, while it rejects it
as regards the company.
The company retains its position that is has acted in compliance with the relevant legislation and on 14 October
2024 filed cassation recourses before the Supreme Administrative Court for valid reasons and expects that the
final outcome will be in its favor.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2024 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 2023: \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. There were no additional charges imposed after 31 December 2023.
The provision of \u20ac0.9 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 has contested all such decisions to the ultimate judicial level
34.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to:
\u2022 \u20ac 79 million as at 31 December 2024 (31 December 2023: \u20ac84 million), which mainly relate to improvements
in refining assets.
\u2022 \u20ac164 million for the acquisition of 50% stake in Elpedison B.V., plus an amount of up to \u20ac31 million
dependent on changes of certain balance sheet items and cash reserves, as stipulated in the agreement
between the Group and Edison International Shareholdings S.p.A.. The transaction is subject to the
regulatory approval, and as such, the specified amounts are not yet reflected in the consolidated and
Company balance sheets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac2 million as at 31 December 2024 (31
December 2023: \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 in transit of total amount \u20ac174
million (31 December 2023: \u20ac193 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
34.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to:
\u2022 \u20ac 79 million as at 31 December 2024 (31 December 2023: \u20ac84 million), which mainly relate to improvements
in refining assets.
\u2022 \u20ac164 million for the acquisition of 50% stake in Elpedison B.V., plus an amount of up to \u20ac31 million
dependent on changes of certain balance sheet items and cash reserves, as stipulated in the agreement
between the Group and Edison International Shareholdings S.p.A.. The transaction is subject to the
regulatory approval, and as such, the specified amounts are not yet reflected in the consolidated and
Company balance sheets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac2 million as at 31 December 2024 (31
December 2023: \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 in transit of total amount \u20ac174
million (31 December 2023: \u20ac193 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "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.), up to 30/12/2024 (Note 9)
\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
Where required, comparative amounts have been amended to better reflect the nature of the transactions.
Group
For the period ended
31 December 2024
31 December 2023
Sales of goods and services to related parties
Associates
278,171
271,729
Joint ventures
14,986
13,999
Total
293,157
285,728
Purchases of goods and services from related parties
Associates
351,014
222,714
Joint ventures
160,185
158,913
Total
511,199
381,627
As at
31 December 2024
31 December 2023
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
39,098
15,961
Joint ventures
17,580
15,627
Total
56,678
31,588
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
41,512
23,175
Joint ventures
547
277
Total
42,059
23,452
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 2024 was \u20ac70 million (31 December 2023 :
\u20ac75 million).
b) Government related entities which are under common control with the Group due to the shareholding and
control rights of the Hellenic State and with which the Group has material transactions.
\u2022 Hellenic Armed Forces
\u2022 Road Transport S.A.
\u2022 Public Power Corporation Hellas S.A.
\u2022 Hellenic Distribution Network Operator S.A. (HEDNO)
During the year ended on 31 December 2024, transactions and balances for the Group with the above government
related entities are as follows:
\u2022 Sales of goods and services amounted to \u20ac404 million (31 December 2023: \u20ac418 million)
\u2022 Purchases of goods and services amounted to \u20ac3 million\u00a0 (31 December 2023: \u20ac4 million)
\u2022 Receivable balances of \u20ac34 million (31 December 2023 : \u20ac101 million)
\u2022 Payable balances of \u20ac0.1 million (31 December 2023:\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 2024 to the aforementioned key
management is as follows:
Group
For the period ended
31 December 2024
31 December 2023
Short-term employee benefits
12,213
8,096
Post-employment benefits
956
6,228
Total
13,169
14,324
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
\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)
\u2022 Energean Hellas LTD (Greece, Block 2)
\u2022 Calfrac Well Services Ltd (Greece, Sea of Thrace concession)", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 S.A.
Pipeline
GREECE
50%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48%
EQUITY
HELLENIC PETROLEUM TRADING SA
Trading
SWITZERLAND
100%
FULL
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL S.A.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f\u03a4\u0391 KO S.A.
Marketing
GREECE
49%
FULL
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100%
FULL
VARDAX S.A
Pipeline
GREECE
80%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
95%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA (HOLDINGS)
LTD)
Holding
CYPRUS
100%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100%
FULL
EKO CYPRUS LTD
Marketing
U.K
100%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100%
FULL
EKO GAS LIMITED (former BLUE CIRCLE ENGINEERING
LIMITED)
Marketing
CYPRUS
100%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
100%
FULL
SAFCO S.A.
Airport Fuelling
GREECE
33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A.
Energy
GREECE
100%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF MANI S.A.
Energy
GREECE
100%
FULL
KOZILIO PRIME
Energy
GREECE
100%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100%
FULL
FENSOL S.M.
Energy
GREECE
100%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100%
FULL
KOZILIO 1
Energy
GREECE
100%
FULL
WINDSPUR S.A.
Energy
GREECE
100%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS LYTHRODONTAS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS LIMITED
Energy
CYPRUS
100%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100%
FULL
EKO ENERGY CYPRUS
Energy
CYPRUS
100%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
SOLARPIN LIMITED
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT I LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT II LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT III LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT IV LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT V LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT VI LTD
Energy
CYPRUS
100%
FULL
HELLENiQ RES ROMANIA S.R.L.
Energy
ROMANIA
100%
FULL
HELLENiQ RES ROM ALPHA S.R.L.
Energy
ROMANIA
100%
FULL
DUO GREEN POWER SRL
Energy
ROMANIA
100%
FULL
NEAMT GREEN ENERGY SRL
Energy
ROMANIA
100%
FULL
DUO RENEWABLE ENERGY SRL
Energy
ROMANIA
100%
FULL
AKTINA XIROCHORIOU
Energy
GREECE
100%
FULL
GREEN POWER KILKIS
Energy
GREECE
100%
FULL
KOZILIO NEW PROJECTS SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 3\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 6\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 4\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 6 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
SUN POWER 1
Energy
GREECE
100%
FULL
Solarproject STAAT VAST I
Energy
GREECE
100%
FULL
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35%
EQUITY
ELPEDISON B.V.
Power
Generation
NETHERLANDS
50%
EQUITY
E&P
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100%
FULL
ASPROFOS S.A.
Engineering
GREECE
100%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100%
FULL
ELPEFUTURE
Energy
GREECE
100%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100%
FULL
HELLENIQ ENERGY (UK) LIMITED
Dormant
UK
100%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLARPIN
LIMITED\u201d, which is the parent company of the entities \"SANTIAM INVESTMENT I LTD\", \"SANTIAM
INVESTMENT II LTD\", \"SANTIAM INVESTMENT III LTD\", \"SANTIAM INVESTMENT IV LTD\", \"SANTIAM
INVESTMENT V LTD\" and \"SANTIAM INVESTMENT VI LTD\", operating 6 PV parks in Cyprus, and is a wholly
owned subsidiary of EKO ENERGY PARTNERS.
\u2022 During the current period, the Group established two new entities in Romania; \"HELLENiQ RES ROMANIA
S.R.L.\" and its subsidiary \"HELLENiQ RES ROM ALPHA S.R.L.\" which is the parent company of the entities
\"DUO GREEN POWER SRL\", \"NEAMT GREEN ENERGY SRL\", and \"DUO RENEWABLE ENERGY SRL \" acquired
by the Group with the purpose of developing 3 PV parks in Romania. \"HELLENiQ RES ROMANIA S.R.L.\" is a
wholly owned subsidiary of HELLENiQ RENEWABLES SINGLE MEMBER S.A.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece,\"Kozilio New
Projects S.M. S.A.\" which is the parent company of the entities \"CLEAN ENERGY 3 S.M. S.A.\", \"CLEAN
ENERGY 5 S.M. S.A.\", \"CLEAN ENERGY 6 S.M. S.A.\", \"CLEAN ENERGY PLUS 4 S.M. S.A.\", \"CLEAN ENERGY
PLUS 5 S.M. S.A.\", \"CLEAN ENERGY PLUS 6 S.M. S.A.\" and \"SUN POWER 1\", operating 7 PV parks in Greece,
and is a wholly owned subsidiary of KOZILIO PRIME.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \"GREEN
POWER KILKIS\", which is the parent of the entity \"AKTINA XIROCHORIOU\" acquired by the Group with the
purpose of developing a PV park in Greece.\u00a0 \"GREEN POWER KILKIS\" is a wholly owned subsidiary of
HELLENiQ RENEWABLES SINGLE MEMBER S.A..
\u2022 During the current period, the Group established a new entity in Switzerland, \"HELLENIC PETROLEUM
TRADING SA\", which is wholly owned subsidiary of HELLENIC PETROLEUM R.S.S.O.P.P. S.A., with the
purpose of trading oil products.
\u2022 During the current period, the Group completed the transfer of its 35% participation in the share capital of
DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A. (HRADF) (refer to notes 9, 26
and 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "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%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100%
FULL
\u0395.\u0391.\u039a.\u0391.\u0391 S.A.
Pipeline
GREECE
50%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48%
EQUITY
HELLENIC PETROLEUM TRADING SA
Trading
SWITZERLAND
100%
FULL
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL S.A.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f KALYPSO M.E.P.E.
Marketing
GREECE
100%
FULL
\u0395\u039a\u039f\u03a4\u0391 KO S.A.
Marketing
GREECE
49%
FULL
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100%
FULL
VARDAX S.A
Pipeline
GREECE
80%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
95%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA (HOLDINGS)
LTD)
Holding
CYPRUS
100%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100%
FULL
EKO CYPRUS LTD
Marketing
U.K
100%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100%
FULL
EKO GAS LIMITED (former BLUE CIRCLE ENGINEERING
LIMITED)
Marketing
CYPRUS
100%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32%
EQUITY
JUGOPETROL AD
Marketing
\u039cONTENEGRO
54%
FULL
GLOBAL ALBANIA S.A.
Marketing
\u0391LBANIA
100%
FULL
SAFCO S.A.
Airport Fuelling
GREECE
33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A.
Energy
GREECE
100%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF MANI S.A.
Energy
GREECE
100%
FULL
KOZILIO PRIME
Energy
GREECE
100%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100%
FULL
FENSOL S.M.
Energy
GREECE
100%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100%
FULL
KOZILIO 1
Energy
GREECE
100%
FULL
WINDSPUR S.A.
Energy
GREECE
100%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS LYTHRODONTAS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS LIMITED
Energy
CYPRUS
100%
FULL
EKO ENERGY PARTNERS
Energy
CYPRUS
100%
FULL
EKO ENERGY CYPRUS
Energy
CYPRUS
100%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
SOLARPIN LIMITED
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT I LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT II LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT III LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT IV LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT V LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT VI LTD
Energy
CYPRUS
100%
FULL
HELLENiQ RES ROMANIA S.R.L.
Energy
ROMANIA
100%
FULL
HELLENiQ RES ROM ALPHA S.R.L.
Energy
ROMANIA
100%
FULL
DUO GREEN POWER SRL
Energy
ROMANIA
100%
FULL
NEAMT GREEN ENERGY SRL
Energy
ROMANIA
100%
FULL
DUO RENEWABLE ENERGY SRL
Energy
ROMANIA
100%
FULL
AKTINA XIROCHORIOU
Energy
GREECE
100%
FULL
GREEN POWER KILKIS
Energy
GREECE
100%
FULL
KOZILIO NEW PROJECTS SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 3\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY 6\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 4\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 5\u00a0 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
CLEAN ENERGY PLUS 6 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
SUN POWER 1
Energy
GREECE
100%
FULL
Solarproject STAAT VAST I
Energy
GREECE
100%
FULL
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35%
EQUITY
ELPEDISON B.V.
Power
Generation
NETHERLANDS
50%
EQUITY
E&P
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury
services
U.K
100%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100%
FULL
ASPROFOS S.A.
Engineering
GREECE
100%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100%
FULL
ELPEFUTURE
Energy
GREECE
100%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100%
FULL
HELLENIQ ENERGY (UK) LIMITED
Dormant
UK
100%
FULL
\u2022 During the current period, the Group completed the acquisition of a new company in Cyprus, \u201cSOLARPIN
LIMITED\u201d, which is the parent company of the entities \"SANTIAM INVESTMENT I LTD\", \"SANTIAM
INVESTMENT II LTD\", \"SANTIAM INVESTMENT III LTD\", \"SANTIAM INVESTMENT IV LTD\", \"SANTIAM
INVESTMENT V LTD\" and \"SANTIAM INVESTMENT VI LTD\", operating 6 PV parks in Cyprus, and is a wholly
owned subsidiary of EKO ENERGY PARTNERS.
\u2022 During the current period, the Group established two new entities in Romania; \"HELLENiQ RES ROMANIA
S.R.L.\" and its subsidiary \"HELLENiQ RES ROM ALPHA S.R.L.\" which is the parent company of the entities
\"DUO GREEN POWER SRL\", \"NEAMT GREEN ENERGY SRL\", and \"DUO RENEWABLE ENERGY SRL \" acquired
by the Group with the purpose of developing 3 PV parks in Romania. \"HELLENiQ RES ROMANIA S.R.L.\" is a
wholly owned subsidiary of HELLENiQ RENEWABLES SINGLE MEMBER S.A.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece,\"Kozilio New
Projects S.M. S.A.\" which is the parent company of the entities \"CLEAN ENERGY 3 S.M. S.A.\", \"CLEAN
ENERGY 5 S.M. S.A.\", \"CLEAN ENERGY 6 S.M. S.A.\", \"CLEAN ENERGY PLUS 4 S.M. S.A.\", \"CLEAN ENERGY
PLUS 5 S.M. S.A.\", \"CLEAN ENERGY PLUS 6 S.M. S.A.\" and \"SUN POWER 1\", operating 7 PV parks in Greece,
and is a wholly owned subsidiary of KOZILIO PRIME.
\u2022 During the current period, the Group completed the acquisition of a new company in Greece, \"GREEN
POWER KILKIS\", which is the parent of the entity \"AKTINA XIROCHORIOU\" acquired by the Group with the
purpose of developing a PV park in Greece.\u00a0 \"GREEN POWER KILKIS\" is a wholly owned subsidiary of
HELLENiQ RENEWABLES SINGLE MEMBER S.A..
\u2022 During the current period, the Group established a new entity in Switzerland, \"HELLENIC PETROLEUM
TRADING SA\", which is wholly owned subsidiary of HELLENIC PETROLEUM R.S.S.O.P.P. S.A., with the
purpose of trading oil products.
\u2022 During the current period, the Group completed the transfer of its 35% participation in the share capital of
DEPA Commercial S.A. to the Hellenic Republic Asset Development Fund S.A. (HRADF) (refer to notes 9, 26
and 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YUBJMZYR1SNG35", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
37.Events Occurring after the Reporting Period
Other than the events already disclosed in Notes 29 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }