| € million | 2023 | 2022 |
|---|---|---|
| Turnover | 12,803 | 14,508 |
| Adjusted EBITDA | 1,237 | 1,601 |
| Inventory Effect* | 148 | -102 |
| Special Items* | 36 | -14 |
| Reported EBITDA | 1,053 | 1,717 |
| Adjusted Net Income | 606 | 1,006 |
| Reported Net Income | 478 | 890 |
| Capital Employed | 4,573 | 4,669 |
| Net Debt | 1,627 | 1,942 |
| Gearing Ratio – Net Debt / Capital Employed | 36% | 42% |
*gains are recorded with a negative sign and losses with a positive sign
| Refinery | Daily Refining Capacity (Kbpd) | Annual Refining Capacity (million MT) | Refining Configuration | Nelson Complexity Index |
|---|---|---|---|---|
| Aspropyrgos | 148 | 7.5 | Cracking (FCC) | 9.7 |
| Elefsina | 106 | 5.3 | Hydrocracking | 12.0 |
| Thessaloniki | 90 | 4.5 | Hydroskimming | 5.8 |
| Metrics | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Sales | 11,442 | 13,087 | ||||
| Adjusted EBITDA | 1,043 | 1,384 | ||||
|
||||||
| HELPE refineries’ reference system margin – yearly average | $8.7/bbl | $10.7/bbl | ||||
| Sales Volume (k MT) | 15,438 | 14,273 | ||||
| Sales | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 302 | 380 | ||||
| Performance Indicators | 43 | 74 | ||||
|
||||||
| Sales Volume (k MT) | 276 | 262 | ||||
| International Polypropylene Margin (€/MT) | 261 | 425 | ||||
| Financial Results (€ million) | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Sales | 5,206 | 6,296 | ||||
| Adjusted EBITDA | 111 | 135 | ||||
|
||||||
| Sales Volume (k MT) – Total | 5,889 | 5,933 | ||||
| Sales Volume (k MT) – Greece | 3,865 | 3,959 | ||||
| Fuel Stations – Greece | 1,631 | 1,655 | ||||
| Fuel Stations – International (includes OKTA brand FSs) | 323 | 317 | ||||
| Financial Results (in million €) | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Sales | 53 | 37 | ||||
| Adjusted EBITDA | 42 | 29 | ||||
|
||||||
| Volume Generated (GWh) | 658 | 472 | ||||
| Installed Capacity (MW) | 356 | 341 | ||||
| ESG Rating Agency | ESG Score | Rating Scale High |
Rating Scale Low |
Reference Year | Comments |
|---|---|---|---|---|---|
| CDP | B | A | D- | 2022 | Climate Change 2023 - Management band |
| S&P Global | 52* | 100 | 0 | 2022 | Up from 50 in 2021 Top percentile (85)* Oil & Gas Refining & Marketing |
| Sustainalytics | 27,37** | 0 | 100 | 2022 | ESG Risk Rating: Medium (1Q24) Qualitative Performance – Controversies: 1 Low (1Q23) |
| MSCI | BBB*** | AAA | CCC | 2022 | ESG Controversies: no controversies, Lowest Flag |
| Ecovadis | "Silver Recognition Level" | 100 | 0 | 2022 | Awarded by the Ecovadis rating body to Group’s subsidiary EKO S.A. |
| Bloomberg | 5,2 Leading | 10 | 0 | 2022 | ESG Disclosure Score: 59 |
| Refinitiv | B-57 | A+ | D- | 2022 | Third Quartile (“good relative ESG performance and above average degree of transparency in reporting material ESG data publicly”) A+ ESG Controversies Score**** |
| Athex ESG Data Portal | 95% Transparency | 100 | 0 | 2022 | Powered by ATHEX ESG Data Portal |
*As of October 27, 2023
*** ESG risk rating
*** Produced by MSCI ESG Research as of April 02, 2024, disclaimer below
**** Source Eikon
| EU Taxonomy-defined Economic Activity | Description of the Group's Activity | Environmental Objective |
|---|---|---|
| Petrochemicals | ||
| 1) CCM 3.14 Manufacture of organic basic chemicals | Production of propylene | Climate Change Mitigation (CCM) |
| 2) CCM 3.17 Manufacture of plastics in primary form | Production of polypropylene | Climate Change Mitigation (CCM) |
| 3) CE 1.1 Manufacture of plastic packaging goods | Production of Biaxially Oriented Polypropylene (BOPP) films | Circular Economy (CE) |
| Renewable Energy Sources | ||
| 4) CCM/CCA 4.1 Electricity generation using solar photovoltaic technology | Electricity production from solar energy using photovoltaic systems | Climate Change Mitigation (CCM); Climate Change Adaptation (CCA) |
| 5) CCM/CCA 4.3 Electricity generation from wind power | Electricity production from wind energy | Climate Change Mitigation (CCM); Climate Change Adaptation (CCA) |
| Refining, Supply & Trading | ||
| 6) CCM 6.10 Sea and coastal freight water transport, vessels for port operations and auxiliary activities | Marine and ship transport services of bulk liquids or gases by tankers and other sea and coastal freight services | Climate Change Mitigation (CCM) |
| Electromobility Services | ||
| 7) CCM/CCA 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | Electric vehicles charging infrastructure operator | Climate Change Mitigation (CCM); Climate Change Adaptation (CCA) |
| Other Activities | ||
| 8) CCM 7.7 Acquisition and ownership of buildings | Management of owned buildings or properties | Climate Change Mitigation (CCM) |
| 9) CCM 8.1 Data processing, hosting and related activities | Database development services and provision of IT application services | Climate Change Mitigation (CCM) |
| 10) WTR 8.1 Data solutions for GHG emissions reductions | Energy modelling optimization solutions which enable CO2 reduction, based on financial impact | Climate Change Mitigation (CCM) |
| 11) WTR 8.4 Provision of IT/OT data-driven solutions for leakage detection | Software solutions to monitor leakage in water networks | Water (WTR) |
| 12) CE 4.1 Provision of IT/OT data-driven solutions | Resource inventory management solutions to reduce waste and improve resource use efficiency | Circular Economy (CE) |
| EU Taxonomy-defined Economic Activity | The Group's Activity | SCC Met? (Y/N) | Rationale |
|---|---|---|---|
| Renewable Energy Sources | |||
| CCM 4.1 Electricity generation using solar photovoltaic technology | Electricity production from solar energy using photovoltaic systems | Yes | The Group's activities generate electricity using solar PV technology. |
| CCM 4.3 Electricity generation from wind power | Electricity production from wind energy | Yes | The Group's activities generate electricity from wind power. |
| Electromobility Services | |||
| CCM 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | Electric vehicles charging infrastructure operation services | Yes | The Group's activities involve installation, maintenance, and repair of charging stations for electric vehicles. |
| Other Activities | |||
| CCM 7.7 Acquisition and ownership of buildings | Management owned buildings or properties | Yes | Two of the Group's owned buildings that have EPC documentations are assigned EPC A+ and B (which is within the top 15% of national building stock). |
| CCM 8.2 Data-driven solutions for GHG emissions reductions | Energy modelling optimization solutions which enable CO2 reduction based on financial impact | Yes | The Group provides and uses ICT solutions aimed at energy optimization modeling which enables GHG emission reduction. |
| Minimum Safeguards Areas | HELLENIQ ENERGY Disclosures |
|---|---|
| Human Rights |
2022 Sustainability & Corporate Responsibility Report: Human Rights and Equal Opportunities for Employees & Partners, Stakeholders GRI Sustainability Standards: 2-27, 406-1, 409-1, 407-1, 408-1, 410-1 UNGC Communication of Progress Report: Human rights & Labour |
| Corruption |
2022 Sustainability Report: Business Ethics, Compliance & Transparency GRI Sustainability Standards: 205-3, 205-1, 205-2 UNGC Communication of Progress Report: Anti-corruption |
| Taxation | 2022 Sustainability Report: Business Ethics, Compliance & Transparency GRI Sustainability Standards: 207-1, 207-2, 207-3, 207-4 |
| Fair Competition | 2022 Sustainability Report: Business Ethics, Compliance & Transparency GRI Sustainability Standards: 206-1 |
| Hellenic Corporate Governance Code | Explanation/Reasoning for deviating from the special practices of the Hellenic Corporate Governance Code |
|---|---|
| Succession of the BoD Gradual replacement of the members of the Board of Directors (Special Practice 2.3.2). Chair of the Remuneration and Nomination Committee (Special Practice 2.3.9) | The practice followed by the General Meeting of the shareholders is that the term of office of the members of the Board of Directors begins and ends at the same time. This practice has been successfully implemented, without raising an issue of lack of administration. The Chair of the Nomination Committee is also Chair of the Remuneration and Succession Planning Committee. On account of the provision in the Articles of Association regarding the appointment of BoD members by the Greek State, the current BoD which was elected in June 2021 includes four (4) independent non-executive members. Three of these members were elected on the BoD for the first time. The member that was elected as (joint) Chair of the two Committees is the only independent member that was a member of the Remuneration and Succession Planning Committee also during the previous BoD’s term of office, i.e., at the time of his election, he has served as a member of the Committee for a period exceeding one year, as provided in the Code (Special Practice 2.4.7). |
| BoD members’ remuneration Recovery of variable parts of executive BoD members’ remuneration (Special Practice 2.4.14) | The existing remuneration system for executive BoD members does not include provisions for the possibility of refunding part or the whole of the executive BoD members’ variable remuneration, as this would amount to a discrimination at their expense compared to Company executives with the same grade. The Company also deems that such a clause is not necessary, as the relevant remuneration is paid following an individual assessment of each executive member's performance and under no circumstances can they exceed the predetermined maximum limits on their annual ordinary remuneration. |
| Bod Composition | Capacity | Participation In Bod Meetings In 2023 (Total 18) | Start Of Participating In The BoD | Number Of Company Shares |
|---|---|---|---|---|
| Ioannis Papathanassiou | Chair - Non-executive member | 18/18 | 2019 | 0 |
| Andreas Shiamishis | Chief Executive Officer - Executive Member | 18/18 | 2013 | 0 |
| Georgios Alexopoulos | Deputy Chief Executive Officer - Executive Member | 18/18 | 2016 | 5,000 |
| Iordanis Aivazis | Senior Independent Director, Independent Non-executive Member | 18/18 | 2019 | 0 |
| Theodoros-Achilleas Vardas | Non-executive member | 18/18 | 2003 | 5,396 |
| Nikolaos Vrettos | Independent Non-executive member | 18/18 | 2021 | 0 |
| Anastasia (Natasha) Martseki | Non-executive member | 18/18 | 2021 | 0 |
| Alexandros Metaxas | Non-executive member | 18/18 | 2019 | 0 |
| Lorraine Scaramanga | Independent Non-executive member | 18/18 | 2021 | 0 |
| Panagiotis (Takis) Tridimas | Independent Non-executive member | 18/18 | 2019 | 0 |
| Alkiviades Psarras | Non-executive member | 18/18 | 2019 | 0 |
| General Managers | Function | Number Of Shares |
|---|---|---|
| Ioannis Apsouris | Group Legal Services General Manager | 50 |
| Georgios Dimogiorgas | Refineries General Manager | 8,000 |
| Aggelos Kokotos | Group Internal Audit General Manager | 1,086 |
| Leonidas Kovaíos | Group IT & Digital Transformation General Manager | 0 |
| Konstantinos Panas | Oil Products Supply & Trading General Manager | 100 |
| Alexandros Tzadimas | Group Human Resources & Administrative Services General Manager | 0 |
| Vasileios Tsaitas | Group CFO | 3,000 |
| First & Last Name | Function | Participation In Another Company |
|---|---|---|
| Andreas Shiamishis | Chief Executive Officer | BoD member/ Hellenic Federation of Enterprises (SEV) BoD Chair / SEV SUDEV (VIAN) |
| Iordanis Aivazis | Senior Independent Director, Independent Non-Executive Member | Chair of the Special Liquidations Committee / Bank of Greece |
| Nikolaos Vrettos | Independent Non-Executive Member | BoD member "nanoSaar A.G." |
| Anastasia Martseki | Non-executive Member | BoD member (Independent non-executive) "Fourlis Trade Estates REIC" BoD member (Independent non-executive) "Athens Water Supply and Sewerage Company (EYDAP) S.A." |
| Lorraine Scaramanga | Independent Non-Executive Member | BoD member "Eurobank Private Bank Luxembourg" BoD member (Independent non-executive) "Athens International Airport S.A." (since 07.02.2024), General Partner & Manager of the limited partnership "L. Scaramanga & Co LTD" |
| Panagiotis Tridimas | Independent Non-Executive Member | Executive member of the General Council / Hellenic Financial Stability Fund |
| Chair | HELLENiQ ENERGY HOLDINGS S.A. CEO, Andreas Shiamishis |
| Vice-Chair | HELLENiQ ENERGY Holdings S.A. Deputy CEO and General Manager Strategic Planning & New Activities, Georgios Alexopoulos, who will be acting for the Chair in any case of absence or impediment of his |
| General Manager Of Oil Products Supply & Trading | Konstantinos Panas |
| Refineries General Manager | Georgios Dimoglorgas |
| International Retail Director | Konstantinos Karachalios |
| Group CFO | Vasilios Tsaitas |
| Group Human Resources & Administrative Services General Manager | Alexandros Tzadimas |
| Group Legal Services General Manager | Ioannis Aspouris |
| Group IT & Digital Transformation General Manager | Leonidas Kovaios |
| Head Of Group HSE And Sustainable Development Division | Antonios Mountouris |
| Managerial level officers | Other staff | |
|---|---|---|
| Men | 300 | 2,604 |
| Women | 107 | 635 |
| <30 years old | 1 | 130 |
| 30-50 years old | 165 | 1,960 |
| >50 years old | 241 | 1,149 |
| Doctorate (Ph.D) | 28 | 36 |
| Post-graduate degree | 179 | 316 |
| University degree | 174 | 439 |
| Polytechnic degree | 15 | 626 |
| High School graduate or lower education level | 11 | 1,822 |
