AS Virsi A : VIRŠI-A publishes the Annual Report for 2022 together with the independent auditor's report

VIRŠI-A
Annual report CORRECTION: AS VIRŠI-A publishes the Annual Report for 2022 together with the independent auditor's report

The independent auditor's report is attached to page 31 of the standalone report in the attachment.

Demonstrating strong growth, energy commodities trader and convenience store network Virši (AS VIRŠI-A and relatedgroup companies) closed 2022 with consolidated unaudited turnover of EUR 375.1 million, an increase of 70% or EUR 154.2 million compared to 2021. Meanwhile, consolidated unaudited net profit of the Company reached EUR 10.4 million, an increase of 57% compared to 2021.

In 2022, the EBITDA of Virši reached EUR 12.3 million, representing a 27% year-on-year increase.

The Company's investments into development reached EUR 10.9 million in 2022. In the reporting year, Virši continued to successfully implement its long-term development strategy, which includes a significant expansion of its network and further strengthening of its position in the energy segment. In 2022, the network was expanded with 5 new service stations in Daugavpils, Kārklu iela and in Riga - Ulmaņa gatve, Satekles iela, Torņkalns and Brīvības iela.

Virši continued to make investments and promote the availability of compressed natural gas (CNG). Furthermore, within the framework of strategic development, electricity and related products play an important role. During the reporting year, significant expansion, accessibility and quality improvement of the EV charging network was implemented with the installation of the first EV charging station at the Krustpils service station, marking the first Virši branded solution on the market, as well as the signing of an agreement with the European Climate, Infrastructure and Environment Executive Agency to mobilise the Alternative Fuel Infrastructure Facility (AFIF) for 20 new Virši EV charging stations.

In 2022, the Company commenced active cooperation with more than 30 Latvian electricity producers, whose energy sources are water, sun, biomass, biogas, and perform activities that improve the Company's efficiency and profitability in the wholesale electricity market. Active work is also continuing on the development of an electricity sales offer for households, which is planned to be introduced to the market in the second half of 2023.

"The strong growth of the Company in its respective market shares and profitability show that last year we were able to successfully adapt to the new geopolitical reality, continuing to purposefully implement the Company's strategic development plan by expanding the network of Virši fuel stations, strengthening our position in the energy market, as well as developing projects necessary for the sustainability of the national transport industry," says Jānis Vība, Chairman of the Board of Virši.

In 2022, retail sales of fuel in Latvia decreased by 0.7% in terms of tonnes of fuel sold, while Virši business grew by 7.2%.The turnover in convenience stores grew by 18.4% or EUR 6.1 million. The Company's energy business segment grew significantly during 2022, reaching turnover of EUR 24.9 million.

The full audited consolidated financial statements of the Virši Group for 2022 are also available on the Company's website.

The shares of AS VIRŠI-A are admitted to trading on Nasdaq Baltic First North Market.
The certified adviser for AS VIRŠI-A is Law Office Eversheds Sutherland Bitāns.

Virši is a rapidly growing energy commodities trader and convenience store network with 28 years of experience. Currently there are 70 service stations in the Virši network and these employ over 740 employees across all of Latvia. On November 11 2021 AS VIRŠI-A shares were admitted to trading on the alternative market First North of Nasdaq Riga stock exchange

Contact details:
AS VIRŠI-A
Undīne Priekule
E-mail: [e-mail]
Telephone: [phone]

Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Justīne Ignatavičute
E-mail: [e-mail]
Telephone: [phone]

Attachments:
Consolidated annual report for year 2022.pdf
Standalone report 2022.pdf