Annual Report 2018
60 Years Producing Energy
20 Years of HELLENIC PETROLEUM

Consolidated Financial Statements

Statement of Financial Position (amounts in € thousands)

  31.12.2018 31.12.2017
Assets    
Property, plant and equipment 3,268,928 3,311,893
Intangible assets 105,617 105,684
Other non-current assets 528,122 862,616
Inventories 993,031 1,056,393
Trade and other receivables 821,598 791,205
Assets held for sale 3,133 -
Derivative financial instruments - 11,514
Cash, cash equivalents and restricted cash 1,276,366 1,018,913
Investment in equity instruments 634 1,857
Total Assets 6,997,429 7,160,075
     
Equity and Liabilities    
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 1,310,691 1,288,578
Equity attributable to equity holders of the parent 2,330,772 2,308,659
Non-controlling interests 63,959 62,915
Total Equity 2,394,731 2,371,574
Interest bearing loans and borrowings 1,627,171 920,234
Provisions and other long term liabilities 420,148 299,938
Short-term Interest bearing loans and borrowings 1,108,785 1,900,269
Other short-term liabilities 1,446,594 1,668,060
Total liabilities 4,602,698 4,788,501
TOTAL EQUITY AND LIABILITIES 6,997,429 7,160,075

Statement of Comprehensive Income for the period (amounts in € thousands)

  1/1/2018-31/12/2018 1/1/2017-31/12/2017
Revenue from contracts with customers 9,769,155 7,994,690
Gross profit 999,386 1,087,492
Operating profit 514,212 661,783
Profit before Income Tax 368,930 519,785
Less : Taxes (154,218) (135,862)
Profit for the year 214,712 383,923
Profit attributable to:    
Owners of the parent 211,614 381,372
Non-controlling interests 3,098 2,551
  214,712 383,923
Other comprehensive income / (loss) for the year, net of tax (32,666) (13,111)
Total comprehensive income for the year 182,046 370,812
Total comprehensive income/(loss) attributable to:    
Owners of the parent 178,958 368,989
Non-controlling interests 3,088 1,823
  182,046 370,812
Basic and diluted earnings per share (in Euro per share) 0.69 1.25
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) 711,395 851,059

Statement of Changes in Equity (amounts in € thousands)

  31.12.2018 31.12.2017
Total equity at beginning of the year 1/1/2018 (published) & 1/1/2017 2,371,574 2,141,635
Change in accounting policy (3,303) -
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017 2,368,271 2,141,635
Total comprehensive (loss) / income for the year 182,046 370,812
Dividends to shareholders of the parent (152,816) (106,962)
Dividends to non-controlling interests (2,061) (2,561)
Participation of minority shareholders in share capital increase of subsidiary 17 76
Share based payments (1,214) (9,714)
Transfer of grant received to tax free reserves 80 -
Acquisition of treasury shares (683) (10,245)
Issue of treasury shares to employees 1,214 9,714
Tax on intra-group dividends (123) (136)
Acquisition of non-controlling interests - (21,045)
Total equity at the end of the year 2,394,731 2,371,574

Statement of Cash Flow (amounts in € thousands)

  1/1/2018-31/12/2018 1/1/2017-31/12/2017

Cash flows from operating activities

 

 

(Loss) / Profit before Tax

368,930

519,785

Adjustments for:

 

 

Depreciation and amortisation of tangible and intangible assets

197,183

189,276

Impairment of fixed and intangible assets

3,734

2,689

Amortisation of grants

(965)

(878)

Finance Expense

149,532

169,653

Finance Income

(3,827)

(4,600)

Share of operating profit of associates

1,771

(31,228)

Provisions for expenses and valuation charges

89,103

55,594

Foreign exchange (gains) / losses

(2,194)

8,173

Amortisation of long-term contracts costs

454

6,272

(Gain)/Loss from disposal of Non Current Assets

(246)

1,685

 

803,475

916,421

Changes in working capital

 

 

(Increase) / decrease in inventories

61,582

(116,523)

(Increase) / decrease in trade and other receivables

(17,694)

62,948

Increase / (decrease) in payables

(339,516)

(409,535)

Less:

 

 

Income tax paid

(4,918)

(10,375)

Net cash generated from / (used in) operating activities

502,929

442,936

Cash flows from investing activities

 

 

Purchase of property,plant and equipment & intangible assets

(156,713)

(208,732)

Cash from sale of property, plant and equipment & tangible assets

277

30

Grants received

299

110

Interest received

3,827

4,600

Dividends received

307,735

19,346

Investment in associates - net

-

(147)

Proceeds from disposal of investments in equity instruments

265

8

Settlement of consideration of acquisition of further equity interest in subsidiary

(1,298)

-

Purchase of subsidiary, net of cash acquired

(16,000)

-

Net cash used in investing activities

138,392

(184,785)

Cash flows from financing activities

 

 

Interest paid

(140,755)

(160,830)

Dividends paid to shareholders of the Company

(148,767)

(104,115)

Dividends paid to non-controlling interests

(2,061)

(2,561)

Loans to affiliated companies

-

-

Movements in restricted cash

144,445

11,873

Acquisition of treasury shares

(683)

(10,245)

Participation of minority shareholders in share capital increase of subsidiary

17

76

Proceeds from borrowings

409,694

288,000

Repayments of borrowings

(506,358)

(322,622)

Net cash generated from / (used in ) financing activities

(244,468)

(300,424)

Net (decrease) / increase in cash & cash equivalents

396,853

(42,273)

Cash and cash equivalents at the beginning of the year

873,261

924,055

Exchange gains / (losses) on cash and cash equivalents

5,046

(8,521)

Net (decrease) / increase in cash and cash equivalents

396,853

(42,273)

Cash and cash equivalents at end of the year

1,275,160

873,261