Motor Oil Hellas Corinth Refineries S A : Interim Financial Statements 30 September 2024

INTERIM CONDENSED FINANCIAL STATEMENTS

IN ACCORDANCE WITH

INTERNATIONAL FINANCIAL

REPORTING STANDARDS

THAT HAVE BEEN ADOPTED BY THE

EUROPEAN UNION

FOR THE PERIOD

1 JANUARY - 30 SEPTEMBER 2024

FOR THE GROUP AND THE COMPANY "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A."

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000

(Ex Prefecture of Attica Registration Nr 1482/06/Β/86/26) Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica

OUR PURPOSE

Driving economic growth, securing the nation's energy needs, and standing by society, Motor Oil Group is dedicated to shaping the future of energy.

We are committed to playing a signicant role in meeting Greece's energy demands, leading the development of new energy forms, and demonstrating lasting environmental and social responsibility.

While the Energy Sector is Constantly Changing, Our Vision Remains the Same

It all started in 1972, and for over 50 years we have supported the Greek economy by exporting to more than 75 countries worldwide.

We have aided community growth by employing thousands of people.

We have invested in new projects and forms of energy, paving the way towards a sustainable future.

We are moving forward, creating value for the generations to come.

Interim Condensed Financial Statements
for the period 01/01-30/09/2024
C O N T E N T S
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended
30th September 2024	5
Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period 1st July to
30th September 2024	7
Interim Condensed Statement of Financial Position as at 30th September 2024	9
Interim Condensed Statement of Changes in Equity for the period ended 30th September 2024	10
Interim Condensed Statement of Cash Flows for the period ended 30th September 2024	12
Notes to the Financial Statements	14
1. General Information	14

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

Reporting Standards (IFRS)	14
3.	Revenue	17
4.	Operating Segments	18
5.	Finance Income	22
6.	Finance Cost	22
7.	Income Tax Expenses	23
8.	Dividends	23
9.	Earnings per Share	24
10.	Goodwill	24
11.	Other Intangible Assets	25
12.	Property, Plant and Equipment	27
13.	Investments in Subsidiaries, Associates and Joint Operations	29
14.	Other Financial Assets	36
15.	Inventories	37
16.	Borrowings	37
17.	Fair Value of Financial Instruments	44
18.	Leases	47
19.	Share Capital	48
20.	Reserves	49
21.	Retained Earnings	51
22.	Establishment/Acquisition of Subsidiaries/Associates	52
23.	Contingent Liabilities/Commitments	54
24.	Related Party Transactions	55
25.	Share-based Payments	56
26.	Management of Significant Risks	57
27.	Alternative Performance Measures	61
28.	Events after the Reporting Period	62

The interim condensed financial statements of the Group and the Company, set out on pages 1 to 62, were approved at the Board of Directors' Meeting dated on Tuesday 19 of November, 2024.

Page | 3

Interim Condensed Financial Statements for the period 01/01-30/09/2024

THE CHAIRMAN
OF THE BOARD OF DIRECTORS	THE DEPUTY CEO	THE CHIEF ACCOUNTANT
AND CEO

IOANNIS V. VARDINOYANNIS

PETROS T. TZANNETAKIS

VASSILIOS N. CHANAS

Page | 4

Interim Condensed Financial Statements for the period 01/01-30/09/2024

Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 30th September 2024

						GROUP				COMPANY
	In 000's Euros (except for "earnings per share")		Note			01/01-30/09/24		01/01-30/09/23				01/01-30/09/24			01/01-30/09/23
	Operating results
	Revenue	3	9,368,777	9,968,866	6,585,297	6,973,398
	Cost of Sales			(8,488,926)	(8,649,723)	(6,083,775)	(6,025,999)
	Gross Profit/(loss)				879,851		1,319,143				501,522		947,399
	Distribution expenses			(253,606)	(250,316)	(22,822)	(21,955)
	Administrative expenses			(108,859)	(107,493)	(52,419)	(56,418)
	Other income			52,242	13,550	41,722	2,654
	Other Gain/(loss)			6,262	5,146	10,302	3,746
	Profit from operations				575,890		980,030				478,305		875,426
	Finance income	5	113,581	72,220	110,864	92,034
	Finance cost	6	(159,760)	(144,360)	(77,487)	(69,109)
	Share of profit/(loss) in associates			9,713	12,105	0		0
	Profit before tax				539,424	919,995			511,682	898,351
	Income taxes	7		(315,374)	(203,305)			(308,575)	(199,855)
	Profit after tax					224,050		716,690				203,107			698,496
	Attributable to Company Shareholders	9,21			220,304		717,253				203,107			698,496
	Non-controlling interest					3,746		(563)				0			0
	Basic earnings per share (in €)	9	2.04		6.61		1.88		6.44
	From continued operations
	Diluted earnings per share (in €)	9
	From continued operations			2.03		6.61		1.87		6.43

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 5

Interim Condensed Financial Statements for the period 01/01-30/09/2024

In 000's Euros

Other Comprehensive income

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

Subsidiary Share Capital increase expenses

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

Fair value Gain arising on financial assets Income tax on other comprehensive income

Items that may be reclassified subsequently to profit or loss:

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

GROUPCOMPANY

Note 01/01-30/09/24 01/01-30/09/23 01/01-30/09/24 01/01-30/09/23

	0	(36)	0	0
	(3,267)	48	0	0
20	34,408	20,491	0	0
7	(34)	0		0	0
	31,107	20,503	0	0

20	(351)	404	0		0
20	(9,152)	(4,729)	(5,049)	(7,561)
	(9,503)	(4,325)				(5,049)	(7,561)
	21,604	16,178				(5,049)	(7,561)
		245,654		732,868					198,058			690,935
		241,923		732,692					198,058			690,935
		3,731		176					0			0

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 6

Interim Condensed Financial Statements for the period 01/01-30/09/2024

Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period 1st July to 30th September 2024

			GROUP				COMPANY
	In 000's Euros (except for "earnings per share")			01/07-30/09/23				01/07-30/09/24			01/07-30/09/23
		01/07-30/09/24
	Operating results
	Revenue	3,130,852	4,040,759	2,146,987	2,909,715
	Cost of Sales	(2,958,976)	(3,375,713)	(2,115,700)	(2,387,969)
	Gross Profit/(loss)		171,876	665,046				31,287		521,746
	Distribution expenses	(89,449)	(84,702)	(8,961)	(6,034)
	Administrative expenses	(43,726)	(33,167)	(15,818)	(15,093)
	Other income	23,287	5,969	19,197	1,192
	Other Gain/(loss)	1,588	11,064	6,147	10,794
	Profit from operations		63,576	564,210				31,852		512,605
	Finance income	45,513	22,133	35,110	24,891
	Finance cost	(55,794)	(35,264)	(28,944)	(11,693)
	Share of profit/(loss) in associates	17,541	10,628	0		0
	Profit before tax		70,836	561,707			38,018	525,803
	Income taxes	(208,785)	(120,427)	(206,906)	(115,463)
	Profit/(loss) after tax		(137,949)	441,280			(168,888)	410,340
	Attributable to Company Shareholders		(138,702)	440,920			(168,888)			410,340
	Non-controlling interest		753	360				0			0
	Basic earnings/(losses) per share (in €)		(1.28)	4.06			(1.56)	3.78
	From continued operations
	Diluted earnings/(losses) per share (in €)	(1.28)	4.06		(1.56)	3.77
	From continued operations

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 7

Interim Condensed Financial Statements for the period 01/01-30/09/2024

In 000's Euros

Other comprehensive income

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

Subsidiary Share Capital increase expenses

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

Fair value Gain arising on financial assets

Income tax on other comprehensive income that will not be reclassified

Items that may be reclassified subsequently to profit or loss:

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

01/07-30/09/24 01/07-30/09/23

0 (36)

(2,791)68

8,038 18,339

1. 0

5,213 18,371

(1,069)655

(15,339) 4,212

(16,408) 4,867

(11,195) 23,238

(149,144) 464,518

(149,875) 462,943

731 1,575

COMPANY

01/07-30/09/24 01/07-30/09/23

0	0
0	0
0	0
0	0
0	0

00

(4,228) (584)

(4,228) (584)

(4,228) (584)

(173,116) 409,756

(173,116) 409,756

00

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 8

Interim Condensed Financial Statements for the period 01/01-30/09/2024

Interim Condensed Statement of Financial Position as at 30th September 2024

		GROUP		COMPANY
(In 000's Euros)	Note	30/09/2024	31/12/2023		30/09/2024	31/12/2023
Non-current Assets
Goodwill	10	185,043	182,484	0	0
Other intangible assets	11	676,295	698,911	14,500	12,422
Property, Plant and Equipment	12	2,522,091	2,482,089	1,224,110	1,169,318
Right of use assets	18	234,630	226,712	21,569	17,162
Investments in subsidiaries and associates	13	369,704	423,639	1,168,530	1,120,308
Other financial assets	14	110,307	74,950	1,122	1,122
Deferred tax assets		15,910	10,851	0	0
Derivative Financial instruments	17	29,532	29,677	16,979	14,789
Other non-current assets		83,269	92,643	104,594	102,542

Total Non-current Assets		4,226,781	4,221,956		2,551,404	2,437,663
Current Assets
Income Taxes		11,207	7,021	0	0
Inventories	15	1,096,588	1,031,212	874,450	778,053
Trade and other receivables		950,016	979,984	479,318	479,436
Derivative Financial instruments	17	32,375	10,726	32,072	9,597
Cash and cash equivalents		993,135	1,322,256	657,908	901,828

	Total Current Assets		3,083,321		3,351,199		2,043,748	2,168,914
	Total Assets		7,310,102		7,573,155		4,595,152	4,606,577
	Non-current Liabilities
	Borrowings	16	2,377,747	2,429,086	1,239,133	1,250,749
	Lease liabilities	18	202,903	193,375	17,013	12,447
	Provision for retirement benefit obligation		18,179	21,913	11,599	15,374
	Deferred tax liabilities		224,657	224,828	17,263	14,503
Other non-current liabilities		44,093	58,209	331	372
	Derivative Financial instruments	17	14,873	8,708	3,801	0
	Other non-current provisions		8,647	7,347	0	0
	Deferred income		69,219	67,380	6,810	7,033

Total Non-current Liabilities		2,960,318	3,010,846		1,295,950	1,300,478
Current Liabilities
Trade and other payables		1,028,513	1,302,540	685,622	795,872
Derivative Financial instruments	17	52,309	33,177	48,927	32,497
Provision for retirement benefit obligation		2,478	1,707	2,357	1,402
Income Tax Liabilities		285,089	232,419	269,615	222,762
Borrowings	16	219,571	187,985	65,516	58,516
Lease liabilities	18	29,296	29,318	4,869	4,927
Deferred income		4,362	3,835	311	349

Total Current Liabilities		1,621,618		1,790,981			1,077,217		1,116,325
Total Liabilities		4,581,936		4,801,827				2,373,167		2,416,803
Equity
Share capital	19	83,088	83,088	83,088	83,088
Reserves	20	169,980	98,356	63,844	25,239
Retained earnings	21	2,441,893	2,482,707	2,075,053	2,081,447
Equity attributable to Company Shareholders		2,694,961		2,664,151				2,221,985		2,189,774
Non-Controlling Interest	13	33,205		107,177				0		0
Total Equity		2,728,166		2,771,328				2,221,985		2,189,774
Total Equity and Liabilities		7,310,102		7,573,155				4,595,152		4,606,577

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 9

Interim Condensed Financial Statements for the period 01/01-30/09/2024

Interim Condensed Statement of Changes in Equity for the period ended 30th September 2024

GROUP

(In 000's Euros)

Balance as at 01/01/2023

Profit 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 Dividends

Balance as at 30/09/2023

Balance as at 01/01/2024

Profit for the period

Other Comprehensive Income for the period

Total Comprehensive Income for the period

Addition from Establishment/Acquisition of Subsidiary

Treasury Shares

Share options exercised Acquisition of Subsidiary's Minority Transfer to Reserves

Dividends

Balance as at 30/09/2024

	Share		Reserves		Retained		Total			Non-controlling			Total
	Capital			Earnings				interest
83,088	125,514	1,834,317	2,042,919	95,053	2,137,972
0	0	717,253	717,253	(563)	716,690
0	15,391	48	15,439	739	16,178
0	15,391	717,301	732,692	176	732,868
0	0	0	0	8,812	8,812
0	0	0	0	167	167
0	(6,242)	1,780	(4,462)	0	(4,462)
0	(15,676)	15,676	0	0	0
0	0	(132,940)	(132,940)	(433)	(133,373)
	83,088		118,987		2,436,134		2,638,209			103,775			2,741,984
83,088	98,356	2,482,707	2,664,151		107,177		2,771,328
0	0	220,304	220,304	3,746	224,050
0	24,920	(3,301)	21,619	(15)	21,604
0	24,920	217,003	241,923	3,731	245,654
0	0	0	0	907	907
0	(13,181)	8	(13,173)	0	(13,173)
0	1,988	434	2,422	0	2,422
0	(1,324)	(43,942)	(45,266)	(78,254)	(123,520)
0	59,221	(59,221)	0	0	0
0	0	(155,096)	(155,096)	(356)	(155,452)
	83,088		169,980		2,441,893		2,694,961			33,205			2,728,166

The notes on pages 14 - 62 are an integral part of these Financial Statements of the Company and the Group. Page | 10