REVIEW OF THE ANNUAL ACCOUNTS The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union. The separate financial statements of the parent company have been prepared in accordance with provisions of simplified IFRS, provided in the regulations to the Norwegian Accounting Act, section 3-9, subsection 5. Results Uno-X Mobility’s revenue was NOK 13,251 million in 2021, an increase from NOK 10,134 million in 2020. The product volume sold was 1,785 (1,000 m³), compared to 1,768 (1,000 m³) in 2020. The main reason for the increase in revenue is increased oil price. The average Brent Spot price was USD 71 per barrel in 2021, compared to USD 43 per barrel in 2020. The oil price started the year at about 52 USD per barrel and increased to about 79 USD at the end of the year. This resulted in total gain on inventory (FIFO) of NOK 387 million for the year (loss of NOK 231 million). Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to NOK 1,336 million (NOK 1,157 million), while operating profits were NOK 972 million (NOK 803 million). Profit before income tax was NOK 910 million (NOK 815 million). Profit for the year amounted to NOK 704 million (NOK 623 million).
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Uno-X Mobility Annual Report 2021
Balance Sheet and Liquidity Total assets as at 31. December 2021 were NOK 6,159 million (NOK 4,768 million), while liquid assets as at 31 December 2021 were NOK 85 million (NOK 92 million). Net interest-bearing debt ex. lease liabilities was NOK 599 million (NOK 231 million), and investments in non-current assets were NOK 560 million (NOK 409 million). Equity at the end of the year was NOK 2,163 million (NOK 1,639 million), which gives an equity ratio of 35 % (34 %). Cash Flow from Operations Cash flow from operations amounted to NOK 828 million (NOK 1,275 million). EBITDA was NOK 1,336 million (NOK 1,157 million). The difference between cash flow from operations and EBITDA is mainly due to changes in working capital and investments. Changes in working capital resulted in a cash flow of NOK -515 million (NOK 127 million), while net cash used for investment activities amounted to NOK 555 million (NOK 418 million). The group has a solid financial position. In the opinion of the board of directors, the financial statements provide a true and fair view of the company’s operations and financial status. The board confirms that the financial statements have been prepared on the assumption of a going concern.
