Hellenic Petroleum S.A. Financial Statements in Accordance with IFRS for the Year Ended 31 December 2011 (All Amounts in Euro Thousands Unless Otherwise Stated)
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HELLENIC PETROLEUM S.A. Financial Statements in accordance with IFRS for the year ended 31 December 2011 COMPANY REGISTRATION NUMBER: 2443/06/B/86/23 REGISTERED OFFICE: 8A CHIMARRAS STR, 15125 MAROUSSI, GREECE WorldReginfo - 4d2c92f6-0b7a-4ed3-8b61-17f897065076 Hellenic Petroleum S.A. Financial Statements in accordance with IFRS for the year ended 31 December 2011 (All amounts in Euro thousands unless otherwise stated) Index to the financial statements Company Information......................................................................................................................4 Statement of Financial Position.......................................................................................................7 Statement of Comprehensive Income .............................................................................................8 Statement of Changes in Equity ......................................................................................................9 Statement of Cash flows .................................................................................................................10 Notes to the financial statements ...................................................................................................11 1 General information.........................................................................................................................11 2 Summary of significant accounting policies...................................................................................12 2.1 Basis of preparation ...................................................................................................................12 2.2 Investments in affiliated companies...........................................................................................16 2.3 Segment reporting......................................................................................................................16 2.4 Foreign currency translation ......................................................................................................16 2.5 Property, plant and equipment...................................................................................................17 2.6 Intangible assets.........................................................................................................................18 2.7 Exploration for and Evaluation of Mineral Resources...............................................................18 2.8 Impairment of non-financial assets............................................................................................19 2.9 Financial assets ..........................................................................................................................19 2.10 Derivative financial instruments and hedging activities ............................................................20 2.11 Government grants.....................................................................................................................21 2.12 Inventories .................................................................................................................................21 2.13 Trade receivables.......................................................................................................................21 2.14 Cash and cash equivalents .........................................................................................................22 2.15 Share capital ..............................................................................................................................22 2.16 Borrowings ................................................................................................................................22 2.17 Current and deferred income tax................................................................................................22 2.18 Employee benefits .....................................................................................................................23 2.19 Trade and other payables ...........................................................................................................24 2.20 Provisions ..................................................................................................................................24 2.21 Environmental liabilities............................................................................................................24 2.22 Revenue recognition ..................................................................................................................24 2.23 Leases ........................................................................................................................................25 2.24 Dividend distribution.................................................................................................................25 2.25 Comparative figures...................................................................................................................25 3 Financial risk management .............................................................................................................26 3.1 Financial risk factors..................................................................................................................26 3.2 Capital risk management ...........................................................................................................29 3.3 Fair value estimation..................................................................................................................30 4 Critical accounting estimates and judgements ..............................................................................31 5 Segment information........................................................................................................................33 6 Property, plant and equipment.......................................................................................................35 (2) / (56) WorldReginfo - 4d2c92f6-0b7a-4ed3-8b61-17f897065076 Hellenic Petroleum S.A. Financial Statements in accordance with IFRS for the year ended 31 December 2011 (All amounts in Euro thousands unless otherwise stated) 7 Intangible assets ...............................................................................................................................36 8 Investment in affiliated companies .................................................................................................37 9 Loans, advances and other receivables...........................................................................................38 10 Inventories ........................................................................................................................................38 11 Trade and other receivables............................................................................................................38 12 Held-to-maturity investments .........................................................................................................39 13 Cash and cash equivalents...............................................................................................................39 14 Share capital .....................................................................................................................................40 15 Reserves.............................................................................................................................................42 16 Trade and other payables................................................................................................................43 17 Borrowings........................................................................................................................................43 18 Deferred income tax.........................................................................................................................45 19 Retirement benefit obligations ........................................................................................................46 20 Provisions and other long term liabilities.......................................................................................47 21 Fair values of derivative financial instruments .............................................................................48 22 Employee benefit expenses ..............................................................................................................49 23 Selling, distribution and administrative expenses .........................................................................49 24 Exploration and development expenses .........................................................................................50 25 Other operating income / (expenses) ..............................................................................................50 26 Finance costs - net ............................................................................................................................50 27 Currency exchange gains / (losses)..................................................................................................50 28 Income tax expense ..........................................................................................................................51 29 Earnings per share ...........................................................................................................................52 30 Dividends per share..........................................................................................................................52