1
HELLENiQ ENERGY
Three-month Financial Statements
2
HELLENiQ ENERGY
Three-month Financial Statements
CONTENTS
III. Interim Condensed Consolidated Statement of Financial Position | ||
IV. Interim Condensed Statement of Financial Position of the Company | ||
V. Interim Condensed Consolidated Statement of Comprehensive Income | ||
Interim Condensed Statement of Comprehensive Income of the Company | ||
VII. Interim Condensed Consolidated Statement of Changes in Equity | ||
VIII. Interim Condensed Statement of Changes in Equity of the Company | ||
X. Interim Condensed Statement of Cash Flows of the Company | 11 | |
XI. | Notes to the Interim Condensed Consolidated and Company Financial Statements | 12 |
3
HELLENiQ ENERGY
Three-month Financial Statements
I. Company Information
Directors | Ioannis Papathanassiou, Chairman - non-executive member |
Andreas Shiamishis, Chief Executive Officer - executive member | |
Georgios Alexopoulos, Deputy Chief Executive Officer - executive member | |
Iordanis Aivazis, Senior Independent Director - independent non-executive member | |
Lorraine Skaramaga - Independent non-executive member | |
Panagiotis Tridimas - Independent non-executive member | |
Nikolaos Vrettos - Independent non-executive member | |
Anastasia Martseki - Non-executive member | |
Alexandros Metaxas - Non-executive member | |
Alkiviadis-Konstantinos Psarras - Non-executive member | |
Theodoros-Achilleas Vardas - Non-executive member | |
Registered Office | 8A Chimarras Str |
GR 151 25 - Marousi | |
General Commercial Registry | 000296601000 |
II. Authorised signatories
The interim condensed consolidated and Company financial statements for the three month period ended 31 March 2024 from page 4 to page 54 are presented in €'000, unless otherwise stated, and have been approved by the Board of Directors of HELLENiQ ENERGY Holdings S.A. on 16 May 2024.
Andreas Shiamishis | Vasileios Tsaitas | Stefanos Papadimitriou |
Chief Executive Officer | Group CFO | Accounting Director |
4
HELLENiQ ENERGY
Three-month Financial Statements
III. Interim Condensed Consolidated Statement of Financial Position
As at | |||
Note | 31 March 2024 | 31 December 2023 | |
Αssets | |||
Non-current assets | |||
Property, plant and equipment | 10 | 3,643,111 | 3,643,045 |
Right-of-use assets | 11 | 231,605 | 232,189 |
Intangible assets | 12 | 390,235 | 333,692 |
Investments in associates and joint ventures | 7 | 401,663 | 404,743 |
Deferred income tax assets | 99,356 | 95,546 | |
Investment in equity instruments | 3 | 471 | 514 |
Derivative financial instruments | - | 746 | |
Loans, advances and long term assets | 13 | 60,256 | 57,771 |
4,826,697 | 4,768,246 | ||
Current assets | |||
Inventories | 14 | 1,706,128 | 1,472,536 |
Trade and other receivables | 15 | 909,275 | 880,986 |
Income tax receivable | 66,709 | 66,148 | |
Derivative financial instruments | 2,194 | 930 | |
Cash and cash equivalents | 16 | 479,302 | 919,457 |
3,163,608 | 3,340,057 | ||
Total assets | 7,990,305 | 8,108,303 | |
Equity | |||
Share capital and share premium | 17 | 1,020,081 | 1,020,081 |
Reserves | 18 | 304,293 | 291,010 |
Retained Earnings | 1,746,439 | 1,568,384 | |
Equity attributable to the owners of the parent | 3,070,813 | 2,879,475 | |
Non-controlling interests | 66,991 | 66,916 | |
Total equity | 3,137,804 | 2,946,391 | |
Liabilities | |||
Non- current liabilities | |||
Interest bearing loans and borrowings | 19 | 1,153,836 | 1,388,010 |
Lease liabilities | 183,393 | 182,335 | |
Deferred income tax liabilities | 176,434 | 174,063 | |
Retirement benefit obligations | 177,265 | 176,305 | |
Derivative financial instruments | 2,566 | 1,541 | |
Provisions | 33,815 | 33,835 | |
Other non-current liabilities | 34,975 | 25,348 | |
1,762,284 | 1,981,437 | ||
Current liabilities | |||
Trade and other payables | 20 | 1,745,561 | 1,598,726 |
Derivative financial instruments | - | 13,333 | |
Income tax payable | 236,674 | 285,570 | |
Interest bearing loans and borrowings | 19 | 1,075,518 | 1,158,495 |
Lease liabilities | 30,760 | 32,220 | |
Dividends payable | 25 | 1,704 | 92,131 |
3,090,217 | 3,180,475 | ||
Total liabilities | 4,852,501 | 5,161,912 | |
Total equity and liabilities | 7,990,305 | 8,108,303 | |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
5
HELLENiQ ENERGY
Three-month Financial Statements
IV. Interim Condensed Statement of Financial Position of the Company
As at | |||
Note | 31 March 2024 | 31 December 2023 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 668 | 673 | |
Right-of-use assets | 11 | 8,870 | 9,155 |
Intangible assets | 48 | 63 | |
Investments in subsidiaries, associates and joint ventures | 7 | 1,837,615 | 1,785,115 |
Deferred income tax assets | 8,454 | 8,416 | |
Loans, advances and long term assets | 13 | 59,045 | 242,249 |
1,914,700 | 2,045,671 | ||
Current assets | |||
Trade and other receivables | 15 | 207,774 | 26,101 |
Income tax receivables | 2,625 | 2,625 | |
Cash and cash equivalents | 6,016 | 150,528 | |
216,415 | 179,254 | ||
Total assets | 2,131,115 | 2,224,925 | |
Equity | |||
Share capital and share premium | 17 | 1,020,081 | 1,020,081 |
Reserves | 18 | 292,638 | 292,638 |
Retained Earnings | 786,825 | 784,155 | |
Total equity | 2,099,544 | 2,096,874 | |
Liabilities | |||
Non-current liabilities | |||
Lease liabilities | 6,591 | 6,973 | |
6,591 | 6,973 | ||
Current liabilities | |||
Trade and other payables | 19,600 | 24,597 | |
Income tax payable | 1,128 | 1,928 | |
Lease liabilities | 2,546 | 2,422 | |
Dividends payable | 25 | 1,706 | 92,131 |
24,980 | 121,078 | ||
Total liabilities | 31,571 | 128,051 | |
Total equity and liabilities | 2,131,115 | 2,224,925 | |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
6
HELLENiQ ENERGY
Three-month Financial Statements
V. Interim Condensed Consolidated Statement of Comprehensive Income
For the period ended | |||
Note | 31 March | 31 March | |
2024 | 2023 | ||
Revenue from contracts with customers | 4 | 3,278,481 | 3,113,343 |
Cost of sales | (2,869,817) | (2,778,127) | |
Gross profit / (loss) | 408,664 | 335,216 | |
Selling and distribution expenses | (100,756) | (93,808) | |
Administrative expenses | (43,784) | (40,483) | |
Exploration and development expenses | (1,387) | (4,244) | |
Other operating income and other gains | 5 | 8,504 | 7,403 |
Other operating expense and other losses | 5 | (3,436) | (2,551) |
Operating profit / (loss) | 267,805 | 201,533 | |
Finance income | 3,439 | 1,326 | |
Finance expense | (33,444) | (32,124) | |
Lease finance cost | (2,436) | (2,325) | |
Currency exchange gains / (losses) | 6 | 5,824 | 558 |
Share of profit / (loss) of investments in associates and joint ventures | 7 | (3,650) | 31,289 |
Profit / (loss) before income tax | 237,538 | 200,257 | |
Income tax (expense) / credit | 8 | (58,270) | (44,491) |
Profit / (loss) for the period | 179,268 | 155,766 | |
Profit / (loss) attributable to: | |||
Owners of the parent | 179,172 | 155,276 | |
Non-controlling interests | 96 | 490 | |
179,268 | 155,766 | ||
Other comprehensive income / (loss): | |||
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): | |||
Changes in the fair value of equity instruments | 18 | (34) | - |
(34) | - | ||
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of | |||
tax): | |||
Share of other comprehensive income / (loss) of associates | 18 | 570 | (1,117) |
Fair value gains / (losses) on cash flow hedges | 18 | 12,709 | (921) |
Currency translation differences and other movements | 18 | 17 | (782) |
13,296 | (2,820) | ||
Other comprehensive income / (loss) for the period, net of tax | 13,262 | (2,820) | |
Total comprehensive income / (loss) for the period | 192,530 | 152,946 | |
Total comprehensive income / (loss) attributable to: | |||
Owners of the parent | 192,455 | 152,572 | |
Non-controlling interests | 75 | 374 | |
192,530 | 152,946 | ||
Εarnings / (losses) per share (expressed in Euro per share) | 9 | 0.59 | 0.51 |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
7
HELLENiQ ENERGY
Three-month Financial Statements
VI. Interim Condensed Statement of Comprehensive Income of the Company
For the period ended | |||
Note | 31 March 2024 | 31 March 2023 | |
Revenue from contracts with customers | 8,660 | 7,457 | |
Cost of sales | (7,873) | (6,779) | |
Gross profit / (loss) | 787 | 678 | |
Administrative expenses | (1,443) | (3,275) | |
Other operating income and other gains | 5 | 4,664 | 3,686 |
Other operating expense and other losses | 5 | (4,547) | (2,820) |
Operating profit /(loss) | (539) | (1,731) | |
Finance income | 4,060 | 4,584 | |
Finance expense | (4) | (3) | |
Lease finance cost | (84) | (93) | |
Dividend income | 25 | - | 126,081 |
Currency exchange gain / (loss) | (2) | - | |
Profit / (loss) before income tax | 3,431 | 128,838 | |
Income tax (expense) / credit | 8 | (761) | (1,236) |
Profit / (loss) for the period | 2,670 | 127,602 | |
Other comprehensive income / (loss) for the year, net of tax | - | - | |
Total comprehensive income / (loss) for the period | 2,670 | 127,602 | |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
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HELLENiQ ENERGY
Three-month Financial Statements
VII. Interim Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the Parent | ||||||
Share | ||||||
Capital & | Non- | |||||
Share | Retained | controlling | Total | |||
Note | premium | Reserves | Earnings | Total | Interest | Equity |
Balance at 1 January 2023 | 1,020,081 | 297,713 | 1,341,908 | 2,659,702 | 67,699 | 2,727,401 |
Other comprehensive income / (loss) | - | (2,704) | - | (2,704) | (116) | (2,820) |
Profit / (loss) for the period | - | - | 155,276 | 155,276 | 490 | 155,766 |
Total comprehensive income / (loss) for the period | - | (2,704) | 155,276 | 152,572 | 374 | 152,946 |
Other equity movements | - | - | (3,565) | (3,565) | - | (3,565) |
As at 31 March 2023 | 1,020,081 | 295,009 | 1,493,619 | 2,808,709 | 68,073 | 2,876,782 |
Balance at 1 January 2024 | 1,020,081 | 291,010 | 1,568,384 | 2,879,475 | 66,916 | 2,946,391 |
Other comprehensive income / (loss) | - | 13,283 | - | 13,283 | (21) | 13,262 |
Profit / (loss) for the period | - | - | 179,172 | 179,172 | 96 | 179,268 |
Total comprehensive income / (loss) for the period | - | 13,283 | 179,172 | 192,455 | 75 | 192,530 |
Other equity movements | - | - | (1,117) | (1,117) | - | (1,117) |
As at 31 March 2024 | 1,020,081 | 304,293 | 1,746,439 | 3,070,813 | 66,991 | 3,137,804 |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
9
HELLENiQ ENERGY
Three-month Financial Statements
VIII. Interim Condensed Statement of Changes in Equity of the Company
Share | ||||
Capital & Share | Retained | |||
Note | premium | Reserves | Earnings | Total |
Balance at 1 January 2023 | 1,020,081 | 281,104 | 765,156 | 2,066,341 |
Profit / (loss) for the period | - | - | 127,602 | 127,602 |
Total comprehensive income / (loss) for the period | - | - | 127,602 | 127,602 |
As at 31 March 2023 | 1,020,081 | 281,104 | 892,758 | 2,193,943 |
Balance at 1 January 2024 | 1,020,081 | 292,638 | 784,155 | 2,096,874 |
Profit / (loss) for the period | - | - | 2,670 | 2,670 |
Total comprehensive income / (loss) for the period | - | - | 2,670 | 2,670 |
As at 31 March 2024 | 1,020,081 | 292,638 | 786,825 | 2,099,544 |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
10
HELLENiQ ENERGY
Three-month Financial Statements
IX. Interim Condensed Consolidated Statement of Cash Flows
For the period ended | |||
Note | 31 March 2024 | 31 March 2023 | |
Cash flows from operating activities | |||
Cash generated from operations | 21 | 197,298 | 615,161 |
Income tax (paid) / received | (114,148) | (2,365) | |
Net cash generated from/ (used in) operating activities | 83,150 | 612,796 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment & intangible assets | 10,12 | (93,124) | (45,617) |
Proceeds from disposal of property, plant and equipment & intangible | |||
assets | 326 | 97 | |
Acquisition of share of associates and joint ventures | 1 | (1) | |
Cash and cash equivalents of acquired subsidiaries | 1,639 | - | |
Grants received | 10,000 | 1 | |
Interest received | 3,439 | 1,326 | |
Prepayments for right-of-use assets | - | (27) | |
Dividends received | - | 31,715 | |
Net cash generated from/ (used in) investing activities | (77,719) | (12,507) | |
Cash flows from financing activities | |||
Interest paid on borrowings | (27,595) | (26,484) | |
Dividends paid to shareholders of the Company | 25 | (90,425) | (75,779) |
Proceeds from borrowings | 19 | 205,000 | 435,211 |
Repayments of borrowings | 19 | (525,397) | (855,611) |
Payment of lease liabilities - principal | (10,634) | (9,192) | |
Payment of lease liabilities - interest | (2,436) | (2,325) | |
Net cash generated from/ (used in) financing activities | (451,487) | (534,180) | |
Net increase/ (decrease) in cash and cash equivalents | (446,056) | 66,109 | |
Cash and cash equivalents at the beginning of the year | 16 | 919,457 | 1,052,618 |
Exchange (losses) / gains on cash and cash equivalents | 5,901 | (278) | |
Net increase / (decrease) in cash and cash equivalents | (446,056) | 66,109 | |
Cash and cash equivalents at end of the period | 16 | 479,302 | 1,118,449 |
The notes on pages 12 to page 54 are an integral part of part of these interim condensed consolidated and Company financial statements.
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Helleniq Energy Holdings SA published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 15:00:02 UTC.