ReFuels: Annual report for the fiscal year ending on 31 March 2024

The Financial Statements are consolidated accounts for the ReFuels Group, comprising CNG Fuels Ltd and Renewable Transport Fuel Services Limited.

Highlights:

• Dispensed volumes of compressed natural gas (CNG) at the operating stations through the period grew by 61% to 47,405 tonnes, of which 94% was RTFO approved biomethane
• Consolidated group gross profit of GBP 2.3 million on a turnover of GBP 108 million
• For the three months ending March 2024, a monthly average of 1,640 vehicles refuelled at ReFuels' Bio-CNG stations, compared to 1,250 vehicles for the three months ending March 2023
• ReFuels’ customers saved more than 155,000 tonnes of GHG emissions during FY 2024 vs. 120,000 tonnes in FY 2023, compared to operating typical diesel trucks
• Completed the construction of the 11th, 12th and 13th refuelling stations, increasing the group’s refuelling capacity for high mileage HGVs to 9,500
• Five highly attractive sites next in line to be developed, taking the capacity to more than 13,000 vehicles per day and 440,000 tonnes Bio-CNG per year
• Introduction of larger CNG trucks (6×2) unlocks the preferred vehicle class of UK fleets

As disclosed in the interim reports, independent valuation work was completed by valuation specialists on the intangible assets which was also reviewed by the Groups auditors. The completion of the valuation assessment resulted in a reclassification of the purchase price allocation to goodwill, customer and brand related intangibles and equity investments from the previous intangible and goodwill balances presented in the quarterly reports. These reclassifications have no effect on the Group’s Profit and Loss.

ReFuels and funds under management of the Foresight Group have agreed a non-binding term-sheet which aims to simplify the ownership structure of the CNG station network by replacing the priority return arrangement and Foresight’s station level holdings. The working capital loans and interest owed to Foresight will be converted into CNG Fuels shares as part of the transaction. The changes will strengthen CNG Fuels’ balance sheet, consolidate cashflows from both stations and biomethane up into one entity and provide flexibility to access additional pools of capital to finance end-2026 target of 30-40 stations in operation and in-build. ReFuels aims to conclude the transaction before calendar year-end 2024. Any further updates will be announced in due course.

The Financial Statements are published ahead of submission for the approval by the shareholders of ReFuels at the upcoming Annual General Meeting of Shareholders which is scheduled to take place on 16 September 2024 (the "AGM"). ReFuels will publish the convocation and related documents for its AGM in due course.

Note: Financial results for CNG Foresight Limited, the Bio-CNG station owning joint venture with Foresight Group, are not consolidated into the ReFuels Group.

For further information, please contact:
Baden Gowrie-Smith, MD & CFO, Refuels N.V.
Tel.:+44 7768 007 009
E-mail: baden.gowrie-smith@refuels.com

About ReFuels
ReFuels is decarbonizing Europe's truck fleet by developing, owning, and operating green station infrastructure. We are rolling out a network of reliable and convenient stations offering renewable biomethane fuels to heavy goods vehicles, with hydrogen and electricity to be added. By the end-2026 the target is to have 30-40 stations across the UK, while the long-term ambition is to become Europe's leading integrated supplier of alternative fuels for commercial fleets. For further information please visit www.refuels.com (http://www.refuels.com./).