Social Product

HELLENIC PETROLEUM has defined its stakeholders (interested parties) as parties with which it communicates, converses or cooperates, or who possess a direct/ indirect interest in its operations.

Interested parties include:

• Shareholders/Investors
• Customers
• Employees
• Suppliers
• Society

The strategy and all of the Group’s activities aim at establishing relationships with the abovementioned stakeholders so that the Group can respond and comply with their needs, minimize the risks associated with its reputation and operation, as well as benefit from the competitive advantages generated through this interaction.

HELLENIC PETROLEUM defines its social product as the financial contribution that is made towards our key stakeholders, excluding its consumers/suppliers. The Group invests significantly, provides a considerable number of employment positions and contributes to the improvement of the economy in the countries that it operates; furthermore, it has an indirect positive impact on growth, employment and national product.

As a result of its activities, the Group also collects and pays an important part of indirect taxes (excise duty and VAT) to the authorities in the countries where it operates. Finally, the Group’s contribution to society as a whole, through targeted interventions, within the context of its Corporate Social Responsibility framework which placed an emphasis on supporting socially vulnerable groups and young people, was substantial.

In 2017, the Group’s turnover amounted to €7,995 million (2016: €6,613 million) from which the social product amounted to €1.7 billion (2016: €1.4 billion) distributed as follows:

• €224 million distributed to employees (salaries and benefits)
• €55 million paid directly to the Greek Sate via direct taxes and employee insurance contributions, as well as an additional €1.3 billion in indirect taxes
• €107 million distributed to shareholders as dividend
• €4.9 million was also distributed to society as a whole through Corporate Social Responsibility initiatives

€1.3 bn

in indirect taxes to the Greek State

€4.9 m

distributed to society trough CSR initiatives

Corporate Social Responsibility

Commitment to Sustainable Development Goals Creates Value for the Group

The adoption of the Global Objectives for Sustainable Development and the Group's commitment to their gradual integration into all of its activities over the next decade is not only a response to modern challenges but creates value for the Company itself.

Its commitment allows the Group to better respond to the expectations of society as a responsible social partner whilst creating the structures needed to transform it into a modern energy group, ready to exploit opportunities and face the challenges that will arise from future changes in both technology and human resources.

2017 was another difficult year for the Greek society, during which we continued to implement and enrich our CSR programs, focusing on vulnerable population groups and the younger generation.

We make a point of always being in open dialogue with the local societies where we do business, as well as define what the major issues for each region are. We endeavor to apply good practices in regards to all social groups, implement infrastructure projects, support the local economy and local suppliers, and offer employment and opportunities for young people.

Sustainable Development Goals

Our Priorities

Production of quality energy products according to the latest environmental specifications.

Improving infrastructure and adopting innovative practices in energy sector, aiming to economic development and human welfare.

Environmental investments aiming at continuous reduction of greenhouse and CO₂ emissions.

Use of own-production energy and raw materials recycling.

Liquid and solid waste management based on Best Available Techniques for zero effect on the living organizations.

Significant investments for the health and safety of the employees as well as the of the wider society.

Creation of jobs and professional opportunities as well as of entrepreneurship and human resources development for the new generation.

Implementing programs for educating and training the new generation accompanying with actions for supporting the education community.

Synergies and partnerships for achieving the Goals Sustainable Development.

Key CSR activity categories

Education, Research and Innovation

The Group implements initiatives and actions focused on education and the youth, aimed at improving young people’s knowledge and developing skills, including programs at all levels of education, in cooperation with educational institutions in Greece and abroad, as well as educational institutions, research centers etc. Professional experience is also a main focus either through employment within the organization or through the support of employment programs in Greece and overseas, through vocational training lectures, collaborations with universities and research centers and creative student programs.

In the same context, HELLENIC PETROLEUM Group rewards excellence in neighboring Municipalities with the "Rewarding New Entrants in Tertiary Education" Program as well as scholarships to postgraduate studies in world-renowned universities abroad. Finally, educational visits are organized for secondary and tertiary education students to the industrial facilities along with financially sponsorships for events such as BEST and TEDx.

Socially Vulnerable Groups

In the context of social solidarity and the support of vulnerable social groups, the Group offers free heating oil to schools, neighboring municipalities, refugee camps and NGOs all over Greece, helps social groceries in our local societies, hosts children from poor families at summer camps from neighboring municipalities, and financially supports NGOs, foundations and charities throughout Greece, after evaluating how they work and contribute to the relief of vulnerable social groups. It also offers programs to support people with disabilities as well as preventative medicine programs for pupils and participates in volunteer actions.

Sustainable Cities and Environment

The protection of the environment and the implementation of infrastructure projects for sustainable cities constitute key pillars for the Group’s corporate social responsibility. It ensures the installation, monitoring and maintenance of environmental stations in the areas in which it operates and applies the best available techniques for the operation of all its facilities. It implements studies and projects to protect the environment and for energy saving, in collaboration with the academic community. It meets the energy needs of schools by installing photovoltaic panels. It contributes to the construction of parks, playgrounds and sports centers, as well as to the maintenance of road paving, etc. for a better quality of life for the inhabitants of neighboring municipalities. It offers medical equipment for the proper operation of hospitals.

Culture and Sports

The Group supports and participates to all major cultural events of the local communities and the broader society, aiming at the dissemination of our cultural heritage. It takes initiatives and collaborates with local communities to restore buildings and create cultural centers. It supports libraries, museums and develops partnerships with organizations, institutions and cultural centers to preserve, promote and develop culture. It encourages and contributes to the development of the athletic spirit and participates in sports initiatives for humanitarian purposes.