Selected Financial Data

Group

(amounts in € million)

Statement of Comprehensive Income 2023 2022 2021 2020 2019
Sales 12,803 14,508 9,222 5,782 8,857
Adjusted EBITDA 1,237 1,601 401 333 572
Operating profit 736 1,413 400 -501 341
Profit before income tax 604 1,421 407 -582 207
Minority Interest 3 5 4 -1 3
Profit for the year (attributable to owners of the parent) 478 890 337 -396 161
Adjusted Net Income (attributable to owners of the parent) 606 1,006 140 5 185
EPS € 1.56 2.91 1.10 -1.30 0.53
Statement of Cash Flows 2023 2022 2021 2020 2019
Net cash generated from operating activities 965 624 270 450 486
Net cash used in investing activities -238 -227 -376 -277 -218
Net cash generated from financing activities -702 -552 -61 -47 -458
Net increase/(decrease) in cash & cash equivalents 25 -155 -167 125 -189
Statement of Financial Position 2023 2022 2021 2020 2019
Total Assets 8,108 8,562 7,832 6,775 7,092
Non-current assets 4,768 4,950 4,406 4,283 4,146
Cash and cash equivalents 919 900 1,053 1,203 1,088
Non-current liabilities 1,981 2,048 2,045 2,584 2,227
Long term borrowings 1,388 1,433 1,517 2,131 1,610
Short term borrowings 1,158 1,409 1,474 745 1,022
Minority interest 67 68 64 62 65
Total equity 2,946 2,727 2,129 1,849 2,327

Consolidated Financial Statements

Statement of Financial Position

(amounts in € thousands)

Assets 31/12/23 31/12/22
Non-current assets
Property, plant and equipment 3,643,045 3,639,004
Right-of-use assets 232,189 233,141
Intangible assets 333,692 518,073
Investments in associates and joint ventures 404,743 402,101
Deferred income tax assets 95,546 91,204
Investment in equity instruments 514 490
Derivative financial instruments 746 958
Loans, advances and long term assets 57,771 64,596
Total non-current assets 4,768,246 4,949,567
Current assets
Inventories 1,472,536 1,826,242
Trade and other receivables 880,986 866,109
Income tax receivable 66,148 14,792
Derivative financial instruments 930 5,114
Cash and cash equivalents 919,457 900,176
Current assets total 3,340,057 3,612,433
Total assets 8,108,303 8,562,000
Equity 31/12/23 31/12/22
Share capital and share premium 1,020,081 1,020,081
Reserves 291,010 297,713
Retained Earnings 1,568,384 1,341,908
Equity attributable to the owners of the parent 2,879,475 2,659,702
Non-controlling interests 66,916 67,699
Total equity 2,946,391 2,727,401
Liabilities 31/12/23 31/12/22
Non - current liabilities
Interest bearing loans and borrowings 1,388,010 1,433,029
Lease liabilities 182,335 177,745
Deferred income tax liabilities 174,063 202,523
Retirement benefit obligations 176,305 175,500
Derivative financial instruments 1,541
Provisions 33,835 36,117
Other non-current liabilities 25,348 22,662
Total non-current liabilities 1,981,437 2,047,576
Current liabilities
Trade and other payables 1,598,726 1,835,957
Derivative financial instruments 13,333 1,761
Income tax payable 285,570 432,385
Interest bearing loans and borrowings 1,158,495 1,409,324
Lease liabilities 32,220 30,372
Dividends payable 92,131 77,224
Total current liabilities 3,180,475 3,787,023
Total Liabilities 5,161,912 5,834,599
Total equity and liabilities 8,108,303 8,562,000

Statement of Comprehensive Income for the Period

(amounts in € thousands)

31/12/23 31/12/22
Revenue from contracts with customers 12,803,061 14,508,068
Cost of sales -11,474,830 -12,580,489
Gross profit / (loss) 1,328,231 1,927,579
Selling and distribution expenses -415,225 -393,350
Administrative expenses -185,877 -176,345
Exploration and development expenses -6,707 -26,548
Other operating income and other gains 65,203 134,393
Other operating expense and other losses -49,400 -53,109
Operating profit / (loss) 736,225 1,412,620
Finance income 11,918 3,315
Finance expense -133,944 -108,233
Lease finance cost -9,669 -9,261
Currency exchange gains / (losses) -4,743 2,499
Share of profit / (loss) of investments in associates and joint ventures 4,272 120,042
Profit / (loss) before income tax 604,059 1,420,982
Income tax (expense) / credit -123,450 -526,004
Profit / (loss) for the period 480,609 894,978
Profit / (loss) attributable to:
     Owners of the parent 477,732 889,501
     Non-controlling interests 2,877 5,477
480,609 894,978
31/12/23 31/12/22
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans -10,746 29,709
Changes in the fair value of equity instruments 97 14
-10,649 29,723
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates 1,460 658
Fair value gains / (losses) on cash flow hedges 6,615 5,753
Recycling of (gains) / losses on hedges through comprehensive income -17,725 -4,941
Currency translation differences and other movements -404 -278
-10,054 1,172
Other comprehensive income / (loss) for the year, net of tax -20,703 30,895
Total comprehensive income / (loss) for the period 459,906 925,873
Total comprehensive income / (loss) attributable to:
     Owners of the parent 457,160 920,330
     Non-controlling interests 2,746 5,543
459,906 925,873
Earnings / (losses) per share (expressed in Euro per share) 1.56 2.91

Statement of Changes in Equity

(amounts in € thousands)

31/12/23 31/12/22
Total equity at beginning of the year 01/01/2023 & 01/01/2022 2,727,401 2,129,055
Total comprehensive (loss) / income for the year - after tax - 459,906 925,873
Dividends to shareholders of the parent -244,508 -320,940
Dividends to non-controlling interests -3,529 -2,246
Other movements 7,121 -4,341
Total equity at the end of the year 2,946,391 2,727,401

Statement of Cash Flows

(amounts in € thousands)

31/12/23 31/12/22
Cash flows from operating activities
Cash generated from operations 1,315,349 630,118
Income tax received / (paid) -350,782 -6,499
Net cash generated from/(used in) operating activities 964,567 623,619
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets -291,035 -512,175
Proceeds from disposal of property, plant and equipment & intangible assets 5,630 14,167
Acquisition of share of associates and joint ventures -174
Cash and cash equivalents of acquired subsidiaries 101 3,053
Grants received 2,832
Interest received 11,918 3,315
Prepayments for right-of-use assets -2,710 -748
Dividends received 34,980
Proceeds from disposal of assets held for sale 265,516
Net cash generated from/(used in) investing activities -238,458 -226,872
Cash flows from financing activities
Interest paid on borrowings -128,277 -101,565
Dividends paid to shareholders of the Company -229,006 -244,983
Dividends paid to non-controlling interests -3,707 -2,240
Proceeds from borrowings 1,519,407 1,102,636
Repayments of borrowings -1,816,846 -1,259,597
Payment of lease liabilities - principal -33,505 -36,522
Payment of lease liabilities - interest -9,669 -9,261
Net cash generated from/(used in) financing activities -701,603 -551,532
Net increase / (decrease) in cash and cash equivalents 24,506 -154,785
Cash and cash equivalents at the beginning of the year 900,176 1,052,618
Exchange (losses) / gains on cash and cash equivalents -5,225 2,343
Net increase / (decrease) in cash and cash equivalents 24,506 -154,785
Cash and cash equivalents at end of the period 919,457 900,176

Segmental Information

Group

(amounts in € million)

Refining, Supply & Trading 2023 2022 2021 2020 2019
Sales 11,442 13,087 8,047 4,893 7,754
Adjusted EBITDA 1,043 1,388 153 187 354
Operating profit 703 1,257 254 -548 204
Purchase of property, plant and equipment & intangible assets 182 192 110 225 160
Depreciation & amortisation of property, plant and equipment & intangible assets 180 187 166 158 150
Refinery production (MT million) 14.6 13.0 14.4 13.8 14.2
Refinery sales volume (MT million) 15.4 14.3 15.2 14.4 15.2
Average Brent price ($/bbl) 83 101 71 42 64
HELPE refineries' Reference System Margin (yearly average - $/bbl) 8.7 10.7 2.0 0.8 2.9
Average exchange rate (€/US$) 1.08 1.05 1.18 1.14 1.12
Marketing
Sales 5,206 6,291 3,341 1,986 3,258
Adjusted EBITDA 111 135 128 97 138
Operating profit 15 34 41 1 65
Purchase of property, plant and equipment & intangible assets 52 42 44 41 70
Depreciation & amortisation of property, plant and equipment & intangible assets 50 47 45 41 35
Sales ('000 tonnes) 5,889 5,933 5,046 3,944 4,928
Petrol stations 1,954 1,972 1,996 1,991 2,006
Petrochemicals
Sales 302 380 379 248 299
Adjusted EBITDA 43 74 131 61 93
Operating profit 28 60 122 50 86
Purchase of property, plant and equipment & intangible assets 3 7 9 4 5
Depreciation & amortisation of property, plant and equipment & intangible assets 9 6 5 5 6
Sales ('000 tonnes) 276 262 275 272 283
Renewable Energy Sources (RES)
Sales 53 37 5 4 4
Adjusted EBITDA 42 29 3 3 2
Operating profit 21 13 -2 0 1
Purchase of property, plant and equipment & intangible assets 32 188 236 23 0
Depreciation & amortisation of property, plant and equipment & intangible assets -20 14 2 1 1
Installed capacity (MW) 356 341 65 26 26
Volume Generated (GWh) 658 472 56 43 45

(amounts in € thousands)

Total Assets 31/12/23 31/12/22
Refining 5,185,128 5,642,728
Marketing 1,514,249 1,552,937
Exploration & Production 15,133 23,172
Petro-chemicals 228,819 227,874
RES, Gas & Power 981,876 912,182
Other Segments & Inter-Segment 183,099 203,108
Total 8,108,303 8,562,000
Total Liabilities
Refining 3,857,528 4,522,398
Marketing 823,111 832,561
Exploration & Production 2,407 17,626
Petro-chemicals 111,370 123,682
RES, Gas & Power 468,659 512,806
Other Segments & Inter-Segment -101,164 -174,474
Total 5,161,912 5,834,599
Net Sales
Domestic 4,085,415 5,409,461
Aviation & Bunkering 1,953,037 2,459,243
Exports 4,863,319 4,655,626
International activities 1,901,290 1,983,738
Total 12,803,061 14,508,068

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