ANNUAL FINANCIAL REPORT

FOR THE PERIOD 1 JANUARY – 31 DECEMBER 2022

TABLE OF CONTENTS:

DECLARATION OF THE BoD REPRESENTATIVES

DIRECTORS’ REPORT

CORPORATE GOVERNANCE STATEMENT (Law 4548/2018)

AUDIT COMMITTEE REPORT

ANNUAL FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT

DECLARATION OF THE REPRESENTATIVES OF THE BOARD OF DIRECTORS - CORAL GROUP OF COMPANIES

DECLARATION OF THE REPRESENTATIVES

OF THE BOARD OF DIRECTORS OF

“CORAL OIL AND CHEMICAL PRODUCTS SOCIETE ANONYME”

Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge:

A. The single and consolidated financial statements of “CORAL SINGLE MEMBER SA OIL AND CHEMICAL PRODUCTS” (the Company) for the year ended on December 31st, 2022, which have been prepared in accordance with the applicable accounting standards, truly present the assets, the liabilities, the shareholders’ equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a total, and

B. The Board of Directors’ annual report truly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a total, including the description of the most important risks and uncertainties they are facing.

Marousi, April 26 , 202 3

Coral Group of Companies

Management Report for the year ended on 31 December 2022

The financial data of the Group for the year 2022 compared to the corresponding data of the year 2021 are presented below:

Accordingly, the financial data of the Company for the year 2022 compared to the corresponding data of the year 2021 are presented below:

1.1 Revenue

The turnover of the Group increased in the year 2022 by € 1,098 million, presenting a percentage change of 44.3 % compared to the previous year, as shown in the table below:

The sales analysis per geographical segments of operation and by sales category for the Group is as follows:

The total quantity traded by the Group during the year ended 12/31/2022 and during the comparative period is analyzed in the following table:

The corresponding analysis of the Company's sales in 2022 is presented below:

The Company's revenue for the year 2022 amounted at € 2,981 million from € 2,143 million in the year 2021, showing an increase by approximately 39.1%.

The analysis of sales by geographical segment of activity and by sales category of the Company is as follows:

The total quantity traded by the Company during the year ended 12/31/2022 and during the comparative period is analyzed in the following table:

The quantities of fuel sold by the Company decreased by approximately 1%.

1.2 Gross profit margin

The gross profit margin before depreciation of the Group amounted to € 2 53 , 436 thousand or 7 . 1 % approximately on turnover, compared to € 232 , 572 thousand or 9 . 4 % on turnover of the previous year, showing an increase of approximately 9%.

1.3 Operating expenses

The following table presents the movement of operating expenses between fiscal years 2022 and 2021:

As evidenced in the table above, the Group’s operating expenses show an increase of approximately € 33,055 thousand or approximately 17.7%. The increase in operating expenses is a result of the sharp increase in inflation in 2022, which comes as a result of the broader challenges facing the domestic and global economy. In 2022, the global economy faced major challenges, such as the invasion of Ukraine, the energy crisis, and supply chain disruptions.

In order to better assess and compare the movement of operating expenses within the two periods, the following table presents the most important expense categories .

Operating expenses for 2022 represent a percentage equal to 6.1% of turnover for the year, while for 2021 the corresponding percentage amounted to 7.5%.

Respectively, Company ’ s operating expenses during 2022 are presented below:

1.4 Other operating income

Other operating income of the Group and the Company increased in current year by 3 1.9% and 10.9 % respectively.

1.6 Financial expenses

* Fair Value Through Profit and Loss Statement

* Fair Value Through Profit and Loss Statement

Gain from associates of € 7,555 thousand relates to Group's share in the financial results of the consolidated companies, accounted for using the equity method, “Shell & MoH Aviation Fuels SA” & "Petroleum Installations of Rhodes - Alexandroupolis SA”.

Interest income includes interest earned on deposits, as well as finance income from discounted repayable credits amounting to € 138 thousand for the year 2022 and € 207 thousand for the year 2021.

Finally, dividend income in current period contains dividends from the associate company "Shell & MoH Aviation Fuels SA" of € 3,969 thousand, as well as from the subsidiary “Medprofile Ltd.” of € 750 thousand. In 2021, dividend income contains dividends from the associate company "Shell & MoH Aviation Fuels SA" of €2,842 thousand as well as from the subsidiaries Ermis SA and Myrtea SA and Medprofile Ltd. (€2,000 thousand, €1,000 thousand and €750 thousand respectively ).

Income tax is calculated at a corporate tax rate of 22% for 2022 and for the comparative period 2021.

The income tax for the year, results after taking into consideration the following items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible on the accounting profit:

The basic financial ratios of the group are as follows:

The respective ratios for the Company are displayed below:

The calculation of key financial ratios also includes the effect from the application of IFRS 16.

The following transactions refer to transactions with related parties:

Services from and to related parties, as well as sales and purchases of goods are performed under normal commercial terms. Other related parties mainly refer to companies in which the Group's main shareholder has significant influence.

No provision has been made for doubtful claims by related parties

Benefits to management

Compensation of key management personnel

The remuneration of directors and key management personnel of the Group for the period 1/1–12/31/2022 and 1/1–12/31/2021 amounted to € 3,773 thousand and € 3,243 thousand respectively. (Company: 1/1–12/31/2022: € 2,924 thousand, 1/1– 12/31/2021: € 2,791 thousand)

Other short-term benefits granted to key management personnel of the Group amounted to € 384 thousand for the period 1/1– 12/31/2022 and € 433 thousand for the period 1/1–12/31/2021 (Company: 1/1–12/31/2022: € 156 thousand, 1/1–12/31/2021: € 169 thousand).

Leaving indemnities were paid to key management personnel of the Group amounting to € 246 thousand for the year. No leaving indemnities to key management of the Group were paid for the year 2021.

There are not receivables between the companies of the Group and the executives for the year 2022 while there are receivables amounting to € 120 thousand for the year 2021.

4. Operations review

4.1 Investments - Development

In 2022 we managed to complete 8 new own-operating and 10 new co-operating gas stations, while we built 27 new Smart Shops with a newly improved design that enables a wider range of products and services for our customers, and we increased our I love Café and Plinto network by 20 new I love Café, and 14 new Plinto car washing machines .

We also continued the installation of electric chargers in both city and highway gas stations, enabling our customers to equip their electric cars at 95 of our gas stations across the country that provide electric charging services to our customers' vehicles through the incharge platform. Finally, in our network of service stations we added 5 more LPG facilities, raising the network of our own- operating service stations that have Autogas to 9 5 in total, and 7 new LPG facilities to the network of our co-operating gas stations, raising the number of those to 1 13 in total.

In addition, the Group has laid the foundations for the expansion of its activities in the Balkan countries and Cyprus through the establishment of new companies, namely:

➢ CORAL ENERGY PRODUCTS (CYPRUS) LTD is the company entitled to use the Shell trademarks in Cyprus. The company was named after the completion of acquisition Lukoil Cyprus Limited by Coral SA, in January 2017. The company's core operation in Cyprus is the distribution and trading, through Shell gas stations, of a wide range of petroleum products such as petrol, diesel and lubricants. The company already operates 37 gas stations under the Shell brand, 23 of which are own-operating. It is also active in industrial and marine fuels and lubricants. Efforts to further develop the network with new service stations continue, securing 6 new leases related to the construction of service stations from a plot of land, 2 of which will be implemented in 2023.

➢ CORAL SRB DOO BEOGRAD is the company entitled to use the Shell trademark in Serbia. The company was established in 2017 with the objective to distribute and trade, through Shell branded gas stations, a wide range of petroleum products such as fuel, oil and lubricants. Coral Serbia aims to grow with targeted investments in its central gas stations through which it will be able to supply quality products and services to Serbian consumers. There are already nine (9) service stations, two on the main highways Ε70 & Ε75. Additionally, there has been an agreement for the construction of one new own-operating gas stations, their operation is scheduled within the next twelve months.

➢ CORAL FUELS DOO SKOPIE is the company entitled to use the Shell trademark in North Macedonia. Coral Fuels aims to grow in the market with service stations through which it will be able to provide quality products and services to consumers. The company operates its first two gas stations on highway E75 on Gevgelia, while the third gas station is already operating in the city of Skopje in the area of Pintija. Two more gas stations are planned to open in 2023.

➢ CORAL CROATIA DOO is the company entitled to use the Shell trademark in Croatia. It operates 29 gas stations under the Shell trademark while the operation of 3 more is planned in 2023. It is also active in the retail and wholesale trade of oil and chemical products and lubricants.

At the same time, the Group expanded its activities and strengthened its presence in new sectors through the following companies:

➢ Coral Products and Trading SA, which has been active in the field of ship fuel trading throughout Greece since 2017, is a strategic supplier of ship fuel in the Eastern Mediterranean. Today it is ranked among the major suppliers of marine fuels in the region. For the 2022 financial year, the Company continued its positive results as it presented a significant increase in EBITDA in the 2022 financial year compared to the 2021 levels.