Columbus Energy S.A.

Quarterly Report • Nov 17, 2023

Unaudited annual accounts

30 June 2022

For the year beginning 1 July 2021 and ending 30 June 2022

Coal Energy S.A.

Société anonyme

41 rue du Puits Romain L-8070 Bertrange, Luxembourg Luxembourg: B 154144

Contents

Unaudited annual accounts

Balance Sheet as at 30 June 2022 Profit and Loss Account for the year ended 30 June 2022

Notes to the unaudited annual accounts

• Note 1 General information
• Note 2 Summary of significant accounting policies
• Note 3 Financial fixed assets
• Note 4 Debtors
• Note 5 Capital and reserves
• Note 6 Non subordinated debts
• Note 7 Staff costs
• Note 8 Other external charges
• Note 9 Income tax
• Note 10 Off balance sheet commitments and transactions
• Note 11 Related party transactions
• Note 12 Emoluments granted
• Note 13 Advances and loans granted
• Note 14 Subsequent events

BALANCE SHEET

As at	Notes	30 Jun 2022	30 Jun 2021
(expressed in US Dollar)		USD	USD
ASSETS
Fixed assets
Financial fixed assets Shares in affiliated undertakings Amounts owed by affiliated undertakings	3	72 006 905,28 -	72 006 905,28 -
Total fixed assets		72 006 905,28	72 006 905,28
Current assets
Debtors Amounts owed by affiliated undertakings becoming due and payable within one year Other receivables	4		-
becoming due and payable within one year		1 104,66	772,38
Cash at bank, cash in postal cheque accounts, cheques and cash in hand		268,15	510,07
Total current assets		1 372,81	1 282,45
TOTAL ASSETS		72 008 278,09	72 008 187,73

BALANCE SHEET

As at	Notes	30 Jun 2022	30 Jun 2021
(expressed in US Dollar)		USD	USD
LIABILITIES
Capital and reserves	5
Subscribed capital Share premium and similar premiums Profit or (loss) brought forward Profit or (loss) for the financial year		450 111,20 80 540 783,11 (16 022 946,14) (309 452,46)	450 111,20 80 540 783,11 (14 245 474,82) (1 777 471,31)
Total capital and reserves		64 658 495,71	64 967 948,17
Non subordinated debts	6
Amounts owed to credit institutions becoming due and payable within one year becoming due and payable after more than one year		- -	6 543 252,03 -
Trade creditors becoming due and payable within one year		276 901,80	221 573,78
Tax and social security debts Tax debts		350,00	415,94
Other creditors becoming due and payable within one year		7 072 530,58	274 997,80
Total non subordinated debts		7 349 782,38	7 040 239,55
TOTAL LIABILITIES		72 008 278,09	72 008 187,73

signed signed Viktor Vyshnevetskyy, Director A Arthur David Johnson, Director A

signed signed

Oleksandr Reznyk, Director A Diyor Yakubov, Director B

Coal Energy S.A.
Unaudited annual accounts
For the year beginning 1 July 2021 and ending 30 June 2022

PROFIT AND LOSS ACCOUNT For the period	Notes	from 1 Jul 2021 to 30 Jun 2022	from 1 Jul 2020 to 30 Jun 2021
(expressed in US Dollar)
CHARGES
Other external charges	8	97 158,83	37 500,00
Other operating charges		42 342,09	14 404,56
Interest and other financial charges other interest and similar financial charges Total interest and other financial charges		230 784,29 230 784,29	4 304 988,28 4 304 988,28
Income tax	9	-	-
Other taxes not included in the previous caption		-	-
TOTAL CHARGES		370 285,21	4 356 892,84
INCOME
Other operating income		60 832,75
Other interest and other financial income derived from affiliated undertakings other interest and similar financial income Total interest and other financial income		-	2 579 421,53
		- -	- 2 579 421,53
TOTAL INCOME		60 832,75	2 579 421,53
Profit or (loss) for the financial year		(309 452,46)	(1 777 471,31)
signed		signed
Viktor Vyshnevetskyy, Director A		Arthur David Johnson, Director A
signed		signed
Oleksandr Reznyk, Director A		Diyor Yakubov, Director B

1 General information

Coal Energy S.A. (hereafter the "Company") was incorporated on 17 June 2010 and organised under the laws of Luxembourg as a Société anonyme for an unlimited period.

The registered office of the Company is established in Luxembourg, 41 rue du Puits Romain, L-8070 Bertrange, and the Company number with the Registre de Commerce is B 154144. The financial year of the Company starts on 1 July and ends on 30 June of each year.

The purpose of the Company is the holding of participations, in any form whatsoever, in Luxembourg and foreign companies and any other form of investment, the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or otherwise of securities of any kind and the administration, control and development of its portfolio.

The Company may further guarantee, grant loans or otherwise assist the companies in which it holds a direct or indirect interest or which form part of the same group of companies as the Company.

The Company also prepares consolidated financial statements, which are published according to the Luxembourg legal requirements.

2 Summary of significant accounting policies

Basis of preparation

The annual accounts of the Company are prepared in accordance with Luxembourg legal and regulatory requirements.

Accounting policies and valuation rules follow the historical cost convention and are, besides the ones laid down by the law, determined and applied by the Board of Directors.

Financial fixed assets

Shares in affiliated undertakings and participating interests are valued at purchase price including the expenses incidental thereto.

Loans to affiliated undertakings, participating interests and other loans are valued at nominal value including the expenses incidental thereto.

In case of a durable depreciation in value according to the opinion of the Board of Directors, value adjustments are made in respect of fixed assets, so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

Debtors

Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.

Prepayments and accrued income

This asset item includes expenditures incurred during the financial period but relating to a subsequent financial period.

Provisions

Provisions are intended to cover losses or debts of which the nature is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the date on which they will arise.

Provisions may also be created in order to cover charges which have their origin in the financial period under review or in a previous financial period, the nature of which is clearly defined and which at the date of the balance sheet are either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the date on which they will arise.

Accruals and deferred income

This liability item includes income received during the financial period but relating to a subsequent financial period.

Value adjustments

Value adjustments are deducted directly from the related asset.

Foreign currency translation

The Company maintains its accounts in US Dollar ("USD"). Transactions expressed in currencies other than USD are translated into USD at the exchange rate effective at the time of the transaction.

Formation expenses and fixed assets expressed in currencies other than USD are translated into USD at the exchange rate effective at the time of the transaction. At the balance sheet date, these assets remain translated at historical exchange rates.

Cash at bank and all items subject to fair value valuation are translated at the exchange rate effective at the balance sheet date. Exchange losses and gains are recorded in the profit and loss account of the period.

Other assets and liabilities are translated separately respectively at the lower or at the higher of the value converted at the historical exchange rate or the value determined on the basis of the exchange rates effective at the balance sheet date. The unrealised exchange losses are recorded in the profit and loss account. The realised exchange gains are recorded in the profit and loss account at the moment of their realisation. Consequently, only realised exchange gains and losses and unrealised exchange losses are reflected in the profit and loss account.

Where there is an economic link between an asset and a liability, these are valued in total according to the method described above and only the net unrealised loss is recorded in the profit and loss account.

Going concern

The annual accounts are prepared on a going concern basis even though the accumulated losses exceed 75% of the corporate capital of the Company. As a result the Company is depending on the ongoing financial support of the Group.

3 Financial fixed assets

Financial fixed assets held at cost less impairment - movements gross book value	Gross book value - opening balance	Additions	Disposals		Transfers Gross book value - closing balance
Shares in affiliated undertakings	72 006 905,28	-	-	-	72 006 905,28
Total	72 006 905,28	-	-	-	72 006 905,28
Financial fixed assets held at cost less impairment - movements net book value	Net book value - opening balance	Additions	Disposals	Transfers	Net book value - closing balance
Shares in affiliated undertakings	72 006 905,28	-	-	-	72 006 905,28
Total	72 006 905,28	-	-	-	72 006 905,28

Undertakings in which the Company holds at least 20% in their share capital or in which it is a general partner are as follows:

				Date of last non	Net equity in last	Net result in last non
	Registered			approved	non approved	approved accounts
Name	Office	Ownership %	Net Value	accounts	accounts	(loss)
Nertera Investments Limited	Cyprus	100%	72 006 905 ,28	`31 Dec 2018	61 401 931,00	(2 366 313,00)

4 Debtors

Debtors	Within one year	More than one	30 Jun 2022	30 Jun 2021
		year
Amounts owed by affiliated undertakings	-	-	-	-
Other receivables	1 104 ,66	-	1 104,66	772,38
Total	1 104,66	-	1 104,66	772,38

5 Capital and reserves

Movements in capital and reserves	Balance as at 30 June 2021	Allocation of preceding year result	Other movements	Net result for current year	Balance as at 30 Jun 2022
Subscribed capital	450 111,20	-	-	-	450 111,20
Share premium and similar premiums	80 540 783,11	-	-	-	80 540 783,11
Profit or (loss) brought forward	(16 022 946,14)	-	-	-	(16 022 946,14)
Profit or (loss) for the financial year	-	-	-	(309 452,46)	(309 452,46)
Total	64 967 948,17	-	-	(309 452,46)	64 658 495,71

The subscribed capital amounts to USD 450,111.20 and is divided into 45,011,120 shares with a nominal value of USD 0.01 fully paid up at 30 June 2022. The Company shares were admitted to trading on Warsaw Stock Exchange on 4 August 2011. The offer price for one share was established at PLN 20.00 and the final number of the offer shares was 11,252,780.00.

Legal reserve

The Company is required to allocate a minimum of 5% of its annual net profit to a legal reserve, after deducting any cumulated losses, until this reserve equals 10% of the nominal value of the subscribed share capital. This reserve may not be distributed in the form of cash dividends, or otherwise, during the life of the Company.

6 Non subordinated debts

Creditors by category	Within one year	More than one
		year	30 Jun 2022	30 Jun 2021
Amounts owed to credit institutions	-	-	-	6 543 252,03
Trade creditors	276 901,80	-	276 901,80	221 573,78
Tax and social security debts	350,00	-	350,00	415,94
Other creditors	7 072 530,58	-	7 072 530,58	274 997,80
Total	7 349 782,38	-	7 349 782,38	7 040 239,55
Amounts owed to credit institutions	Within one year	More than one
		year	30 Jun 2022	30 Jun 2021
Interests owed to financial institutions	-	-	-	863 637,38
Interests owed to affiliated undertakings	-	-	-	5 679 614,65
Loans owed to financial institutions	-	-	-	-
Total	-	-	-	6 543 252,03
Other creditors	Wtihin one year	More than one
		year	30 Jun 2022	30 Jun 2021
A.D. Johnson	200 000 ,00	-	200 000,00	175 000,00
M.Vishnevetskaya	4 947 ,66	-	4 947,66	5 188,93
V.Vishnevetskiyy	5 684,07	-	5 684,07	5 961,26
LLC Ellin-finans	363 637,38	-	363 637,38	-
LLC Ukrgeoservice Industrial Company	287 427,31	-	287 427,31	-
LLC Antracit	212 572,69	-	212 572,69	-
Nertera Investment Limited	5 910 398,94	-	5 910 398,94	-
Other creditors	87 862,53	-	87 862,53	88 847,61
Total	7 072 530,58	-	7 072 530,58	274 997,80

7 Staff costs

During 2022 FY and 2021 FY, the Company did not employ any staff and, consequently no payments for wages, salaries or social security were made.

8 Other external charges

Other external charges	30 Jun 2022	30 Jun 2021
Director's fees	25 000,00	37 500,00
Services obtained	72 158,83	-
Other charges	-	-
Total	97 158,83	37 500,00

9 Income tax

The Company is subject to normal taxation under Luxembourg tax regulations.

The tax position until 2018 has been assessed by the Luxembourg tax authorities on the basis of a provisional tax assessment and may still be subject to a review by the authorities within five years following the date of the provisional tax assessment. The issuance of a final tax assessment could result in additional tax payable/ receivable.

10 Off balance sheet commitments and transactions

On 14 March 2014 the Company entered into a surety agreement with OTP Bank to act as a guarantor for securing obligations of "Donantratsit" LLC under factoring agreement Nr FT 14-090/100-3 in an amount not exceeding UAH 39,200,000.00.

11 Related party transactions

There were no transactions with related parties during 2022 FY and 2021 FY.

12 Emoluments granted to the members of the managing and supervisory bodies and commitments in respect of retirement pensions for former members of those bodies

Remuneration granted to the members of the managing and supervisory bodies acting in that capacity and any commitments arising or contracted in respect of retirement pensions for former members of those bodies for the financial year are broken down:

Remuneration members of managing and supervisory bodies	30 Jun 2022	30 Jun 2021
Managing bodies	25 000,00	25 000,00
Total	25 000,00	25 000,00

13 Advances and loans granted to the members of the managing and supervisory bodies

There are no advances, loans or commitments given on their behalf by way of guarantee of any kind granted to the members of the management and supervisory bodies during 2022 FY and 2021 FY.

14 Subsequent events

Over 2022 FY, due to the escalation of the military unrests in the region of the Company's assets and headquarters, the Company's further development has remained uncertain, as well as the audit procedure for the annual accounts as at 30 June 2022 has been postponed until further notice.

signed signed

Viktor Vyshnevetskyy, Director A Arthur David Johnson, Director A

signed signed

Oleksandr Reznyk, Director A Diyor Yakubov, Director B