Motor Oil Hellas Corinth Refineries S A : Interim Financial Statements 31 March 2024

Interim Condensed Financial Statements for the period 1/1-31/3/2024

C O N T E N T S

Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March

2024	4
Condensed Statement of Financial Position as at 31st March 2024	6
Condensed Statement of Changes in Equity for the period ended 31st March 2024	7
Condensed Statement of Cash Flows for the period ended 31st March 2024	9
Notes to the Financial Statements	11
1. General Information	11

2. Basis of Financial Statements Preparation & Adoption of New and Revised International Financial

Reporting Standards (IFRS)	11
3.	Revenue	14
4.	Operating Segments	15
5.	Finance Income	19
6.	Finance Cost	19
7.	Income Tax Expenses	20
8.	Dividends	20
9.	Earnings/(Losses) per Share	21
10.	Goodwill	21
11.	Other Intangible Assets	22
12.	Property, Plant and Equipment	24
13.	Investments in Subsidiaries, Associates and Joint Operations	26
14.	Other Financial Assets	32
15.	Inventories	33
16.	Borrowings	33
17.	Fair Value of Financial Instruments	40
18.	Leases	43
19.	Share Capital	44
20.	Reserves	45
21.	Retained Earnings	47
22.	Establishment/Acquisition of Subsidiaries/Associates	47
23.	Contingent Liabilities/Commitments	48
24.	Related Party Transactions	49
25.	Share-based Payments	49
26.	Management of Significant Risks	50
27.	Performance Measures	54
28.	Events after the Reporting Period	55

The financial statements of the Group and the Company, set out on pages 1 to 55, were approved at the Board of Directors' Meeting dated on Monday 27 of May, 2024.

Page | 2

		Interim Condensed Financial Statements
		for the period 1/1-31/3/2024
THE VICE CHAIRMAN
OF THE BOARD OF DIRECTORS	THE DEPUTY CEO	THE CHIEF ACCOUNTANT
AND CEO

IOANNIS V. VARDINOYANNIS

PETROS T. TZANNETAKIS

VASSILIOS N. CHANAS

Page | 3

Interim Condensed Financial Statements for the period 1/1-31/3/2024

Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March 2024

					GROUP		COMPANY
	In 000's Euros (except for "earnings per share")		Note		1/1-31/03/24		1/1-31/03/23		1/1-31/03/24		1/1-31/03/23
	Continued operations
	Operating results
	Revenue	3	2,979,095	3,307,456	2,102,876	2,396,865
	Cost of Sales				(2,600,845)	(2,846,099)		(1,852,103)	(2,056,499)
	Gross Profit/(loss)			378,250		461,357	250,773		340,366
	Distribution expenses			(81,594)	(91,574)	(6,659)	(6,369)
	Administrative expenses			(35,023)	(27,965)	(16,997)	(13,474)
	Other income			28,306	2,543	21,459	794
	Other Gain/(loss)				1,971	(6,183)		1,457	(6,211)
	Profit/(loss) from operations			291,910		338,178	250,033		315,106
	Finance income	5	28,749	26,652	34,883	23,729
	Finance cost	6	(74,641)	(53,028)	(43,579)	(26,236)
	Share of profit/(loss) in associates				1,961	(6,416)		0		0
	Profit/(loss) before tax			247,979	305,386	241,337	312,599
	Income taxes	7	(55,836)	(68,094)	(51,556)	(68,220)
	Profit/(loss) after tax				192,143		237,292		189,781		244,379
	Attributable to Company Shareholders		9,21		190,690		237,358		189,781		244,379
	Non-controlling interest				1,453		(66)		0		0
	Earnings/(losses) per share basic (in €)		9		1.76		2.19		1.75		2.25
	From continued operations
	From continued and discontinued operations			1.76		2.19	1.75		2.25
	Earnings/(losses) per share diluted (in €)	9	1.76		2.19	1.75		2.25
	From continued operations
	From continued and discontinued operations			1.76		2.19	1.75		2.25

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 4

Interim Condensed Financial Statements for the period 1/1-31/3/2024

In 000's Euros (except for "earnings per share")

Other Comprehensive income

Items that will not be reclassified subsequently to profit or loss:

Share of Other Comprehensive Income of associates accounted for using the equity method

Fair value Gain/(loss) arising on financial assets

Items that may be reclassified

Exchange differences on translating foreign operations

Net fair value gain/(loss) arising on hedging instruments during the year on cash flow hedges

Net Other Comprehensive income

Total comprehensive income

Attributable to Company Shareholders

Non-controlling interest

		GROUP		COMPANY
Note	1/1-31/03/24	1/1-31/03/23	1/1-31/03/24	1/1-31/03/23

	(3,327)	0	0	0
20	545	263	0	0
	(2,782)	263		0	0
20	520	(283)	0	0
20	1,187	(5,765)	(1,290)	(1,334)
	1,707	(6,048)		(1,290)	(1,334)
	(1,075)	(5,785)		(1,290)	(1,334)
	191,068	231,507		188,491	243,045
	189,612	232,678		188,491	243,045
	1,456	(1,171)		0	0

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 5

Interim Condensed Financial Statements for the period 1/1-31/3/2024

Condensed Statement of Financial Position as at 31st March 2024

					GROUP			COMPANY
	(In 000's Euros)	Note			31/3/2024		31/12/2023			31/3/2024		31/12/2023
	Non-current Assets
	Goodwill	10	182,484	182,484	0		0
	Other intangible assets	11	690,166	698,911	12,668	12,422
	Property, Plant and Equipment	12	2,482,940	2,482,089	1,177,358	1,169,318
	Right of use assets	18	223,020	226,712	16,179	17,162
	Investments in subsidiaries and associates	13	429,832	423,639	1,231,081	1,120,308
	Other financial assets	14	75,985	74,950	1,122	1,122
	Deferred tax assets		9,983	10,851	0		0
	Derivative Financial instruments	17	32,326	29,677	17,501	14,789
	Other non-current assets		67,293	92,643	102,721	102,542
	Total Non-current Assets			4,194,029		4,221,956			2,558,630		2,437,663
	Current Assets
	Income Taxes		14,938	7,021	0		0
	Inventories	15	1,113,755	1,031,212	833,008	778,053
	Trade and other receivables		1,160,424	979,984	646,035	479,436
	Derivative Financial instruments	17	21,690	10,726	21,507	9,597
	Cash and cash equivalents		882,915	1,322,256	497,798	901,828
	Total Current Assets			3,193,722		3,351,199			1,998,348		2,168,914
	Total Assets				7,387,751		7,573,155			4,556,978		4,606,577
	Non-current Liabilities
	Borrowings	16	2,384,825	2,429,086	1,226,275	1,250,749
	Lease liabilities	18	189,883	193,375	11,381	12,447
	Provision for retirement benefit obligation		21,354	21,913	14,826	15,374
	Deferred tax liabilities		221,791	224,828	13,681	14,503
	Other non-current liabilities		58,348	58,209	370	372
	Derivative Financial instruments	17	10,156	8,708	4,817	0
	Other non-current provisions		12,312	7,347	0		0
	Deferred income			65,001	67,380		6,947	7,033
	Total Non-current Liabilities		2,963,670		3,010,846		1,278,297		1,300,478
	Current Liabilities
	Trade and other payables		1,129,568	1,302,540	674,624	795,872
	Derivative Financial instruments	17	59,057	33,177	58,225	32,497
	Provision for retirement benefit obligation		1,855	1,707	1,594	1,402
	Income Tax Liabilities		119,284	232,419	106,083	222,762
	Borrowings	16	244,827	187,985	58,516	58,516
	Lease liabilities	18	29,692	29,318	4,989	4,927
	Deferred income		4,882	3,835	347	349
	Total Current Liabilities			1,589,165		1,790,981			904,378		1,116,325
	Total Liabilities				4,552,835		4,801,827			2,182,675		2,416,803
	Equity
	Share capital	19	83,088	83,088	83,088	83,088
Reserves	20	97,336	98,356	19,987	25,239
	Retained earnings	21	2,620,820	2,482,707	2,271,228	2,081,447

Equity attributable to Company Shareholders

Non-Controlling Interest

Total Equity

Total Equity and Liabilities

2,801,244 2,664,151

33,672 107,177

2,834,916 2,771,328

7,387,751 7,573,155

2,374,303 2,189,774

00

2,374,303 2,189,774

4,556,978 4,606,577

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 6

Interim Condensed Financial Statements for the period 1/1-31/3/2024

Condensed Statement of Changes in Equity for the period ended 31st March 2024

GROUP

(In 000's Euros)

Balance as at 01/01/2023

Profit/(loss) for the period

Other Comprehensive Income for the period

Total Comprehensive Income for the period

Addition from Establishment/Acquisition of Subsidiary

Increase in Subsidiary's Share Capital Treasury Shares

Transfer to Reserves

Balance as at 31/03/2023

Balance as at 01/01/2024

Profit/(loss) for the period

Other Comprehensive Income for the period

Total Comprehensive Income for the period

Treasury Shares

Acquisition of Subsidiary's Minority Transfer to Reserves

Balance as at 31/03/2024

	Share				Retained						Non-
		Reserves			Total				controlling			Total
	Capital			Earnings
									interest
83,088	125,514	1,834,317	2,042,919	95,053	2,137,972
0	0	237,358	237,358	(66)	237,292
0	(4,680)	0	(4,680)	(1,105)	(5,785)
0	(4,680)	237,358	232,678	(1,171)	231,507
0	0	0	0	6,473	6,473
0	0	0	0	167	167
0	(8,536)	0	(8,536)	0	(8,536)
0	367	(367)	0	0	0
	83,088		112,665		2,071,308		2,267,061			100,522			2,367,583
83,088	98,356	2,482,707	2,664,151	107,177	2,771,328
0	0	190,690	190,690	1,453	192,143
0	2,249	(3,327)	(1,078)	3	(1,075)
0	2,249	187,363	189,612	1,456	191,068
0	(3,962)	0	(3,962)	0	(3,962)
0	(1,324)	(43,942)	(45,266)	(78,252)	(123,518)
0	2,017	(5,308)	(3,291)	3,291	0
	83,088		97,336		2,620,820		2,801,244			33,672			2,834,916

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 7

Interim Condensed Financial Statements for the period 1/1-31/3/2024

COMPANY

	(In 000's Euros)			Share		Reserves		Retained			Total
			Capital			Earnings
	Balance as at 01/01/2023	83,088	49,715	1,476,186	1,608,989
	Profit/(loss) for the period	0	0	244,379	244,379
	Other Comprehensive Income for the period	0	(1,334)	0	(1,334)
	Total Comprehensive Income for the period	0	(1,334)	244,379	243,045
	Treasury Shares	0	(8,536)	0	(8,536)
	Balance as at 31/03/2023			83,088		39,845		1,720,565			1,843,498
	Balance as at 01/01/2024	83,088	25,239	2,081,447	2,189,774
	Profit/(loss) for the period	0	0	189,781	189,781
	Other Comprehensive Income for the period	0	(1,290)	0	(1,290)
	Total Comprehensive Income for the period		0	(1,290)	189,781		188,491
	Treasury Shares	0	(3,962)	0	(3,962)
	Balance as at 31/03/2024			83,088		19,987		2,271,228			2,374,303

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 8

Interim Condensed Financial Statements for the period 1/1-31/3/2024

Condensed Statement of Cash Flows for the period ended 31st March 2024

		GROUP		COMPANY
(In 000's Euros)	Note	1/1-31/03/24	1/1-31/03/23		1/1-31/03/24	1/1-31/03/23
Operating activities
Profit before tax	247,979	305,386	241,337	312,599
Adjustments for:

Depreciation and amortization of non-current assets

Depreciation of right of use assets Provisions

Share of profits of associates Exchange differences

Finance income and other income, expense, gain, loss

Finance cost

Movements in working capital:

Decrease/(increase) in inventories Decrease/(increase) in receivables

(Decrease)/increase in payables (excluding borrowings)

Less:

Finance cost paid

Taxes paid

Plus/(Minus):

Cash settlements of derivative instruments

Net cash (used in)/from operating activities (a)

11,12	53,710	51,331	21,401	20,783
18	8,571	7,827	1,286	1,243
	4,841	1,748	1,097	(258)
	(1,961)	6,416	0	0
	10,977	(474)	7,974	(240)
	(29,130)	(27,182)	(34,358)	(23,857)
6	74,641	53,028	43,579	26,236
	(82,543)	(38,762)	(54,955)	(65,729)
	(155,747)	95,802	(154,421)	52,530
	(191,652)	(125,569)	(129,888)	(74,821)
	(26,445)	(26,277)	(13,207)	(17,055)
	(179,368)	(1,253)	(168,422)	0
	(6,818)	(20)	(1,813)	3,442
	(272,945)	302,001		(240,390)	234,873

Investing activities

	Acquisition of subsidiaries, affiliates, joint		(134,782)	(7,584)	(110,773)	(7,094)
	ventures and other investments
	Disposal of subsidiaries, affiliates, joint-ventures		0		2,000	0		0
and other investments
	Purchase of tangible and intangible assets	11,12	(47,041)	(70,154)	(29,687)	(42,721)
	Proceeds on disposal of tangible and		953	775	0		0
	intangible assets
	Interest received		9,135	6,011	7,495	5,238
	Dividends received		3,215	577	765	570
	Net cash (used in)/from investing activities (b)			(168,520)		(68,375)				(132,200)		(44,007)

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 9

Interim Condensed Financial Statements for the period 1/1-31/3/2024

Financing activities

Share capital increase

Repurchase of treasury shares

Proceeds from borrowings

Repayments of borrowings

Repayments of leases

Dividends Paid

Net cash (used in)/from financing activities (c)

Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

0 167

(4,576) (8,536)

455,479 32,570

(440,812) (189,300)

(7,967) (7,527)

00

2,124 (172,626)

(439,341) 61,000

1,322,256 1,199,174

882,915 1,260,174

00

(4,576) (8,536)

299,1000

(324,658) (142,860)

(1,306) (1,250)

00

(31,440) (152,646)

(404,030) 38,220

901,828 905,109

497,798 943,329

The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 10