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's activity report 2022

The Board presents the report together with the audited consolidated financial statements of the Group for the year ended December 31, 2022.

1) GROUP STRUCTURE

SUBSIDIARIES In 2022, the non-operational subsidiary of ARTE Bunkering Group, UAB ARTE Bunkering Lithuania (100%), ceased operations.

In the second half of 2022, we opened a subsidiary, ARTE Bunkering DMCC, located in the Dubai Multi

Commodities Centre of the United Arab Emirates.

The overall structure of the Group changed, but Arte Bunkering remains the main holding company for its subsidiaries ARTE Bunkering LLC (100%),

ARTE Bunkering GmbH (100%), ARTE Bunkering Pte Ltd (100%), and the newly added ARTE Bunkering DMCC (100%).

ARTE Bunkering LLC was established in 2015 in the United States, Florida, to strengthen the Group's position

in the North, Central, and South American market. At the same time, another subsidiary (ARTE Bunkering GmbH) was established in Germany to strengthen our position in the European market. Both businesses have grown significantly over the years. Our US subsidiary trades with its portfolio, but ARTE Bunkering GmbH mainly acts as an agent for ARTE Bunkering OÜ. Our subsidiary ARTE Bunkering Pte Ltd was established in 2020 and currently employs three traders who deal with this region. The development of our Singapore office has been very positive since its opening and our presence in the Asian market has grown. In 2022, we opened the previously mentioned ARTE Bunkering DMCC in Dubai. Two traders have joined the new office, aiming to cover all regional demands and develop a regional client portfolio.

BRANCHES

Since 2021, we have not noticed any changes in our branch network and in 2022 we have seen positive development in the existing Greek ARTE Bunkering OU branch office, where volumes and profits have grown significantly.

2) MAIN ACTIVITY

The main activity of the Group has not changed compared to previous years.

The Group is engaged in the marketing of fuel, lubricants, and related products and services to the shipping sector. ARTE

Bunkering Group operates as a reseller, accepting products purchased from suppliers at the same time and place where they are sold to our customer. We also provide our customers with real-time global market information and quick access to quality and competitively priced marine fuels around the clock, every day of the year.

3) OVERVIEW OF DEVELOPMENT, STATUS AND RESULTS OF THE GROUP'S BUSINESS ACTIVITY

Despite the challenging market situation since February 2022, caused by changes in the compliance landscape, ARTE

Bunkering Group was able to successfully navigate through the challenges and end the year as one of the most successful in the company's history.

This was due to the general increased demand for petroleum products after most of the Covid-19 measures taken by countries to curb the spread were lifted, which also led to an additional price increase in 2022.

The general price increase as well as disruptions in several trade routes since February 2022 contributed to a 52% annual increase in turnover totaling 484.6 MEUR.

In a year, ARTE Bunkering Group managed to raise its average gross profit margin level to 2.86%, compared to 1.29% in the previous year. The increase in the gross profit margin, along with the increase in turnover, resulted in a significant gross profit totaling 13,851,794 EUR, compared to 4,139,972 EUR in 2021.

Our general administrative expenses increased less proportionally than turnover, which was +34%. General administrative expenses increased due to labor costs, operating expenses of the new subsidiary in Dubai (United Arab Emirates), as well as payments for credit insurance and additional investments in IT solutions, which will increase our reporting and monitoring capabilities in the future.

The above resulted in an operating profit of 8,485,757 EUR during the period, which is a successful growth compared to the previous year's operating profit of 41,039 EUR.

Higher interest expenses during this period, totaling 1,300,289 EUR (compared to 694,748 EUR last year), were mainly due to an increase in the Group's loan portfolio by about +47% to 16,160,161 EUR from 10,959,242 EUR. Despite increased interest expenses, a net profit of 6,340,181 EUR was achieved for the year, which was a strong change compared to the net loss of 3,181,785 EUR in the previous year.

We maintain a very positive outlook for 2023, supported by our strong financial position and creditworthiness. So far, in the first quarter of 2023, compared to the fourth quarter of 2022, we have seen a general average price decline for distillate fuels by -16%, and for heavy fuel oil by -9%. At the same time, our gross profit rate remained relatively stable compared to the previous quarter, averaging 2.77% for distillate and heavy fuel oil.

This strong margin level allows ARTE Bunkering Group to approach the market more selectively. The first