Petrol : Consolidated Annual Financial Statements for the year ended December 31, 2021;

Petrol AD

UIC 831496285

LEI 4851003SBNLWFQX4XS80

CONSOLIDATED MANAGEMENT REPORT FOR 2021

ACCOMPANIED BY

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 AND INDEPENDENT AUDITOR'S REPORT

(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)

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Petrol AD

UIC 831496285

LEI 4851003SBNLWFQX4XS80

Table of contents
Consolidated management report for 2021, Corporate governance declaration, Non-financial declaration
...............................................................................................................................................................	.3
Consolidated financial statements for the year ended December 31, 2021..........................................	79
Notes to the consolidated financial statements.....................................................................................	87
Independent auditor's report on the consolidated financial statements

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Petrol AD

UIC 831496285

LEI 4851003SBNLWFQX4XS80

CONSOLIDATED MANAGEMENT REPORT

FOR 2021

THIS MANAGEMENT REPORT IS PREPARED IN ACCORDANCE WITH THE REQUIREMENTS OF ART. 100N, PAR.7 OF THE PUBLIC OFFERING OF SECURITIES ACT, ART. 45 AND ART. 47 OF THE ACCOUNTANCY ACT, ART. 187E, AND ART. 247 OF THE COMMERCIAL ACT, ART. 32A, PAR. 1 AND PAR. 2 AND APPENDIX NO.2 TO THE ORDINANCE NO.2 OF NOVEMBER 09, 2021 ON THE PROSPECTUSES IN PUBLIC OFFERING AND ADMISSION OF SECURITIES FOR TRADING ON A REGULATED MARKET AND FOR DISCLOSURE OF INFORMATION

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Petrol AD

UIC 831496285

LEI 4851003SBNLWFQX4XS80

Selected performance indicators

Information pursuant to Art.39, item 2 of the Accountancy Act

Financial indicators			2021	2020	2019	2018	2017
Net revenue		BGN million	499.8	390.5	538.5	526.8	479.1
		EUR million	255.5	199.7	275.3	269.3	245
Gross margin from sales of goods1		BGN million	53.5	51.0	56.9	49.3	47.7
		EUR million	27.4	26.1	29.1	25.2	24.4
	%	10.9	13.4	10.8	9.5	10.1
EBITDA2		BGN million	(16.5)	(0.8)	4.1	5.4	(7.3)
		EUR million	(8.4)	(0.4)	2.1	2.8	(3.7)
	%	(3.3)	(0.2)	0.7	1.0	(1.5)
EBIT3		BGN million	(22.1)	(6.5)	0.2	4.5	(8.8)
		EUR million	(11.3)	(3.3)	0.1	2.3	(4.5)
	%	(4.4)	(1.6)	0.0	0.8	(1.8)
Net profit (loss)		BGN million	(25.4)	(8.9)	(5.0)	55.9	1.4
		EUR million	(13.0)	(4.6)	(2.6)	28.6	0.7
	%	(5.0)	(2.3)	(0.9)	10.4	0.3
Share price 4		BGN	0.41	0.41	0.715	0.985	0.44
		EUR	0.21	0.21	0.37	0.50	0.22
Assets		BGN million	127.0	149.7	139.6	130.2	100
		EUR million	64.9	76.5	71.4	66.6	51.1
Debt5		BGN million	42.9	46.6	47.4	48.2	41.6
		EUR million	21.9	23.8	24.2	24.6	21.3
Shareholders' equity	BGN million	3.4	28.8	14.6	19.6	(34.2)
		EUR million	1.7	14.7	7.5	10.0	(17.5)
Capital expenditure		BGN million	0.9	0.7	2.5	1.1	2.8
		EUR million	0.5	0.4	1.3	0.6	1.4

1. Gross margin is estimated as difference between revenue from sales of goods and cost of goods sold, the percentage of gross margin is calculated as gross margin is divided to the revenue.
2. EBITDA (earnings before interest, tax, depreciation and amortization).
3. EBIT (earnings before interest and tax).
4. Closing share price as of the end of respective year on Bulgarian Stock Exchange - Sofia.
5. Includes interest-bearing loans and financial lease liabilities.

Consolidated Management Report for 2021

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(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)

Petrol AD

UIC 831496285

LEI 4851003SBNLWFQX4XS80

Selected performance indicators (continued)

Financial ratios	2021	2020	2019	2018	2017
Return on average capital employed (ROACE)6 (%)	(34.96)	(8.99)	0.25	12.82	(262.6)
Return on assets (ROA)7 (%)	(16.00)	(4.46)	0.12	3.90	(8.99)
Debt/assets (%)	33.74	31.09	33.96	37.05	41.64
Equity/Assets (%)	2.64	19.24	10.44	15.03	(34.17)
Current liquidity (ratio)8	0.94	0.97	1.24	1.41	0.84
Goods turnover ratio (days)9	16	21	17	17	17
Accounts receivable collection period (days)10	15	21	18	17	20
Accounts payable payment period (days)11	48	60	40	35	30

Operating ratios	2021	2020	2019	2018	2017
Sales of fuels (million liters)	260.7	238.9	297.6	292.2	289.2
Sales of fuels (thousand tons)	1.5	1.5	2.2	1.5	1.6
Number of fuel stations under "Petrol" brand (end of
period)	301	320	320	322	328
Number of operated fuel storage facilities (end of period)	1	1	1	2	2
Share of sales revenue - corporate sales on credit	27%	28%	26%	25%	24%
Number of employees (end of period)	1,189	1.257	1,246	1,181	1,204

1. ROACE (return on average capital employed) - is est imated as ratio between the EBIT and the average invested capital. The latter presents the difference between assets and current liabilities to non-related parties (that are not part of Petrol Group).
2. ROA (return on assets) - presents the ratio between the EBIT and the average assets.
3. Current liquidity - the ratio between current asset s and current liabilities
4. Inventories turnover - presents the ratio between a verage stocks and the cost of goods sold, multiplied by 365 days.
5. Accounts receivable collection period - presents the ratio between trade receivable from non-related parties and revenue from non- related parties, multiplied by 365 days.
6. Accounts payable payment period- presents the rati o between trade payables to suppliers and the cost of goods sold, multiplied by 365 days.

Consolidated Management Report for 2021

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(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)