UNO-X GRUPPEN Annual Report 2015

UNO-X GRUPPEN Annual Report 2015 Uno-X supports MOT’s work for a safe and caring youth environment Key Figures Amounts in NOK million TURNOVER/OUTLETS 2015 2014 Turnover incl. excise duties 16,875 18,154 Excise duties -7,244 -6,702 Turnover ex. excise duties 9,631 11,452 Number of Uno-X outlets per 31 December 432 435 Number of YX outlets per 31 December 207 199 RESULT 2015 2014 Revenue 9,534 11,259 Operating profit 372 223 FIFO effect -173 -198 Profit before taxes 378 227 Profit for the year 276 167 PROFITABILITY 2015 2014 Operating margin 3.9 % 1.9 % Cash flow margin 5.4 % 3.2 % Return on assets 11.0 % 6.5 % Return on equity 20.0 % 11.8 % BALANCE SHEET 31.12.15 31.12.14 Non-current assets 1,325 1,224 Current assets 2,094 2,351 Equity 1,387 1,381 Non-current liabilities 328 320 Current liabilities 1,704 1,874 Total capital 3,419 3,575 Equity ratio 40.6 % 38.6 % CASH FLOW 2015 2014 EBITDA before FIFO 690 560 EBITDA after FIFO 517 362 Net investment in fixed assets 216 210 Cash and cash equivalents at 31 December 237 123 Current borrowings at 31 December - 150 Net interest-bearing debt (receivables) at 31 December -239 24 For definitions of key figures, see page 66. 2 | Uno-X Gruppen Annual Report 2015 Contents Key Figures .................................................................................................................................. 2 About Uno-X Gruppen .................................................................................................................. 4 Directors’ Report ......................................................................................................................... 6 Consolidated Financial Statements ............................................................................................ 14 Income Statement �� 15 Balance Sheet - Assets �� 16 Balance Sheet - Equity and liabilities �� 17 Equity �� 18 Statement of Cash Flow �� 19 Notes to the Financial Statements �� 20 Financial Statements Uno-X Gruppen AS .................................................................................... 50 Income Statement �� 51 Balance Sheet - Assets �� 52 Balance Sheet - Equity and liabilities �� 53 Equity �� 54 Statement of Cash Flow �� 55 Notes to the Financial Statements �� 56 Definition of Key Figures ............................................................................................................ 66 Addresses ................................................................................................................................. 67 Auditor’s Report ........................................................................................................................ 68 Uno-X Gruppen Annual Report 2015 | 3 About Uno-X Gruppen Our overall vision is to be recognised confidence and courage, by supporting and helping each other. We strongly believe that people who want to create as the most efficient and most value value and have a meaningful professional life, appreciate driven fuel and lubricant company in our way of thinking. the Nordic region. Hydrogen fuel for the future We recognise our responsibility for the environment, and we A trading company are committed to contribute to improved air quality, while Uno-X Gruppen is a trading company, specialising in continuing to meet the energy demands of our customers. marketing and sale of fuels and lubricants for commercial We believe the future will be powered by a mix of liquid and private customers. The group’s business areas are fuels. Fuels from petroleum such as petrol and diesel organised in dedicated limited companies, in order to will energise our vehicles for a long time, increasingly in facilitate market focus, development and growth. Today, combination with a variety of biofuels, electricity, hydrogen Uno-X Gruppen consists of seven financially strong and and other non-emission sources of energy. well-functioning companies, four in Norway and three in Today, Uno-X adds biofuels to our fossil fuels within Denmark. the mandates given by government and car producers. However, we believe hydrogen to be a sustainable fuel Our history for the future, and in December 2015, we entered into an Our business has offered products to the market for more agreement with NEL ASA (NEL) for the rollout of a minimum than a century. Our history goes back to the early 20th of 20 hydrogen refuelling stations, covering all the major century, with Norsk Hydro (established in 1905) and Texaco cities in Norway within 2020. Together with NEL, we will (established in 1902). Hydro Texaco was established in build a network of stations, where fuel cell electric vehicles 1995, as a result of the merger of Hydro Olje and Texaco in (FCEVs) can operate between all the major cities in Norway. Norway and Denmark. In 2006, Reitangruppen acquired the We look forward to providing a network of hydrogen shares of the company and renamed it YX Energi. In 2009, refuelling stations for our customers. the company changed its name to Uno-X Gruppen, and established separate companies for each of the business areas. Our philosophy Our belief in the individual lies at the core of the eight values which guide us in our work. • We focus on our business idea • We keep a high business moral • We are committed to be debt-free • We encourage a winning culture • We have a positive and proactive mindset • We talk with each other, not about each other • The customer is our ultimate boss • We want our work to be enjoyable and profitable We grant considerable trust and responsibility to our business areas and our employees. We aim to make our employees feel valuable, and inspire them to unleash their creativity and to be passionate about their work. We work to build a winning culture, and we like to let ourselves be inspired by top athletes. Athletes who focus on improving their performance every day, in order to achieve ambitious targets. At the same time, we aim to build each other’s self- Vegar Kulset CEO 4 | Uno-X Gruppen Annual Report 2015 Uno-X self-service stations Truck, commercial, agricultural and heating fuels Our nation-wide network of Uno-X branded self-service Through our company Uno-X Energi, we sell fuels from self- stations in Norway gives the customer an efficient and service truck stations, customised for the transport industry. convenient experience, buying low-priced fuels. Our In addition, Uno-X Energi offers fuels for the commercial, Norwegian network has a leading position in its market and agricultural and marine market, as well as heating fuel to consists of 166 stations at the end of year. Going forward private and commercial customers. we will be proud to add our hydrogen refuelling points to this network. Lubricants Our two Uno-X Smøreolje companies market and sell high YX full-service stations quality Texaco lubricants. Sales products are made on Our growth focus, which is based on dealer owned and licence from Chevron Lubricants at the lubricants factory dealer operated full-service stations, has proven to be Scanlube, which is an associated company. Products are a great success. In total, the YX-branded chain has 207 sold directly to customers and in Norway also through local stations at the end of year, of which 80 stations have been dealers. In addition, the Danish lubricant company has recruited from competing chains since 2008. Through exports to Greenland, Iceland, The Faroes, Finland and the YX Forhandlerforum (YX dealers’ forum), we have a well- three Baltic states. functioning cooperative model with our dealers. We aim to be the best supplier and partner for dealers that own and Supplies, logistics and distribution operate service stations in Norway. Uno-X Gruppen’s comprehensive supply and storage function is organised under the Uno-X Energi companies in Truck and commercial fuels both countries, including the operation of the group’s tank In Norway, we sell fuels from self-service truck stations, facilities along the Norwegian coast. In Denmark storage customised for the transport industry and mainly located is handled by Samtank A/S, an associated company. The close to YX self-service stations. In addition, we offer fuels distribution of fuels is handled by our associated company to the commercial market, and we have a network of dealers Skanol. who serve small and medium businesses as well as the

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