Oil! Tank & Go Aps

Financial review Risks Financial risks Operating risks Political risks Strategy and objectives Statement of social responsibility Anti-corruption and bribery Management considers the result to be very satisfactory. We expanded our service station network in 2022 with two new stations. At the end of 2022, 68 stations are in operation against 66 at the beginning of the period. The Company has entered into a card redemption agreement with DKV to facilitate use of their business cards at 68 OIL stations. The financial impact of the agreement with DKV will show by mid-2023. The Company has plans to open two new automated stations in 2023. Due to the geopolitical situation resulting from the Ukraine/Russia crisis, the higher volume targets following the Covid 19 pandemic could not be achieved. Higher energy and fuel prices led to a decline in demand from petrol station customers, which was partly offset by the introduction of the fuel discount and higher sales margins at petrol stations, we expect positive impact on sales in 2023. The Company's sales at the service stations in 2022 are therefore at the same level as in 2021, measured in number of liters sold. This is in line with the general development of the market. The Company has not made use of the support schemes implemented by the authorities. Continued lower sales volumes at Danish petrol stations in 2022 have led to less price wars than in the years before COVID-19. Fewer customers and the prospect to large investments due to the green transition have to a higher degree than previously deferred the companies from chasing market shares. OIL! operates in a very competitive market. In the long term, declining sales volumes are expected in the mineral oil market and the fuel market in particular. This will increase competition and put fuel margins under pressure in the long term. Overcapacities of the refining companies will increase the sales pressure and the correspondingly increased pressure on the margins in the market. The market risk with regard to adequate margins is the greatest risk for the company, as it can only be influenced to a limited extent by the company itself. In addition, competition from the transformation of society, especially through government subsidies for e-mobility, will have a detrimental effect on fossil fuels in the medium to long term. OIL! is proactively addressing this new competition and the intensification of competition in the fossil fuel sector through growing or new competitors in the B-brand segment with further efficiency increases in the operating business and also in the IT area. All essential areas and processes of the business system are and will be put to the test. The high volatility of the markets requires constant monitoring of price developments. On the other hand, the company is taking advantage of the opportunities arising from fluctuating market prices and will increasingly tackle the e-mobility business field. Over the year, the company has a positive balance in its bank accounts, and historically has not been under pressure in terms of liquidity. The Company provides limited credit to a limited numbers of customers and historically has not had any material losses on its debtors. To minimize losses, credit checks are carried out on all new customers and ongoing monitoring of the existing customer portfolio. The Company does not plan to obtain external finance. The two biggest operational risks are the competitive situation in the market in which the Company operates and the world market price of refined oil products. With significant investments in the green transition towards fossil-free transport and a market which generally must be expected to be slightly decreasing, it is the Company's expectation that the current price competition in the market will continue in the coming years. The Company tries to counter the risks in oil price developments by constantly optimizing purchases as well as the interaction between storage and distribution. Possible effects of the current situation on the crude oil markets as well as possible effects of the geopolitical situation as a result of the Ukraine/Russia crisis on the company's business performance cannot yet be estimated. Fluctuations in crude oil prices have already occurred in previous years and are basically inherent to the business model. In principle, these price increases and decreases are passed on to the customers through the price of mineral oil products at the petrol stations. The petrol station has proven to be a critical infrastructure. The climate challenges and the green transition continue to receive major political attention. The war in Ukraine has emphasized how important it is for countries like Denmark to become independent of fossil fuel which must be imported. At the same time, the war has pushed the prices of gas and electricity, among other things, to very high levels, so that fossil energy has proved to be far more attractive economically. This dilemma is likely to continue for years to come. At the same time, the geopolitical flows have meant that more resources must also be allocated to defence, among other things. This will again mean that the green transition must "compete" with all the other themes that require us as a country to invest. The green transition is a boundless task, but precisely that competition will hopefully sharpen the dialogue, so that we will become more concrete about the technologically most attractive solutions and at the same time have a dialogue about how the bill is paid. A continued push with undeveloped technologies will be significantly more expensive than alternative transitional solutions, which are often left out of the debate. The company spends considerable resources on the "green transition" and works in several areas. The company is continuously in dialogue with stakeholders regarding the technological possibilities in connection with our customers' transition to green energy. Besides the war in Ukraine, the challenges of climate change and the energy transition continue to receive major political attention. The war in Ukraine has highlighted how important it is for countries like Denmark to become independent of imported fossil fuels. At the same time, however, the war has driven the price of gas and electricity to very high levels, making fossil energy more economically attractive. At the same time, the geopolitical situation has led to the need to allocate more resources to defense, among other things, which in turn is also likely to have an impact on the available resources for and thus speed of the energy transition. Which solutions are technologically most attractive is not yet foreseeable. A further advance with immature technologies will be significantly more expensive than alternative transitional solutions, which are often left out of the discussion. The Company is actively working on the green transformation in several areas and is in constant dialogue with stakeholders about the technological possibilities. technological possibilities. Oil! Tank & go ApS expects a positive operating result for 2023 driven by a strong customer focus. This section constitutes the Oil! and Tank's statutory statement of social responsibility, cf. § 99a. Oil! has a strong focus on good business practice with fixed and clear processes for financial management, expenditure approvals, and other processes. As part of Oil’s business practices, Oil! mandates that all employees follow the Group wide Code of Conduct, policies, and procedures. Employees also receive training on different Compliance related topics on a regular basis. Additionally, Oil! applies technical tools and organizational measures to protect the organization from loss or fraud, prevent abuse and/or wrongdoing. As part of the Mabanaft Group, Oil! condemns bribery, corruption, and money-laundering in all forms and will avoid any impression of impropriety. At the same time, Oil! does not operate in high-risk markets and has not experienced cases of corruption. The Group detected a cyber-attack on 29 January 2022. After having heard about the incident, all affected IT systems were taken offline and disconnected from the network to ensure they were isolated from unaffected areas. The attack and disruption of the IT systems, however, entailed serious disruptions of the IT infrastructure. The commercial administrative systems and inventory control system for entities in the Group were affected. Together with the subsidiaries, the Group set up a task force comprising internal and external information technological forensic experts to carry out a thorough examination of the incident and establish and build replacement systems. Concurrently with this, the Group also activated a crisis management team and informed law enforcing authorities and data protecting authorities in all the necessary jurisdictions. At the time of the preparation of the financial statements, most of the affected systems had been restored. In addition, the Group benefits from an insurance that protects against damages from cyber-attacks. This policy generally covers damages caused by business disruptions due to cyber events and expenses for restoring of the systems. The impact on the Company's revenue, assets and financial position is consequently not significant.

The Company's income statement for 2022 shows a profit of DKK 30,336,771 as against DKK 25,208,727 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 131,270,639 as against DKK 100,933,868 at 31 December 2021.