Uno-X Mobility Annual and Sustainability Report 2023

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CONTENTS Highlights ��������������������������������������������������������������� 4 We are Uno-X Mobility ����������������������������������������� 6 Operating companies 8 How we create value 9 Letter from CEO 12 Our sustainability approach ���������������������������� 16 Regulatory framework 17 Stakeholder engagement 19 Climate-related risks and opportunities 21 Materiality assessment 24 Prioritised list of material topics 26 Focus areas, material topics, and measures 27 Environment �������������������������������������������������������������������������� 30 Uno-X ultrafast charging for heavy-duty EVs 36 Uno-X ultrafast charging for EVs 40 Nordic Swan ecolabelled car wash 42 GHG emissions 46 Ethical value chain ��������������������������������������������������������������� 62 How we work to reach our goals 66 Business ethics and anti-corruption 67 Human rights 70 Due diligence 72 People and culture 74 How we work to reach our goals 78 Environment, health, and safety (EHS) 79 Employer and employment practises 82 People, culture and cycling 87 Governance ��������������������������������������������������������� 88 Director’s report������������������������������������������������� 90 Consolidated financial statements ������������ 100 Financial statements �������������������������������������� 118 Adresses ������������������������������������������������������������ 126 Auditor’s report 128 Appendix ������������������������������������������������������������ 130 2 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 3

Highlights

One brand

All operations united under one brand: Uno-X, boosting the brand’s presence and impact in Norway and in Denmark

Men’s Tour de France

First time participation for the Uno-X Mobility men’s cycling team in Tour de France, following participation of the women’s team in 2022

Side by side 7-Eleven in Denmark

Takeover of 57 mobility locations in Denmark approved by Danish competition authorities, paving the way for Uno-X operations side by side with 7-Eleven along the road

Heavy-duty EV charging

Continued investments in sustainable mobility solutions, including launching of heavy-duty electric vehicle (EV) charging concept

Liquid fuel

Solid development for liquid fuel operations in softening market

4 • UNO-X MOBILITY • ASR 2023
Foto Fredrik Varfjell /NTB
“ Our mission is to develop and promote solutions for sustainable mobility
Facts 823 +1% 38 +443% 3 NEW 107 +27% 803 -1% Mobility locations NO: 526 DK: 297 2022: 816 EV charging locations NO: 27 | DK: 11
2022: 7 Heavy-duty EV charging locations NO: 1 | DK: 2 | 2022: 0 Car wash locations* NO: 52 | DK: 55 | 2022: 84 *In Norway all car wash facilities are Nordic Swan ecolabelled, in Denmark 25 of the total year end locations are Nordic Swan ecolabelled Liquid fuel locations NO: 508 | DK: 295 | 2022: 810 10 % 311 5 mill 285 mill of
energy sold was renewable (MWh) Number
employees CO2 emissions
3 (tCO2e) Operating profit NOK
|
the
of
scope
UNO-X MOBILITY • ASR 2023 • 5

We are Uno-X Mobility

Uno-X Mobility operates as a business area within Reitan Retail, alongside REMA 1000 Norway, REMA 1000 Denmark, and Reitan Convenience – all entities owned by REITAN

6 • UNO-X MOBILITY • ASR 2023

The company operates in Norway and Denmark under the Uno-X brand, providing a range of offerings including fuels, EV charging, and car wash� Uno-X is also proactively involved in promoting everyday cycling as a crucial element of sustainable mobility�

The way we operate and further develop our business is guided by the attitudes and values in the REITAN-mindset.

As we continue to evolve and position Uno-X Mobility for the future, our approach is rooted in a comprehensive understanding of our operations, with a focus on mitigating our key impacts

on society. This report delves into the details of how environmental, social, and governance considerations are seamlessly integrated into our business strategy. We will outline our approach to minimising negative impacts across the value chain while maximising positive contributions to society.

We operate our business based on the REITAN-
mindset
Our values guide us in the way we work:

1. We stick to our business model

2. We keep high moral standards

3. We are committed to be debt-free

4. We encourage a winning culture

5. We are positive and proactive

6. We talk with each other, not about each other

7. The customer is our ultimate boss

8. We work for fun and profit

UNO-X MOBILITY • ASR 2023 • 7

Operating companies

For many years, Uno-X Mobility has been behind the YX and Uno-X brands in Norway and Denmark. Uno-X has operated its own self-service locations tailored to individual car customers, offering fuel, car wash, and ultrafast EV charging. Meanwhile, self-owned truck locations catering to heavy-duty transportation have been branded with the YX label in both countries. Additionally, in Norway, the YX brand has been used in co-locations with 7-Eleven convenience stores (YX 7-Eleven) and at manned locations in collaboration with independently owned stations affiliated with GIR Norge AS.

As of March 2023, Uno-X Mobility decided to have a dedicated focus on the Uno-X brand moving forward. The

transformation the mobility business will undergo in the coming years is desired to be carried out with a focus on the Uno-X brand. This means that all YX truck facilities will be rebranded as Uno-X Truck in Norway and Denmark, and all colocations with 7-Eleven will be rebranded as Uno-X. Due to the updated brand strategy, a modified corporate structure was implemented during the year.

At year end Uno-X Mobility consists of 9 operating companies in Norway and Denmark. Norway: Uno-X Mobility Norge AS, Uno-X E-Mobility Norge AS, Uno-X Mobility Cycling AS, Uno-X Smøreolje AS and YX Betjent AS. Denmark: Uno-X Mobility Danmark A/S, Uno-X E-Mobility Danmark A/S, Uno-X Smøreolie A/S and Ipart ApS.

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How we create value

As a mobility business we play a crucial role in society by providing convenient access to essential energy resources, such as petrol and diesel. We contribute to the smooth functioning of transportation and logistics, supporting individuals and businesses in their daily activities. Additionally, we engage in sustainability initiatives, aiming to minimise environmental impact and promote responsible energy consumption. Overall, our role is integral to the economic and social mobility of a community or region.

Our primary focus still lies within the oil and gas sector, with a specialisation in fuel sales encompassing both fossil fuels and biofuels. It is important to underscore that our operational reach extends beyond traditional oil and gas

activities. We are diversifying our services to include offerings such as EV charging and environmentally certified car wash facilities, with plans for their gradual implementation at additional locations.

Our extensive value chain encompasses activities ranging from global sourcing and processing of raw materials to the consumption of fuels by private and business customers in Denmark and Norway.

Within our owned and controlled operations’ value chain, we manage storage, distribution, and unmanned outlets operations. Our supplier relationships are pivotal to our value chain, and we prioritise cultivating enduring partnerships with reputable suppliers.

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Value chain

Own operations

Uno-X Mobility businesses

▪ Fuels

▪ Car wash

▪ EV charging

▪ Heavy-duty EV charging

▪ Fuel depots ▪ Lubricants

Downstream
Customers ▪ Private ▪ Business
Raw materials ▪ Fuel ▪ Biofuel ▪ Water ▪ Electricity Transport Refining 25 % from upstream activites 1 301 580 tCO2e 0.02 % from own operations 1 183 tCO2e 75 % from downstream activites 3 867 270 tCO2e 10 • UNO-X MOBILITY • ASR 2023
activities
Upstream activities
UNO-X MOBILITY • ASR 2023 • 11

Letter from CEO

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Dear stakeholders,

It is with gratitude that I present to you our 2023 Annual and Sustainability Report, providing an overview of Uno-X Mobility’s performance, initiatives, and commitment to a more sustainable future�

We are navigating in a time of turbulence, which presents unprecedented challenges for us all. However, it also offers significant opportunities for transformation if we collaborate effectively. As Uno-X Mobility navigates the dynamic landscape of the retail industry, I am particularly happy to share the strides we have made in promoting sustainable mobility.

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A shift towards sustainability

In the face of evolving environmental challenges, we are steadfast in our commitment to driving positive change. Historically, our turnover has been rooted in fossil fuels, but we recognise the urgency of transitioning towards cleaner alternatives.

While we continue to uphold the critical societal function of supplying liquid fuels to our customers in Norway and Denmark, our focus for the foreseeable future will be on directing the majority of our earnings towards investments in more sustainable mobility. This year represents a noteworthy milestone as we actively engage in the EV revolution and persist in expanding our deployment of ecolabelled car wash facilities. Both initiatives contribute to shaping a more sustainable and environmentally friendly mobility landscape.

Electrifying the future

Our commitment to sustainability is underscored by our ongoing efforts to develop an EV charging infrastructure for both personal EVs and heavy-duty EVs.

One of the highlights this year has been the launch of our heavy-duty transport charging concept, both in Norway and Denmark. This strategic move not only aligns with our dedication to reducing our carbon footprint, but it also entails an ambition to position us as a market leader in heavy-duty EV charging.

Cycling for change

At Uno-X Mobility, we strongly advocate for cycling as a sustainable means of transportation. As a testament to this commitment, we own and operate professional cycling teams for both men and women. Cycling represents more than just a sport to us; it reflects our

„ Our mission is to develop and promote solutions for sustainable mobility
14 • UNO-X MOBILITY • ASR 2023

dedication to a healthier, greener future. Our cycling teams serve as ambassadors for sustainable mobility, embodying the values that propel our company forward.

In 2023, our men’s team received its first invitation to the Tour de France, following the participation of our women’s team in 2022. We are grateful to have received a second invitation for the men’s race in 2024, further affirming our presence on this prestigious arena.

Corporate responsibility

We recognise the pivotal role businesses play in shaping the future, and we are dedicated to leading by example. Our commitment to corporate responsibility goes beyond compliance. This report reflects our transparent approach to sustainability, outlining our progress, challenges, and the steps we are taking to make a meaningful impact.

Going forward

Uno-X Mobility continues to perform well financially. This enables us to invest in sustainable initiatives and empowers us to be at the forefront of change. We are a major player in the retail industry in Norway and Denmark, capable of influencing positive environmental and social impact going forward.

In closing, I extend my appreciation to our customers, employees, suppliers, owners, and other stakeholders who support us on our journey. Together, we are shaping a more sustainable and responsible future. I invite you to delve into the pages of this report, exploring the stories of our progress and the impact we are making.

Thank you for your continued trust.

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Our sustainability approach

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Regulatory framework

Government dialogue

At Uno-X Mobility, we recognise the pivotal role of achieving a society independent of fossil fuels for road transport in mitigating climate change. Consequently, we believe that fostering constructive and close dialogue with regulatory authorities in Denmark and Norway is imperative. Public regulations significantly influence the deployment of emission reduction technologies in road transport, shaping market dynamics. Addressing climate change and reducing CO2 emissions will be central themes in Uno-X Mobility’s engagements with decision-makers in the years ahead. As a key player in our markets, we are strategically positioned to exert a substantial positive influence and remain dedicated to developing and advocating for more sustainable

mobility solutions to contribute to the reduction of pollution and enhancement of air quality in Denmark and Norway.

European Union

At Uno-X Mobility, we emphasise keeping abreast of developments in EU policy, which sets key guidelines for policy development in both Norway and Denmark. While Denmark is an EU member state and implements EU policies continuously, Norway collaborates with the EU as an EEA country and is influenced by EU policies at a slightly different pace.

The European Green Deal (EGD) was an important regulatory initiative to transition Europa to a greener economy. EU lawmakers are working to make this transition a reality for people and businesses. Of course, with a strong focus on emissions from road transport, which constitute a significant portion of CO2 emissions in Europe.

“But as the electric vehicle (EV) revolution has proven, transport is fertile ground for innovative greentech solutions and technologies, creating industries and creating good jobs. This is the critical period to not only cement Europe’s leadership in addressing the climate crisis, but to transform the Green Deal into an industrial strategy for a prospering economy and society.“

Transport & Environment, Guide to Transport 20241

Recognising that the electrification of the car fleet is a gradual process, considering the about 20-year lifespan of an internal combustion engine (ICE) vehicle, it is crucial for authorities to establish long-term goals facilitating a responsible transition to new technologies in the market. At Uno-X Mobility, we are steadfast in our commitment 1. https://www.transportenvironment.org/discover/ tes-guide-to-eu-transport-2024/

to supporting and promoting sustainable mobility solutions as we strive towards a society independent of fossil fuels.

National governing bodies

Fuel

Our collaboration with Danish authorities has been closely coordinated with the national industry association, Drivkraft Danmark, yielding significant outcomes. From 2022, Danish authorities introduced a CO2 displacement requirement instead of a blending mandate for biofuels.

The authorities have proposed an increased displacement requirement effective from 2025, disregarding the ILUC effects outlined in the Danish agreement for the green transition of road transportation in 2020. Instead, they are indicating a cap on the utilisation of first-generation biofuels. Together with the industry association, we are persistently advocating for the implementation of a

UNO-X MOBILITY • ASR 2023 • 17

method to incorporate ILUC effects, aiming for a gradual phase-out of first-generation biofuels rather than solely enforcing a maximum threshold. First-generation biofuels, primarily ethanol and biodiesel, are derived from food and other agricultural crops such as rapeseed, soybeans, and palm oil, intended to substitute petrol and diesel.

Additionally, we are of the opinion that expanding the CO2 displacement requirement to include various technologies capable of reducing emissions will create a more

comprehensive framework, enabling quicker and more cost-effective emission reductions in the road transportation sector.

Similarly, in Norway, our engagement with government authorities aligns with the industry association Drivkraft Norge.

We advocate for the implementation of a CO2 displacement mandate as a more effective and inclusive regulatory framework for emission reduction in the transportation sector, instead of the current ambitious volume-based bio-mandate as a substitute for fossil products.

EV charging

Creating an infrastructure for EV charging, both for personnel EVs and heavy-duty EVs, is a crucial initiative in reducing emissions from road transport. In both countries, we are collaborating with industry associations to advocate for regulations conducive to the growth of an EV charging infrastructure. A significant challenge to address is the imperative for swift access to electricity at locations where EV charging stations are installed. Regulatory authorities have pinpointed key challenges through

discussions with market participants and are presently in the process of adjusting regulations to expedite the development of an EV charging infrastructure. Some establishment barriers have been resolved during 2023; the primary ones remaining include straightforward and efficient access to electricity, the pricing model for rent of power grid in Norway, and access to land for establishing heavy-duty charging facilities.

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Stakeholder engagement

Uno-X Mobility and our subsidiaries engage in ongoing conversations with key stakeholders, both internal and external, as an integral aspect of our daily operations. This interaction provides valuable insights and knowledge that guide the continued development of our businesses. The identified key stakeholders, topics, and dialogue formats are detailed in the following table. These were identified and delineated during the revision of our materiality assessment for this year’s reporting.

The customer is our ultimate boss. For example, in autumn 2023, we conducted a customer survey among 40 of our Norwegian customers in the heavy-duty diesel truck sector to identify the factors influencing their decision to transition to electric heavy-duty vehicles.

Additionally, in January 2024, a Net Promoter Score (NPS) survey was conducted in Norway and Denmark, revealing highly favourable results for our brand compared to competitors in both countries.

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Overview of stakeholders

▪ Environment, health, and safety (EHS)

▪ Affordable prices

▪ Efficient and convenient customer experience

▪ E-mobility for personnel cars, vans, and heavy-duty vehicles

▪ Customer events customer surveys

▪ Personal contact

▪ Participation in events and conferences

▪ Digital applications

▪ Fuels

▪ E-mobility

▪ The Norwegian Transparency Act

▪ Personal discussions

▪ Public events and panels

▪ Association and organisation dialogue formats

▪ Value-based culture

▪ Our mission, business idea and strategy

▪ Environment, health, and safety

▪ Training and development

▪ Performance

▪ An active and healthy lifestyle

▪ One-on-one discussions

▪ Group meetings – digitally or in the office

▪ Value gatherings

▪ Social contexts

▪ Emissions reductions from road transport

▪ E-mobility

▪ Ecolabelled car wash

▪ Biofuel feedstocks

UNIVERSITIES AND RESEARCH INSTITUTIONS

Relevant topics

▪ Develop sustainable mobility

▪ Meetings

▪ Seminars

▪ Partnerships, project participation

▪ Partnerships

▪ Participation on panels and in discussion events

▪ Access to sales products, fuels, biofuels, and electricity

▪ Suppliers Code of Conduct (SCoC)

▪ The Norwegian Transparency Act

▪ Electrification of heavy-duty transport

▪ Suppliers’ discussions and negotiations

▪ Events and conferences

▪ Agreements

▪ Loans

▪ Credit facilities

▪ Cash management

BANKS/FINANCIAL INSTITUTIONS

▪ Meetings

▪ Agreements

▪ Seminars and events

▪ Environment, health, and safety (EHS)

▪ Sustainable mobility

▪ Ecolabelled car wash

▪ Uno-X Mobility Cycling

▪ Sponsorships

▪ Social media

▪ Local campaigns or events

CUSTOMERS EMPLOYEES AND PARTNERS SUPPLIERS Relevant topics Dialogue format Relevant topics Dialogue format Relevant topics Dialogue format
AUTHORITIES NGO’S LOCAL COMMUNITIES
Dialogue format Relevant topics Dialogue format Relevant topics Dialogue format
Relevant topics
Dialogue format Relevant topics Dialogue format
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Climate-related risks and opportunities

On our sustainability journey, we have conducted a thorough Task Force on Climate-Related Financial Disclosures (TCFD) analysis during 2023, employing a structured approach to assess how climaterelated risks and opportunities impact our business. The analysis has been conducted as part of our owner Reitan Retail’s TCFD analysis and comprised various essential elements, including scenario analysis, which allowed us to explore the potential effects of different climate scenarios on our operations and financial performance. Price Waterhouse Coopers (PwC) assisted Reitan Retail in conducting its TCFD analysis.

Initially, we identified a spectrum of climaterelated risks pertinent to our business, ranging from physical risks like extreme weather events and sea-level rise, to transition risks such as policy changes and shifts in market preferences. We also recognised opportunities for innovation and adaptation.

Subsequently, we crafted scenario narratives to envision plausible future climates and their potential implications for our business.

These scenarios considered factors like greenhouse gas emissions trajectories, regulatory responses, technological advancements, and societal trends. For instance, we examined scenarios spanning from a “business as usual” trajectory with minimal climate action to a “rapid

transition” scenario marked by aggressive decarbonisation efforts and widespread adoption of clean technologies.

Through scenario analysis, we also looked at potential financial impacts of each scenario on our business, encompassing changes in revenue, costs, asset valuations, and market demand. This analysis empowered us to identify risks that require mitigation and opportunities primed for exploitation across various climate futures.

By integrating scenario analysis into our TCFD assessment, we deepened our understanding of the diverse outcomes linked to climate change. This insights-driven approach equips us to make well-informed decisions, fortify our resilience to climaterelated risks, and embrace opportunities for sustainable growth in an evolving landscape.

Our response

Our response to identified risks and opportunities is our mission to develop and promote solutions for more sustainable mobility. Our ambitions so far are to continue to secure the critical societal functions of offering liquid fuels in a declining market. Utilise financial resources derived from the sale of liquid fuels to establish infrastructure for charging of electric vehicles and electric heavy-duty trucks, facilitating increased adoption of renewable energy in the road transportation sector. Contribute to reduced water consumption in the community by providing ecolabelled car wash services from an expanding number of locations.

Promote increased everyday cycling by owning and operating a professional cycling team comprising both men’s and women’s teams being ambassadors for cycling.

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Summarised prioritised risks

1. Regulatory

2. Technology

▪ Stranded assets, inefficient investments

▪ Loss of market share

▪ Lacking support for transition (e.g. electricity grid development)

▪ Stranded assets, sunk costs, inefficient investments

▪ Regulatory disconnect

Regulatory frameworks heavily dictate market developments within energy for road transportation, e.g. fuels, biofuels, electricity, biogas etc. Short-term regulatory changes may result in inefficient or irrelevant investments, complicating decisions on where to allocate resources effectively. Sudden and significant regulatory shifts, such as a substantial increase in blend-in requirements, could pose considerable challenges for the supply chain and operations, potentially disrupting ability to meet demand effectively. Competitors who are more aligned with policy priorities may stand to gain market share, potentially impacting competitive position.

Emergence of innovative technologies may render existing or planned investments obsolete, posing a risk of significant financial losses. Investing heavily in specific products that could become outdated with the adoption of new or superior technologies, such as biofuel versus electricity, could result in substantial losses. Regulatory delays in adjusting to innovative technologies may impede their adoption and utilisation, delaying market players’ ability to leverage technological advancements effectively.

▪ Damage to brand

▪ Greenwashing accusations

3. Reputational

Changes in sustainability metrics, influenced by shifts in public perception or regulatory standards, could result in negative publicity or allegations of greenwashing. What is considered sustainable today may not meet future sustainability standards, as technologies undergo increased scrutiny.

Geopolitical events exacerbated by climate change may render supply from certain regions or countries deemed unsustainable, posing risks to our supply chain stability.

▪ Disruption of fuel/energy supply

4. Physical effects

Fuel deliveries may be adversely impacted by extreme weather events, such as temporary or prolonged disruptions in port operations. Geopolitical events influenced by climate change could disrupt the ability of suppliers to deliver fuels, potentially affecting our supply chain reliability.

▪ N/A

5. Market effects of the transition

We recognise the potential risk of not participating in the transition to more sustainable practices. However, given that our business strategy already incorporates plans for adaptation to align with this transition by developing and promoting solutions for more sustainable mobility, we have excluded this risk from the highlighted risks in our analysis.

RISK IMPACT SHORT DESCRIPTION
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Summarised prioritised opportunities

1. Regulatory

▪ Enables long-term investments

▪ Possibility to utilise or capitalise on support-schemes

▪ Better products and services

▪ Effective delivery and reach

2. Technology

Remaining abreast of and adhering to stable regulations facilitates investments in long-term sustainable solutions. Governmental support schemes aimed at promoting specific fuels or energy sources can directly benefit the company and its customers, stimulating demand for products offered by the company or those it can potentially offer.

Technology-neutral regulations may provide flexibility in responding to market demands effectively. Conversely, the absence of regulatory developments enables the company to maintain its standard business model without disruption.

Leveraging innovative technology and digital solutions can enhance customer experience, such as offering ultrafast charging solutions that surpass existing options and providing guidance to customers on relevant products and service locations. The company’s infrastructure of outlets can be utilised to swiftly deploy new technological solutions.

▪ Positive perception of brand

▪ Increased sales

3. Reputational

Engaging in transparent communication about sustainability efforts and actively participating in the transition to greener practices can enhance the company’s brand reputation, potentially increasing consumer demand.

Offering more environmentally friendly products, such as ecolabelled car wash options, can positively influence consumer perception of the brand.

▪ N/A N/A

4. Physical effects

▪ Enables growth

▪ Retained or increased market share

5. Market effects of the transition

Positioning the company as a participant in the transition away from fossil fuels facilitates growth into new market segments. Proactively engaging in this transition enables the company to maintain or expand its current market shares. In a scenario where the transition does not occur, the business can sustain its current operations and potentially continue to grow over time.

OPPORTUNITY IMPACT SHORT DESCRIPTION
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Materiality assessment

In preparation for the upcoming sustainability report for this year, Uno-X Mobility has conducted a comprehensive review of the impact-based materiality assessment carried out in 2022, aligned with the GRI Standards 2021. In 2023, the company operates in the same business sector as it did in 2022, and a review of the materiality analysis from 2022 is deemed relevant for the current year. The materiality assessment involved a thorough examination of all operations and value chain, laying the groundwork for the company’s ESG (Environmental, Social, and Governance) pathway.

The analysis pinpointed crucial material topics for disclosure, ensuring the comprehensive inclusion of all pertinent and substantial impacts on the company. As part of the updated GRI 2021 disclosure, we integrated the Oil and Gas (O&G) Sector Standard, encompassing all relevant material topics from this sector standard in our disclosure of significant impacts on the economy, environment, and people, including human rights impacts. However, due to the nature of our operations, some topics are not applicable and are not reported on. The rationale for omission is elaborated in the GRI content index, accessible on Uno-X Mobility’s website.

To ascertain significant impacts, the materiality analysis process involved listing all company activities and evaluating actual and potential negative and positive impacts throughout our value chain. Impacts were categorised based on their scale, scope, and the likelihood of significance, adhering to a predetermined threshold for material topics. Negative and positive impacts were assessed independently to prevent the deprioritisation of negative impacts. Further scoring points were allocated to negative impacts related to human rights, acknowledging that the severity of human rights violations always takes precedence over their likelihood.

Once ranked, the impacts were grouped into material topics, with the naming of these topics being company-specific to provide the most accurate representation of Uno-X Mobility’s most significant impacts. Applicable disclosures outlined in the O&G Sector Standard were integrated into the material topics, with the linkage indicated in the GRI content index.

Seven material topics were included above the threshold and are grouped under three strategic focus areas for Uno-X Mobility; environment, ethical value chain and, people and culture.

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ENVIRONMENT

▪ GHG emissions

▪ Spills

▪ Water and effluents management

▪ Human rights

ETHICAL VALUE CHAIN

▪ Business ethics and anti-corruption

PEOPLE AND CULTURE

▪ Employer- and employment practises

▪ Environment, health, and safety

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Prioritised list of material topics

In consideration of our business operations and the corresponding value chain, several material topics have been identified for reporting in the upcoming year. We have reviewed our list of material topics for 2023 and have not identified any additional material topics. Local communities, biodiversity, safe and compliant infrastructure and procedures, land and resource rights, indigenous people, closure and rehabilitation, are still placed below the reporting threshold.

Preparations for CSRD

This year we have dedicated substantial efforts to prepare for compliance with the recently introduced Corporate

Sustainability Reporting Directive (CSRD) within the European Union. The CSRD aims to significantly elevate sustainability standards by introducing a comprehensive framework mandating companies to disclose crucial non-financial information. Notably, the directive stipulates that large public firms are obligated to commence reporting in 2024, with large non-public firms following suit in 2025. While our reporting obligation falls within the latter timeframe, we have proactively initiated preparations well in advance, recognising the substantial efforts required for achieving compliance with this directive. This proactive approach underscores our commitment to upholding best practices in sustainability reporting and aligning with evolving regulatory frameworks.

LIST OF PRIORITISED MATERIAL TOPICS WITH THRESHOLD

▪ GHG emissions

▪ Business ethics and anti-corruption

▪ Human rights

▪ Water and effluents management

▪ Spills

▪ Environment, health, and safety

▪ Employer- and employment practises

▪ Local communities

▪ Biodiversity

▪ Safe and compliant infrastructure and procedures

▪ Land and resource rights

▪ Indigenous people

▪ Closure and rehabilitation

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Focus areas, material topics, and measures

Environment

▪ GHG emissions

▪ Spills

▪ Water and effluents management

▪ Scope 1 and 2, climate neutral in 2030 scope 3, net zero in 2050

▪ 30 % of energy traded to be renewable by 2030, and 100 % by 2050

Ethical value chain

▪ Human rights

▪ Business ethics and anti-corruption

People and culture

▪ Employer- and employment practises

▪ Environment, health, and safety

▪ Supplier assessment of all suppliers

▪ Comply with regulatory requirements for blending renewable liquid fuels. No tolerance for palm oil or soy oil in biofuels

▪ Enhance ultrafast-charging infrastructure for both electric passenger and heavy-duty vehicles to bolster the road transportation sector’s access to renewable energy sources

▪ Expand ecolabelled car wash facilities

▪ Own and operate Uno-X Mobility Cycling inspiring more everyday cycling

▪ Stakeholder dialogue

▪ Supplier Code of Conduct

▪ Conduct risk assessment of suppliers

▪ Secure transparency on biofuel feedstocks

▪ Contribute to developing a common procurement policy for Reitan Retail

▪ By 2025, the ambition is for there to be at least a 40 % gender balance for new hires in top- and middle management combined in Reitan Retail

▪ All companies must have conducted internal employee surveys or use tools that measure how employees experience our diversity work

▪ Zero harm to people and environment

▪ Maintain a strong value-based culture based on the REITAN-mindset

▪ Code of Conduct

▪ Maintain a strong environment, health and safety (EHS) framework

▪ Ensure gender balance in the final stages of internal and external recruitment processes

▪ Inspire a healthy and active lifestyle among our employees

▪ Maintain both a women’s and a men’s team in Uno-X Mobility Cycling, on equal terms

FOCUS AREA MATERIAL TOPIC GOALS MEASURES UN SDGS
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UNO-X MOBILITY • ASR 2023 • 29

ENVIRONMENT

Relevant

UN Sustainability Goals and Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

6.3 By 2030, improve water quality by reducing pollution, eliminating dumping, and minimising release of hazardous chemicals and materials, halving the proportion of untreated wastewater, and increasing recycling and safe reuse globally.

6.5 By 2030, implement integrated water resources management at all levels, including through transboundary cooperation as appropriate.

13.1 Strengthen resilience and adaptive capacity to climate related hazards and natural disasters in all countries.

13.2 Integrate climate change measures into national policies, strategies, and planning.

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Creating net zero mobility

Scope 1 / Our emissions • Prioritising renewable

▪ Changing company cars to electric vehicles

▪ Actively exploring solutions for renewable mobility in our cycling team

Scope 2 / Energy consumption • Renewable and efficiency

▪ Enhancing energy efficiency in all our operations

▪ Purchasing guarantees of origin for all electricity

Scope 3 / Value chain • Renewable energy

▪ Accelerating the shift towards renewable mobility by offering simple and effective solutions for EV charging

in own operations by 2030 (Scope 1 and 2)

Climate
100
30
neutral
% free from palm oil and soy oil since 2007 Halving our emissions by 2030, net zero by 2050 (Scope 3)
% renewable energy by 2030
OUR COMMITMENT
2020-2022 Base year 2030 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Scope 1 and 2 Renewable energy sold Scope 3 32 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 33

How we work to reach our goals

At Uno-X Mobility, we are dedicated to implementing measures that support environmentally sustainable resource management, which is inherently woven into our business model and sustainability strategy. Our mission revolves around developing and promoting solutions for sustainable mobility. We recognise emissions and other environmental considerations as significant factors impacting both our company and stakeholders. This acknowledgment stems from the environmental advantages and disadvantages associated with our products, as well as the imperative to manage the risks posed by emissions on the environment.

While our value chain (scope 3), particularly the consumption of our sold fuels, stands out as the primary source of our negative environmental impact, our own operations exhibit significantly lower emissions. Consequently, our efforts are concentrated on addressing emissions within our value chain. Our foremost agenda includes innovations and activities focused on enhancing processes by reducing emissions, preventing spills, and improving water and energy efficiency.

In line with our priorities for 2023, we have emphasised initiatives such as expanding the number of EV charging stations and ecolabelled car wash. In 2023 we also launched our first charging stations for heavy-duty trucks, stimulating faster deployment of zero-emission heavy-duty trucks in both Norway and Denmark.

Electric mobility for a more sustainable tomorrow

To reduce emissions from the transport sector the EU and Norway have set ambitious targets for electrification of the transport sector, thus clearly signalling a gradually decline of the market for fuels. In an era defined by environmental consciousness and transformative technological shifts, our commitment to sustainability extends far beyond the aisles of our fuel retail business. As we navigate the evolving landscape of energy and transportation, we proudly introduce our foray into electric mobility, to position ourselves at the forefront of sustainable solutions.

This sustainability report serves as a testament to our dedication to a cleaner, more responsible future, focusing specifically on our role in advancing electric mobility through the operation of charging infrastructure for EVs and electric heavy-duty trucks.

Our charging infrastructure caters to the diverse needs of electric mobility, accommodating not only the burgeoning market of electric cars and vans, but also the vital segment of heavy-duty electric vehicles. Recognising that sustainability in transportation spans a spectrum, from urban commuters to industrial logistics, our infrastructure is designed to support a comprehensive electrified ecosystem. This inclusive approach aligns with our values of accessibility, efficiency, and environmental responsibility.

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Uno-X ultrafast charging for heavy-duty EVs

Our ambition is to be a leading player in ultrafast-charging solutions for heavy-duty EVs in Norway and Denmark.

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In March 2023, we opened our first ultrafast charging location for heavy-duty EVs, also marking Denmark’s first publicly accessible ultrafast charging facility for heavy-duty EV’s. Situated adjacent to our existing truck fuelling facility in Nyborg, on the island of Fyn near the Storebælt Bridge, this 360 kW ultrafast charger enables

drivers to recharge quickly and efficiently.

The introduction of this charging point was initiated following input from our customer, DFDS, and the charging point will play a crucial role in supporting the industry and Uno-X’s ambitions to deploy a network of public charging points across Denmark.

We are listening and moving together with the Danish transport industry�

As our customers transition to new technologies, so do we� Both HVO (Hydrotreated Vegetable Oil) and Ad blue are excellent examples of this�

The electrification of heavy-duty vehicles is another example of how we adapt alongside our customers

- Michael B. Hansen, Head of Commercial at Uno-X Mobility Danmark

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In Norway, we opened our first charging station for heavy-duty transport in November, located at REMA 1000’s distribution centre outside Oslo. With ambitious goals to reduce emissions from their own freight transport, REMA 1000 Norway became our first

customer. Initially, six charging points were installed at REMA 1000, with two 400 kW chargers designated for REMA Distribution’s use and an equivalent fastcharger outside the gate made publicly accessible for anyone seeking to charge conveniently and efficiently at Uno-X.

Uno-X aims to provide straightforward and efficient solutions for fast-charging heavyduty vehicles while addressing our customers’ need for streamlined fleet management.

- Thomas Erik Sande, Head of Commercial at Uno-X Mobility Norge

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The market development for ultrafast charging of heavyduty transportation is significantly influenced by political frameworks, and our commitment is, of course, contingent on a continued clear direction from the authorities�

By the end of the year, Uno-X Mobility has operationalised five ultrafast chargers specifically designed for heavy-duty EV’s, with two located in Denmark and three in Norway. This translates to the capacity for ten heavyduty EVs to charge simultaneously at Uno-X facilities by year-end.

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Uno-X ultrafast charging for EVs

Uno-X Mobility is actively pursuing ambitious expansion plans to increase the number of EV charging locations in Norway and Denmark. This initiative involves providing EV charging services at sites managed by Reitan Retail in both countries, often strategically located alongside REMA 1000 or 7-Eleven outlets. Our cutting-edge solutions prioritise the best possible customer

experience, featuring transparent and straightforward pricing information, a 300 kW output, and a convenient tap-anddrive payment system that has garnered swift adoption from our clientele.

As of year-end 2023, we successfully launched 38 locations with a total of 90 ultrafast chargers. At year-end, 180 EVs can charge simultaneously at our locations in Norway and Denmark. Our mediumto-long-term objective is to enable the simultaneous charging of 1 000 EVs.

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Nordic Swan ecolabelled car wash

Driven by our aspirations, we note a significant increase in the number of Uno-X ecolabelled car wash in 2023, aligning seamlessly with our commitment to offer an environmentally friendly alternative to traditional car wash. Both the car wash installations and the detergents adhere to the rigorous criteria of the Nordic Swan ecolabel, ensuring a comprehensive and detailed commitment to sustainability. For instance, wastewater treatment sees an improvement of about

90 % in hazardous contaminant removal, and water consumption is reduced by approximately 80 %.

The customer experience is designed to be seamless and efficient. Upon registering a customer relationship in the mobile app, the customer can simply drive to the gate, where the registration number is automatically recognised, and the gate opens. The process involves three straightforward steps: driving in, washing the car with ecolabelled products, and, upon completion, the gate opens for the customer to drive off. This entire experience is executed without requiring any additional customer interaction in the app.

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Our ecolabelled car wash facilities are strategically deployed at selected Uno-X locations in Norway and Denmark, as well as being co-located with REMA 1000 in both countries. Throughout the year, we have opened 25 new ecolabelled car wash facilities, culminating in a total of 77 ecolabelled car wash facilities operational in Norway and Denmark by year-end.

The Swan Award is given to a business that has excelled in incorporating the Swan label into its communication and marketing efforts, contributing to expanding the availability of environmentally friendly choices for consumers or professional buyers.

In 2023 Uno-X Mobility Norge received The Swan Award for its rollout of the Nordic Swan ecolabelled car wash facilities in Norway�
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Cathrine Pia Lund, CEO Nordic Swan Ecolabel and Ole Robert Reitan, CEO Reitan Retail

Cycling and sustainable mobility

Uno-X Mobility takes considerable pride in the ownership and operation of both a men’s and women’s pro cycling team, competing at the highest international levels. Our strategic investment in these teams extends beyond mere competition, aiming to elevate awareness and contribute to the broader promotion of cycling within society. The impetus behind this substantial investment is to enhance the visibility and popularity of cycling, with our team riders serving as crucial ambassadors for sustainable mobility.

Recognising the increasing global attention on cycling’s multifaceted benefits, particularly amid climate challenges, we acknowledge its potential to significantly reduce CO2 emissions and advocate for more sustainable mobility and improved personal health. At Uno-X Mobility, this

realisation drives our ownership and operation of the cycling teams, with the primary objective of positioning cycling as a pivotal element of sustainable mobility.

In 2023, both our women’s and men’s teams participated in the prestigious Tour de France race, further reinforcing our commitment to showcasing cycling excellence on the global stage.

From January 1, the cycling team has changed its name to Uno-X Mobility, aligning itself with its owners. This adjustment allows us to better facilitate the team’s promotion of sustainable mobility. Both the men’s and women’s teams will participate in the Tour de France 2024, providing additional opportunities to convey the message that cycling plays a crucial role in fostering more sustainable mobility.

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Investments in more sustainable mobility

In the pursuit of a sustainable future, strategic investments play a pivotal role in reshaping the landscape of the mobility sector. Keeping with this theme, we are channelling our resources into three key components: ultrafast chargers for EVs, ultrafast chargers for heavy duty EVs and environmentally conscious, ecolabelled car wash facilities.

In the rapidly evolving market for EVs, the demand for efficient and easy to use ultrafast charging solutions has become paramount. The market dynamics and technological

advancements is driving the proliferation of ultrafast chargers forward, transforming the mobility sector, shifting away from traditional fossil energy sources. With our mission to promote and develop solutions for sustainable mobility, we seek to invest as much as possible into solutions for renewable energy, aligning our business with the growing demand for sustainable mobility.

Ecolabelled car wash emerge as a conscientious choice in the sustainable mobility landscape. Recognising the importance of sustainable car care, this initiative represents a conscious

choice within the sustainable mobility landscape, emphasising the positive environmental impact of eco-friendly practices. The rise of eco-labels is explored as a transformative force, promoting transparency and accountability in the car wash sector while aligning our endeavours with consumer preferences and fostering a responsible business image.

Our investment strategy, encompassing both ultrafast chargers and ecolabelled car wash, creates a synergistic approach towards fostering sustainability.

In 2022, we conducted a screening in our business sector to identify potentially sustainable economic activities eligible under the current EU Taxonomy. Based on the screening, Uno-X Mobility identified one activity conforming to the taxonomy within our business, with our new EV charging concept recognised as eligible under activity 4.9 for the transmission and distribution of electricity. As of 2023, no additional eligible activities have been identified within our business.

For further details on the EU Taxonomy, see Reitan Retail’s Annual and Sustainability Report 2023.

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GHG emissions

At Uno-X Mobility we are committed to be transparent with our carbon emissions and report emissions in our own operations and value chain based on the Green House Gas Protocol.

Data for carbon accounting are collected from our 803 unmanned fuel locations, 77 Nordic Swan ecolabelled car wash and 30 conventional car wash, 38 E-mobility locations for personnel cars, three E-mobility locations for heavyduty vehicles, three active tank park facilities for fuel storage in Norway and one in Denmark, as well as our own internal office operations.

The carbon accounting calculation is based on the following methodology. The emissions considered for scope 1, 2, and 3 are CO2, CH4, N20, SF6, HFC, PFC, and NF3, expressed in ton CO2 equivalents (tCO2e). The global warming potential (GWP) used to calculate CO2e is based on the Fourth Assessment Report (AR4) by the Intergovernmental Panel on Climate Change (IPCC) for a 100-year period.

Additionally, we have transitioned our calculation methodology from volumebased to energy content-based, shifting from CO2e per liter of liquid fuel to CO2e per MJ. This adjustment aims to streamline the comparison of energy sources and the computation of our renewable energy proportion, as well as aligning our approach with the EU methodology.

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Value chain

Own operations

Uno-X Mobility businesses

▪ Fuels

▪ Car wash

▪ EV charging

▪ Heavy-duty EV charging

▪ Fuel depots ▪ Lubricants

Downstream
Customers ▪ Private ▪ Business
Raw materials ▪ Fuel ▪ Biofuel ▪ Water ▪ Electricity Transport Refining 25 % from upstream activites 1 301 580 tCO2e 0.02 % from own operations 1 183 tCO2e 75 % from downstream activites 3 867 270 tCO2e UNO-X MOBILITY • ASR 2023 • 47
activities
Upstream activities

For both scope 1 and 2, the emission consolidation method is through operational control. All calculations for scope 1, 2, and 3 are consistent with the GHG Protocol, using recognised emission factor sources. All scope 1 and 2 data is calculated using consumption data, as well as most of the scope 3 category 7 business travel has been estimated based on national statistics and employee data. We have in 2023 expanded our scope 3 screening, now including category 2 capital goods and category 12 end-of-life treatment of sold products,

as well as expanded on other categories such as including lubricants in category 1 purchased goods and services. This year’s reporting has also seen the inclusion of scope 1 & 2 activities in our production facility at Ipart ApS, acquired in November 2022.

Uno-X Mobility tracks all operational and value chain emissions according to the GHG Protocol and has been using a carbon accounting software tool to record emissions since 2019.

Presented are the aggregated results from our fully owned subsidiaries from 2020 - 2023. In

accordance with Reitan Retail, Uno-X Mobility has chosen 2020 as the base year for carbon accounting in scope 1 and 2, and 2022 as base year for scope 3, and will use this for emissions reference and target settings in the future. Please note that we have recalculated emissions for all previous years using updated and more relevant emission factors related to fossil fuels. Previously, our calculations were based on emission factors for diesel and petrol provided by the Department for Environment, Food and Rural Affairs (DEFRA). However, we have now transitioned to

utilising factors outlined in the Commission Delegated Regulation (EU) of 10.02.2023, supplementing Directive (EU) 2018/2001. This recalculation resulted in a 2.5 % increase in our scope 3 emissions for the base year 2022, and a 5.6 % increase in our scope 1 emissions for the base year 2020. We are committed to maintaining transparency and precision in our reporting, and this adjustment ensures alignment with the most current and applicable regulatory standards.

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Scope 1 & 2 emissions breakdown (location-based) UNIT 2023 2022 2021 2020 Transportation tCO2e 554 480 383 287 Total scope 1 tCO2e 554 480 383 287 Electricity (location-based) tCO2e 629 636 580 729 District heating tCO2e 1 1 2Total scope 2 tCO2e 630 637 582 729 Total (Scope 1&2) tCO2e 1 183 1 117 965 1 016 Electricity (market based) tCO2e 2 121 4 300 3 431 3 647 Electricity MWh 14 095 10 798 8 894 8 430 Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail Annual and Sustainability Report published at www.reitanretail.no. UNO-X MOBILITY • ASR 2023 • 49

Scope 1 includes all our direct company emissions. Specifically, emissions from cars owned by the company and those that have been leased, including Uno-X Mobility Cycling AS, owning and operating our professional cycling team. Our scope 1 emissions in 2022 and 2023 accounted for 480 tCO2e and 554 tCO2e, respectively. Thus, equivalent to a 15 % increase from 2022. The increase is mostly due to increased activity in our cycling teams.

Emissions in scope 1 are calculated on a consumption basis and multiplied

with globally recognised emission factors from EU. Scope 2 is presented using both a location-based and market-based method. The locationbased method has seen a decrease of 1 % in CO2 emissions, and a 51 % decrease using the market-based method. The reduced emissions in the market-based method are due to increased use of guarantees of origins on electricity purchased. We are aiming for further increasing this and eventually only purchasing electricity from renewable sources.

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Scope 3 emissions breakdown UNIT 2023 2022 2021 2020 Purchased goods and services tCO2e 1 246 629 1 247 283 1 276 949 1 281 061 Capital goods tCO2e 4 867 - -Fuel and energy related activities tCO2e 275 118 277Upstream transportation and distribution tCO2e 6 367 5 801 -Waste generated in operations tCO2e 586 1 220 113 49 Business travel tCO2e 1 233 999 685 281 Employee commuting tCO2e 128 165 -Use of sold products tCO2e 3 865 324 3 999 748 3 927 097 3 993 921 End-of-life treatment of sold products tCO2e 19 - -Total (scope 3) tCO2e 5 125 426 5 255 333 5 205 121 5 275 311 ILUC tCO2e 43 424 35 561 122 811 81 791 Total (scope 3) including ILUC tCO2e 5 168 851 5 290 894 5 327 932 5 357 102 Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail annual and sustainability report published at www.reitanretail.no. UNO-X MOBILITY • ASR 2023 • 51

Our scope 3 emissions includes indirect emissions related to goods and services in the value chain. Categories included in this year’s reporting is purchased goods and services, capital goods, fuel- and energy related activities not included in scope 1 or scope

2, upstream transportation and distribution, waste generated in own operations, business travel, employee commuting, downstream transportation and distribution, use of sold products as well as end-of-life treatment of sold products. Our scope 3 emissions for 2023 stand at 5 168 851 tCO2e, 2.3 % decrease from 2022. Scope 3 emissions have been calculated using globally recognised EU, DEFRA, IEA, and Eco invent factors.

Purchased goods and services

Our purchased goods and services consist of Well-to-Tank (WTT) emissions associated with our liquid fuel products and on-site water consumption. Additions to this category in 2023 is of chemicals used in our car wash

and the cradle-to-gate emissions associated with the production of DARE bicycles. In calculating fossil fuel emissions for 2023, we have relied on factors provided by the EU, while the assessment of biofuel emission is grounded in the Proof of Sustainability certificates provided by our suppliers.

Capital goods

In 2023, we have introduced reporting on emissions from production of capital goods. The emissions are derived from both the materials used and the transportation of the materials. In our current reporting, emphasis has been placed on the assessment of prominent capital goods, including car wash, fuel stations, charging stations and a new bus for Uno-X Mobility Cycling. Looking ahead to the forthcoming reporting year, our objective is to broaden the scope by incorporating a more extensive range of capital goods.

Fuel and energy related activities not included in scope 1 or scope 2

The scope of fuels and energy-related activities include all upstream emissions from the production of fuels and energy acquired and utilised in the reporting year. Emissions during the use phase are accounted for within scope 1 or 2. However, within scope 1 emissions, the fuels pertain specifically to purchases made at our proprietary gas stations. Upstream emissions linked to products sold at our gas stations are included in the purchased goods and services category, consequently exempting them from this category. In the context of scope 2 energy, upstream emissions associated with the electricity procured and used by the company are included in this category. It is important to note that upstream electricity, represented under purchased goods and services, pertains to the electricity distributed at our EV-charging

stations. Given that the company acquires this electricity for distribution and sale rather than consumption, we deem it more appropriate to report it under purchased goods and services. This approach serves to establish a clear distinction between the electricity purchased for resale to consumers and the electricity actually consumed by our company.

Upstream transportation and distribution

The transportation of our fuel products, from tank facilities to our fuel stations is managed by Skanol and their sub-suppliers, both in Norway and Denmark. The annual reporting of the fuel consumption associated with this transportation is diligently recorded and included as emissions within this specific category. While the transportation of other products is presently considered within the emissions factors of other distinct categories, we are actively working to enhance data collection in this specific category for all our products. Our aim is to refine the accuracy

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and completeness of our emissions reporting, demonstrating our commitment to continuous improvement and sustainability practices.

Waste generated in operations

The emission from our waste consists mostly of waste generated at our tank facilities, wastewater and landfill. In Uno-X Mobility subsidiaries, waste produced at mobility locations amount to a minor quantity as all locations are unmanned. The waste is collected in bins, such as waste from cars and used paper for cleaning fuel spills. The frequency of emptying these bins is typically only once a week or once every two weeks due to the small amount of waste. As the quantity of waste is limited, it is not recorded in our carbon accounting.

Business travel

All subsidiaries have seen a rise in business travel activities in 2023, much because of our men’s cycling team participation in Tour de France, bringing our entire company to France to celebrate this achievement. We have also a significant increase in emissions from our cycling team as they had an increase in activities and competition following the participation in Tour de France.

Employee commuting

Employee commuting data is currently derived from national statistics, utilising the number of employees in each country. In an effort to enhance the precision of our reporting, one of our companies conducted a survey in 2023, providing more accurate insights into employee commuting patterns. Looking

ahead to future reporting years, our objective is to proactively implement surveys across our organisation to systematically track and analyse how our employees commute to work.

Use of sold products

The consumption of sold products stands as our most significant contributor to emissions across all categories. Our primary product line involves the sale of liquid fuels for road transportation, presenting a considerable emission output. The Tank-to-Wheel (TTW) emissions associated with these products are incorporated within this category. Additionally, a new inclusion for the year 2023 involves the reporting of emissions stemming from our lubricating products. We offer Texaco lubricating oils produced at the factory Scanlube AB (50 % owned) and food-grade Anderol lubricating oils.

End-of-life treatment of sold products

In 2023, we have incorporated end-of-life treatment as a new reporting category. Our emissions reporting now encompasses not only the lubricants themselves but also the packaging associated with them. In addressing lubricant packaging, Scanlube has implemented the use of 30 percent recycled plastic in specific packages (20 litres) and plans to progressively enhance the inclusion of recycled plastic in a broader range throughout 2024. While the endof-life treatment details for our DARE bikes are not currently included, we are committed to ongoing efforts to enhance our reporting practices on an annual basis.

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Additional emissions calculations Nitrogen Oxide (NOx) and Surplus Oxide (SOx) have been calculated in addition to GHG emission gasses in our relevant scope 1 activities.

In scope 3 our most significant air emissions have been calculated for NOx and SOx, as well as for Non-Metane Volatile Organic Compounds (NMVOC) and Particular Matter (PM) which stems

from the use of our sold products. Calculations of air emissions are done based on conversion factors from Statistisk Sentralbyrå (SSB) and Drivkraft Norge. The emissions are calculated on the assumption that all fuel sold from fuel stations is used by passenger cars and all fuel sold at truck stations is used for heavy-duty transport.

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Significant air emissions in kg – scope 1

Significant air emissions – use of sold products

UNIT DIESEL PETROL BIODIESEL BIOETHANOL TOTAL NOx kg 1701 79 84 3 1 872 SOx kg 2 0 0 0 3
UNIT DIESEL PETROL BIODIESEL BIOETHANOL MGO LIGHT FUEL OIL TOTAL NOx kg 9 479 402 764 174 888 374 192 623 29 557 41 959 11 396 088 SOx kg 14 128 2 718 606 685 13 407 15 810 47 353 NMVOC kg 222 740 1 389 515 20 822 350 250 4 729 6 714 1 994 769 PM kg 122 827 7 385 11 646 1 861 3 381 4 800 151 900 UNO-X MOBILITY • ASR 2023 • 55

Spills

We operate unmanned fuel stations and tank park facilities in Norway and Denmark where we strictly adhere to governmental regulations and procedures for spill management and hazardous waste treatment. Uno-X Mobility Norge manages the complete sourcing and storage operations in Norway, which includes operating tank facilities along the Norwegian coast. In Denmark, Uno-X Mobility Danmark bears the responsibility for these procedures operated by Samtank (50 % owned), while the associated company Skanol (50 % owned) is responsible for the distribution of fuels in both countries. Uno-X Mobility’s overall ambition is to do no harm to people or environment.

Our focus is on spill prevention, but in the event of a spill, we have clear on-site procedures to manage it. We have conducted a risk analysis of our outlets and our tank park facilities to identify and mitigate potential spills. E.g., the risk analysis of our tank park

facilities includes several scenarios related to spills on land and sea of petrol, diesel, and biofuel which are stored at the tank parks, including spills scenarios such as smaller and larger leakage with dock offloading of fuel, leakage or breakage of pipes or tanks, and spills at truck loading sites. Multiple collection tanks have been installed in the ground at the sites to gather any liquid spills that may occur. At locations without such collection tanks, such as a sea docking station, on-site personnel are present to respond to spills by deploying bilges to contain spilled diesel fuel in the water. Trained personnel are always on-site to oversee the offloading and filling of fuel, and they can stop the process in case of an emergency, overfilling or leakage.

Uno-X Mobility’s subsidiaries occasionally handle hazardous waste at stations, and this is done in accordance with comprehensive laws and regulations regarding this area.

In addition, each subsidiary has a strong Environment, Health, and Safety (EHS) framework with procedures and policies, e.g., programs for tank cleaning, tank replacement and intervals for emptying oil separators at stations, and preparedness on how to act if there are spills/leakage. Notification plans at fuel station facilities is in place.

Fuels

As mentioned earlier in this report, we categorise the emissions from our products into two categories: “Well to Tank” (WTT), which refers to the emissions generated during the refining and distribution of our products, and “Tank to Wheel” (TTW), which reflects the emissions produced by our customers when using our products. The sum of these two categories is known as the “Well to Wheel” (WTW) calculation. Our emission factors for fossil fuels are sourced from EU, while the emission data for biofuels is based on the Proof of Sustainability

certificates provided by our suppliers. Denmark and Norway’s national statistics measure emissions by taking into account the use of sold products. The combustion of biofuels generates anthropogenic methane (CH4) and nitrous oxide (N2O), but zero CO2 emissions. The emissions from CH4 and N2O are included in the CO2e emission from TTW.

However, we also conduct a life cycle analysis that encompasses the entire lifecycle of our products, including their refining, distribution, and usage, both for biofuels and fossil fuels. The ILUC (Indirect Land Use Change) emission factors we use are based on standardised factors outlined in the EU directive. We acknowledge that as the demand for biofuels increases more efforts need to be made to account for their climate impact. As part of the country’s commitment to meeting CO2 displacement requirements, Denmark has considered developing national ILUC factors, while the EU system is also under

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evaluation. We support and encourage further research and regulations in this area to ensure that biofuels are sourced from the most sustainable feedstocks and raw materials, which can be facilitated by the ILUC methodology.

Volumes included in emissions accounting

Uno-X Mobility operates as a supplier, distributor, and retailer of liquid fuels. Within Uno-X Mobility, the supply business holds the pivotal role of procuring and sourcing liquid fuels for our own mobility locations and dealer-owned stations where we act as suppliers. Furthermore, Denmark supplies the bulk business covering private and business customers with heating oil, process- and transportation fuel. The sourcing process involves utilising both our own terminals and those operated by third parties. To optimise the efficiency of our terminal operations, we have established throughput agreements with

third-party terminals. These agreements serve as a mechanism allowing suppliers and distributors of liquid fuels to leverage the pre-existing infrastructure provided by other industry participants. In doing so, we foster a streamlined and effective network within the terminal business in Norway.

Furthermore, we ensure that the liquid fuels supplied adhere to national product regulations by incorporating biofuel blending. Distributors eligible to meet the biofuel mandate or displacement requirements are those registered in accordance with excise duty regulations. Our compliance extends to the national requirements and excise duty requirements for the volume of liquid fuels sold through our own mobility locations, as well as other mobility locations we supply. Consequently, the emissions we report are linked to liquid fuels sold in accordance with national requirements

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and excise duty registration. This excludes any liquid fuels sold to external parties and throughput agreements where the counterparty assumes responsibility for their own excise duty registration. In other words, all fuels sold for end consumption in road transportation is included in our GHG emissions accounting.

Biofuels

Fuels currently meet society’s energy needs for road transport, but fossil fuels still make up a significant portion of it. The refining, distribution, and usage of fossil fuels have a high environmental footprint, and we at Uno-X Mobility are committed to minimising our negative impact in the value chain. Our goal at Uno-X Mobility is to achieve independence from fossil fuels by 2050 at the latest, and we recognise that blending biofuels can play a significant role in reducing emissions from the transport sector. However, we acknowledge

the complexity of the use of biofuels, including advanced biofuels and those based on feedstocks with the highest climate benefits. Therefore, we approach this area with humility and openness, conducting thorough assessments of the raw materials to be used. We have also implemented a no-tolerance policy regarding the use of palm and soy oil in biofuels, as we believe this is an obvious choice. In Norway and Denmark, our procurement exclusively involves certified biofuels. Nevertheless, we acknowledge concerns regarding potential fraud within the biofuels market, particularly in connection with Used Cooking Oil (UCO) sourced from Asia. In response to these concerns, we have proactively engaged with our suppliers. They have reassured us that they have not been involved in trading with certification schemes suspected of fraudulent activities.

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Denmark and Norway have implemented mandates or CO2 displacement requirements that regulate the biofuels required by the fuel industry to blend into liquid fuels to achieve their national emission targets for road transportation. However, these regulations also impose an implicit limit on the amount of biofuel that companies can blend without sacrificing competitiveness in the market. This is because biofuels are more costly than fossil fuels. Up until 2021, both Denmark and Norway only required biofuels to be used in road traffic, excluding off-road applications like construction and agriculture. The bio mandate in Denmark was based on energy content, while in Norway it is based on volume. Until 2021 both countries count advanced biofuels as double toward fulfilling the mandate. However, Denmark distinguished between second generation biofuels and advanced biofuels, with the latter limited to waste- and residue-based feedstocks categorised as inedible. Therefore,

animal fats and used cooking oil was not considered advanced in Denmark, resulting in a relatively low mandate for advanced biofuels.

Denmark, as per the European Union’s Fuels

Quality Directive, must reduce Well to Wheel emissions by 6 % in 2023, measured against 2010 levels, for both on-road and off-road fuels. The directive allows the use of credits from Upstream Emission Reductions (UERs).

Uno-X in Denmark fulfil the national reduction mandate of 3.4 % greenhouse gas savings compared to 2010. The biovolume blended corresponds to a minimum of 3.4 %, inclusive of both on-road and off-road fuels. The remainder of the requirement is met through the purchase of UER credits to achieve the 6 % Well to Wheel emission reduction target.

In Norway, the biofuel blend in 2023 was 15 % by volume (17 % when the double counting effect is included), with more than 95 % of the volume being advanced biofuels made from waste and residues. The Norwegian government aims to increase the share of

advanced biofuels in both petrol and diesel sales continuously, while ensuring that biofuel purchases are palm oil and soy oil free to minimise the negative global climate effect from deforestation. Looking ahead, Denmark aims to achieve a 5.2 % CO2 displacement requirement in 2025, including indirect land use change (ILUC factor). The new regulations aim to ensure that sustainable liquid fuels (renewable energy) will be increasingly used in the road and off-road transport that is not electrified. Meanwhile, the Norwegian government probably will continue to increase the mandate in road transport and secure a larger proportion of advanced biofuels. The mandate will continue to be based on a volume blend requirement rather than a CO2 reduction requirement like in Denmark.

Project with stakeholders

In 2023, the Norwegian environmental organisation ZERO invited us, along selected stakeholders to participate in a project on

renewable fuels for the green transition. There is a wide range of renewable fuels suitable for use in sectors probably being the most demanding to electrify, such as aviation and maritime sectors: liquid biofuels, biogas, ammonia, hydrogen, methanol, ethanol, e-fuels, renewable fuels of nonbiological origin (RFNBO), and recycled carbon fuels (RCF). To realise new production and use, predictable political frameworks are essential. The project’s goal is to recommend the appropriate fuels for various purposes, establish climate requirements, and define the necessary policies to industrialise new renewable fuel production and utilisation. The planned work and outcomes of the project include a literature review and overview of renewable fuels, input factors, and value chains from production to distribution and use in various sectors and segments. Additionally, the project aims to provide an overview of regulations and frameworks from the EU, along with the status of implementation in Norway.

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Regional biofuel requirements

Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail Annual and Sustainability Report published at www.reitanretail.no.

NORWAY 2024 2023 2022 2021 Overall mandate 19.0 % 17.0 % 24.5 % 24.5 % Advanced biofuel 12.5 % 12.5 % 9.0 % 9.0 % DENMARK 2024 2023 2022 2021 Overall mandate - - - 7.6 % Advanced biofuel - - - 0.3 % CO2 displacement requirements 3.4 % 3.4 % 3.4 % -
Biofuel origin ORIGIN NORWAY DENMARK Africa -Asia 14 % 1 % Australia - 14 % Europa 25 % 85 % North America 60 %South America 1 %Biofuel
FEEDSTOCK NORWAY DENMARK Animal Fat 40 %Biomass fraction of industrial waste - 8 % Corn (maize) 1 % 10 % Rapeseed - 57 % Starch slurry 13 %Sugar beet - 6 % Used cooking oil 45 % 1 % Wheat 1 % 18 % 60 • UNO-X MOBILITY • ASR 2023
feedstock

Water and effluents management

In addition to managing water and effluents regarding petroleum-based substances (covered under the material topic ‘Spills), this topic is highly relevant for Uno-X Mobility, due to our car wash products and services. Traditional car wash practices entail having to use potent chemicals to remove oil and dirt from cars and constitute highly likely, and potentially severe, negative impacts on the environment. These conventional car wash products can also have negative impacts on employees, other workers, and customers, due to their contents. Being aware of these potential negative impacts, Uno-X Mobility has since 2021 offered ecolabelled car wash, through Nordic Swan Ecolabel. The Nordic Swan Ecolabel is the official environmental label of Norway and Denmark and enforces strict requirements for approval. As

per the requirements of Nordic Swan ecolabelled car wash, contaminated water from washing is 90 % more thoroughly rinsed and requires approximately 80 % less water consumption compared to a conventional car wash.

Our conventional car wash locations in Denmark are covered by national regulatory frameworks, ensuring the mitigation of negative impacts on the environment and people. All conventional car wash locations in Denmark are required to obtain clearance from local authorities to operate, and standards for discharge quality are controlled annually. Recording of water and effluents usage and discharge per wash is done daily, to ensure compliance.

As of 2023, Uno-X Mobility owns and operates 77 ecolabelled car wash facilities at selected locations in Norway and Denmark, and 30 conventional car wash. Tables show water consumption and water discharge by category

As the table below shows, many water-related impacts, such as those due to extensive consumption, are less severe in Uno-X Mobility’s operating countries, compared to the world average:

Source: WWF (World Wide Fund) Water Risk Index (https://riskfilter.org/water/explore/countryprofiles)

WATER CONSUMPTION & DISCHARGE* MEGA LITRES NUMBER OF CAR WASH LOCATIONS IN DENMARK NUMBER OF CAR WASH LOCATIONS IN NORWAY Ecolabelled car wash 48 145 25 52 Conventional car wash 20 432 30Other 939 *Water consumption equal
drain.
the water discharge as all the water we use are being discharged into the
NORWAY DENMARK WORLD AVERAGE Basin risk score 1.54 2.18 2.74
UNO-X MOBILITY • ASR 2023 • 61

ETHICAL VALUE CHAIN

8.8 Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment.

Relevant UN Sustainability Goals and Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

17.14 Enhance policy coherence for sustainable development.

17.17 Encourage and promote effective public, publicprivate and civil society partnerships, building on the experience and resourcing strategies of partnerships.

62 • UNO-X MOBILITY • ASR 2023
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Responsible procurement

Continuously increase transparency and traceability through our value chain Working with our suppliers to ensure decent working conditions and avoid violations of basic human rights

Supplier Code of Conduct

Enhancing our business relations Code of Conduct Guiding our day-today operations

suppliers and partners (Ipart ApS excluded) 100 % supplier risk assessed*

2 804 low risk

60 medium risk

10 high risk

0 very high risk

~3
OUR COMMITMENT
000
*Ipart ApS excluded 64 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 65

How we work to reach our goals

It is crucial for us to minimise our social and environmental footprint by collaborating with our suppliers and actively engaging with them throughout the entire value chain. Key indicators such as health, safety, human rights, integrity, and security risks are inherent in our supply chain activities. Recognising the centrality of human rights issues, particularly in the oil and gas industry, we maintain close communication with our main suppliers. Consequently, we primarily source goods from major oil and gas

suppliers based in Scandinavia, renowned for their stringent human rights policies and meticulous monitoring of their supply chains.

For biofuels, which are susceptible to risks associated with land use change, Uno-X Mobility adopts a firm stance against incorporating soy or palm oil in our purchased products. Additionally, we obtain sustainability certificates from certified institutes for all biofuel purchases. These purchases undergo third-party verification in accordance with official requirements in Norway and Denmark, mitigating potential risks associated with biofuel production.

Furthermore, to address both physical and social risks in our operations and supply chains, we have implemented an internal Code of Conduct and an external Supplier Code of Conduct. These measures involve screening and monitoring our supply chain for potential risks, aligning with The Norwegian Transparency Act. This approach ensures a responsible and ethical supply chain management strategy.

In 2023, Uno-X Mobility participated in a comprehensive project to formulate a unified procurement policy across all of Reitan Retails business areas. The paramount objective

of this initiative is to embed sustainable business practices seamlessly throughout our corporate structure. This policy stands as a cornerstone for fostering integrity and accountability in our procurement procedures. Having reached its finalisation in January 2024, the policy is slated for implementation across all of our operations throughout the ensuing year, signifying a pivotal step towards our commitment to responsible and transparent procurement practices.

66 • UNO-X MOBILITY • ASR 2023

Business ethics and anti-corruption Code of Conduct

Uno-X Mobility’s Code of Conduct serves as the foundation for the day-to-day operations of Uno-X Mobility and its subsidiaries.

Rooted in the REITAN-mindset, this Code establishes the ethical standards guiding our commitments and expectations for business conduct at Uno-X Mobility, with subsidiaryspecific ethical standards providing additional detailed guidance. Effective from the second quarter of 2022, the Code underwent a comprehensive review by the board and represents a refined iteration of previous versions. It applies universally to the board, employees, and hired personnel, mandating the company to operate sustainably, socially, and ethically while adhering to relevant laws.

The responsibility for training employees on the implementation of the REITANmindset and the Code of Conduct rests with the Board and each subsidiary’s General Manager. Furthermore, we extend our expectations of compliance with the Code of Conduct to our suppliers.

Uno-X Mobility’s Code of Conduct explicitly prohibits all forms of bribery and corruption within the organisation. Recognising the detrimental effects of corruption on legitimate business practices, competition, and human rights, we are committed to abiding by all applicable anti-corruption laws. Our dedication to upholding professionalism and ethical standards entails avoiding actions that may cast doubt on our integrity. While the risk of corruption is assessed to be low based on our supplier portfolio, we maintain continuous monitoring to remain vigilant and proactive in identifying and addressing potential risks.

Uno-X Mobility adopts a zero-tolerance

approach to bribery and corruption, affirming our commitment to conducting business with transparency and unwavering integrity.

Supplier Code of Conduct

Uno-X Mobility procures products from multiple suppliers spanning various countries. Given the potential societal impacts of our subsidiaries’ purchases, we prioritise minimising any adverse social and environmental effects through collaborative efforts with our suppliers. Our primary value chains encompass fossil fuels, biofuels, and transportation, and we believe that engaging with suppliers in a cooperative manner can foster responsible trading practices in our associated markets. Rooted in a strong set of values and principles, including high business ethics, our organisational culture evaluates all suppliers to ensure alignment with the REITAN-mindset, as articulated in our conduct philosophy. The Supplier Code of

Conduct (SCoC) offers detailed and structured guidelines, employing a risk-based approach in line with the Norwegian Transparency Act.

Uno-X Mobility aims to enhance relationships with suppliers and collectively improve. The safety and well-being of our own and thirdparty employees, as well as stakeholders, are of paramount importance, and we assume responsibility for managing risks that could pose harm to people and the environment. Our SCoC outlines expectations for anti-corruption, human rights, and environmental practices, which all suppliers are required to adhere to. The SCoC is readily available on Uno-X Mobility’s website.

While legislation does not mandate open traceability in the fossil fuel supply chain, we acknowledge the associated risks in the crude oil industry and collaborate with suppliers to ensure they implement measures for the protection of people and the environment. Additionally, we consider biofuels important

UNO-X MOBILITY • ASR 2023 • 67

in reducing reliance on fossil fuels and lowering CO2e emissions in the transportation sector. Our biofuel purchases, sourced from both large and small suppliers, adhere to government requirements for traceability and are verified by third-party sustainability certificates. To prevent supporting feedstocks linked to deforestation or conflicting with the rights of indigenous peoples, such as palm oil and soy oil, we conscientiously avoid their purchase in our biofuels.

Tax

Uno-X Mobility operates in Norway and Denmark and adheres to the respective taxation regimes of these two countries. The tax rate remains consistent at 22 % in both nations. Our approach to taxation

is straightforward – we comply with the laws and regulations governing our operations in these countries. Uno-X Mobility does not implement any specific tax strategy beyond this commitment, nor does it engage in activities related to advocating public policy on tax matters. Our internal financial department ensures adherence to regulatory requirements.

To address concerns regarding the company’s integrity in relation to taxation, Uno-X Mobility has established a whistle-blower channel in both countries, administered by a third party and accessible through the company’s website. This channel serves as a platform for all stakeholders to report various conditions.

For more detailed information on assurance processes related to taxation provided to the government, please refer to our financial report.

Transparency

Uno-X Mobility places a high value on transparency across all its operations, maintaining a commitment to the highest standards of compliance with competition laws. In Norway, we adhere to the Competition Act, which aligns with the EU and EEA Competition regulations that govern Denmark. The primary objective of the Competition Act is to foster competition, contributing to the efficient utilisation of societal resources and benefiting consumers.

The Act explicitly prohibits any collaboration that restricts competition and the abuse of a dominant market position. Companies bear the sole responsibility for adhering to the rules outlined in the Competition Act, a prohibition law. The Authority does not have the authority to grant exceptions or dispensations from the Act, making it a legal obligation for Uno-X Mobility to comply with this legislation.

We approach our responsibility to comply with the Competition Act with utmost seriousness, working diligently to ensure that our operations align with the principles of fair competition, benefiting our customers and society.

68 • UNO-X MOBILITY • ASR 2023

Table

showing reported corruption Incidents

Total number of confirmed incidents in which employees were dismissed or disciplined for corruption

Total number of confirmed incidents when contracts with business partners were terminated or not renewed due to violations related to corruption

Public legal cases regarding corruption brought against the company or its employees during the reporting period

REPORTED CORRUPTION INCIDENTS 2023 AMOUNT
0
Total number of confirmed incidents of corruption
0
0
0 UNO-X MOBILITY • ASR 2023 • 69

Human rights

The Norwegian Transparency Act, which came into effect in 2022, mandates that companies publicly report in compliance with the Act by June 30, every year. This Act ensures the public’s right to access documents held by public bodies, with exemptions only as allowed by law or regulation. Its primary objectives are to promote transparency, disseminate information, and encourage democratic participation by providing public insight into the activities of the administration. The Act also outlines procedures for handling access requests, sets deadlines for responses, and establishes mechanisms for appeals.

As a pivotal component of Norwegian democracy and the rule of law, the Transparency Act empowers citisens to scrutinise public bodies and hold them accountable for their actions. Uno-X Mobility has formulated guidelines for all subsidiaries, specifically for supplier screenings and risk assessments related to human rights and workers’ rights. This initiative is part of our commitment to implementing our Supplier Code of Conduct (SCoC) and ensuring compliance with the Norwegian Transparency Act.

The Norwegian Transparency Act imposes a duty to provide information to the public if inquiries are made with referral to the Act. The table shows inquiries received and replied to in 2023.

The screening of suppliers is based on a set criterion in which all suppliers are categorised from A - D as following and thereafter a risk evaluation regarding breach of human rights or workers’ rights in the value chain is conducted per supplier in each category:

▪ Category A

Suppliers/partners who are directly included in the company’s delivery (e.g. resold products)

▪ Category B

Suppliers/partners who are essential for the company’s ability to deliver (e.g. IT systems)

▪ Category C

Suppliers/partners who do not pose a major commercial risk, but a significant liability risk

▪ Category D

Suppliers/partners who pose neither commercial nor liability risk

70 • UNO-X MOBILITY • ASR 2023

Table showing supplier risk evaluation input

number of suppliers in Uno-X Mobility during the year*

of suppliers who were risk evaluated during the year

of suppliers with very high risk

of suppliers with high risk

* Ipart ApS suppliers has not been assessed in time for this year’s annual report. However, they will be included in our report on the Transparency act due in June.

showing requests for information in line with the Norwegian Transparency Act

SUPPLIER
31�12�2023 Total
2 874 Number
2 874
0 Number
10 Number
60 Number of suppliers
2 804 Share of suppliers assessed during the year 100 % Share of assessed suppliers with very high risk 0 % Share of assessed suppliers with high risk 0 % Share of assessed suppliers with medium risk 2 % Share of assessed suppliers with low risk 98 %
RISK EVALUATION INPUT
Number
of suppliers with medium risk
with low risk
Table
DUTY TO PROVIDE INFORMATION 2023 Number of times the company has been asked to provide information 0 Number of replies within three weeks 0 Number of replies within two months 0 UNO-X MOBILITY • ASR 2023 • 71

Due diligence

Uno-X Mobility adheres to the guidelines provided by the Organisation for Economic Cooperation and Development (OECD) when addressing identified negative impacts. In instances where actual or potential negative impacts are

recognised, prompt measures are implemented to cease, prevent, or mitigate them. The General Manager of each subsidiary is entrusted with the responsibility of upholding Uno-X Mobility’s standards and principles. The effectiveness of Uno-X’s due diligence process is evaluated annually by the board.

72 • UNO-X MOBILITY • ASR 2023
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PEOPLE AND CULTURE

8.3 Promote development-oriented policies that support productive. activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalisation and growth of micro-, small- and medium sized enterprises, including through access to financial services.

8.5 By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.

Relevant UN Sustainability Goals and

Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and action in this regard.

10.4 Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality.

74 • UNO-X MOBILITY • ASR 2023
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Preserving a safe society and great people

COMMITMENT 40 % gender balance in new hires of top and middle management by 2025

97.8 % healthy employees 2.2 % sick leave
Zero
311 employees +
212
males 2022:
99
females 2022: 89 Conduct employee surveys regularly < 30 years 30 - 49 years > 50 years Age structure ■ Current employees ■ New employees 21 % 40 % 39 % 37 % 37 % 26 % 76 • UNO-X MOBILITY • ASR 2023
OUR
harm to people and environment
4 % | 2022: 299
+ 1 %
210
+ 11 %
UNO-X MOBILITY • ASR 2023 • 77

How we work to reach our goals

Our founder, Odd Reitan, formulated the REITAN philosophy based on years of experience operating REMA 1000. Rooted in trust-based leadership and a strong belief in the individual, this philosophy has proven instrumental in long-term business success and fostering a commitment to environmental, social, and human rights issues. Since the acquisition by REITAN in 2006, Uno-X Mobility has consistently

cultivated its corporate culture guided by the REITAN-mindset, encompassing eight core values and eleven success criteria.

Within Reitan Retail, each business area is entrusted with the responsibility of operating and evolving in alignment with this philosophy, with each manager tasked with fostering cultural development. Subsidiaries provide tailored cultural building initiatives, and new employees are required to familiarise themselves with the philosophy.

Furthermore, leaders in REITAN companies are encouraged to partake in courses offered by the REITAN value academy to further refine their skills in value-based leadership.

Uno-X Mobility is steadfast in its commitment to promoting positive attitudes towards people, cultivating healthy relationships, and ensuring equal opportunities for all. The organisation’s recruitment, training, and organisational development processes prioritise assessing competence, personality,

and potential, irrespective of gender, age, religion, sexual orientation, or ethnic origin. While our corporate values underscore equality, Uno-X Mobility acknowledges the importance of taking concrete steps to align practices with these values. For instance, the organisation strives for gender balance in the final phase of recruitment and considers diversity when promoting employees to new responsibilities. For more detailed information, please see the Appendix section.

78 • UNO-X MOBILITY • ASR 2023

Environment, health, and safety (EHS)

At our company, we regard environment, health and safety standards as an integral component of our business operations, prioritising the safety of our customers, employees, and communities. Consequently, EHS has been identified as a material topic. Our unwavering commitment is to ensure a secure workplace for our employees, underscored by a zero-accident policy. Our collective objective is to avoid harm to people and the environment. Given the inherent risks in our industry, we diligently adhere to comprehensive laws and regulations, maintaining a robust EHS practice.

Moreover, we have proactively implemented ISO certifications for some of our subsidiaries, exceeding mandatory requirements. For instance, Uno-X Mobility Norge AS (former Uno-X Forsyning AS) annually upholds ISO

9001 certification for the operation of tank facilities and all involved employees, while Uno-X Smøreolje in Norway and Denmark has implemented both ISO 9001 and 14001. The EHS framework covers all employees, and our workforce is trained in emergency and preparedness. All subsidiaries have pledged to prioritise safety, employing effective risk management strategies and systematic measures to prevent physical and mental injuries and illnesses. A safe and healthy workplace is imperative for ensuring sustainable business operations.

Each subsidiary has established practices, routines, and occupational health and safety management systems tailored to the company’s specific needs, focusing on EHS. These systems provide employees and third parties with EHS handbooks, easily accessible deviation reporting mechanisms, and essential safety-related information, such as explosion

hazards. Adherence to EHS reporting routines is mandatory, requiring employees to report safety incidents and unsafe conditions.

Employees play a pivotal role in implementing, continuously improving, and evaluating occupational health and safety management systems. Regular reports on selected EHS key performance indicators are provided to the Board of Directors of Uno-X Mobility and its subsidiaries.

Risk identification and evaluation

Risk identification and evaluation are conducted across all subsidiaries, involving relevant personnel coordinated by the EHS responsible. Each subsidiary appoints an EHS responsible who oversees EHS tasks in their dedicated area, providing a summary of EHS-related indicators for each board meeting. This proactive process is crucial for anticipating potential hazards and mitigating potential dangers.

While most Uno-X Mobility’s employees hold office-based administrative roles, the company’s tank facilities and fuel station operations pose risks to the health and safety of third parties. These operations are included in the risk assessment process. Collaborating closely with third parties, Uno-X Mobility’s subsidiaries establish standard risk assessments and routine descriptions, enabling employees to remove themselves from potentially hazardous situations promptly.

Effective communication is integral, with EHS-related input from employees seamlessly integrated into daily communication and routines. Particularly for tank park facilities handling large fuel volumes, strict procedures are in place – from boat offloading at sea docks to storage and further loading onto tankers. These processes are meticulously

UNO-X MOBILITY • ASR 2023 • 79

monitored to prevent potential risks and facilitate a prompt shutdown of operations in the event of a breach.

In 2023, Uno-X Mobility Norge has optimised its documentation within their environmental, health and safety (EHS) system, introducing enhanced protocols for managing, operating, and maintaining locations, along with an improved control list. Notably, following the merger of three companies in 2023, Uno-X Mobility Norge has initiated a comprehensive project to integrate their EHS systems. This strategic initiative aims to leverage the strengths of each system, merge the most effective practices to establish a unified and superior set of EHS procedures.

In 2023, there were a total of 10 reported injuries resulting in harm to individuals within our organisation. Seven of these incidents occurred at our production facilities Ipart ApS. Fortunately, none of the injuries were fatal and ranged from finger cuts to shoulder twists. The remaining three injuries took place elsewhere in Uno-X Mobility. Two subcontractors suffered harm at our outlet locations in Norway – one during the lifting of walls for car wash, and the other during tank control activities. The third injury involved exposure to diesel and petrol gases during a sampling test at one of our tank facilities in Norway. In response to these incidents, we have revised our protocols and implemented additional security measures to prevent future injuries.

Furthermore, our environmental stewardship encountered three incidents warranting attention. Specifically, these

comprised a diesel spill amounting to 300 litres at a customer’s supply location in Denmark, a coolant spill of 150 litres at a customer’s tank facility, and a 30 liter spill of lubricants within an indoor setting in Norway. In line with our dedication to environmental responsibility, we diligently report all instances of harm to the environment.

Each incident undergoes thorough examination to glean insights that inform the implementation of additional security measures. This proactive approach underscores our commitment to not only rectifying the immediate consequences of such incidents but also preventing their recurrence through continuous improvement and vigilance.

and incident reporting

*Data missing on cyclists

**Ipart excluded

REPORTED INCIDENTS AND INJURIES 2023 2022 2021 2020 Injuries – harm to people *,** 3 3 1 0 Injuries – harm to people Ipart ApS 7 - -Incidents – harm to environment 3 4 3 0
Injuries
80 • UNO-X MOBILITY • ASR 2023
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Employer and employment practises

Creating a health-promoting work environment

At Uno-X Mobility, we foster a culture grounded in values and aim to positively contribute to the health of our employees. Our focus is on establishing an inclusive and supportive work environment, characterised by meaningful tasks, regular feedback, and assistance from colleagues and managers. To safeguard employee health and wellbeing, all subsidiaries offer voluntary medical examinations and consistently gather feedback on the working environment.

Additionally, Uno-X Mobility extends health and accident insurance with comprehensive coverage to all employees. The main workrelated health risks identified pertain to neck and back ailments. While these are not considered high-consequence injuries,

we have taken proactive measures to mitigate the associated risks. Healthpromoting initiatives include the provision of ergonomic chairs and electric adjustable desks. Employees are also provided with individual supplies such as glasses, and free flu shots are offered. To further promote physical and mental health, we cover gym expenses for employees, recognising the significance of regular physical activity.

Uno-X Mobility organises various social and physical activities to ensure a holistic and healthy work environment. This includes participating in weekly spinning and biking events, arranging biking tours on road racing bikes and mountain bikes, and encouraging employees to take part in the 86-kilometerlong mountain bike race, Birkebeinerrittet, in Norway each year. Inspiring an active and healthy lifestyle is a key motive behind our commitment to engage and promote sports.

Furthermore, in compliance with Danish authorities, our companies in Denmark conduct a survey every three years on health, well-being, safety, and security in the workplace. We actively encourage employees to communicate their satisfaction levels regarding the occupational health and management systems they are covered by pinpoint areas for improvement and provide feedback on their overall mental and physical health.

Training

To ensure that all relevant parties possess the requisite competence, Uno-X Mobility’s subsidiaries offer pertinent courses and training programs on health and safety, catering to both employees and relevant hired third parties. For instance, market managers at Uno-X in Norway (third party) are mandated to undergo an annual EHS course, culminating in an exam with a perfect score.

After any EHS training, employees and third

parties must adhere to established protocols, which include the correct utilisation of safety tools and personal protective equipment like safety vests, gas masks, glasses, and safety shoes. EHS practices and routine information are readily accessible through digital solutions. All employee and thirdparty training sessions are conducted during working hours and are provided free of charge for participants. Feedback on the training is actively sought through dialogue or surveys.

Throughout 2023, we maintained a robust emphasis on cybersecurity within our organisation. In addition to our annual cybersecurity training for all employees, we introduced regular assessments throughout the year specifically within our Norwegian companies. These assessments involved simulated security threats, including phishing and spam, to enhance our preparedness and resilience. Moreover, a noteworthy initiative was the simulation of a cybersecurity crisis,

82 • UNO-X MOBILITY • ASR 2023

stress-testing our contingency plan to ensure its effectiveness. In Denmark, an innovative approach was adopted, where additional training sessions were conducted using an escape room setup. This unique training format was designed to focus on upskilling employees in recognising and mitigating phishing and tailgating attacks, reinforcing our commitment to staying ahead of evolving cybersecurity challenges.

For workers at tank park facilities, Uno-X Mobility Norge conducts regular crisis preparedness training to ensure preparedness for various risk scenarios.

Labour - management relations

As Uno-X Mobility operates in Norway and Denmark, we are obligated to adhere to public legislation concerning

salary, parental leave, and notice period agreements. In Norway, employees have the right to negotiate their salary annually as stipulated by the Norwegian Collective Bargaining Agreement. Our Danish companies, except for Ipart ApS, has not entered into collective bargaining agreements. Ipart ApS has a collective agreement for all hourly waged employees in their production facilities.

To ensure that we maintain our status as an attractive employer in both Denmark and Norway, we regularly benchmark employees’ compensation packages, including salary, retirement benefits, insurance, health care, etc., against the market to ensure competitiveness. Our evaluations consistently demonstrate that our compensation packages remain competitive.

COLLECTIVE BARGAINING AGREEMENTS BY COMPANY PERCENTAGE Uno-X Mobility AS 0 % Uno-X Mobility Norge AS 100 % Uno-X Smøreolje AS 100 % Uno-X E-Mobility Norge AS 0 % Uno-X Mobility Cycling AS N/A YX Betjent AS 100 % Uno-X Mobility Danmark A/S 0 % Uno-X Smøreolie A/S 0 % Uno-X E-Mobility Danmark A/S 0 % Ipart ApS 58 % UNO-X MOBILITY • ASR 2023 • 83

Internal integrity and trust

Uno-X Mobility is deeply dedicated to fostering internal integrity, and as part of this commitment, we have collaborated with Reitan Retail to conduct anonymous third-party questionnaires to assess our employees’ opinions in our Norwegian companies. This methodology enables us to gather unbiased and transparent feedback on key aspects such as our company’s credibility, respect, fairness, pride, and sense of community. Every year we collect this feedback through Great Place to Work. The results from the questionnaires indicate that our

company has received high scores across all indicators, surpassing the Norwegian National Integrity Index (National Trust Index) on all parameters. For our Danish companies, we conduct a mandatory workplace assessment known as APV (arbejdspladsvurdering), which is required to be carried out at least once every three years. The latest assessment occurred in 2022, and although it unveiled commendable scores in various dimensions, a slight decline from the 2021 assessment indicates the necessity for focused improvements in specific areas.

Promoting

a healthy and active lifestyle

Promoting active lifestyles is a core priority for us. We strongly believe that this not only contributes to building a more sustainable society but also addresses the interlinked challenges of physical and mental health on a global scale. Therefore, inspiring an active lifestyle is essential, not only for our employees but for society.

Partner- and sponsorshipsinspiration from role models

Recognising the influential role that role models play in inspiring choices that contribute to both physical and mental health, Uno-X Mobility has strategically established partnerships and sponsorships with distinguished athletes who exemplify our values. A notable example is our subsidiary Uno-X Mobility Norge,

a key partner with cross-country skier Johannes Høsflot Klæbo. The focus of this partnership is on promoting development and performance while upholding strong values and fostering a mindset conducive to good mental and physical health.

Similarly, the subsidiary Uno-X Mobility Norge also entered a long-term partnership with biathlete Johannes Thingnes Bø and renewed the collaboration with Norway’s Biathlon Association (NSSF) in 2023. As part of this collaboration, a joint initiative with MOT is included, where biathletes actively promote “The Biathlete with Courage Award.” This award aims to recognise inspiring role models within their communities who contribute to the positive team culture.

2023 2022 2021 2020 Employer health (100 % - sick leave %) 97.8 % 98.2 % 97.8 % 96.9 % Sick leave incl. long term 2.2 % 1.8 % 2.2 % 3.1 %
REPORTED SICK LEAVE
84 • UNO-X MOBILITY • ASR 2023

MOT partnership

At Uno-X Mobility, our objective is to inspire younger generations to make informed decisions and prioritise their physical and mental well-being� To achieve this, we have forged a long-term partnership with the non-profit organisation, MOT (“Courage”)� Their program focuses on promoting resilience, independence, and awareness among individuals, fostering healthy relationships, creating safe environments, and cultivating sustainable communities�

UNO-X MOBILITY • ASR 2023 • 85
86 • UNO-X MOBILITY • ASR 2023

People, culture and cycling

The professional cycling team, Uno-X Mobility, holds a significant role in our advocacy for gender equality in sports cycling, addressing issues such as maternity leave, wages, race calendar, and television coverage. At Uno-X Mobility, promoting overall equality is a core value that we prioritise. To manifest this commitment, we have established the Uno-X Mobility team, comprising both a women’s and a men’s team on equal footing. The women’s team obtained a UCI Women’s WorldTeam license upfront of the 2022 season, positioning them at the top level in the professional peloton. Another historic moment was marked when our team participated in the Tour de France Femmes for the first time in 2022.

In November 2023, the council of the EU approved conclusions on women and equality in the field of sport. The conclusions emphasise the importance of access to a safe, inclusive, and equal playing field, free from any form of inequality, discrimination, or violence. Despite the progress made so far, women still participate much less in sport and physical activity than men, largely due to sociocultural barriers. However, 8 in 10 Europeans believe that female role models in sports would inspire more women and girls to follow their example.

https://www.consilium.europa.eu/en/press/ press-releases/2023/11/24/women-insports-council-approves-conclusions-tocombat-gender-based-discrimination/

At Uno-X Mobility, we believe we can make a small contribution to EU’s ambitions through the way we structure our professional cycling team, with equal emphasis on both men’s and women’s teams.

In our pursuit of equality, we have partnered with MOT to infuse their philosophy into all our cycling initiatives. This collaboration aims to foster a robust culture grounded in strong values, creating an environment where riders on the Uno-X Mobility team can grow and develop not only as athletes but also as individuals within a secure framework. Our collaboration with MOT plays a crucial role in cultivating riders who serve as strong and inspiring role models, thereby promoting greater participation in cycling.

At our company, we remain committed to giving back to the communities where our journey began, starting with the sponsorship of local cycling clubs. Recognising the

pivotal role these clubs play in providing opportunities for young people to be part of a team, develop skills, and enjoy collective activities, our support aligns with their mission to inspire mastery, foster unity, and provide enjoyment for as many individuals as possible. Moving forward, we plan to continue supporting selected regional cycling clubs in Norway and establish new partnerships. Our partnerships with the Norwegian Cycling Union (NCF) and the Danish Cycling Union (DCU) are integral to our commitment to cycling. Both organisations play significant societal roles in making cycling an accessible activity for everyone. Our partnership with DCU focuses on creating opportunities for young female riders, described as a gamechanger for young Danish female cyclists. Additionally, in Denmark, we have forged a long-term partnership with Team Rytger, a women’s team (U17, junior, and elite).

UNO-X MOBILITY • ASR 2023 • 87

Governance

Governance structure

The CEO of Uno-X Mobility AS serves as the highest governance body, making decisions on economic, environmental, and social matters in daily operations, reporting directly to the Board of Directors. Each subsidiary of Uno-X Mobility is led by a General Manager, responsible for creating, planning, implementing, and integrating the strategic direction. Uno-X Mobility operates under Reitan Retail, a family-owned business, with the board members appointed by

the Reitan family. Ole Robert Reitan, the CEO of Reitan Retail, also serves as the Chair of the Board of Uno-X Mobility AS.

The Sustainability Officer at Uno-X Mobility coordinates daily management of the organisation’s impacts, reporting directly to the CEO. Collaborating with the CEO and administration, the Sustainability Officer plays a key role in developing purpose, mission statements, strategies, policies, and sustainable development goals. They conduct analyses to identify and manage

impacts on the economy, environment, and people, presenting outcomes to the Board of Directors for ongoing assessment.

The Board of Directors holds ultimate responsibility for decisions on Uno-X Mobility’s impacts and associated strategies. Reitan Retail conducts quarterly board meetings in each business area, with additional meetings scheduled as needed, addressing impacts on the economy, environment, and people. Regarding sustainability reporting, the Board reviews and approves reported information,

including Material Topics and Uno-X Mobility’s greenhouse gas accounting. The Annual and Sustainability Report undergoes board presentation and review before publication.

Communication of critical concerns is outlined in our employee Code of Conduct. Employees reporting violations or unethical conduct can do so to their manager, their manager’s manager, or the company’s whistleblowing channel. Whistleblower notifications are anonymous, and critical concerns are included in board meeting agendas.

88 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 89

Director’s report

90 • UNO-X MOBILITY • ASR 2023

INTRODUCTION

Uno-X Mobility is one of four business areas in Reitan Retail beside REMA 1000 Norway, REMA 1000 Denmark and Reitan Convenience - owned by REITAN. The company operates under the Uno-X brand in Norway and Denmark, providing fuel, EV charging, and car wash services to the market. Additionally, the company owns and operates a professional cycling team comprising both men’s and women’s teams.

COMPANY OVERVIEW

A unified brand strategy, centered around Uno-X, was executed this year. All owned businesses will hence operate under the Uno-X brand. An emphasis that has been considered important during the ongoing transition of the mobility business in the years ahead. This entails maintaining our critical societal role in liquid fuels for as long as there is a societal need for these

products, while concurrently shifting the business to offer a progressively larger portion of renewable energy.

Today, Uno-X Mobility consists of 9 operating companies in Norway and Denmark.

Norway: Uno-X Mobility Norge AS, Uno-X E-Mobility Norge AS, Uno-X Smøreolje AS, Uno-X Mobility Cycling AS and YX Betjent AS.

Denmark: Uno-X Mobility Danmark A/S, Uno-X E-Mobility Danmark A/S, Uno-X

Smøreolie A/S, Ipart ApS. At the end of December, Scandinavian Fuel Infrastructure Denmark A/S became part of the group.

In addition, Uno-X Mobility AS has a 50 % interest in the Danish company Skanol A/S and a 50 % interest in the Swedish company Scanlube AB. Uno-X Mobility Danmark A/S also holds a 50 % interest in Samtank A/S, a Danish company operating depots for storage of liquid fuel products.

Uno-X Mobility AS and its Norwegian operations are headquartered at Ensjø/Oslo, while the Danish operations are headquartered in Søborg/Copenhagen. Ipart’s production takes place in Hammel, in Jutland, Denmark.

MARKET OVERVIEW

Both Norway and Denmark boast highly developed retail fuel markets characterised by a diverse range of offerings and strong competition among providers. In Norway, the market is heavily influenced by government policies promoting EVs and renewable energy, leading to a rapid growth in EV charging infrastructure alongside traditional fuel stations. Denmark similarly emphasises sustainability, with a growing focus on renewable energy sources and innovative fuel alternatives. In 2023, there has been a notable increase in the deployment rate of charging stations, including in Denmark, accompanied by rising sales of EVs.

Both countries feature a mix of traditional fuel retailers and newer players, reflecting a shifting landscape toward more sustainable mobility solutions.

The heavy-duty electric vehicle charging market in Norway and Denmark is nascent yet growing, driven by government incentives, environmental regulations, and the transition to cleaner transportation solutions. Although both countries currently have limited charging infrastructure for heavy-duty transport, initiatives promoting electrification in the commercial transport sector are gaining momentum. This emerging market presents significant opportunities for companies involved in providing charging solutions for heavy-duty EVs.

Strategic Direction

The company harbours substantial aspirations for its mobility business in the future. This involves maintaining the critical societal

UNO-X MOBILITY • ASR 2023 • 91

role of distributing liquid fuels as long as customers require them to meet their transportation needs. Additionally, the business is transitioning to offer increasingly more renewable energy. The company is well underway in expanding infrastructure for ultrafast charging of EVs and aims to be a market leader in charging for electric heavyduty transport both in Norway and Denmark.

Ambitious goals are also set for the professional cycling team owned and operated by Uno-X Mobility. As a crucial tool for promoting more sustainable mobility, the team’s name was changed to Uno-X Mobility Cycling from 1 January 2024 to closely align with the mobility business and continue to serve as ambassadors for cycling as a central component of more sustainable mobility.

FINANCIAL PERFORMANCE

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 20,780 million in 2023, a decrease from NOK 21,756 million in 2022. The product volume sold was 1,749 (1,000 m3), compared to 1,785 (1,000 m3) in 2022. Revenue decreased in 2023, primarily related to prices for oil products being somewhat lower in 2023 than in 2022,

in addition to a decrease in volume sold. The average Brent Spot price was USD 82 per barrel in 2023, compared to USD 99 per barrel in 2022. The oil price started at around 80 USD per barrel and fluctuated throughout the year between 72 and 94 USD per barrel. Earnings before interest, tax, depreciation, and amortisation (EBITDA) amounted to NOK 916 million (NOK 1,191 million), while operating profits were NOK 285 million (NOK 723 million). Profit before income tax was NOK 293 million (NOK 734 million). Profit for the year amounted to NOK 207 million (NOK 560 million). The results in 2023 are down from 2022, which was at a high level seen in historical context. The result in 2023 is impacted by solid development for liquid fuel operations, but negative inventory effect compared to significantly positive inventory effect last year, due to declining prices for refined oil products during 2023.

Balance Sheet and Liquidity

Total assets as of 31 December 2023 were NOK 9,858 million (NOK 8,163 million), while liquid assets as of 31 December 2023 were NOK 140 million (NOK 132 million). Net interest-bearing debt ex. lease liabilities was NOK 825 million (NOK 841 million), and investments in non-current assets were NOK 1,211 million (NOK 778 million). Equity at the end of the year was NOK 3,633 million (NOK 3,171 million), which gives an equity ratio of 37 % (39 %).

Cash Flow from Operations

Cash flow from operations amounted to NOK 1 241 million (NOK 270 million). EBITDA was NOK 916 million (NOK 1,191 million). The difference between cash flow from operations and EBITDA is mainly due to changes in working capital. Changes in

92 • UNO-X MOBILITY • ASR 2023

working capital resulted in a cash flow of NOK 336 million (NOK -920 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. In according with Section 3-3a of the Norwegian Accounting Act, the Board confirms that the prerequisites for the going-concern assumption exist and that financial statements have been prepared on a going-concern basis.

Financial Risk

Uno-X Mobility has its core business in trading of oil products and is consequently exposed to risk relating to oil price changes. Liquid reserves and available credit facilities are of considerable importance to the group’s liquidity situation. The limits of the credit facilities available to the group vary according to its

outstanding receivables and inventories. Consequently, its access to debt financing varies largely with the fluctuations in its need for working capital. Fossil fuel prices were relatively stable throughout 2023 compared to the spike in 2022, despite the continued war in Ukraine and the turmoil in the oil markets as a consequence of the EU ban on Russian imports. The most significant impact was in trade flows and the increase in shipping prices. Biofuel prices were sustained during the year but started to show first signs of weakening due to significant imports from the USA.

The group’s revenue consists of sales to private, commercial, and industrial customers, and to dealers that own and operate stations under the YX brand. The group has established routines for credit assessment and continuous followup of individual customers. In addition, subsidiaries have reduced its risk for

UNO-X MOBILITY • ASR 2023 • 93

OUR OPERATIONS IN NORWAY AND DENMARK

At

Liquid fuels • 508 Heavy-duty EV charging • 1 EV charging personnel cars • 27 Ecolabelled car wash • 52 295 • Liquid fuels 11 • EV charging personnel cars 2 • Heavy-duty EV charging 25 • Ecolabelled car wash 30 • Traditional car wash
588
363
NORWAY DENMARK
year end, the network consisted of the following number of locations 94 • UNO-X MOBILITY • ASR 2023

losses on accounts receivable using credit insurance. Historically, defaults and losses on accounts receivable have been low, the group experienced a loss of NOK 14 million in 2023 (NOK 9 million) on its accounts receivable. In the Danish subsidiaries the procurement of oil products is mainly settled in USD while the procurement of oil products in Norway is mainly settled in NOK. Uno-X Mobility seeks to limit exposure related to ownership interests in foreign operations by adjusting the composition of the debt portfolio to reflect the importance of the individual currency and country in relation to the group’s total activities.

Note 4 – Financial risk management provides a more detailed description of the group’s financial risk and sensitivity to changes in oil prices, interest levels and currency rates.

Retail

Due to the new brand strategy emphasising the Uno-X brand, all locations where the YX brand has been co-located with 7-Eleven along roadsides in Norway will undergo rebranding to Uno-X. The rebranding initiative commenced in 2023, with 24 locations successfully completed. The remaining 55 stations are scheduled for rebranding in 2024.

Following approval by the Danish Competition Authority for the takeover of operations at 57 locations, subsequent to the expiration of the agreement with Shell/DCC, Uno-X Mobility is currently in the process of establishing Uno-X alongside 7-Eleven at the majority of these roadside locations in Denmark, mirroring operations in Norway.

In Denmark, all Bonus branded locations have been rebranded as Uno-X.

The nationwide network of Uno-X branded locations in both Norway and Denmark will maintain their operation as selfservice stations, offering customers an efficient and convenient experience. Uno-X strives to provide competitively priced, high-quality fuel, EV charging, and car wash services wherever it operates.

Uno-X Mobility EV charging infrastructure was further developed in 2023 in both countries, with significant ambitions for expansion in the years ahead. Close to 90 percent of the company’s investment funds will be allocated to EV charging expansion in the coming years.

In Norway the network of Nordic Swan ecolabelled car wash concept was expanded during the year, making it easier for customers to choose a more environmentally friendly car wash option.

Commercial

In the business-to-business market, Uno-X Mobility caters to a diverse range of large and small customers. In Norway, commercial customers are classified into two categories: corporate customers and truck customers. Truck customers consist of transport companies involved in heavyduty transport, while corporate customers encompass all types of companies utilising vehicles in their daily operations.

Similarly, in Denmark, commercial customers are categorised into the same segments, with an additional segment for the agriculture industry.

During the year, Uno-X Mobility launched a strategy to establish itself as a leading player in charging for heavy-duty transport and has opend the first charging points in both Norway and Denmark. The company has ambitious plans for the future.

UNO-X MOBILITY • ASR 2023 • 95

Supply

The Supply departments in both countries are tasked with sourcing transport fuels, aiming to ensure a dependable supply of these fuels at competitive prices. This objective is attained through strategic partnerships that enable the safe and responsible delivery of high-quality fuels at the most competitive rates nationwide. These partnerships are instrumental in effectively managing product supply.

In Norway, the supply department additionally manages terminals along the coast and facilitates access to other terminals through third-party commercial agreements.

In Denmark, storage operations are managed by Samtank A/S, an affiliated company.

The Supply department in Norway also has responsibility for procurement agreements for electricity to be sold at EV charging locations in Norway and Denmark.

Distribution

The partnership with the distribution company Skanol A/S, an affiliated entity within the group, is essential in both Norway and Denmark. Leveraging its proficient route planning capabilities and tanker fleet for transportation, Skanol ensures that Uno-X Mobility companies can deliver the appropriate products to customers, promptly and efficiently, in the right locations.

Heating oil

In Denmark, Uno-X Mobility Danmark maintains operations in the heating oil sector, serving both commercial and residential customers. While this market is declining, we remain committed to meeting our customers’ requirements for as long as there is a demand for this product in the market.

YX Betjent AS

Following the new brand strategy focusing on the Uno-X brand, YX Betjent was established to maintain the relationship with the dealer owned and dealer operated (DODO) fullservice stations. YX Betjent is a supplier and partner for the DODOs. The cooperation is organised through an agreement with GIR NORGE AS (YX Dealers’ Forum).

During the year Uno-X Mobility has facilitated a dialogue with its dealers, and the dealers of another network of DODOs in Norway named Best. By year end the parties agreed to merge the two concepts organising DODOs, establishing a new company with a majority ownership held by the two group of dealers. Uno-X Mobility will after the completion of the transaction, hold a minority ownership in the new company and be its long-term supplier of fuels.

Uno-X Mobility Cycling AS

Uno-X Mobility owns and operates Uno-X Mobility Cycling consisting of a women’s and a men’s team, naturally on equal terms. The operations are run both as a marketing strategy and to promote cycling as an important measure for reducing emissions from road transport.

The cyclists compete at the highest levels in international cycling and in 2023 both the men’s and women’s teams will participated in the iconic Tour de France, as they will in 2024. This is one of the world’s largest sporting events, a great opportunity both for branding and enthusiasm for cycling.

Ipart ApS (former Uno-X Konceptdesign)

Ipart is mainly active in module-based building concepts and is an entrepreneurial company, based on a role as a supplier to

96 • UNO-X MOBILITY • ASR 2023

the Uno-X Mobility companies in Norway and Denmark. Ipart is an important supplier of module-based solutions for car washers.

Lubricants

The activity in the two subsidiaries in each country spesialising in lubricants, include sales, marketing, technical support, distribution, and storage of lubricating oil products throughout the counties. In addition, the company in Denmark handle sales and delivery to Greenland, Iceland, the Faroe Islands, Finland, Estonia, Latvia, and Lithuania. Local partnerships allow the companies to meet customer expectations for service, product, and logistics. The subsidiaries aim to provide the best service for its customers representing a wide range of industries from marine, contractor, agriculture to a small workshop. The companies offer the market high quality Texaco lubricants produced at the associated company

Scanlube AB, synthetic speciality lubricants and environmentally adapted lubricants in cooperation with chosen suppliers.

CORPORATE GOVERNANCE AND COMPLIANCE

The CEO of Uno-X Mobility AS serves as the highest governance body, making decisions on economic, environmental, and social matters in daily operations, reporting directly to the Board of Directors. Each subsidiary of Uno-X Mobility is led by a General Manager, responsible for creating, planning, implementing, and integrating the strategic direction. Uno-X Mobility operates under Reitan Retail, a family-owned business, with board members appointed by the Reitan family.

Communication of critical concerns is outlined in the company’s Code of Conduct. Employees reporting possible violations or unethical conduct can do so to their manager, their manager’s manager, or the company’s whistleblowing channel operated

by a third party. A whistle blower channel has also been published on the company’s website for external stakeholders to utilise.

SUSTAINABILITY

Uno-X Mobility identifies as a strong value-based company and is committed to develop and promote solutions for sustainable mobility. Since 2019 Uno-X Mobility has worked to align its sustainability reporting with international standards.

Uno-X Mobility Annual and Sustainability Report 2023 has been prepared in accordance with the Global Reporting Initiative (GRI) Standards 2021, and the corresponding GRI 11 sector standard for Oil and Gas. This includes a materiality assessment involving a thorough examination of operations and value chain, laying the groundwork for the company’s ESG pathway. Targeted UN Sustainable Development goals are included the reporting.

In 2023, our parent company, Reitan Retail, conducted a TCFD analysis, which also encompassed Uno-X Mobility. The Task Force on Climate-related Financial Disclosures (TCFD) analysis is a framework employed in sustainability reporting to evaluate and disclose the financial implications of climate-related risks and opportunities for a business. It centers on four key areas: Governance, Strategy, Risk Management, and Metrics & Targets. Greenhouse gas emissions is calculated aligned with the GHG Protocol to manage climate impact both from own operations and value chain.

The company is highly qualified in its product operations and has a strong focus on compliance with high safety and environmental standards. A Suppliers Code of Conduct (SCoC) is included in the operations of all subsidiaries. Due diligence assessments related to the risk of violations of human

UNO-X MOBILITY • ASR 2023 • 97

We operate our business based on the REITAN-

mindset

Our values guide us in the way we work:

1. We stick to our business model

2. We keep high moral standards

3. We are committed to be debt-free

4. We encourage a winning culture

5. We are positive and proactive

6. We talk with each other, not about each other

7. The customer is our ultimate boss

8. We work for fun and profit

rights and employee rights have been carried out in all subsidiaries in accordance with the Norwegian Transparency act (Åpenhetsloven). For further information, see the responsibility section of this Annual and Sustainability Report.

PEOPLE AND CULTURE

REITAN aims to be recognised as the most value-driven company, and the REITAN-mindset is based on eight values and eleven key success factors. Valuebased leadership has been crucial, building a strong corporate culture in all business areas of Uno-X Mobility.

Value-based culture

Based on the REITAN-mindset Uno-X Mobility organise its operations in a way that makes the distance between responsibility, authority, and operative implementation as short as possible. Uno-X leaders practice value-based leadership defined as “developing great people who take action through trust”. An

Uno-X leader is clear about expectations and combines it with trust. Then, by being like an inspirational performance coach, Uno-X leaders enable people to make good decisions based on a strong overall understanding of the business.

Uno-X Mobility seeks talented and dedicated people, and the organisational structure supports development and growth for the individual employee, based on the REITAN-mindset. As part of the continuous work to maintain a strong value-based culture, Uno-X Mobility completes tailormade development initiatives for companies, groups, and individuals. Uno-X leaders also participate in programmes offered at REITAN’s value academy for leaders.

Uno-X Mobility emphasises a positive attitude towards people, healthy relations, and equal opportunities for all. Recruiting, training, or organisational development is based on an assessment

98 • UNO-X MOBILITY • ASR 2023

of competence, personality, and potential, regardless of gender, age, religion, sexual orientation, or ethnic origin.

Although the corporate values represent equality, Uno-X Mobility still need to be focused on providing the right measurements and efforts to ensure the business walks the talk. When recruiting Uno-X for example aim for gender balance in the last phase of the recruitment process. The same applies when considering promotion of employees to new responsibilities.

Employees

At the end of 2023, Uno-X Mobility had 311 employees (hereby 44 employed by Ipart and 49 employed by Uno-X Mobility Cycling, and 9 temporary employed or nonguaranteed hours employed). There is 68 % male employees and 32 % female employees of the total 311 employees. 105 employees in Norway, 157 in Denmark

and 49 on our Cycling Teams. The overall sick leave including long-term sick leave was 2.2 %. Lost time injuries have not been registered in 2023. Uno-X Mobility top management group consist of six men and one woman. Liability insurance has been taken out for the board members and the general manager for their possible personal liability to the company and third parties.

All Uno-X Mobility companies have performed well during 2023, and the board would like to extend its thanks to all employees for a positive and proactive approach and good performance during the year.

OUTLOOK

Uno-X Mobility is well positioned for the transition to more sustainable mobility in the years ahead. The company expects another year of stable value creation for its stakeholders in 2024.

UNO-X MOBILITY • ASR 2023 • 99
OLE ROBERT REITAN Chairman of the Board and CEO Reitan Retail MONICA ØDEGAARD Board member KRISTIN S. GENTON Board member VEGAR KULSET CEO Uno-X Mobility Oslo, 12.04.2024
30 Consolidated Financial Statements Uno-X Mobility 31 Consolidated Comprehensive income Amounts in NOK million Note 2023 2022 Revenue incl. excise duties 30,072 30,917 Excise duties -9,292 -9,161 Revenue 6 20,780 21,756 Other income 7 42 21 Net other gains (losses) 8 -15 -5 Share of profit (loss) of associates 16 25 7 Cost of goods sold -18,058 -19,223 Employee benefit expense 9 -424 -301 Other operating expenses 10, 15 -1,434 -1,064 Operating profit before amort., depr. and imp. (EBITDA) 916 1,191 Amortisation and impairment intangible assets 13 -73 -96 Depreciation and impairment property, plant and equipment 14 -310 -213 Depreciation and impairment of right-of-use assets 15 -248 -159 Operating profit 285 723 Net interest income (expenses) 11 -49 -24 Interest expenses lease liabilities 11, 27 -48 -22 Other financial income (expenses) 11 105 57 Net financial items 8 11 Profit before taxes 293 734 Income tax expenses 12 -86 -174 Profit for the year 207 560 Other comprehensive income: Remeasurement of pension liabilities 9 - 1 Items that will not be reclassified to income statement - 1 Cash flow hedges 23 -15 -18 Currency translation differences 23 70 65 Items that may be reclassified subsequently to income statement 55 47 Other comprehensive income 55 48 Total comprehensive income for the year 262 608 100 • UNO-X MOBILITY • ASR 2023
32
Amounts in NOK million Note 2023 2022 Non-current assets Deferred income tax assets 12 148 105 Intangible assets 13 414 224 Investment property 28 28 Property, plant and equipment 14 2,968 2,298 Right-of-use assets 15 1,680 909 Investments in associated companies and joint ventures 16 257 195 Financial investments 18 28 23 Trade and other receivables 19 101 20 Total non-current assets 5,624 3,802 Current assets Inventories 20 1,427 1,526 Trade and other receivables 19 2,658 2,676 Derivative financial instruments 9 27 Cash 21 140 132 Total current assets 4,234 4,361 Total assets 9,858 8,163 33 Balance Sheet at 31 December - Equity and liabilities Amounts in NOK million Note 2023 2022 Equity Share capital 22 102 101 Share premium reserve 22 938 739 Other reserves 23 317 262 Retained earnings 2,276 2,069 Total equity 3,633 3,171 Non-current liabilities Deferred income tax liabilities 12 15 69 Pension liabilities 9 60 63 Non-current lease liabilities 27 1,268 710 Provisions for other liabilities 24 537 282 Total non-current liabilities 1,880 1,124 Current liabilities Borrowings 25, 26 1,044 989 Current lease liabilities 27 341 183 Current income tax liabilities 12 115 67 Provisions for other liabilities 24 90 51 Trade and other payables 30 2,755 2,578 Total current liabilities 4,345 3,868 Total liabilities 6,225 4,992 Total equity and liabilities 9,858 8,163 Oslo, 12th April 2024 Ole Robert Reitan Chairman of the Board Monica Ødegaard Board member Kristin S. Genton Board member Vegar N. Kulset CEO UNO-X MOBILITY • ASR 2023 • 101 OLE ROBERT REITAN Chairman of the Board and CEO Reitan Retail MONICA ØDEGAARD Board member KRISTIN S. GENTON Board member VEGAR KULSET CEO Uno-X Mobility Oslo, 12.04.2024
Balance Sheet at 31 December - Assets
34 Equity Amounts in NOK million Share capital and premium Other reserves Retained earnings Total equity Equity at 1 January 2022 440 215 1,508 2,163 Profit for the year 2022 - - 560 560 Remeasurement of pension liabilities - - 1 1 Items that will not be reclassified to income statement - - 1 1 Cash flow hedges - -18 - -18 Currency translation differences - 65 - 65 Items that may be reclassified subsequently to income statement - 47 - 47 Other comprehensive income - 47 1 48 Total comprehensive income - 47 561 608 Capital contribution 400 - - 400 Equity at 31 December 2022 840 262 2,069 3,171 Profit for the year 2023 - - 207 207 Cash flow hedges - -15 - -15 Currency translation differences - 70 - 70 Items that may be reclassified subsequently to income statement - 55 - 55 Other comprehensive income - 55 - 55 Total comprehensive income - 55 207 262 Capital contribution 200 - - 200 Equity at 31 December 2023 1,040 317 2,276 3,633 35 Statement of Cash
Amounts in NOK million Note 2023 2022 Cash generated from operating activities Profit before income tax 293 734 Impairment and amortisation, intangible fixed assets 73 96 Net gains (losses) on leases -1 -3 Depreciation and amortisation of property, plant and equipment 310 213 Loss (profit) on disposals of property, plant and equipment 8 14 9 Depreciation and impairment of right-of-use assets 15 248 159 Finance costs - net 11 -8 -11 Share of profit from associates -25 -7 Foreign exchange losses(gains) on operating activities 8 1Change in working capital Inventories 99 -500 Trade and other receivables -63 -645 Trade and other payables 300 225 Cash generated from operating activities 1,241 270 Cash generated from operating activities 1,241 270 Interest paid 11 -49 -24 Income tax paid -11 -145 Net cash generated from operating activities 1,181 101 Cash flows from investment activities Purchase of property, plant and equipment 14 -938 -556 Proceeds from sale of property, plant and equipment 14 32 17 Purchase (net) of intangible assets 13 -272 -66 Purchase of associates and joint ventures 16 -38 -19 Dividend payment received from associates 16 9 3 Net cash flow from investment activities -1,207 -621 Cash flows from financing activities Net foreign exchange gains (losses), financing activities 11 103 53 Payments on lease debt -273 -171 Capital increase 200 400 Dividends paid to owners of parent -51Net cash used in financing activities -21 282 Net (decrease)/increase in cash -47 -238 Cash at 1 January 21 -834 -596 Cash at 31 December 21 -881 -834 The group's financing solution is classified as an overdraft facility, this scheme is included in cash in this statement. As of 31 December 2023 Uno-X Mobility has unused credit facilities of NOK 379 (NOK 434 million as of 31 December 2022). 102 • UNO-X MOBILITY • ASR 2023
Flow

Notes to the Financial Statements

Note 1 – General information

Uno-X Mobility is a group consisting of the trade companies Uno-X Mobility (Norway and Denmark), Uno-X Smøreolje (Norway and Denmark), Uno-X eMobility (Norway and Denmark) and YX Betjent AS (Norway).

The parent company, Uno-X Mobility AS is registered and domiciled in Norway, and its head office is located in Oslo. Uno-X Mobility AS is 100 percent owned by Reitan Retail AS. Odd Reitan Private Holding AS is the group’s ultimate parent company. Reitan Retail AS’ head office is located in Oslo. Uno-X Mobility AS is included in the consolidated financial statements of Reitan Retail AS.

Note 2 – Accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out in the respective notes, more general principles are discussed below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The consolidated financial statements of Uno-X Mobility AS have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

The consolidated financial statements are prepared under the historical cost convention, as modified by the revaluation of land and buildings, financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of accounting principles requires management to exercise judgment. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 - Critical accounting estimates and jugdments

The consolidated financial statements are prepared under the going concern assumption.

2.2 Consolidation

2.2.a Subsidiaries

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

The consolidated financial statements of Uno-X Mobility AS were approved by the company’s Board of Directors on 12 April 2024

2.2.b Associates

Associates are companies in which the group has significant influence but not control. Significant influence normally exists where the group has between 20 and 50 percent of the voting rights. Investments in associates are included using the equity method.

2.3 Foreign currency translation

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Norwegian krone (NOK), which is the group’s presentation currency.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Foreign exchange gains and losses that relate to working capital are classified as operating profit/loss. Currency items related to financing activities are included in net financial income (expenses).

2.4 New and amended standards adopted by the group There are no new interpretations that have material effect on our financial statements.

2.5 New standards and amendments to / interpretations of existing standards that are not yet effective and not have been early adopted by the group

There are no other IFRSs or IFRIC interpretations that are not yet effective that are expected to have any material impact on our financial statements.

37
Note 1 - General information 103 Note 2 - Accounting policies ����������������������������������������������������������������������������������������������������������������������������������� 103 Note 3 - Financial risk management 104 Note 4 - Critical accounting estimates and jugdments ����������������������������������������������������������������������������������� 104 Note 5 - Segment reporting - Geographical 105 Note 6 - Revenue ������������������������������������������������������������������������������������������������������������������������������������������������������� 105 Note 7 - Other income 106 Note 8 - Net other gains(losses)���������������������������������������������������������������������������������������������������������������������������� 106 Note 9 - Salaries and personnel costs 106 Note 10 - Other operating expenses �������������������������������������������������������������������������������������������������������������������� 106 Note 11 - Net financial items 107 Note 12 - Income tax ������������������������������������������������������������������������������������������������������������������������������������������������ 107 Note 13 - Intangible assets 108 Note 14 - Property plant and equipment ������������������������������������������������������������������������������������������������������������� 109 Note 15 – Right-of-use assets 109 Note 16 - Investments in associated companies ���������������������������������������������������������������������������������������������� 110 Note 17 - Investments in subsidiaries 110 Note 18 - Financial instruments by category ����������������������������������������������������������������������������������������������������� 110 Note 19 - Trade and other receivables 111 Note 20 - Inventories ������������������������������������������������������������������������������������������������������������������������������������������������ 112 Note 21 - Cash 112 Note 22 - Share capital, premium and shareholders ����������������������������������������������������������������������������������������� 112 Note 23 - Other reserves ����������������������������������������������������������������������������������������������������������������������������������������� 112 Note 24 - Provisions for other liabilities��������������������������������������������������������������������������������������������������������������� 113 Note 25 - Borrowings ������������������������������������������������������������������������������������������������������������������������������������������������ 113 Note 26 - Loan agreements 114 Note 27 - Lease liabilities ���������������������������������������������������������������������������������������������������������������������������������������� 114 Note 28 - Guarantees 115 Note 29 - Net interest bearing liabilities�������������������������������������������������������������������������������������������������������������� 115 Note 30 - Trade and other payables 115 Note 31 - Related parties ���������������������������������������������������������������������������������������������������������������������������������������� 115 Note 32 - Transactions 116 UNO-X MOBILITY • ASR 2023 • 103

The group has its core operations in the market for sale, distribution and marketing of petroleum products.

The group’s activities involve various financial risks: market risk (including currency risk, fair value interest risk, floating interest risk and price risk), credit risk and liquidity risk. The group’s overall risk management plan focuses on the capital markets’ unpredictability and represents an attempt to minimize potential negative effects on the group’s financial performance.

The board of directors approves the principles for overall risk management, and provides guidelines for specific areas such as currency risk, credit risk, use of financial derivatives and use of surplus cash.

3.1 Market risk

3.1.a Currency risk

The major part of the group’s operations is located in Scandinavia, and the group is exposed to currency risk in several currencies. This risk is particularly related to Danish kroner. Currency risk arises from future trading transactions, assets and liabilities recognised in the balance sheet, and net investments in international operations. This risk is still limited, as our operational units mainly have their income and cost and keep their accounts in local currency. The group has investments in foreign subsidiaries, where net assets are exposed to currency risk in foreign currency translation. We try to limit this exposure by ensuring an overall debt portfolio composition that to the greatest possible extent is adapted to the individual currency’s and country’s relative importance in the group’s activities.

The effect of a 10 percent change against the Norwegian krone is shown in the table below. The effects are calculated on the basis of the group’s net assets (liabilities) in each currency at 31 December 2023.

Balance sheet items in currency -10% + 10%

Currency gain (loss) -16 16

Effect on equity -135 135

3.1.b Price risk

The prices of oil products follow an international market. Because of turnover in stock, we are exposed to price changes. It is company policy not to hedge against such changes. This can have a significant impact on the individual annual accounts.

Our products are subject to price changes due to fluctuations in the international market and strong price competition in our market. With close monitoring and frequent list price changes in line with cost developments, we have managed to keep our margins at a satisfactory level.

3.1.c Interest risk

Since the group has no major interest-bearing assets, its profits and cash flows from operating activities are mainly independent of fluctuations in the market interest rates.

The group’s interest risk is related to borrowings, lending and bank deposits. Loans with floating interest represent an interest risk for the group’s cash flow. The effects are calculated on the basis of the group’s net interest bearing receivables (liabilities) at 31 December 2023.

Interest -5%-point +5%-point

Effect on interest income -40 40

Effect on equity -31 31

3.2 Credit risk

Historically, defaults and losses on accounts receivables have been low in the Scandinavian market. However, the group also has a considerable turnover relating to customers. In such cases, we perform a thorough analysis of the credit quality of new customers, and corresponding routines have been implemented for assessment of existing customer relations. A certain credit risk also arises from committed transactions with customers and derivatives and deposits with financial institutions. Counterparties in derivative contracts and financial deposits are limited to financial institutions with high creditworthiness.

3.3 Liquidity risk

The group operates in a market with high turnover. Cash flows are high and relatively stable, but volatile within a week/month. The group manages its liquidity risk by ensuring a sufficient amount of cash in combination with sufficient headroom on its undrawn borrowing facilities.

Management monitors the group’s liquidity reserves (consisting of various borrowing facilities (note 25 and cash (note 21)) through rolling forecasts based on expected cash flow. Management follows its liquidity reserves separately for each main currency (NOK and DKK).

The table below specifies the group’s borrowings and net-settled derivative financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances with less than 12 months maturity equal the balance sheet amounts, as the discounting effect is insignificant.

31 December

3.4 Risk related to financing and capital structure

The group’s ambition regarding financing and capital structure is based on REITAN’s value principle no. 3: “We shall be debt-free.” This entails that the parent company should be debt-free, while the group seeks an optimal business solution within the framework of appropriate risk management.

This value principle is operationalised by the board of directors in REITAN, who has established decision rules for each individual business area. The decision rules define the scope for financing alternatives and capital structure. The decision rule for Uno-X is that its debt should not exceed 1.5 times EBITDA. Financing is resolved within each individual business area, as long as the capital structure is within the scope defined by the decision rules.

The board is authorised to approve arrangements beyond the decision rules for each business area.

In order to improve capital structure, the group may adjust its investment level, exploit available credit facilities, sell financial investments or adjust the amount of dividend paid to shareholders.

Gearing ratios, expressed as net borrowings divided by total assets and as net borrowings divided by EBITDA before FIFO, are shown in the table below. Amounts in NOK million 2023 2022

borrowings 1,044 989

cash and cash equivalents -140 -132

borrowings at 31 December 904 857

Note 3 – Financial risk management - continued

3.5 Assessment of fair value

The fair value of financial instruments traded in active markets (such as securities available for sale or held for trading purposes) is based on quoted market prices at the balance sheet date. The quoted market price for financial assets is the current bid price. For financial liabilities, the current sales price is used.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The group utilises various methods and makes assumptions based on the prevailing market conditions at the balance sheet date. For ong-term liabilities, quoted prices

for the actual instrument or for a similar instrument are used. Other techniques, such as the discounted value of future cash flow, are used to determine the fair value of other financial instruments. The fair value of nterest rate swaps is calculated as the present value of the estimated future cash flows.

The accounting value of accounts receivable and payable is assumed to equal the fair value of these items. The fair value of financial liabilities (calculated for note purposes) is estimated by discounting future contractual cash flows with the group’s alternative market interest for similar financial instruments.

Note 4 – Critical accounting estimates and judgments

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4.1 Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

4.1.a Environmental liabilities

The group purchases, stores and sells products based on petroleum. We have introduced routines to ensure regular environmental inspections, in order to assess costs incurred for environmental restoration and handling our environmental liability.

Every year, the group calculates environmental restoration liabilities. The calculations make use of accumulated knowledge and specific information for each service station, e.g. age, number of tanks, and a specific assessment of the stations’ environmenta conditions and environment factors such as distance to sources of drinking water. These estimates are uncertain average judgments of expenses and time of settlement. External experts assist to various degree in the calculation of these estimates

See also note 24.

4.1.b Asset retirement obligations

The group has in some cases assumed a liability to reestablish properties/locations used for energy activities to its original condition when the activities at a service station cease. When entering such contracts, a liability corresponding to the present value of expected reestablishment costs is entered in the accounts. Similarly, the cost of the right of use asset is increased and depreciated over the expected lease period. The estimate, which is recognized in the balance sheet as a liability and an asset, is continuously object for revaluation.

The present value of the reestablishment cost is determined by considering all assumptions and uncertain estimates which are included in the present value of expected reestablishment cost. These include the asset’s economic life, cost of reestablishment, discount rate and rate of inflation.

See also note 24.

4.1.c Leases

The group has a significant number of leases that are recognised in the balance sheet. In accordance with IFRS 16 - Leases, assessments must be made of the rental period, discount rate and recognition of any option periods. The assessments involve a considerable degree of estimates and assumptions, and these may be different from the actual future rental conditions.

See also note 15 and note 27

38
Total Borrowings 1,044 - - - 1,044 Accounts payable and other debts 2,755 - - - 2,755 Sum 3,799 - - - 3,799
2023 <1 yr 1-2 yr 2-5 yr >5 yr
Total assets 9,858 8,163 Gearing as net borrowings at 31 December 9% 10% EBITDA before FIFO 1,062 861 Gearing as net borrowings 0.9 1.0 Note 3 – Financial risk management 39
Total
Less
Net
104 • UNO-X MOBILITY • ASR 2023

Investments are presented as investments in operating activities. FIFO effect is a calculated effect reflecting realised gains (losses) on oil products sold in the period. The calculated effe ct reflects the difference between cost price at the day the product is sold (which is the basis for the daily price settings in the market) and the historical cost paid for the product. In average products are sold 20-30 days after they are bought, and the cost price is changing in that period resulting in the calculated FIFO effects.

Revenue is recognised when control of the goods or services are transferred to the customer. The revenues is measured at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services, net of discounts, returns, e xcise duties and value added taxes. Revenue from sale of goods is recognised at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods

Sales of goods

The activities of Uno-X Mobility mainly include sales, distribution and marketing of fuel through its own nationwide network of self-service stations and sales of goods to retailers. The group also sells other energy-related products directly to consumers.

A number of the products are subject to excise duties. These duties accrue when products are removed from duty -free inventories, and it is the supply and storage companies (Uno-X Mobility Norge AS and Uno-X Mobility Danmark A/S) that collects the duties from our customers, both internal customers in Uno-X Mobility and external customers. Excise duties that apply to our companies are lubricant duties,

and

products, sulphur duties on some of our products, and bio-duties on products with bio-elements. Group revenue are presented

and accordingly they are not included in cost of goods sold. In the consolidated comprehensive income, the group presents the amo unt of the excise duties that have been charged in the period, in addition to revenue.

Sales of services

Revenue from sales of services includes revenues from car wash.

See note 5 - Segment reporting operational for disaggregated revenue information.

Note 7 – Other income

Note 8 - Net other gains (losses)

40
segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decisionmaker, who is responsible for allocating resources and assessing performance of the operating segments, has been iden tified as the Board of Directors. 2023 Amounts in NOK million Norway Denmark Other/ Elim Total 2022 Amounts in NOK million Norway Denmark Other/ Elim Total Revenue 13,447 7,086 247 20,780 Revenue 13,965 7,817 -26 21,756 Other income and gains (losses) 17 6 4 27 Other income and gains (losses) 18 7 -9 16 Share of profit of associates - - 25 25 Share of profit of associates - 1 6 7 Cost of goods sold -12,084 -5,791 -183 -18,058 Cost of goods sold -12,937 -6,477 21 -19,393 Operating expenses -988 -808 -62 -1,858 Operating expenses -597 -577 -21 -1,195 EBITDA 392 493 31 916 EBITDA 449 771 -29 1,191 Amortisation and impairment, rights, licences etc. -48 -12 -13 -73 Amortisation and impairment, rights, licences etc. -23 -12 -61 -96 Depreciation and impairment, property plant and equipment -199 -103 -8 -310 Depreciation and impairment, property plant and equipment -123 -90 - -213 Depreciation and impairment of right-of-use assets -150 -96 -2 -248 Depreciation and impairment of right-of-use assets -77 -82 - -159 Operating profit -5 282 8 285 Operating profit 226 587 -90 723 FIFO effect 1 -147 - -146 FIFO effect 178 152 - 330 EBITDA before FIFO 391 640 31 1,062 EBITDA before FIFO 271 619 -29 861 Operating profit before FIFO -6 429 8 431 Operating profit before FIFO 48 435 -90 393 Investments 564 633 14 1,211 Investments 423 199 157 779 No. of car wash locations 52 55 - 107 No. of car wash locations 35 49 - 84 No. of EV charging locations 28 13 - 41 No. of EV charging locations 5 7 - 12 No. of mobility locations 526 297 - 823 No. of mobility locations 518 298 - 816
Operating
2023 Amounts in NOK million Norway Denmark Other/ Elim Total 2022 Amounts in NOK million Norway Denmark Other/ Elim Total Revenue from sales of goods 13,281 7,040 257 20,578 Revenue from sales of goods 13,865 7,788 -21 21,632 Revenue from sales of services 166 46 -10 202 Revenue from sales of services 99 29 -4 124 Total revenue from contracts with customers 13,447 7,086 247 20,780 Total revenue from contracts with customers 13,964 7,817 -25 21,756
41
Revenue from contracts with customers
Note 5 - Segment reporting - Geographical
Note 6 – Revenue
petrol
duties, CO2 duties on all gas oil
excise duties,
diesel
excluding
Amounts in NOK million 2023 2022 Revenue from sales of goods 20,578 21,632 Revenue from sales of services 202 124 Total revenue 20,780 21,756
Amounts in NOK million 2023 2022 Rental income 11 9 Other revenues 31 12 Total other income 42 21
Amounts in NOK million 2023 2022 Net gains
on sale of property, plant
equipment -14 -9 Net gains
on leases -
Net currency gains (losses), operating activities -1 1 Total other gains (losses) - net -15 -5 UNO-X MOBILITY • ASR 2023 • 105
(losses)
and
(losses)
3

Note 9 - Salaries and personnel costs

in NOK million

and salaries

Loans and guarantees to employees

The group had no loans or guarantees to employees as at 31 December 2023 nor as at 31 December 2022 Pensions

The group has both defined benefit and defined contribution plans.

For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. T he contributions are recognised as employee benefit expense when they are due.

A defined benefit plans typically define an amount of pension benefit that an employee will receive on retirement, usually de pendent on one or more factors such as age, years of service and compensation. In addition to funded defined benefit plans funded t hrough insurance companies, the group also has unfunded pension liabilities covered by operations.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calcul ated annually by independent actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charge d or credited to equity in other comprehensive income in the period in which they arise

Both the Norwegian and the Danish subsidiaries have mainly defined contribution plans.

As at 31 December 2023 the group has defined contribution plans with 290 (257 in 2022) members and defined benefit plans with 19 (21 in 2022) members. Uno-X Mobility in Norway is obligated to provide an occupational pension scheme in accordance with the Mandatory Occupational Pension Act. The company’s pension scheme satisfy the requirements of the Act.

Note 9 – Salaries and personnel costs - Continued

management compensation

The CEO has in 2023 received incentives of 10,0 million (11,8 million in 2022) of which 8,7 million is salary and 1,3 million is

(9,4

is salary and 2,4 million is pension costs). In addition, the CEO has a long-term bonus agreement determined by

is

years, with payment at the end of the period. For 2023, a

The

is conditional upon the CEO waiving the

rights under local

and is

in

ituations where the resignation is requested by the company. The CEO’s own resignation will not trigger severance payment, and the severance payment is also forfeited in cases o f summary dismissal from the company.

The group has not paid any remuneration to the Board of Directors in 2023 (NOK 0.0 million in 2022). The Chairman has

or special compensation on termination of office.

As of 31 December 2023, there are no loans to executives, directors, shareholders or related parties.

The group has not provided any guarantees on behalf of executives, directors, shareholders or related parties.

There has not been any significant purchase or sale of goods or services between group companies and executives, directors, s

or related parties.

to auditors

All amounts relating to audit fees specified above are exclusive of VAT.

Note 10 - Other operating expenses

42
Amounts
2023 2022 Wages
-353 -250 Social security
-28
Pension costs -29 -20 Other employment benefits -14 -10 Total employee benefit expense -424 -301 Average number
employees 305 253 Number
fulltime equivalents 299 248
costs
-21
of
of
Pension expenses Amounts in NOK million 2023 2022 Defined benefit plans -Defined contribution plans -28 -20 Total pension costs -28 -20 Financial cost -2 -1 Remeasurements - OCI - 1 Total pension costs and remeasurements -30 -20 Pension liabilities
in NOK million 31.12.23 31.12.22 Fair value of plan assets at 1 January 24 22 Remeasurements - experience gains (losses) plan assets 3Contributions from employer, incl. payroll tax 2 2 Fair value of plan assets at 31 December 29 24 Present value of obligation at 31 December -89 -87 Fair value of plan assets at 31 December 29 24 Net defined benefit liabilities at 31 December -60 -63 43 Key
Amounts
pension costs
million
metrics.
contract
million was recognised
million in 2022).
financial
The
period
five
bonus of 2,9
(6,5
annual base salary from the expiry
the notice period. A ny severance pay entitlement
CEO is entitled to severance pay equal to twelve months of the
of
employee protection
law
applied
s
othe r bonus
no
hareholders
Fees
Amounts in NOK million 2023 2022 Audit -4.1 -4.0 Assurance services - -0.2 Non-audit services -0.7 -0.8 Tax advisory services -Total fees to auditors -4.8 -5.0
Amounts in NOK million 2023 2022 Rental of premises -35 -31 Maintenance of premises -239 -128 Distribution -350 -322 Marketing expenses -75 -63 Travel and cars -45 -34 Office consumables, equipment, communication -27 -19 Fees (legal, audit and other fees) -111 -83 IT -103 -74 Transaction cost and bank charges -40 -37 Loss on bad debt -14 -9 Other operating expenses -395 -264 Total other operating expenses -1,434 -1,064
106 • UNO-X MOBILITY • ASR 2023

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to

for the Danish subsidiaries, bu not for the other subsidiaries. Income

44 Note 11
Net financial items Amounts in NOK million 2023 2022 Interest income - customers 3 1 Interest income - associates and joint ventures - 1 Total interest income 3 2 Interest expense - borrowings from banks -36 -16 Interest expense - pension liabilities -2 -1 Interest expense - provisions unwinding of discount -13 -8 Interest expense - parent company -1 -1 Total interest expenses -52 -26 Net interest income (expenses) -49 -24 Amounts in NOK million 2023 2022 Net interest income (expense) -49 -24 Interest expense - lease liabilities -48 -22 Net foreign exchange gains (losses) on financing activities 103 53 Other finance costs 2 4 Net finance income (expense) 8 11 Note 12 – Income tax
tax expense
period comprises current
deferred tax.
current income tax charge
calculated on the basis of the tax laws enacted or substantively enacted at the balance shee date in the countries where
company
subsidiaries operate
generate taxable income.
recognised
temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
deferred tax liabilities are not recognised
they arise from the initial recognition of goodwill; deferred income
arises
initial recognition
an asset
liability in a transaction other than a business combination that at the time of the
tax
realised
deferred income
-
The
for the
and
The
is
the
and its
and
Deferred income tax is
on
However,
if
tax is not accounted for if it
from
of
or
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income
asset is
or the
tax liability is settled.
income taxes levied
same taxation authority
either the same taxable entity
different taxable
to settle
balances
a net
on this deferred tax assets
deferred tax liabilities are
tax
payable Amounts in NOK million 2023 2022 Payable tax on result -102 -174 Corrections in payable tax previous years 6Changes in deferred tax 10Total tax on result -86 -174 Current tax on profits for the year 102 174 Prepaid taxes -94 -142 Effect of income tax liabilities relates to purchase/sale of companies 21Effect of foreign exchange rate differences, calculated 1 -52 Net tax payable at 31 December 30 -20 Tax payable (liability) 115 67 Prepaid taxes (asset) -85 -87 Net tax payable at 31 December 30 -20 45 Amounts in NOK million 2023 2022 Profit before income tax 293 734 Nominal tax rate 22% -64 -161 Effect of non-deductible expenses -16 1 Effect of income not subject for tax 6 1 Effect of amortisation of intang. assets not deductable for tax - -13 Effect of impairment of deferred tax asset -19Effect of adjustments in tax in respect of prior years 5Other 2 -2 Total tax on result -86 -174 Effective tax rate (%) 29% 24% The nominal tax rate in 2023 and 2022 was 22 percent in Norway and Denmark. Tax on other comprehensive income 2023 2022 Amounts in NOK million Before tax Tax After tax Before tax Tax After tax Remeasurements of post employment benefits - - - 1 - 1 Cash flow hedges -19 4 -15 -23 5 -18 Currency translation differences 70 - 70 65 - 65 Other comprehensive income 51 4 55 43 5 48 Deferred income tax at 31 December Amounts in NOK million 2023 2022 Deferred tax assets 196 140 Netted against deferred tax liability -48 -35 Total deferred tax assets 148 105 Deferred tax liability 63 104 Netted against deferred tax assets -48 -35 Total deferred tax liability 15 69 Net deferred tax in the balance sheet at 31 December 133 36 Amounts in NOK million 2023 2022 Net deferred tax in the balance sheet at 1 January 36 97 Changes in deferred tax charged to the income statement 10Changes in deferred tax charged to other comprehensive income 4 5 Effect of group contribution credited (charged) equity 52 -52 Effect of acquisition of subsidiaries 34 8 Exchange difference -3 -22 Net deferred tax in the balance sheet at 31 December 133 36 Note 12 – Income tax - Continued UNO-X MOBILITY • ASR 2023 • 107
by the
on
or
entities where there is an intention
the
on
basis. Based
and
offset
expenses and tax

Goodwill

Goodwill

net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree at the time of acquisition.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that is expected to benefit from the synergies of the combination.

Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a poten tial impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed

Software and rights

Separately acquired software and rights are shown at historical cost. software and rights are acquired in a business combination are recognised at fair value at the acquisition date. Software and rights have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of software and rights are over their estimated useful lives of 4 - 5 years

Impairment of non-financial assets

Assets that have an indefinite useful life – for example, goodwill or intangible assets not ready to use – are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable

An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The reco verable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date

as

transaction. Assets from this acquisition are classifies as Additions from aquisition of subsidiaries. Goodwill by segment at 31 December

Goodwill is allocated to the group’s cash generating units expected to benefit from the acquisition.

46 The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction is as follows: Amounts in NOK million Property, plant and equipment Leases and other liabilities Provisions Taxable profit and loss acct. Tax loss carried forward Other Total Deferred tax assets at 1 January 2022 32 24 70 8 1 4 139 Charged to the income statement 2022 - -2 - - 3 -1Charged to other comprehensive income - - - - - -Exchange difference - - 1 - - - 1 Deferred tax assets at 31 December 2022 32 22 71 8 4 3 140 Charged to the income statement 2023 -8 - 23 -1 3 - 17 Effect of acquisition of subsidiaries 6 - 30 2 - - 38 Reclassifications -1 1 3 - - -3Exchange difference - 1 1 - -2 1 1 Deferred tax assets at 31 December 2023 29 24 128 9 5 1 196 Amounts in NOK million Intangible assets Investment property Property, plant and equipment Derivative financial instrum. Current receivables Other Total Deferred tax at 1 January 2022 -7 -2 -23 -10 - - -42 Charged to the income statement 2022 1 - -3 - 2 -Charged to other comprehensive income - - - 5 - - 5 Effect of group contribution credited (charged) equity - - - - -52 - -52 Effect of acquisition of subsidiaries 8 - 2 - -2 - 8 Exchange difference -16 - -7 - - - -23 Deferred tax at 31 December 2022 -14 -2 -31 -5 -52 - -104 Charged to the income statement 2023 2 - -9 - - - -7 Charged to other comprehensive income - - - 4 - - 4 Effect of group contribution credited (charged) equity - - - - 52 - 52 Effect of acquisition of subsidiaries - - -2 - - -2 -4 Exchange difference -2 - -1 -1 - - -4 Deferred tax at 31 December 2023 -14 -2 -43 -2 - -2 -63 Note 12 – Income tax - Continued 47
Note 13 – Intangible assets
arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the group’s interest in
Amounts in NOK million Software and rights Goodwill Development Total Carrying amount at 1 January 2022 137 4 2 143 Transfers 13 - -2 11 Additions - ordinary 30 - 36 66 Additions from aquisition of subsidiaries 36 60 7 103 Disposals -5 - - -5 Amortisation charges -36 - - -36 Impairment charges - -60 - -60 Exchange difference 2 - - 2 Total tax on result 177 4 43 224 Cost price 434 64 20 518 Accumulated depreciation -257 -60 23 -294 Carrying amount at 31 December 2022 177 4 43 224 Carrying amount at 1 January 2023 177 4 43 224 Transfers 27 - -36 -9 Additions - ordinary 17 - 2 19 Additions from acquisition of subsidiaries - 254 - 254 Disposals -1 - - -1 Amortisation charges -40 - - -40 Impairment charges -23 - -10 -33 Exchange difference 5 -6 1Carrying amount at 31 December 2023 162 252 - 414 Cost price 488 316 10 814 Accumulated depreciation/impairment -326 -64 -10 -400 Carrying amount at 31 December 2023 162 252 - 414 The carrying
rights are primarily related to
trademark Uno-X
customer portfolio. Uno-X
Scandinavian Fuel
Denmark
a related car
operation
seen
amounts of
the
and
Mobility acquired
Infrastructure
A/S and
wash
in 2023. These transactions are
one
2023 2022 Norway 2 2 Denmark 250 2 Carrying amount at 31 December 252 4 108 • UNO-X MOBILITY • ASR 2023

Note 14 – Property, plant and equipment

Property, plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

The asset retirement obligation is recognised as part of the acquisition cost of the asset. The estimate may be changed as a result of renewed judgment. Such changes are recognised as an increase or reduction of the asset’s carrying amount. If the reduction is greater than the asset’s carrying amount, the excess amount will be recognised in profit and loss. If the carrying amount is increased, the company will consider whether t his is an indication of impairment according to IAS 36.

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:

Buildings 10-25 years

Station fixtures 5-10 years

Fixtures 5-10 years

Vehicles 5-18 years

Furniture, fittings and equipment 3-5 years

IT-eqipment 3-5 years

Fuel

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘Ne t other gains (losses)’ in the income statement.

Amounts in NOK million

Note 15 – Right-of-use assets

Right-of-use assets

The group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities The cost of the right-of-use asset comprise:

• The amount of the initial measurement of the lease liability recognised

• Any lease payments made at or before the commencement date, less any incentives received

• Any initia direct costs incurred by the group. An estimate of the costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and condit ions of the lease, unless those costs are incurred to produce inventories.

The group applies the depreciation requirements in IAS 16 Property, Plant and Equi pment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.

The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified

Recognition of leases and exemptions

At the lease commencement date, the group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:

• Short-term leases (defined as 12 months or less)

• Low value assets

For these leases, the group recognises the lease payments as other

in the

of profit or

when they incur.

The remeasurements are mainly resulting from changes in lease terms as well as changes in indexes used to determine the lease payments. Information regarding changes in the group's lease obligations is specified in Note 27 – Lease liabilities

48
pumps and tanks 5-25 years
buildings
and vehicles Total Book value at 1 January 2022 1,119 556 198 1,873 Transfer between groups -56 35 17 -4 Additions - ordinary 380 129 47 556 Additions from aquisition of subsidiaries 46 5 2 53 Disposals -14 -3 - -17 Depreciation -69 -107 -27 -203 Impairment loss -8 -2 - -10 Currency translation differences 35 12 3 50 Book value at 31 December 2022 1,433 625 240 2,298 Cost 1,874 1,523 506 3,903 Accumulated depreciation -441 -898 -266 -1,605 Book value at 31 December 2022 1,433 625 240 2,298 Book value at 1 January 2023 1,433 625 240 2,298 Transfer between groups -24 25 8 9 Additions - ordinary 579 207 58 844 Additions from aquisition of subsidiaries 15 76 3 94 Disposals -16 -1 -15 -32 Depreciation -95 -126 -37 -258 Impairment loss -24 -27 -1 -52 Currency translation differences 42 16 7 65 Book value at 31 December 2023 1,910 795 263 2,968 Cost 2,440 1,848 569 4,857 Accumulated depreciation -530 -1,053 -306 -1,889 Book value at 31 December 2023 1,910 795 263 2,968 The group has no restrictions on property, plant and equipment. Fixtures includes fuel-pumps and tanks at the stations. Uno-X Mobility acquired Scandinavian Fuel Infrastructure Dannmark A/S and a related car wash operation in 2023. These transactions are seen as one transaction. Assets from this acquisition are classifies as Additions from aquisition of subsidiaries. 49 Investments in and sale of property, plant and equipment Investments
price) Land, buildings and plants Fixtures Machines office eq. and vehicles Total Amounts in NOK million 2022 426 134 49 609 2023 594 283 61 938 Sales
price) 2022 14 3 - 17 2023 16 1 15 32
Land,
and plants Fixtures Machines office eq.
(cost
(sales
statement
loss
Amounts in NOK million Land Outlets Warehouse Offices Vehicles Total Book value at 1 January 2022 362 408 11 1 10 909 Reclassifications - - - - -Additions 126 59 2 - 6 193 Disposals - - - - -Remeasurements 37 23 1 - - 61 Depreciation and amortisation charges -74 -77 -2 - -5 -158 Currency translation differences 3 17 - - 1 21 Book value at 31 December 2022 454 430 12 1 12 909 Reclassifications 15 -23 8 - -Additions 530 345 - - 6 881 Remeasurements 62 53 - - - 115 Depreciation and amortisation charges -148 -91 -2 - -6 -247 Currency translation differences 5 17 - - - 22 Book value at 31 December 2023 918 731 18 1 12 1,680 Lease term 1-31 years 1-45 years 1-9 years 1-2 years 1-4 years Depreciation method Straight-line Straight-line Straight-line Straight-line Straight-line
Note
UNO-X MOBILITY • ASR 2023 • 109
operating expenses
14 – Property, plant and equipment - Continued

The

-

-

-

Financial

Financial

-

Amortised

50 Lease expenses (exemptions) Amounts in NOK million 2023 2022 Variable lease expenses -29 -26 Expenses related to short-term lease exemption -4 -3 Expenses related to low-value asset exemption -2 -2 Total lease expenses -35 -31 Number of contracts Land Outlets Warehouse Offices Vehicles Total Number of lease contracts 31.12.2022 341 196 22 3 34 596 Number of lease contracts 31.12.2023 442 266 20 2 33 763 No. of contracts with an opt. for prolongment 210 14 - - 9 233 Note 16 – Investments in associated companies Associated companies and joint ventures in the group Company name Office location Share of ownership Nature of business Scanlube AB Gøteborg, Sweden 50.0 % Lubricants manufacturer Skanol A/S Århus, Denmark 50.0 % Logistics and distribution Samtank A/S Århus, Denmark 50.0 % Storage in tanks Firstcycling AS Sogndal, Norway 50.0 % Development of cycling statistics website None of the group's associated companies are listed. Summarised financial information for the associated companies Scanlube AB Skanol A/S Samtank A/S Firstcycling AS Total Amounts in NOK million Book value at 1 January 2022 34 56 73 4 167 Additions - - 19 - 19 Share of profit -9 15 1 - 7 Dividend received - -3 - - -3 Currency translation differences - - 5 - 5 Book value at 31 December 2022 25 68 98 4 195 Additions 16 - 23 - 39 Share of profit 1 24 - - 25 Dividend received - -9 - - -9 Currency translation differences - - 7 - 7 Book value at 31 December 2023 42 83 128 4 257 Revenue and balance based on share of ownership Revenue 2022 355 250 62Profit for the year 2022 -3 20 1Assets 31 December 2022 134 113 187 1 Liabilities 31 December 2022 109 45 89Equity 31 December 2022 25 68 98 1 Revenue 2023 387 163 215 2 Profit for the year 2023 1 18 -Assets 31 December 2023 132 163 211 2 Liabilities 31 December 2023 90 80 83 2 Equity 31 December 2023 42 83 128Interests in joint operations The group has a 25 % ownership share in Sisterne Drift DA, which operates the group’s storage facilities for oil products at Ekeberg, Oslo. The group recognises its share of assets, liabilities, revenues and expenses related to the joint operation. Note 15 – Right-of-use assets - Continued 51 Note 17 - Investments in subsidiaries Company name Office location Nature of business Proporation of shares held directly by parent Proportion of shares held by the Group Uno-X Mobility Norge AS Oslo, Norway Service stations/Energy 100.0 % 100.0 % Madlaveien 77 AS Oslo, Norway Property 100.0 % 100.0 % Lura Eiendom AS Oslo, Norway Property 100.0 % 100.0 % Heddalsvegen 49 AS Oslo, Norway Property 100.0 % 100.0 % Gasolin Rudshøgda AS Oslo, Norway Property 100.0 % 100.0 % Andslimoen Eiendom AS Oslo, Norway Property 100.0 % 100.0 % Uno-X Smøreolje AS Oslo, Norway Lubricants 100.0 % 100.0 % Uno-X E-Mobility Norge AS Oslo, Norway EV charging 100.0 % 100.0 % Uno-X Mobility Cycling AS Oslo, Norway Cycling team 100.0 % 100.0 % Uno-X Bikes AS Oslo, Norway Sale of bikes 100.0 % 100.0 % YX Betjent AS Oslo, Norway Service stations 100.0 % 100.0 % Uno-X Mobility Danmark A/S Søborg, Denmark Service stations/Energy 100.0 % 100.0 % Scandinavian Fuel Infrastructure Denmark A/S Søborg, Denmark Service stations 100.0 % 100.0 % Uno-X Smøreolie A/S Søborg, Denmark Lubricants 100.0 % 100.0 % Uno-X E-Mobility Danmark A/S Søborg, Denmark EV charging 100.0 % 100.0 % Ipart ApS Hammel, Denmark Industry 100.0 % 100.0 % Ipart Ejendomme ApS Hammel, Denmark Property 100.0 % 100.0 % Note 18 – Financial instruments by category
initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net o f directly attributable transaction costs.
assets
classification of financial assets depends on the entity’s business model for managing the financial assets and the contr actual terms of the cash flows.
Recognition At
All
Financial
The
group classifies its financial assets in
following measurement categories:
the
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Derivative financial assets at fair value through other comprehensive income
liabilities
classified,
as:
Loan and receivables at amortised cost
liabilities are
at initial recognition,
-
Derivative financial liabilities at fair value through other comprehensive income
cost After initial recognition, financial assets and liabilities at amortised cost are subsequently measured using the effective interest rate method. 110 • UNO-X MOBILITY • ASR 2023
52 Financial instruments and their carrying amounts recognised in the consolidated statement of financial position at 31 December. Amounts in NOK million Financial assets at fair value through profit or loss Financial assets at amortised cost Liabilities at amortised cost Derivative financial instruments 2022 Total Financial investments 23 - - - 23 Derivative financial instruments - - - -Non-current receivables - 20 - - 20 Total non-current financial assets 23 20 - - 43 Trade and other current receivables - 2,676 - - 2,676 Derivative financial instruments - - - 27 27 Cash and cash equivalents - 132 - - 132 Total current financial assets - 2,808 - 27 2,835 Total financial assets 23 2,828 - 27 2,878 Current borrowings - - 989 - 989 Trade and other current liabilities - - 2,578 - 2,578 Total financial liabilities - - 3,567 - 3,567 Net financial assets (liabilities) 23 2,828 -3,567 27 -689 Amounts in NOK million Financial assets at fair value through profit or loss Financial assets at amortised cost Liabilities at amortised cost Derivative financial instruments 2023 Total Financial investments 28 - - - 28 Derivative financial instruments - - - -Non-current receivables - 101 - - 101 Total non-current financial assets 28 101 - - 129 Trade and other current receivables - 2,658 - - 2,658 Derivative financial instruments - - - 9 9 Cash and cash equivalents - 140 - - 140 Total current financial assets - 2,798 - 9 2,807 Total financial assets 28 2,899 - 9 2,936 Current borrowings - - 1,044 - 1,044 Trade and other current liabilities - - 2,755 - 2,755 Total financial liabilities - - 3,799 - 3,799 Net financial assets (liabilities) 28 2,899 -3,799 9 -863 Financial investments at 31 December consist of: Amounts in NOK million 2023 2022 Shares in TankRE A/S (Villatank A/S) - Denmark 28 23 Ownership of the investment is as follows at 31 December: 2023 2022 Shares in TankRE A/S (Villatank A/S) - Denmark 12.13% 12.13% Note 18 – Financial instruments by category - Continued 53 Note 19 – Trade and other receivables Current receivables Amounts in NOK million 2023 2022 Trade receivables 2,359 2,217 Current receivables, group companies 8 5 Interest bearing receivables from associates 1 15 Prepaid expenses 125 317 Accrued revenue 62 3 Receivables from public authorities 93 114 Other current receivables 10 5 Current receivables at 31 December 2,658 2,676 Carrying value of trade receivables held as collateral for debt 1,140 1,006 Non-current receivables Amounts in NOK million 2023 2022 Non-current interest bearing receivables 2 1 Other non-current receivables 99 19 Non-current receivables at 31 December 101 20 Total receivables at 31 December 2,759 2,696 There is no difference between the carrying value and fair value of interest bearing assets. The aging analysis of non-current receivables is as follows Amounts in NOK million 2023 2022 1 - 2 years 81 4 2 - 5 years 2 5 More than 5 years 18 11 Non-current receivables at 31 December 101 20 Movement in the group provision for impairment of trade receivables Amounts in NOK million 2023 2022 Provision for receivables at 1 January -25 -17 Movement in provision 12 -6 Interest income increase 1 -1 Exchange difference -2 -1 Provision for receivables at 31 December -14 -25 The aging analysis of overdue trade receivables is as follows Amounts in NOK million 2023 2022 Up to 3 months 392 263 Over 3 months 5Over due trade receivables at 31 December 397 263 UNO-X MOBILITY • ASR 2023 • 111

Note 19 – Trade and other receivables - Continued

Note 20 – Inventories

54
Carrying amount of trade receivables and provision Amounts in NOK million 2023 2022 Total trade receivables 2,373 2,240 Provision for trade receivables -14 -23 Carrying amount at 31 December 2,359 2,217
carrying amounts of the group's trade and other receivables are in the following currencies Amounts in NOK million 2023 2022 NOK 1,125 994 DKK 1,202 1,199 SEK 10 9 EUR 20 12 Other 2 3 Total trade and other receivables at 31 December 2,359 2,217
The
are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overhead s (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of busines s, less applicable variable selling expenses. The group’s inventory substantially consists of purchased finished goods for resale Amounts in NOK million 2023 2022 Raw materials 33 35 Work in progress 10 17 Goods for sale 1,384 1,474 Total inventories at 31 December 1,427 1,526 Carrying amount of inventory held as collateral for debt at 31 December 396 353
In the consolidated statement of cash flows, cash includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the consolidated balance sheet, b ank overdrafts are shown within borrowings in current liabilities Amounts in NOK million 2023 2022 Cash at bank and in hand (excluding bank overdrafts) 140 132 Cash include the following for the purposes of the statement of cash flows Amounts in NOK million 2023 2022 Cash (excluding bank overdrafts) 140 132 Bank overdrafts -1,021 -966 Cash as presented in cash flows -881 -834 Restricted deposits Amounts in NOK million 2023 2022 Tax withholdings funds 8 5 Other restricted deposits -Total restricted deposits at 31 December 8 5 Restricted deposits are included in cash. 55 Note 22 - Share capital, premium and shareholders Share capital and premium Amounts in NOK million 2023 2022 Ordinary shares 102 101 Share premium 938 739 Share capital and premium at 31 December 1,040 840 Shareholder at 31 December 2023 Number of shares Share of ownership Share of voting rights Reitan Retail AS 1,000,000 100.0 % 100.0 % Total number of shares 1,000,000 100.0 % 100.0 % Note 23 - Other reserves Amounts in NOK million Financial assets Currency translation difference Total Other reserves at 1 January 2022 46 169 215 Cash flow hedges -18 - -18 Currency translation differences - 65 65 Other reserves at 31 December 2022 28 234 262 Cash flow hedges -15 - -15 Currency translation differences - 70 70 Other reserves at 31 December 2023 13 304 317 112 • UNO-X MOBILITY • ASR 2023
Inventories
Note 21 – Cash

Note 24– Provisions for other liabilities

Provisions for environmental restoration, restructuring costs and legal claims are recognised when: the group has a present egal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the am ount has been reliably estimated.

Restructuring provisions comprise lease termination penalties and employe e termination payments. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of the expenditures expected to be

market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of

Note 25 – Borrowings

Borrowings

Fees

Borrowings are classified as current liabilities unless the group has an

balance sheet date.

Current and non-current borrowings

right to

The exposure of the group's borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are as follows:

1-2 years

Undrawn borrowing facilities

In 2010, the parent company Uno-X Mobility signed an agreement with DNB The agreement includes an overdraft facility of

1,400

of which NOK 379 million was drawn at 31 December 2023. See Note 26 – Loan Agreements for a description of the facility. Unused credit facilities are at floating rates and mature within a year.

56
settle
obligation
pre
rate
current
Amounts in NOK million Asset retirement obligations Environm. restoration Other Total Book value at 1 January 2022 208 122 - 330 Used during the year -30 9 - -21 Unused amounts reversed -4 -16 - -20 Provisions made in the year 13 18 - 31 Interest expense increased provision 5 3 - 8 Currency translation difference 1 4 - 5 Book value at 31 December 2022 193 140 - 333 Used during the year -4 -14 - -18 Unused amounts reversed - -11 - -11 Provisions made in the year 63 86 27 176 Interest expense increased provision 7 6 - 13 Additions from acquisition of subsidiaries 84 45 - 129 Currency translation difference - 5 - 5 Book value at 31 December 2023 343 257 - 627 Expected time of settlement Asset retirement obligations Environm. restoration Other Total Amounts in NOK million Due in less than 1 year 14 74 2 90 Due in 1 - 2 years 48 14 25 87 Due in 2 - 5 years 106 49 - 155 Due in more than 5 years 175 120 - 295 Book value at 31 December 2023 343 257 27 627 Discount rate 3.1 % 3.1 % 3.0 % 3.2 % Classification of total provisions 31 December 2023 31 December 2022 Amounts in NOK million Current 90 51 Non-current 537 282 Total provisions for other liabilities 627 333 Asset retirement obligations includes the obligation to return property and land to its original condition by the end of the lease period. Environmental restoration includes expenses related to the removal of contaminants that have arised as a result of operations in Uno-X Mobility 57
required to
the
using a
-tax
that reflects
time is recognised as interest expense.
are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using
effective
the
interest method.
loan facilities
loan
the
pr obable that some or all of the facility
fee
deferred
draw-down occurs.
the extent there is no evidence that it is probable that some or all of the
facility
which it relates.
paid on the establishment of
are recognised as transaction costs of the
to
extent that it is
will be drawn down. In this case, the
is
until the
To
facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the
to
unconditional
defer settlement
liabi lity
at least 12 months from the
of the
for
Amounts in NOK million 2023 2022 Bank overdraft at 31 December 1,021 966 Current collaterised borrowings
acquisition of subsidiaries 23 23 Borrowings 1,044 989 As part of
acquisition of Ipart Group at the end of 2022, a short-term loan was consolidated into the group's financial statements. The loan is related to a building.
collateral
debt Amounts in NOK million 2023 2022 Inventory 396 352 Trade and other current receivables 1,140 1,006 Current collaterised borrowings - Book value of building in acquired subsidiaries 35 35 Carrying amount of assets held as collateral for debt at 31 December 1,571 1,393
- From
the
Carrying amount of assets held as
for
Amounts in NOK million 2023 2022 1 year or less 1,044 989
- -
- -
years -Total borrowings at 31 December 1,044 989 The carrying amounts of the group's borrowings are in the following currencies: Amounts in NOK million 2023 2022 NOK 1,234 790 DKK 120 418 SEK -55 -21 EUR - 1 USD -255 -199 Total borrowings
31 December 1,044 989
2-3 years
3-5
at
NOK
UNO-X MOBILITY • ASR 2023 • 113
million,

Note

26

– Loan agreements

The parent company has the following loan agreements as of 31 December 2023

Working capital and facility agreement

Uno-X Mobility AS and DNB entered into a credit and corporate account agreement in 2010 with collateral in subsidiaries, receivab les and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚4 00 million, limited to a percentage of the group’s outstanding receivables and the Norwegian companies’ inventories. The parent company is the owner of the facility. The group’ s net deposits (borrowings) are presented in the parent company’s accounts.

Subsidiaries’ deposits (drawing) are presented as deposits (receivables) for the parent company. The amount as of 31 December 2023 is included in Note 25 – Borrowings under ”Bank overdrafts – current assets”.

All subsidiaries are members of the credit and corporate account agreement and have provided an on -demand guarantee as collateral for Uno-X Mobility AS and its obligations according to the working capital facility agreement.

The following financial covenants apply to the credit facility in Uno-X Mobility

Equity share are measured excluding IFRS 16 leases. EBITDA is adjusted for IFRS 16 lease payments. During 2023 Uno-X Mobility AS was in compliance with these covenants.

Note 27 – Lease Liabilities

The lease liability is recognised at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right-to-use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non -cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option.

The lease payments included in the measurement comprise of:

• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable

• Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencemen t date

• Amount expected to be payable by the group under residual value guarantees

• The exercise price of a purchase option, if the group is reasonably certain to exercise that option

• Payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the lease.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or le ase modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.

The group does not include variable lease payments in the lease liability. Instead, the group recognises these variable lease expenses in profit or loss.

The discount rate used to calculate the present value of future rental payments is the lease's implicit interest rate, if available. The lease's implicit interest rate is not available for most of the group's eases. In such cases, the lessees marginal loan rate is used, which consists of a base rate and a credit premium. The base rate is a market rate based on a combination of the tenant's home country and the term of the lease. The term is ass igned to one of three maturity intervals, either 1-5 years, 5-10 years or over 10 years. Interest rates of 2, 4 and 10 years are used for the three intervals respectively. Credit premiums correspond to market credit premiums for companies with similar credit ratings as tenants. Credit rating is determined throug h individual credit assessment of the individual tenant. Interest expenses related to the lease obligations are recognized as a separate line in the in come statement. The group presents its lease liabilities as separate line items in the statement

58
Receivables/Debt (minimum) EBITDA 12 months rolling basis (minimum) Equity to be (minimum) Equity Ratio to be (minimum)
1,00 NOK 220 million NOK 900 million 20 %
Time of measuring
From Q4 2010
of financial position. Amounts in NOK million Land Outlets Warehouse and prod. facilities Offices Vehicles and offices equipment Total Book value at 1 January 2022 372 390 12 - 11 785 Additions 125 39 2 1 5 172 Disposals - - - - -Remeasurements 36 26 1 - - 63 Payments -86 -77 -3 - -5 -171 Interest expense 12 9 1 - - 22 Currency translation differences 4 18 - - - 22 59 Book value at 31 December 2022 463 405 13 1 11 893 Current liabilities 96 79 3 - 5 183 Non-current liabilities 367 326 10 1 6 710 Book value at 31 December 2022 463 405 13 1 11 893 Amounts in NOK million Land Outlets Warehouse and prod. facilities Offices Vehicles and offices equipment Total Book value at 31 December 2022 463 405 13 1 11 893 Transfer 11 -19 8 - -Additions 505 292 - - 7 804 Disposals - - - - -Remeasurements 64 52 1 - -1 116 Payments -169 -94 -3 -1 -6 -273 Interest expense 33 14 1 - - 48 Currency translation differences 5 16 - - - 21 Book value at 31 December 2023 912 666 20 - 11 1,609 Current liabilities 186 146 3 - 6 341 Non-current liabilities 726 520 17 - 5 1,268 Book value at 31 December 2023 912 666 20 - 11 1,609 The remeasurements are mainly resulting from changes in lease terms as well as changes in indexes used to determine the lease payments. Information regarding changes in the group's lease assets is specified in Note 15 – Rights-of-use assets. Duration of lease contracts Amounts in NOK million 31.12.23 31.12.22 Within 1 year 325 186 Within 1 - 2 years 318 167 Within 2 - 3 years 285 147 Within 3 - 4 years 232 109 Within 4 - 5 years 167 96 More than 5 years 534 310 Total lease expenses 1,861 1,015 Effect of discounting -252 -122 Present value of lease liabilities 1,609 893 Note 27 – Lease Liabilities - Continued 114 • UNO-X MOBILITY • ASR 2023

Shareholders

Uno-X has some leases with subsidiaries of Reitan Eiendom, REMA 1000 and Reitan Convenience. Following the implementation of IFRS 16, the cost of leases recognised is presented as depreciation of the right of use asset and as interest expense on the lease liability. The following categories of leases with related

60 Note 28 – Guarantees Company guarantees for others Amounts in NOK million 2023 2022 Guarantees for rent 15Guarantees for suppliers (see also note 31) 81 73 Total company guarantees for others at 31 December 96 73 Bank guarantees Amounts in NOK million 2023 2022 Guarantees for rent(1) - 1 Guarantees for suppliers 28 28 Total bank guarantees at 31 December 28 29 The subsidiaries' joint guarantee for parent company liabilities All subsidiaries of Uno-X Mobility AS have jointly and separately guaranteed for Uno-X Mobility AS’ liabilities related to the credit and corporate account agreement of NOK 1,400 million. See Note 26 – Loan agreements Note 29 - Net interest bearing liabilities Amounts in NOK million 2023 2022 Other non-current interest bearing receivables -79 -16 Cash and bank deposits -140 -132 Current borrowings 1,044 989 Net interest bearing liabilities (receivables) ex. lease liabilities at 31 December 825 841 Total lease liabilities 1,609 893 Net interest bearing liabilities (receivables) incl. lease liabilities at 31 December 2,434 1,734 Interest income 3 2 Interest expenses -52 -26 Net interest income (expenses) ex. lease liabilities -49 -24 Interest expense - lease liabilities -48 -22 Net interest income (expenses) incl. lease liabilities -97 -46 Note 30 - Trade and other payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interes t method. The interest element is disregarded if it is insignificant. Amounts in NOK million 2023 2022 Trade payables 1,566 1,400 Public dues other than income tax 1,010 976 Accrued payroll 45 31 Other accrued expenses 121 147 Other current liabilities 13 24 Total trade and other payables at 31 December 2,755 2,578 61
Note 31 – Related parties
Uno-X Mobility AS is a 100 percent owned subsidiary of Reitan Retail AS, se note 22 – Share capital, premium and shareholders. Reitan Retail AS is 100 percent controlled by the Reitan family through three holding companies. Reitan Retail AS also owns shares of other companies. Uno-X Mobility AS has office location in Oslo, Norway Related parties Uno-X Mobility AS has direct and indirect ownership in 22 companies. The subsidiaries of Uno-X Mobility AS are presented in Note 17 - Investment in subsidiaries. Associated companies of Uno-X Mobility AS are shown in Note 16 – Associated companies. Current receivables are related to claims arising from the purchase and sale of goods and services as well as accrued interest on the loan. The receivables are unsecured
non-interest bearing. The group has not made any provisions for losses on current receivables from related parties as of 31 December 2023 or 31 December 2022 nor have any
losses
realised
2023 or 2022 Current liabilities are related to the purchase and sale of goods and services, and accrued interest on the loan. Transactions with parent Amounts in NOK million 2023 2022 Purchases of goods and services -9 -2 Sales of goods and services 1Interest expenses -1 -1 Transactions with associated companies Amounts in NOK million 2023 2022 Non-current receivables - 14 Trade receivables 2 2 Trade payables 27 23 Sale of goods 14 16 Purchases of goods -580 -421 Purchases of services -176 -114 Guarantees 76 73 Transactions with
parties Amounts in NOK million 2023 2022 Non-current receivables 77Current receivables 8 5 Current liabilities 411Sales of goods and services 24 30 Other income 2Rental income 2 1 Purchases of goods and services -8 -90 Other operating expenses -37 -6
and
such
been
in
other related
parties has been identified. • Uno-X Mobility Norge AS leases land for some self-service stations and storage facilities from subsidiaries of Reitan Eiendom and Reitan Convenience with a total rental payment in 2023 of NOK 54 million (2022 NOK 5 million). The agreements have a total lease liability as of 31 December 2023 of NOK 398 million
NOK 18 million). • Uno-X Mobility Danmark A/S leases land for some self-service stations from REMA 1000 Denmark with a total rental payment in 2023 of NOK 5 million (2022 NOK 0 million). The agreements have a total lease liability as of 31 December 2023 of NOK 34 million (2022 NOK 0 million). •
A/S leases land for some self-service stations from REMA 1000 Denmark with a total rental payment
2023
million
NOK 0 million). The agreements have a total lease liability as of 31 December 2023 of NOK 121 million (2022 NOK 0 million). UNO-X MOBILITY • ASR 2023 • 115
(2022
Scandinavian Fuel Infrastructure Danmark
in
of NOK 0
(2022

Through 2023, Uno-X Mobility has purchased two companies from Reitan Convenience, Scandinavian Fuel Infrastructure Norway AS (SFI Norway AS) in Norway and Scandinavian Fuel Infrastructure Denmark A/S (SFI Denmark A/S) in Denmark.

With the acquisition of Scandinavian Fuel Infrastructure Norway AS, Uno-X Mobility became the owner of fuel infrastructure at 55 locations in Norway. These locations have until spring 2023 been branded as YX 7-Eleven, while work is now underway to convert these locations to Uno-X stations.

In Denmark, Uno-X Mobility is the new supplier of liquid fuel to 57 locations, after the expiration of the agreement between Reitan Convenien ce Denmark A/S and Shell/DCC. With the acquisition of Scandinavian Fuel Infrastructure Denmark A/S, Uno-X Mobility became the owner of the fuel infrastructure at these 57 locations, and Uno-X Mobility is currently in the process of establishing Uno-X alongside 7-Eleven at the majority of these roadside locations in Denmark, mirroring operations in Norway.

The Norwegian company was acquired April 1 and has been merged into Uno-X Mobility Norge AS in 2023. The Danich company was acquired December 31 and is a subsidiary of Uno-X Mobility Danmark A/S.

The fair value of identifiable assets at the time of acquisition was as follows:

in NOK million SFI

Property, plant and equipment

Uno-X Mobility Denmark A/S also acquired a car wash operation related to Scandinavian Fuel Infrastructure Danmark A/S. The transaction price was 90 NOK mill. and it resulted in a goodwill of NOK 62 million. In total the goodwill effect from this transaction was:

in

A/S

62
Note 32 – Transactions
Amounts
Norway AS
Denmark
Total
59 35 94 Right-of-use assets 12 251 263 Trade receivables 81 153 234 Other assets 27 26 53 Total assets 179 465 644 Total liabilities 110 334 444 Net assets 69 131 200 Goodwill - 192 192 Transaction price 69 323 392
SFI
A/S
Amounts
million 2023 Scandinavian Fuel Infrastructure Denmark
192 Car wash operation 62 Total goodwill 254 116 • UNO-X MOBILITY • ASR 2023
NOK

Notes

UNO-X MOBILITY • ASR 2023 • 117
64 Comprehensive income Amounts in NOK million Note 2023 2022 Total revenue/income 2 56 583 Share of profit (loss) of associates 25 6 Employee benefit expense 3 -26 -22 Other operating expenses 4 -12 -20 Operating profit 43 547 Interest income 5 227 55 Interest expenses 5 -148 -32 Other financial income (expenses) 5 108 54 Net finance income (expenses) 187 77 Profit before income tax expenses 230 624 Income tax expenses 6 -37 -53 Profit for the year 193 571 Other comprehensive income: Remeasurement of pension liabilities -2Items that will not be reclassified to income statement -2Other comprehensive income -2Total comprehensive income for the year 191 571 Allocation of profit for the year Transferred to (from) other reserves 193 571 Total amount allocated 193 571 63 Financial Statements Uno-X Mobility AS 118 • UNO-X MOBILITY • ASR 2023
65
Amounts in NOK million Note 2023 2022 Non-current assets Deferred income tax assets 6 2 1 Investments in subsidiaries 7 1,084 564 Investments in associated companies 8 125 93 Non-current receivables, concept group 42 99 Total non-current assets 1,253 757 Current assets Trade and other receivables 9, 10 3,508 3,116 Cash 9, 11 3 3 Total current assets 3,511 3,119 Total assets 4,764 3,876 66
liabilities Amounts in NOK million Note 2023 2022 Equity Share capital 12 102 101 Share premium reserve 12 938 739 Other reserves -5 -5 Retained earnings 1,896 1,705 Total equity 2,931 2,540 Non-current liabilities Pension liabilities 9 7 Non-current provisions for other liabilities and charges 25Total non-current liabilities 34 7 Current liabilities Borrowings 9, 13 1,021 966 Trade and other payables 9, 14 778 363 Total current liabilities 1,799 1,329 Total liabilities 1,833 1,336 Total equity and liabilities 4,764 3,876 Oslo, 12th April 2024 Ole Robert Reitan Chairman of the Board Monica Ødegaard Board member Kristin S. Genton Board member Vegar N. Kulset CEO UNO-X MOBILITY • ASR 2023 • 119 OLE ROBERT REITAN Chairman of the Board and CEO Reitan Retail MONICA ØDEGAARD Board member
S. GENTON Board member VEGAR KULSET CEO Uno-X Mobility Oslo, 12.04.2024
Balance Sheet at 31 December - Assets
Balance Sheet at 31 December - Equity and
KRISTIN
68 Statement
Amounts in NOK million Note 2023 2022 Profit before income tax 2 230 624 Dividend recognised in profit or loss, not paid 2 -26 -554 Change in retirement benefit obligations Finance costs - net 5 -187 -77 Share of profit from associates -25 -6 Change in trade and other receivables -319 -689 Change in trade and other payables 388 94 Cash generated from operations 61 -608 Cash generated from operations 61 -608 Interest paid 5 79 23 Net cash generated from operating activities 140 -585 Investments in subsidiaries -445 -156 Investments in associates -16Dividend received - associates 9 3 Net cash flow from investment activities -452 -153 Capital increase 200 400 Dividends paid -51Net cash used in financing activities 149 400 Net (decrease)/increase in cash -163 -338 Cash at 1 January 11 -963 -679 Exchange gains/(losses) on cash 108 54 Cash at 31 December -1,018 -963 Uno-X Mobility’s financing solution is classified as an overdraft facility, this scheme is included in cash in this statement. As of 31 December 2023 Uno-X Mobility AS has unused credit facilities of NOK 379 million (NOK 434 million as of 31 December 2022). 67 Equity Amounts in NOK million Share capital and premium Other reserves Retained earnings Total equity Equity at 1 January 2022 440 -5 1,134 1,569 Profit for the year - - 571 571 Total comprehensive income - - 571 571 Capital increase 400 - - 400 Equity at 31 December 2022 840 -5 1,705 2,540 Profit for the year - - 193 193 Remeasurement of pension liabilities - - -2 -2 Total comprehensive income - - 191 191 Capital increase 200 - - 200 Equity at 31 December 2023 1,040 -5 1,896 2,931 120 • UNO-X MOBILITY • ASR 2023
of Cash Flow

Notes to the Financial Statements

Note 1 – Accounting policies

Uno-X Mobility AS is the group’s parent company. The separate financial statements of Uno-X Mobility AS have been prepared in accordance with the provisions of simplified IFRS in separate financial statements, provided in regulations to the Norwegian Accounting Act, section 3-9, subsection 5 (“Regulations on simplified use of international accounting standards, chapter 4”), as laid down by the Norwegian Ministry of Finance 3 November, 2014.

Applying the simplified version of IFRS to the parent company accounts means that valuation rules and accounting policies applied in the consolidated accounts also apply to the parent company, Uno-X Mobility AS. See the group accounting policies for further information. A simplified application of IFRS enables the financial statements and note information to accord with the Accounting Act. The financial statements and notes for the parent company have been organised in accordance with the Accounting Act, with the exception of the comprehensive income statement, which follows IFRS.

Note 2 - Total revenue

Note 3 - Salaries and personnel costs

1.1 Shares in subsidiaries

Shares in subsidiaries are entered at cost in Uno-X Mobility AS’ financial statements (cf. IAS 27.37).

1.2 Dividend and group contribution

Accountable entities that prepare separate financial statements according to the regulations of the Accounting Act, section 3-9, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other provisions of the Act. This means that any dividends and group contributions given or received by the parent company are entered in the accounts the year before the decision to give or receive such dividend or group contribution is made. This also applies to any tax effects relating to such transactions.

The company’s pension scheme satisfy the requirements of the Act. Key management compensation

The CEO has in 2023 received incentives of 10.0 million (NOK 11.8 million in 2022) of which 8.7 million is salary and 1.3 mil lion is pension costs (9.4 million is salary and 2.4 million is pension costs) In additon, the CEO has a long-term bonus agreement determined by financial

The CEO is entitled to severance pay equal to twelve months of the annual base salary from the expiry of the

70
Amounts in NOK million 2023 2022 Revenue from sales of goods and services 30 29 Dividend and group contribution 26 554 Total revenue 56 583
Amounts in NOK million 2023 2022 Wages and salaries -19 -17 Social security costs -4 -2 Pension costs -2 -2 Other employment benefits -1 -1 Total employee benefit expense -26 -22 Average number of employees 3 2 Number of fulltime equivalents 4 2 Loans and guarantees to employees The group had no loans or guarantees to employees as at 31 December 2023, nor as at 31 December 2022. Retirement benefit obligations As of 31 December 2023,
million
7 million
Mandatory Occupational Pension
the parent company had 3 active members in its plan (2 as of 31 December 2022). The parent company’s pension costs in 2023 were NOK 2 million (NOK 2 million in 2022). The company’s net pension liability at 31 December 2023 was NOK 9
(NOK
as of 31 December 2022). Uno-X Mobility AS is obligated to provide an occupational pension sheme in accordance with the
Act
metrics. The contract period
five
period.
bonus
2.9 million was recognised 6.5 million
2022).
is
years, with payment at the end of the
For 2023, a
of
in
period. A ny severance pay entitlement is conditional upon the CEO waiving the employee protection rights under local law and is applied in s ituations where the resignation is requested by the company. The CEO’s own resignation will not trigger severance payment, and the severance payment is also forfeited in cases o f summary dismissal from the company. The group has not paid any remuneration to the Board of Directors in 2023 (NOK 0.0 million in 2022). The Chairman has no othe r bonus or special compensation on termination of office. As of 31 December 2023 there are no loans or guarantees to executives, directors, shareholders or related parties, nor as at 31 December 2022. Fees to auditors The parent company had audit fees of NOK 0.6 million exclusive of VAT in 2023 (NOK 0.7 million in 2022).
notice
Note 1 - Accounting policies 121 Note 2 - Total revenue ����������������������������������������������������������������������������������������������������������������������������������������������� 121 Note 3 - Salaries and personnel costs 121 Note 4 - Other operating expenses ����������������������������������������������������������������������������������������������������������������������� 122 Note 5 - Net financial items 122 Note 6 - Income tax ��������������������������������������������������������������������������������������������������������������������������������������������������� 122 Note 7 - Investments in subsidiaries 122 Note 8 - Investments in associated companies ������������������������������������������������������������������������������������������������ 122 Note 9 - Financial instruments by category 122 Note 10 - Trade and other receivables ������������������������������������������������������������������������������������������������������������������ 122 Note 11 - Cash and cash equivalents 123 Note 12 - Share capital premium and shareholders ������������������������������������������������������������������������������������������ 123 Note 13 - Borrowings 123 Note 14 - Trade and other payables����������������������������������������������������������������������������������������������������������������������� 123 Note 15 - Related parties 124 UNO-X MOBILITY • ASR 2023 • 121

Note 7 - Investments in subsidiaries

Note 8 - Investments in

Note 9 - Financial instruments by category

72
Company name Office location Nature of business Proporation of shares held directly by parent Proportion of shares held by the Group Share capital in company Local currency Book value in parent Amount in 1000 Amount in NOK mill. Uno-X Mobility Norge AS Oslo, Norway Energy 100.0 % 100.0 % 3,499 76 Uno-X Smøreolje AS Oslo, Norway Lubricants 100.0 % 100.0 % 300 13 Uno-X E-Mobility Norge AS Oslo, Norway EV charging 100.0 % 100.0 % 1,500 325 YX Betjent AS Oslo, Norway Energy 100.0 % 100.0 % 217 7 Uno-X E-Mobility Danmark A/S Søborg, Denmark EV charging 100.0 % 100.0 % 600 172 Uno-X Smøreolie A/S Søborg, Denmark Lubricants 100.0 % 100.0 % 2,000 54 Uno-X Mobility Danmark A/S Søborg, Denmark Energy 100.0 % 100.0 % 300,000 209 Uno-X Mobility Cycling AS Oslo, Norway Cycling teams 100.0 % 100.0 % 300 68 Ipart ApS Hammel, Denmark Production 100.0 % 100.0 % 7,331 160 Total investments in subsidiaries at 31 December 2023 1,084
associated companies Associated companies in Uno-X Mobility AS Company name Office location Nature of business Share of ownership Share of voting rights Measurement method Book value in parent Amount in NOK mill Scanlube AB Gøteborg, Sweden Lubricants manufacturer 50.0 % 50.0 % Equity 42 Skanol A/S Århus, Denmark Logistics and distribution 50.0 % 50.0 % Equity 83 Total investments in associated companies at 31 December 2023 125
Financial instruments and their carrying amounts recognised in the consolidated statement of financial position at 31 December. Amounts in NOK million 2023 2022 Loans and receivables Trade and other current receivables 3,508 3,116 Cash 3 3 Total current assets 3,511 3,119 Financial liabilities Current borrowings -1,021 -966 Trade and other current liabilities -778 -363 Total net financial instruments at 31 December 1,712 1,790 Note 10 - Trade and other receivables Amounts in NOK million 2023 2022 Interest bearing receivables from associates/joint ventures - 14 Current receivables, REITAN - 183 Current receivables, group companies 3,506 2,918 Other current receivables 2 1 Total receivables at 31 December 3,508 3,116 71 Note 4 - Other operating expenses Amounts in NOK million 2023 2022 Fees (legal, audit etc.) -2 -11 Transaction cost and bank charges -2 -2 Other operating expenses -8 -6 Total other operating expenses -12 -20 Note 5 - Net financial items Amounts in NOK million 2023 2022 Interest income - bank deposits 223 54 Interest income, associates and joint ventures 4 1 Interest expense - borrowings from banks -147 -31 Interest expense - REITAN -1 -1 Net interest income (expenses) 79 23 Amounts in NOK million 2023 2022 Net interest income (expense) 79 23 Net foreign exchange gains (losses) on financing activities 108 54 Net finance income (expense) 187 77 Note 6 - Income tax Reconciliation of Norwegian nominal statutory tax rate to effective tax rate Amounts in NOK million 2023 2022 Profit before income tax 230 624 Nominal tax rate 22% -51 -137 Effect of expenses not deductable for tax -1 1 Effect of income not subject for tax (permanent differences) 6 1 Dividends / group contribution not assessable for income tax 9 82 Total tax on result -37 -53 Effective tax rate (%) 16% 9% 122 • UNO-X MOBILITY • ASR 2023

Note 11 - Cash and

Note 13 – Borrowings

The parent company has the following loan agreements as of 31 December 2023:

Working capital and facility agreement

Uno-X Mobility AS and DNB entered into a credit and corporate account agreement in 2010 with collateral in subsidiaries, receivab les and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚4 00 million, limited to a percentage of the group’s outstanding receivables and the Norwegian companies’ inventories. The parent company is the owner of the facility. The group’ s net deposits (borrowings) are presented in the parent company’s accounts. Unused credit facilities are at floating rates and mature within a year.

Subsidiaries’ deposits (drawing) is presented as deposits (receivables) for the parent company.

All subsidiaries are members of the credit and corporate account agreement, and have provided an on-demand

and its obligations according to the working capital facility agreement.

The following financial covenants apply to the credit facility in Uno-X Mobility:

Time of measuring

Borrowings at 31 December

transactions.

Note 14 - Trade and other payables

as

73
cash equivalents Amounts in NOK million 2023 2022 Cash at bank and in hand 3 3 Cash and cash equivalents (excluding bank overdrafts) 3 3 Cash and cash equivalents include the following for the purposes of the statement of cash flows Amounts in NOK million 2023 2022 Cash and cash equivalents (excluding bank overdrafts) 3 3 Bank overdrafts -1,021 -966 Cash and cash equivalents -1,018 -963 As of 31 December 2023 Uno-X Mobility has unused credit facilities of NOK 434 million (NOK 719 million as of 31 December 2022). See note 13 for more information about borrowings.
capital, premium and shareholders Share capital and premium Amounts in NOK million 2023 2022 Ordinary shares 102 101 Share premium 938 739 Share capital and premium at 31 December 1,040 840 Shareholder at 31 December 2023 Number of shares Share of ownership Share of voting rights Reitan Retail AS 1,000,000 100.0 % 100.0 % Total number of shares 1,000,000 100.0 % 100.0 % Capital increase Amounts in NOK million 2023 2022 Capital increase 200 400 Total capital increase 200 400 Accountable entities that prepare separate financial statements according to the regulations of the Accounting Act paragraph 3–9 may, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other provisions of the Act. This means that any dividends
group contributions given
received
the parent company must be entered
the accounts the year before the decision to give or receive such dividend
group contribution is made. This also applies to any tax effects relating to such
74
Note 12 - Share
and
or
by
in
or
guarentee
collateral for Uno-X Mobilty AS
Receivables/Debt (minimum) EBITDA 12 months rolling basis (minimum) Equity to be (minimum) Equity Ratio to be (minimum) From Q4 2010 1,00 NOK 220 million NOK 900 million 20 %
Amounts in NOK million 2023 2022 Bank overdraft 1,021 966 Current borrowings at 31 December 1,021 966 Carrying amount of assets held at collateral for debt at 31 December Amounts in NOK million 2023 2022 Inventory 396 352 Trade and other current receivables 1,140 1,006 Carrying amount of assets held at collateral for debt at 31 December 1,536 1,358 The exposure of the group's borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are as follows: Amounts in NOK million 2023 2022 1 year or less 1,021 966 Total borrowings at 31 December 1,021 966 The carrying amounts of the group's borrowings are in the following currencies Amounts in NOK million 2023 2022 NOK 1,234 790 DKK 97 395 SEK -55 -21 EUR - 1 USD -255 -199 Total borrowings at 31 December 1,021 966 Fair value of borrowings at 31 December 2023 Fair value for both current and non-current borrowings equals their carrying value.
Amounts in NOK million 2023 2022 Accrued payroll 2 1 Accured expenses - 33 Current provisions for other liabilities and charges 1Trade payables 3Current income tax liabilities 37Public dues other than income tax -13 3 Current liabilities, REITAN - 236 Current liabilities, group companies 748 90 Total trade and other payables at 31 December 778 363 UNO-X MOBILITY • ASR 2023 • 123

Note 15 - Related parties

Shareholders

Uno-X Mobility AS ia a 100 percent owned subsidiary of Reitan Retail AS, se note 12 – Share capital, premium and shareholders. Reitan Retail AS is a 100 percent subsidiary of REITAN AS. REITAN AS is 100 percent owned by the Reitan family through three holding companies. Reitan Retail AS also owns shares of other companies. Uno-X Mobility AS has office location in Oslo, Norway.

Related parties

Uno-X Mobility AS has direct and indirect ownership in 22 companies. The subsidiaries of Uno-X Mobility AS are presented in Note 8 - Investment in subsidiaries. Associated companies of Uno-X Mobility AS are shown in Note 8 – Associated companies.

Purchase and sales of goods and services

All transactions with related parties are made on an arm's-length basis.

Loans to subsidiaries

Uno-X Mobility AS has provided loans to subsidiaries. The interest rate is determined by Uno-X Mobility AS’s average borrowing rate for loans with similar risk.

Current receivables

Uno-X Mobility AS prepares its financial statements according to the regulations of the Accounting Act, paragraph 3 –9 and may, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other prov isions of the Act. The proposed dividends from subsidiaries recognised by the parent company as of 31 December are pending approval by the General Assemblies, and are class ified as current receivables until such approval is granted. As of 31 December 2023 the amount recognised is NOK 26 million (NOK 554 million as of 31 December 2022).

Current receivables are related to claims arising from the purchase and sale of goods and services as well as accrued interes on the loan. The receivables are unsecured and non-interest bearing.

The parent company has not made any provisions for losses on current receivables from related parties as of 31 December 202 3 or 31 December 2022 nor have any such losses been realised in 2023 or 2022

Current liabilities are related to the purchase and sale of goods and services, and accrued interest on the loan.

The parent has the following transactions with its owners Amounts in NOK

Current receivables, REITAN

Current liabilities, REITAN

The

The parent has the following transactions with its associates

Definition of Key Figures and Alternative Performance Measures

76
Excise duties
A number of the products sold by our companies are subject to excise duties. These duties accrue when products are taken from our main inventories, and thus it is our supply and storage companies (Uno-X Mobility Norge AS and Uno-X Mobility Danmark A/S that collects the duties from our customers, both internal customers in Uno-X Mobility and external customers. Excise duties that apply to our companies are lubricant duties, petrol and diesel duties, basic duties (grunnavgift), CO2 duties on all gas oil products, sulphur duties on some of our products, and bio-duties on products with bioelements FIFO effect - The FIFO effect is a calculated effect, reflecting realised gain (loss) on oil products sold during the period. The calculated effect reflects the difference between the current cost on the day the product is sold (which is the basis for the day-to-day price in the market), and its historical cost. On average, oil products are sold about 20–30 days after they are purchased. 75
-
2023 2022 Other operating expenses -9 -2 Interest expenses -1 -1
million
- 183
- 236
parent has the following transactions with its subsidiaries Amounts in NOK million 2023 2022 Non-current receivables 42 99 Current receivables 3,464 2,918 Current liabilities 748 90 Sales of goods and services 27 28 Other income - 1 Purchases of goods and services -3 -3 Guarantees 1,131 924
Amounts
NOK million 2023 2022 Current receivables - 14 Guarantees 76 73 124 • UNO-X MOBILITY • ASR 2023
in

Adresses

Uno-X Mobility

VEGAR KULSET CEO

Gladengveien 2, N-0661 Oslo, NORWAY unoxmobility.com

Uno-X Mobility Norge

Norway

Denmark

THOR KRISTIAN KORSVOLD

Managing Director

Gladengveien 2, N-0661 Oslo

unox.no

Uno-X Mobility Danmark

ELO ANDERSEN

Managing Director

Buddingevej 195, DK- 2860 Søborg unox.dk

Uno-X Smøreolje

ELO ANDERSEN

Managing Director

Gladengveien 2, N-0661 Oslo olje.yx.no

Uno-X Smøreolie

ELO ANDERSEN

Managing Director

Buddingevej 195, DK- 2860 Søborg yxlube.dk

Uno-X eMobility

OLE JOHANNES TØNNESSEN

Managing Director

Gladengveien 2, N-0661 Oslo unox.no

Uno-X eMobility

OLE JOHANNES TØNNESSEN

Managing Director

Buddingevej 195, DK- 2860 Søborg www.unox.dk

YX Betjent

THOR KRISTIAN KORSVOLD

Managing Director

Gladengveien 2, N-0661 Oslo yx.no

126 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 127

Auditor’s report

To the Annual Shareholders' Meeting of Uno-X Mobility AS

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Uno-X Mobility AS (the Company) which comprise the financial statements of the Company and the consolidated financial statements of the Company and its subsidiaries (the Group). The financial statements of the Company comprise the balance sheet as at 31 December 2023 and statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended and notes to the financial statements, including a summary of significant accounting policies. The consolidated financial statements of the Group comprise the b alance sheet as at 31 December 2023, the statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended and notes to the financial statements, including material accounting policy information.

In our opinion

• the financial statements comply with applicable legal requirements,

• the financial statements give a true and fair view of the financial position of the Company as at 31 December 2023 and its financial performance and cash flows for the year then end ed in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act,

• the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2023 and its financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our esponsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

Other information consists of the information included in the annual report other than the financial statements and our auditor’s report thereon. Management (the board of directors and the CEO) is responsible for the other information. Our opinion on the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing so, consider whether the board of directors’ report contains the informa tion required by applicable legal requirements and whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that the other information is materially inconsistent with the financial statements, there is a material misstatement in this other information or that

Statsautoriserte revisorer Ernst & Young AS Stortorvet 7 0155 Oslo Postboks 1156 Sentrum, 0107 Oslo Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00 www.ey.no Medlemmer av Den norske Revisorforening A member firm of Ernst & Young Global Limited INDEPENDENT AUDITOR'S REPORT
128 • UNO-X MOBILITY • ASR 2023

the information required by applicable legal requirements is not included in the board of directors’ report, we are required to report that fact.

We have nothing to report in this regard, and in our opinion, the board of directors’ report is consistent with the financial statements and contain the information required by applicable legal requirements.

Responsibilities of management for the financial statements

Management is responsible for the preparation of the financial statements of the Company that give a true and fair view in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either inte nds to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financ ial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisio ns of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidat ed financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Oslo, 12 April 2024 ERNST & YOUNG AS

The auditor's report is signed electronically

Finn Espen Sellæg State Authorised Public Accountant (Norway)

2 Independent auditor's report - Uno-X Mobility AS 2023 A member firm of Ernst & Young Global Limited
3 Independent auditor's report - Uno-X Mobility AS 2023 A member firm of Ernst & Young Global Limited
Signed electronically UNO-X MOBILITY • ASR 2023 • 129

Appendix

People data

To collect data on employee statistics, Uno-X Mobility follows a set template developed by Reitan Retail, taking both FTE and number of employees into account. The data is collected and reported to Reitan Retail yearly by 31 December. Cyclists are not included in these statistics.

Verification

Uno-X Mobility Greenhouse Gas Emissions data (scope 1, 2 and 3) is verified by DNV, as part of Reitan Retails GHG emissions data. The data has been verified according to requirements set out by the Greenhouse Gas Protocol. Uno-X Mobility’s relationship with DNV regarding the carbon accounting is strictly related to verification, as this is considered best practise and mitigates any risk of conflicting interests. No other parts of our non-financial data have been verified by a third party, and we currently do not have any plans of implementing this as a practice.

130 • UNO-X MOBILITY • ASR 2023
UNO-X MOBILITY • ASR 2023 • 131 BUSINESS AREA EMPLOYEES PER 31 12 23 EMPLOYEES WITH ADDITIONAL HEALTHCARE SERVICES EMPLOYEES COVERED BY MANAGEMENT SYSTEMS Uno-X Mobility 311 305 311 EMPLOYEES BY GENDER 2023 2022 Business area Female Male Total Female Male Total Co-workers - other 10 41 51 9 29 38 Co-workers - warehouse/distribution 0 1 1 0 1 1 Co-workers - production facilities 0 26 26 0 0 0 Co-workers - office 63 70 133 4 39 43 Co-workers - with responsibility area 10 34 44 57 78 135 Managers 9 17 26 7 28 35 Management 7 23 30 2 9 11 Total 99 212 311 89 210 299
132 • UNO-X MOBILITY • ASR 2023 EMPLOYMENT BY TYPE 2023 2022 Business area Female Male Total Female Male Total Permanent employment 95 207 302 81 176 257 Temporary employment 0 1 1 1 2 3 Non-guaranteed hours employees 4 4 8 7 32 39 Total 99 212 311 89 210 299 EMPLOYMENT TYPE 2023 2022 Full time 291 251 Part time 20 48 Total 311 299
UNO-X MOBILITY • ASR 2023 • 133
FEMALE MALE TOTAL Board member 2 1 3 EMPLOYEES BY AGE 2023 >18 19-29 30-39 40-49 50-59 >60 TOTAL Female 0 13 26 17 32 11 99 Male 2 50 39 43 53 25 212 Total 2 63 65 60 85 36 311
BOARD MEMBERS BY GENDER 2023
134 • UNO-X MOBILITY • ASR 2023 MANAGERS AND MANAGEMENT POSITIONS BY AGE 2023 >18 19-29 30-39 40-49 50-59 >60 TOTAL Female 0 0 6 5 4 1 16 Male 0 3 2 17 13 5 40 Total 0 3 8 22 17 6 56
UNO-X MOBILITY • ASR 2023 • 135 EMPLOYEES BY REGION 2023 Norway 105 Denmark 157 Cycling Team 49
MALE Parental Leave 2023 Entitled to parental leave On parental leave Returned to work rate Entitled to parental leave On parental leave Returned to work rate Total 7 6 100 % 6 6 100 %
EMPLOYEES
AND GENDER 2023 > 18 19-29 30-39 40-49 50-59 > 60 TOTAL Female 0 4 5 6 8 1 24 Male 1 23 7 10 7 4 52 Total 1 27 12 16 15 5 76
FEMALE
NEW
BY AGE

Uno-X Mobility AS Annual and Sustainability Report 2023

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