The Financial Statements are standalone accounts for ReFuels only, as the
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
Today Refuels has also released a pro forma consolidation for information purposes only, updating the prior released numbers on
Note: Financial results for
Highlights:
- Revenues increased to
GBP 127.12 million fromGBP 83.84 million - Gross profits increased to
GBP 17.38 million fromGBP 10.7 million - EBITDA when adjusted for 1) share-based payments, 2) transaction costs for the public listing and group consolidation, and 3) the removal of fair value adjustments for group transactions, rose from
GBP 2.56 million toGBP 6.2 million , an increase of 142% - 29,489 tonnes of biomethane dispensed for 12 months ending
31 March 2023 vs 18,837 tonnes for 12 months ending31 March 2022 - The company generated and sold 112.058 million RTFCs for 12 months ending
31 March 2023 , at a volume-weighted price of33.2 pence /RTFC. This compares to generating and selling 72.740 million RTFCs for 12 months ending31 March 2022 , at a volume-weighted price of27.4 pence - ReFuels operated 10 public access stations in
March 2023 vs 8 stations operational inMarch 2022 - For the three months ending
March 2023 , a monthly average of 1,250 vehicles refuelled at ReFuels' Bio-CNG stations, compared to 730 vehicles for the three months endingMarch 2022 - Our customers saved more than 120,000 tonnes of GHG emissions during FY 2023 vs more than 80,000 tonnes in FY 2022, compared to operating typical diesel trucks
- Station pipeline for future development increased from less than 30 active investigations to more than 100 being considered and under negotiation
- Infrastructure funding from leading infra investor
Foresight Group increased byGBP 20 million to 100 million
Update on the Current Business and Biofuels Market
- ReFuels expects its annual growth rate in terms of dispensed volume for FY 2024 to equal or surpass what was achieved in FY 2023
- In the first six calendar months of 2023, European biofuel markets experienced abnormal dislocations caused by the supply of waste feedstocks and waste-based biodiesel from
China . - These excess supplies have depressed the value of waste-based biodiesel in
Europe and consequently Renewable Transport Fuel Certificate (RTFC) prices for the past two quarters, with prices now showing signs of recovery. - The company does not sell all RTFCs generated in the spot market, as it has a hedging strategy that enables RTFCs to be sold up to a year ahead.
- Approximately a third of the RTFCs that are expected to be generated for the financial year 2024 were sold last year when prices were higher.
- The company expects a gradual improvement in the biofuel market fundamentals in
Europe going forward, resulting in RTFC prices returning to historical levels. - Media reports that approximately 50% of biodiesel production capacity in
Europe is closed due to negative margins, with further closures expected in the months ahead, unless prices recover. - EU-wide investigations into the sustainability characteristics of the excess supply of biofuel feedstocks and biodiesel from
China are ongoing, with a range of possible outcomes expected to be announced later this year. - ReFuels' rapidly growing fleet customer base and volume dispensed puts the business in a uniquely strong position to benefit from structural trends in biofuel adoption and is well placed as one of the largest buyers of biomethane for transport in
Europe .
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