HELLENIC PETROLEUM is the largest independent Greek Eurobond issuer, with continuous presence in international capital markets
HELLENIC PETROLEUM’s shares are traded in the General Category (Main Market) on the Athens Stock Exchange (ATHEX: ΕLPΕ) and the London Stock Exchange (LSE: HLPD), through Global Depositary Receipts (GDRs) while its two bond issues are listed on the Luxembourg Stock Exchange.
The Company’s share capital amounts to €666,284,703.30 divided into 305,635,185 shares with a nominal value of €2.18 each. The Company’s shareholders’ rights, arising out of their shares, are proportionate to the percentage of capital corresponding to the paid-inshare value. All shares have the same rights and obligations arising from the Law and the Company’s Articles of Association. The liability of the Company’s shareholders is limited to the nominal value of the shares they own.
HELLENIC PETROLEUM’s shares participate, with a significant weighting, in the ASE General Index and the FTSE/ΧΑ Large Cap Index, as well as a number of other indices such as the FTSE/ASE Oil-Gas Index, the FTSE/Med 100, the Greece – Turkey 30 Index, MSCI Small Cap, BI Europe Refining & Marketing Valuation Peers and the Global X FTSE Greece 20 ETF.
During 2020, the ATHEX General Index fell by 11.75% compared to 31.12.2019, mainly affected by the impact of the COVID-19 pandemic with increased volatility in the Greek and global economy, reflecting the financial performance of listed companies. HELPE share price recorded a decrease of 38.43%, closing at €5.40 on 31.12.2020, with an annual average trading volume of 112 thousand and an average share price of €5.85 over the course of the year.
|Average Price||€ 5.85|
|Lowest Price||€ 4.14|
|Highest Price||€ 8.78|
|Average daily trading volume (no. of shares)||112,411|
The number of Greek and international brokerage firms covering HELLENIC PETROLEUM on the 31st of December 2020 amounted to nine firms.
- Alpha Finance
- Axia Ventures
- Eurobank Equities
- Optima Bank
- NBG Securities
- Pantelakis Securities
- Wood Company
On February 25, 2021, the Board of Directors proposed to the General Meeting of Shareholders on 30 June 2021, the distribution of a final dividend of €0.1/share.
With regards to dividend distributions that took place during 2020, the AGM of 24th of June approved the distribution of a €0.25/share as a final dividend, resulting in a total FY19 distribution of €0.5/share. Moreover, on Tuesday, 03.03.2020 the refund payment of a 5% withholding tax from the distribution of the 2018 interim dividend started, following the reduction in the withholding tax rate from 15%, which was the applicable rate on 17.12.18 when the 2018 interim dividend was paid, to 10%, according to the provisions of paragraph 1 of article 65 of Law 4603/2019.
Changes in the company's shareholding structure in 2020 were not significant, with the decrease in participation of Foreign Institutional investors and the increase in the participation of one of the main shareholders of the Company and retail investors representing the key trend. The shareholder structure as of 31.12.2020 was as follows:
|Shareholder||Number of shares||% Participation|
|Paneuropean Oil & Industrial Holdings S.A.||143,608,719||47%|
|Hellenic Republic Asset Development Fund||108,430,304||35.5%|
|Greek Institutional Investors||16,180,161||5.3%|
|International Institutional Investors||10,449,361||3.4%|
|TOTAL NUMBER OF SHARES||305,635,185||100%|
Since 2013, the Group has raised more than €2.1 billion through the issue of five internationally traded bonds, making it the largest independent Greek issuer.
On October 4, the Group, through Hellenic Petroleum Finance plc (HPF plc), proceeded with the issuance of a new five-year Eurobond of €500 million, with an interest rate of 2%, combined with the partial refinancing of its 2021 notes through a tender offer. On 5 October 2020, HPF plc completed a €99.9m retap on its existing Oct ’24 notes, through private placement, with a 2.4% yield.
The key features of the two bonds, issued by Hellenic Petroleum Finance plc and guaranteed by HELLENIC PETROLEUM S.A. outstanding, as of 31 December 2020 on the Luxembourg Stock Exchange, are presented in the table below:
|Issue Date||Maturity||Currency||Issue Amount (m)||Outstanding amount* (m)||Coupon||(ISIN)|
The Company seeks to fully and fairly inform its shareholders and bondholders both in Greece and internationally, through a variety of events and initiatives, such as:
- Quarterly reports outlining business activities and financial results (press releases, presentations, teleconferences, internet)
- Annual Report, BoD’s interim and annual Financial Report
- Teleconferences enabling investors/analysts to receive further information on the Group’s activities
- Regular contacts and meetings with analysts and fund managers
- Attending roadshows and investor conferences both in Greece and abroad
- Regularly updating the Company’s website concerning basic industry performance indicators which affect the Company’s financial performance