4Q20 Reported EBITDA was €68m, vs €110m in 4Q19. IFRS Reported Results benefited from the recovery of crude oil price in 4Q20, with inventory gains of €32m, reversing a small part of the losses recorded during the previous quarters. Taking advantage of the international commodity markets in crude oil and products and the substantial tankage capacity, the Group entered and benefited from storage/contango trades to the order of $70m in 2H20. Liquidity was improved with refinancing of existing credit facilities as well as obtaining additional funding for risk management purposes and investments. At the same time, our refineries maintained high production levels, with exports 11% higher in FY20, at a time when many refineries in the Med region and globally, were forced to either curtail or shut down production runs. These measures helped to detect and isolate COVID-19 cases amongst staff and allowed the uninterrupted operation of the refineries, tank depots and petrol stations, supporting a normal market supply. In this context, as early as February 2020, the Group implemented policies to protect staff, including testing with over 30,000 COVID-19 tests in total during the year and received the 'CoVid-Shield' certification at Excellent level, for its facilities and offices, in all countries of operation.

Since the beginning of the crisis, our key priorities have been the health and safety of staff and contractors, the uninterrupted supply of markets and our customers, as well as ensuring liquidity and taking advantage of market opportunities. Overall results are considered satisfactory, as they were achieved amid the unprecedented drop in demand and benchmark refining margins, as well as successive lockdowns impact on operating profitability over €350 million, while inventory losses, due to the drop of crude prices, exceeded €500m. HELLENIC PETROLEUM Group announced its 4Q/FY20 financial results, with Adjusted EBITDA coming in at €77m in 4Q20, with FY20 Adjusted EBITDA at €333m and Adjusted Net Income at €5m.

Significant progress in implementing an energy transition strategy.

Positive FY20 results, despite COVID-19 crisis and worse refining environment in history. 25 February 2021 Fourth quarter / Full Year 2020 financial results

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