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

31 Aug 2024 17:26 CEST

31 August 2024 - ReFuels N.V. (ticker: REFL) ("ReFuels"), one of Europe's
leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of
heavy goods vehicles, today published its audited accounts for the financial
year ending 31 March 2024 (the "Financial Statements").

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 (6x2) 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./).

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-08-31 17:26 CEST.

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626789_A240605 Refuels NV Financial Report 2023 2024.pdf
626789_ReFuels Annual Report 2024 300824.pdf