ENECO REFRESH LTD — Interim / Quarterly Report 2023

Feb 28, 2023

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Appendix 4D

Half-Year Financial Report

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Results for announcement to the market

1. Results for the half-year to 31 December 2022 and the corresponding period to 31 December 2021

	Result Revenue from ordinary activities (Loss) for the period from continuing operations attributable to members (Loss) for the period attributable to members		A$’000 up 8% to 7,522 up 1060% to (424) up 1060% to (424)
	For the Period ending Net tangible asset per share Net asset per share	31 Dec 22 $0.0327 $0.0327	31 Dec 21 $0.04 $0.04
	Dividends No interim dividend is payable

2. Brief Explanation of the Result

More details are in the Review and Results of Operations in the Directors’ Report.

Appendix 4D Half-Year Financial Report

3. Details of entities over which control has been gained or lost during the period

Nil

4. Details of individual and total dividends or distributions and dividend or distribution payments

Nil

5. Details of any dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan

Nil

6. Details of associates and joint venture entities including the name of the associate or joint venture entity and details of the reporting entity’s percentage holding in each of these entities and – where material to an understanding of the report - aggregate share of profits (losses) of these entities, details of contributions to net profit for each of these entities, and with comparative figures for each of these disclosures for the previous corresponding period.

	Associate Nil	% Holding N/A	Share of Profit / (Loss)
			N/A

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Eneco Refresh Limited

and its controlled entities

ABN 28 079 681 244

Half Year Financial Report

31 December 2022

ENECO REFRESH LIMITED – HALF YEAR REPORT

Table of Contents

TABLE OF CONTENTS……………………………………………………………………………………………………1 DIRECTORS’ REPORT……………………………………………………………………………………………………2 AUDITOR’S INDEPENDENCE DECLARATION………………………………………………………………………3-4 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME…………..5 CONSOLIDATED STATEMENT OF FINANCIAL POSITION………………………………………………………….6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY……………..…………………….…………..……..….7 CONSOLIDATED STATEMENT OF CASH FLOWS……………………………………………..……………..……...8 CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .……………….…….………….. 9 DIRECTORS’ DECLARATION………………………………………………………………………………….………..14 INDEPENDENT AUDITOR’S REVIEW REPORT……………………….………………………….………………….15

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ENECO REFRESH LIMITED – HALF YEAR REPORT

DIRECTORS’ REPORT

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or ‘Group’) consisting of Eneco Refresh Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2022.

In accordance with ASIC Corporations (Rounding in Financial/Director’s Reports) Instrument 2016/191, the amounts in the directors’ report and in the financial report have been rounded to the nearest dollar.

DIRECTORS

The names of the directors of the Company in office at the date of this report and during the half-year are:

Henry Heng Michael Pixley Peter Chai Koji Yoshihara Reiichi Natori Colin Moran

PRINCIPAL ACTIVITIES

During the financial half-year, the principal continuing activities of the consolidated entity consisted of:

• Production and distribution of bottled water and accessories and the rental of water coolers

• Market a broad range of plastic products

REVIEW AND RESULTS OF OPERATIONS

Eneco is pleased to provide a review for the first half ending December 2022. Eneco continues to manufacture at 7 bottled water factories across Australia and 1 plastic factory in Melbourne.

Revenue by Cash Generating Units (CGU) compared to the same period last year are as follows:

Cash Generating Units Western Australia (WA) New South Wales (NSW) Victoria (VIC) Northern Territory (NT) Queensland (QLD) Refresh Waters Refresh Plastics Total	Revenue July– Dec 22 July– Dec 21 $'000 $'000 1,928 1,827 1,414 1,038 747 817 851 798 1,273 1,152 6,213 5,632 1,309 1,313 7,522 6,945	Variance 6% 36% -9% 7% 11% 10% 0% 8%

Refresh Waters

Refresh Waters sales increased by 10% for the first half year. NSW registered a very strong growth of 36% because of a long COVID-19 lockdown in the previous period. Our custom labelled bottled water division continues to grow very strongly. QLD is also doing well with one of the key growth areas coming from increasing sales to Woolworths. NT did well partly contributed by Exercise Pitch Black, a joint military training exercise that resumed after a four-year hiatus because of COVID19. WA has good growth and is expected to continue to do well in the coming months because of a very hot summer. The only CGU that saw a decline in sales was VIC due to changes in its customer base.

The increasing costs of business has affected the bottom-line nationwide. We are increasing prices to offset these increases to improve profitability but this will need to be done in a structured and progressive way and may not show an immediate effect.

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Refresh Plastics

Refresh Plastics sales declined. We are the new Australia and New Zealand distributor of Dolium one-way PET kegs with the first shipment delivered in January 2023. It is anticipated this will increase revenue.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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Henry Heng Managing Director Dated 28 February 2023 Perth, Western Australia

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PO Box 1908 West Perth WA 6872 Australia

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Level 2, 40 Kings Park Road West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204

ABN: 84 144 581 519 www.stantons.com.au

28 February 2023

Board of Directors Eneco Refresh Limited 17 Denninup Way MALAGA WA 6090

Dear Sirs

RE: ENECO REFRESH LIMITED

In accordance with section 307C of the Corporations Act 2001 , I am pleased to provide the following declaration of independence to the directors of Eneco Refresh Limited.

As Audit Director for the review of the financial statements of Eneco Refresh Limited for the half-year ended 31 December 2022, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

Yours faithfully

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Eliya Mwale Director

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2022

Continuing operations Revenue Cost of sales Gross Profit Other income Marketing expenses Distribution expenses Administrative expenses Occupancy expenses Results from operating activities Finance income Finance costs AASB16 Adjustments Net finance costs (Loss) before income tax Income tax expense (Loss) for the period from continuing operations Other comprehensive income Fair value remeasurements on financial assets designated as fair value through other comprehensive income Total comprehensive (loss) attributable to members of Eneco Refresh Limited Earnings per share From continuing operations: Basic earnings per share (cents per share) Diluted earnings per share (cents per share)

6 months to 31 Dec 22 $ 6 months to 31 Dec 21 $

7,521,834 6945,554 (4,751,259) (4,195,808) 2,770,575 2,749,746 0 56,805 (399,510) (296,753) (999,723) (798,838) (1,437,863) (1,214,777) (368,712) (447,960) (3,205,808) (2,701,523) (435,233) 48,223 3,787 5,415 (6,396) (94,044) 13,602 0 10,993 (88,629) (424,240) (40,406) - - (424,240) (40,406) 0 (28) (424,240) (40,434) (0.156) (0.015) (0.156) (0.015)

The consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

ASSETS Current Assets Cash and cash equivalents Trade and other receivables Other current assets Inventories Current tax asset Asset held for sale Total Current Assets Non-Current Assets Property, plant and equipment Intangible assets Financial assets at fair value through OCI Investment in associate Right of use assets Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Short-term provisions and accruals Lease liabilities Total Current Liabilities Non-Current Liabilities Long-term provisions Lease liabilities Total Non-current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Share reserve Profit reserve Financial asset revaluation reserve Accumulated losses TOTAL EQUITY	Notes	31 Dec 22 $ 30 Jun 22 $
	6 7 5	630,086 1,283,574 1,777,108 1,275,871 - 130,175 2,083,961 1,993,991 34,361 34,361 3,400,156 -
		7,952,672 4,717,972
		3,063,548 6,618,342 560,507 562,171 16,400 16,400 50,000 50,000 2,519,946 2,846,062
		6,210,401 10,092,975
		14,136,073 14,810,947
		1,280,446 1,023,580 826,988 982,246 501,742 683,173
		2,609,176 2,688,999
		11,419 25,616 2,043,710 2,200,324
		2,055,129 2,225,940
		4,664,305 4,914,939
		9,471,768 9,896,008
		18,320,875 18,320,875 191,712 191,712 356,409 356,409 50,683 50,683 (9,447,911) (9,023,671)
		9,471,768 9,896,008

The consolidated statement of financial position should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2022

Balance at 1 July 22 Loss for the half-year Fair value (loss) on available for sale financial assets Total comprehensive (loss) for the half-year Balance at 31 Dec 22 Balance at 1 July 21 Profit for the half-year Fair value gain on available for sale financial assets Total comprehensive income for the half-year Balance at 31 Dec 21	Issued Capital Share Reserve 18,320,875 191,712	Profit Reserve 356,409	Financial asset revaluation reserve 50,683	Accumulated Losses Total (9,023,671) 9,896,008
	- - - -	- -	- -	(424,240) (424,240) - -
	- -	-	-	(424,240) (424,240)
	18,320,875 191,712	356,409	50,683	(9,447,911) 9,471,768
	18,320,875 191,712	356,409	75,311	(8,818,166) 10,126,141
	- - - -	- -	- (28)	(40,406) (40,406) - (28)
	- -	-	(28)	(40,406) (40,434)
	18,320,875 191,712	356,409	75,283	(8,858,572) 10,085,707

The consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Government grants and tax incentives Net cash flows from operating activities Cash flows from investing activities Proceeds from sales of property, plant and equipment Purchase of property, plant and equipment Payments for investments Net cash flows provided by/(used in) investing activities Cash flows from financing activities Payment of finance lease liability Net cash flows (used in) financing activities Net (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of half-year	6 months to 31 Dec 22 $ 6 months to 31 Dec 21 $
	7,589,750 7,008,821 (8,069,362) (6,641,290) 3,787 5,414 25,000 56,235
	(450,825) 429,180
	- 9,250 250 (185,635) - (9,974)
	250 (186,359)
	(202,913) (382,757)
	(202,913) (382,757)
	(653,488) (139,936) 1,283,574 1,454,871
	630,086 1,314,935

The consolidated statement of cash flows should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2022

1. CORPORATE INFORMATION

The financial report of Eneco Refresh Limited for the half-year ended 31 December 2022 was authorised for issue in accordance with a resolution of the directors on 28 February 2023. Eneco Refresh Limited is a company incorporated in Australia and limited by shares which are publicly traded on the Australian Securities Exchange.

The Group has 2 divisions:

Refresh Waters Pty Ltd’s principal activities are the production and/or distribution of bottled water, coolers and filtration systems. It produces distilled water both for drinking as well as commercial and industrial use. It also bottles spring water in Darwin, Brisbane and Sydney.

Refresh Plastics Pty Ltd offers a diverse range of plastic bottles, containers and jars for the beer, wine and beverage industries. Refresh Plastics is also the Australian and New Zealand distributor for Dolium one-way PET kegs from Belgium. It also produces water tanks, caravan tanks, jerrycans, watering cans, vehicle parts, etc. It produces its own range of best-selling Ampi activity toys. Refresh has been contract manufacturing custom moulded products for many companies.

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001 , as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ' Interim Financial Reporting' .

These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. The Group has not adopted any new or revised accounting standards that are not yet mandatory. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Going concern

The financial statements of the Group have been prepared on a going concern basis which anticipates the ability of the entity to meet its obligations in the normal course of business.

The Group had a loss after tax for the period of $424,240 and had a cash balance of $630,086, a working capital surplus of $630,086 and net assets of $9,471,768 as at 31 December 2022. The Board are satisfied that the company will be able to pay liabilities as and when they fall due.

Summary of Significant Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements. The Group has considered the implications of new and amended Accounting Standards but determined that their application to the financial statements is either not relevant or not material.

The Group has not adopted any new or revised Accounting Standards that are not yet mandatory for the current reporting period.

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2022

3. SIGNIFICANT EVENTS AND TRANSACTIONS

There were no significant events and transactions during the half-year ended 31 December 2022.

4. OPERATING SEGMENTS

Segment Information

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.

In identifying its operating segments, management follows the geographical location of the Group’s operations, and the nature of operations. Corporate costs are included under “Other”.

Types of products and services by segment

The Group has two operating segments being: the manufacture and sale of bottled water and filtration systems; and the production and sale of plastic products.

Basis of accounting for purposes of reporting by operating segments

(a) Accounting policies adopted

Unless stated otherwise, all amounts reported to the Board of Directors, being the chief decision maker with respect to operating segments, are determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the Group.

(b) Intersegment transactions

There is no intersegment sale and corporate costs are not allocated. Corporate costs are classified under “Other” in the segment performance analysis.

(c) Segment assets

Segment assets are clearly identifiable on the basis of their nature and physical location.

(d) Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment liabilities include trade and other payables and certain direct borrowings.

(e) Unallocated items

The following items of revenue, expenses, assets and liabilities are not allocated to operating segments as they not considered part of the core operations of any segment:

• income tax expense

• corporate costs

• deferred tax assets and liabilities

• current tax liabilities

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2022

4. OPERATING SEGMENTS (cont)

(f) Segment performance

31 December 2022 Revenue from external customers Revenue from bottled water, coolers and filtration systems Revenue from plastic products Total revenue from external customers EBITDA Segment operating profit/(loss) Operating profit/(loss) relating to bottled water, coolers and filtration systems Operating profit from plastic products Total operating profit/(loss) Total assets Total liabilities	WA NSW VIC NT QLD PLASTIC OTHER Corporate TOTAL
	$ $ $ $ $ $ $ $
	1,927,494 1,414,460 747,161 850,981 1,273,060 - - 6,213,156
	- - - - - 1,308,678 - 1,308,678
	1,927,494 1,414,460 747,161 850,981 1,273,060 1,308,678 - 7,521,834
	7,155 166,104 13,078 (44,756) 127,714 (173,067) (208,566)
	(53,969) 157,319 (22,238) (84,009) 94,336 - (301,797) (210,358)
	- - - - - (213,882) - (213,882)
	(53,969) 157,319 (22,238) (84,009) 94,336 (213,882) (301,797) (424,240)
	4,419,024 1,111,210 945,669 4,409,437 1,340,400 1,674,583 234,750 14,135,073
	2,306,045 408,962 7,425 7,610 1,032,773 589,536 311,954 4,664,305

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2022

4. OPERATING SEGMENTS (cont)

• (f) Segment performance (cont)

31 December 2021 Revenue from external customers Revenue from bottled water, coolers and filtration systems Revenue from plastic products Total revenue from external customers EBITDA Segment operating profit/(loss) Operating profit/(loss) relating to bottled water, coolers and filtration systems Operating profit from plastic products Total operating profit/(loss) Total assets Total liabilities	WA	NSW	VIC	NT	QLD	PLASTIC	OTHER Corporate	TOTAL
	$	$	$	$	$	$	$	$
			2
	1,827,375	1,038,340	817,383	797,974	1,151,328	-	-	5,632,400
	-	-	-	-	-	1,313,154	-	1,313,154
	1,827,375	1,038,340	817,383	797,974	1,151,328	1,313,154	-	6,945,554
	302,408	174,286	159,410	(129,054)	224,202	121,896	(274,121)	579,027
	96,738	131,999	137,879	(167,978)	118,450	-	(269,676)	47,412
	-	-	-	-	-	(87,818)	-	(87,818)
	96,738	131,999	137,879	(167,978)	118,450	(87,818)	(269,676)	(40,406)
	4,095,280	1,154,229	920,528	4,388,564	2,040,719	2,824,411	807,253	16,230,984
	2,526,709	371,931	29	-	1,093,212	1,870,284	283,112	6,145,277

5. ISSUED CAPITAL

Ordinary shares Issued and fully paid Capital raising costs Movements in ordinary shares on issue At 30 June 2022 Movement At 31 December 2022	CONSOLIDATED 31 Dec 22 30 Jun 22 $ $ 18,320,875 18,320,875 - -
	18,320,875 18,320,875
	Number $
	272,358,347 18,320,875 - -
	272,358,347 18,320,875

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

6. ASSET HELD FOR SALE

As at reporting date, the Group has put up its Darwin factory property for sale for a cash consideration of $3,900,000. A decision has been made by the Board to classify this asset as an asset held for sale as at 31 December 2022 in accordance with AASB 5: Non-current Assets Held for Sale and Discontinued Operations .

The carrying amount of the factory as at 31 December 2022 is $3,400,156. The Group is expected to have a gain on sale of this property amounting to $499,844 upon finalisation of the sale.

7. PROPERTY, PLANT AND EQUIPMENT

Note 10. Property, plant and equipment Land and property – at cost Less: Accumulated depreciation Less: Reclassified as asset held for sale (Note 6) Plant and equipment – at cost Less: Accumulated depreciation Total Property, plant and equipment	31 December 2022 $ 30 June 2022 $ 3,946,794 3,946,794 (150,000) (120,000) (3,400,156) -
	396,638 3,826,794
	7,309,501 7,309,501 (4,642,591) (4,517,953)
	2,666,910 2,791,548
	3,063,548 6,618,342

7. CONTINGENT LIABILITIES

There are no contingent liabilities as at 31 December 2022.

8. DIVIDENDS

The directors do not recommend the payment of a dividend in respect of the half-year ended 31 December 2022

9. EVENT AFTER REPORTING DATE

A fire was discovered in the early morning of 8 February 2023 at our Melbourne factory on Olive Grove, Keysborough, Victoria. Fortunately no personnel were on site when the incident occurred and no one was injured. The cause of the fire is currently unknown and the incident is being investigated.

The premise comprises 3 buildings – Buildings 1 and 2 are used by Refresh Plastics while Building 3 is used by Refresh Waters.

The impact of the fire was contained to Building 1 which houses our Melbourne office and most of Refresh Plastics’ manufacturing.

Building 2 houses our PET blowmoulding facility and is also used as our warehouse. This was not affected by the fire and is currently in use after temporary power was installed. Building 3 houses our bottled water operations. Full operation has commenced on this building and the office moved here.

Refresh Plastics contributed 18% to our revenue in last financial year. The fire will reduce the consolidated revenue of the Group. Refresh Plastics has been operating at a loss in recent years so the consolidated bottom-line will improve.

At this stage it is unclear how we will proceed with future operations with respect to our plastics division but we are working that out with our insurers.

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ENECO REFRESH LIMITED – HALF YEAR REPORT

DIRECTORS’ DECLARATION

In accordance with a resolution of directors of Eneco Refresh Limited, I state that;

In the opinion of the directors:

● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2022 and of its performance for the financial half-year ended on that date; and

● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the Board

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Henry Heng Managing Director Dated 28 February 2023 Perth, Western Australia

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PO Box 1908 West Perth WA 6872 Australia

Level 2, 40 Kings Park Road West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF ENECO REFRESH LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Eneco Refresh Limited (the Company) and its controlled entities (collectively, “the Group”) , which comprises the consolidated statement of financial position as at 31 December 2022, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, condensed notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Eneco Refresh Limited does not comply with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 has been given to the directors of the Company on 28 February 2023.

Responsibility of the Directors for the Financial Report

The directors of Eneco Refresh Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

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Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2022 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Eliya Mwale Director

West Perth, Western Australia 28 February 2023

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