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Scandinavian Biogas Fuels International AB (publ)
Corp. ID no.: 556528-4733

Interim report for
1 January – 30 June 2016

Net sales continue to rise and the Group’s total assets exceed SEK 1 billion for the first time.

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Unless otherwise specified, all financial information in this report pertains to the Group and the figures in parentheses pertain to the year-earlier period.

Please note: This document is an English language translation of the Swedish original. In the event of any discrepancy between the English translation and the Swedish original, the Swedish original shall prevail.

Operations

Scandinavian Biogas is a leading player in large-scale biogas production and holds world-leading expertise on how to design biogas plants, including everything from pre-treatment to upgrading, in order to optimise the production of biogas. The Group is actively pursuing the transition from fossil fuels to renewable energy.

The Group’s business concept is to be a leader in designing, managing and operating biogas plants. This will be achieved by always improving the digestion process in the production of biomass-based biogas, predominantly from the vast quantity of waste that arises during wastewater treatment, from food waste and from industrial processes such as the production of food and biofuels. The Group also provides leading expertise in purification processes for use in upgrading biogas to fuel quality. Our focus is on the markets in the Nordic region and South Korea.

Since Scandinavian Biogas maintains a strategic focus on research and development, the Group assigns substantial priority to developing methods for more efficient biogas production from both established and new types of waste, residues and other organic materials. The company’s knowledge and methods enable biogas production to now be performed more cost and resource-efficiently than before.

Scandinavian Biogas Fuels International AB (publ) is registered and headquartered in Stockholm. On 30 June 2016, the Group had 43 (36) employees in Sweden, and 21 (22) in South Korea and 4 (n/a) in Norway.

Group
Scandinavian Biogas Fuels International AB (publ) is the Parent Company of the Scandinavian Biogas Group, which comprises several wholly and co-owned companies registered in Sweden, Norway and South Korea. The Group’s businesses are mainly operated through subsidiaries.

Financial overview

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The Group’s net sales for the second quarter of the year amounted to SEK 61.6 million (SEK 42.9 million), up 43.7% year-on-year. During the first six months of the year, net sales increased by 35.1% to SEK 114.4 million (SEK 84.7 million). The increase in sales primarily resulted from the fact that both the biogas plant in Södertörn and the expansion in Henriksdal have now commenced gas production. Total revenues for the period from April to June 2016 amounted to SEK 65.9 million (SEK 55.8 million) and to SEK 122.4 million (SEK 105.2 million) for the full first half-year. Other external costs increased, which was primarily due to the fact that the biogas facility in Södertörn was not in operation during the first half-year last year, thus lacking such resources as an operational staff. The Group’s EBITDA for the second quarter of the year was SEK 6.4 million (SEK 5.1 million), and SEK 13.4 million (SEK 12.4 million) for the first six months. For the period from April to June of this year, the Group posted an operating loss of SEK 5.6 million (loss: SEK 1.3 million). For the period from January to June 2016, the Group posted an operating loss of SEK 8.7million (loss: SEK 0.3 million). The change was due to an increase in depreciation/amortisation following the commissioning of both the plant in Södertörn and the expansion in Henriksdal.

The Group posted a loss after tax of SEK 21.0 million (profit: SEK 1.2 million), during the period from January to June 2016, of which a gain of SEK 3.2 million (gain: SEK 4.3 million) derived from unrealised exchange-rate differences. Interest expenses for borrowings have increased and amounted to SEK 13.9 million (SEK 2.0 million) during the first half-year, primarily due to increased borrowing in the form of corporate bonds to finance such ventures as the investment in Norway.

At 30 June 2016, total assets amounted to SEK 1,041.7 million (SEK 664.9 million), up 56.7%. The increase was mainly attributable to the investment in Norway and the issuance of corporate bonds. The high accounts payable were also attributable to the new facility in progress in Norway. Borrowing related to financial leasing with terms of 20 years or more amounted to SEK 259.9 million (SEK 166.2 million), the year-on-year increase in which was primarily due to the expansion in Henriksdal. In addition to earnings for the year, the change in equity during the year included the minority owner’s equity investment in the Group company Biokraft Holding AS; refer to Note 3 Business combinations.

At 30 June 2016, consolidated cash balances totalled SEK 128.4 million (SEK 79.0 million), the increase in which was primarily due to the corporate bonds that were issued in February.

Investments
Investments in tangible and intangible assets during the second quarter of the year amounted to SEK 42 million (SEK 3 million). During the first half-year, investments in tangible and intangible assets were made in the amount of SEK 140 million (SEK 41 million). In February 2016, investments were also made in the form of business acquisitions, as described in Note 3 Business combinations. At 30 June 2016, the Group was committed to making additional investments, predominantly in the new biogas plant outside Trondheim, Norway.

At 30 June 2016, the book value of the Group’s tangible and intangible assets was SEK 801.7 million (SEK 541.7 million), of which SEK 254.2 million (SEK 200.7 million) pertains to leased objects that the Group leases under long-term lease agreements (more than 20 years).

Significant events during the period

Listing of corporate bond
The corporate bond has been listed on NASDAQ Stockholm and the first day of trading was 8 April 2016. Through the end of June 2016, the bond had traded at a high of SEK 100.25 and a low of SEK 100.00.

Expansion of the plant in Henriksdal
During the second quarter of 2016, sections of the ongoing expansion project in Henriksdal were completed and rental payments to Stockholm Vatten (a water and wastewater company) have commenced. However, some minor sections remain to be completed.

Inauguration of the expansion
The new production line in Henriksdal was inaugurated on 28 April 2016 by Stockholm’s Vice Mayor of Environment, Katarina Luhr, and Stockholm’s County Council Commissioner of Transportation Kristoffer Tamsons. At full capacity, the new line is expected to be able to produce 12.5 million normal cubic meters (Nm3) of upgraded biogas, or 120 GWh.

Production and sales

Bromma and Henriksdal
The plant in Henriksdal produced and sold 4.4 million Nm3 (3.7 MNm3) of biogas, or around 44 GWh (37 GWh) during the interim period. The corresponding volume for the plant in Bromma was 1.2 million Nm3 (1.3 MNm3), or around 12 GWh (13 GWh). The new line in Henriksdal began producing biogas in January.

Södertörn
The pre-treatment plant in Södertörn received an average of 141 tonnes (76 tonnes) of food waste per day during the first six months of the year. As in the first quarter, the plant also received waste from other municipalities outside the Stockholm area for a while. During the first half-year, sales from the biogas plant totalled 2.3 million Nm3 (0.0 Nm3) of biogas, or about 23 GWh. We have identified challenges in the commissioning of the plant, which are currently being addressed. The planned increase in production is expected this autumn, meaning that our assessment concerning the delay described in the preceding interim report remains in place.

Ulsan, South Korea
The plant in South Korea received an average of 191 tonnes (184) of food waste per day during the interim period. Sales of raw gas during the same period amounted to a total of 4.2 million Nm3 (4.6 MNm3), or about 29 GWh (31 GWh). A total of 5.3 million Nm3 (5.1 MNm3) of raw gas was produced. The lower volume in sales – despite receiving greater quantities of food waste and maintaining higher production levels than in the year-earlier period – was due to the client closing for maintenance during part of the second quarter.

Financing

The business is financed by way of equity, loans from external creditors and financial leasing. The upgrading facilities in Bromma and Henriksdal are being leased from Stockholm Vatten AB and the pre-treatment plant in Södertörn is being leased from SRV Återvinning AB. The lease agreements are for 25 years.

In early 2016, the Parent Company issued a corporate bond in the amount of SEK 200 million with a term of four years. The funds were used to acquire a majority stake in Biokraft Holding AS and to repay part of an external loan. The funds will also be used for such purposes as investments to enhance the plant in Södertörn. The corporate bonds were listed on the NASDAQ Stockholm stock exchange in April 2016.

The Group aims to continue expanding and is proactively pursuing new projects. The Group expects major future projects to require financing under various types of partnerships and funding, depending on the structure and location of the project.

The share
The number of shares remained unchanged during the second quarter of the year and at 30 June 2016 the company had 90,092,662 (90,092,662) shares with a quotient value of SEK 0.20 per share. Each share entitles its holder to one vote. All outstanding shares are ordinary shares and thus entitle their holders to an equal proportion of Scandinavian Biogas Fuels International AB’s (publ) assets and earnings.

Warrants
Employees and the Chief Executive Officer collectively held a total of 565,000 (565,000) outstanding warrants at 30 June 2016. There was no change in the number of warrants outstanding during the interim period.

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Corporate governance

Board of Directors
The Annual General Meeting (AGM) on 28 April 2016 resolved on the re-election of Göran Persson, Anders Bengtsson, Andreas Ahlström, Hans Hansson and Sara Anderson as Board members. The AGM also resolved on the election of Raif Nisametdin as a new Board member. Göran Persson was re-elected as Chairman.

Nomination Committee
The Board of Directors has decided that for the period until the next AGM, the Nomination Committee will comprise Göran Persson (Chairman), Örjan Björnsson, Jonas Bengtsson and Andreas Ahlström.

Remuneration Committee
The Board of Directors has decided that the Remuneration Committee will continue to comprise Göran Persson (Chairman), Anders Bengtsson and Andreas Ahlström.

Audit Committee
The Audit Committee that was appointed by the Board earlier this year remains unchanged and comprises Anders Bengtsson (Chairman), Hans Hansson and Sara Anderson.

Significant risks and uncertainties

Significant risks and uncertainties are described in the latest annual report. They are also presented in the prospectus related to the listing of corporate bonds that was approved by the Swedish Financial Supervisory Authority in early April 2016 and is available on www.scandinavianbiogas.com.

Related-party transactions

There were no significant transactions with related parties during the period.

Parent Company

Operations
The Group’s operations are primarily conducted in its subsidiaries, while the Parent Company serves as more of a Group administrator.

Net sales and financial performance
During the second quarter of 2016, the Parent Company’s total revenues amounted to SEK 0.3 million (SEK 0.3 million) and to SEK 0.8 million (SEK 0.6 million) during the first half year. The increase was the result of re-invoicing passed on to subsidiaries and the corresponding costs are included in the operation’s expenses. The Parent Company posted a loss after tax of SEK 1.9 million (loss: SEK 0.8 million) for the period from April to June 2016, and a loss of SEK 1.8 million (loss: 1.5 million) for the full interim period.

Investments
In February 2016, the Parent Company acquired the majority of the shares in Biokraft Holding AS; refer to Note 3 Business combinations.

Liquidity and financial position
The most substantial changes in the Parent Company’s total assets during the interim period were related to the corporate bond issue, and to the acquisition of a majority stake in Biokraft Holding AS. At the close of the interim period, cash balances amounted to SEK 5.5 million (SEK 20.3 million).

No significant events or changes took place since the Annual Report 2015 that have any bearing on the Group’s or Parent Company’s earnings or financial position other than the ones addressed in this report.

Significant events after the end of the period

No significant events took place after the end of the period.

Future outlook

The need for renewable energy that can replace fossil fuels, such as coal and oil, at reasonable prices is enormous. In various studies of the renewable alternatives that can be mass-produced, the interest in biogas has increased, thus also bolstering the demand for biogas, which is expected to gain further traction as it becomes more available. For Scandinavian Biogas, this means that the Group expects to be able to sell all of the biogas it produces in the coming years. However, the current low market price of fossil energy causes some uncertainty as to the growth of and new investments in renewable energy.

In order to meet demand, the Group plans to significantly increase production in the Stockholm area in the immediate future. The annual production capacity for the new biogas plant in Södertörn is estimated to be around 8 million Nm3 of fuel quality biogas, or 80 GWh, at full capacity. The expansion of Henriksdal is expected to yield a potential annual production increase of around 12 million Nm3 of fuel quality biogas, or 120 GWh. Accordingly, the total production at Henriksdal is expected to amount to 200 GWh, at full capacity. Including the production facility in Bromma, the combined capacity of all the plants in Sweden is thus estimated at over 30 million Nm3 of fuel quality biogas, or 300 GWh. The plant in South Korea is expected to continue to have an annual production capacity of about 65 GWh. In addition, the annual production capacity in Norway is estimated at 12 million Nm3 of liquid biogas, or about 120 GWh. With its current plants and ongoing projects, the Group’s total production capacity is expected to be close to 500 GWh at full commission.

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The comparative figures for 2015 have been restated in accordance with the amended policy for the recognition of re-invoicing that the Group adopted during the fourth quarter of 2015.

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In the Parent Company, since no items have been recognised as Other comprehensive income, Total comprehensive income comports with the profit/loss for the period.

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NOTES

Note 1 General information

The Parent Company Scandinavian Biogas Fuels International AB (publ), corporate registration number 556528-4733, operates as a publicly listed, limited liability company and is registered in Stockholm, Sweden. The headquarters are located on Holländargatan 21A, SE-111 60, Stockholm, Sweden.

Unless otherwise specified, all amounts are in SEK thousand. The figures in parentheses pertain to the year-earlier period.

Since the internal reporting is conducted at the Group level, the company is of the assessment that there is only one segment. Accordingly, no separate segment report was prepared for the interim period.

The interim information listed on pages 1-6 comprises an integrated component of this financial statement.

Alternative performance measures

EBITDA is a measure that the Group deems relevant for investors who want to gain an understanding of its earnings before investments in fixed assets. The Group defines EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) as operating profit excluding other operating expenses and the depreciation and amortisation of tangible and intangible assets.

Note 2 Summary of key accounting policies

Scandinavian Biogas Fuels International AB (publ) applies the International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company’s report has been prepared in accordance with Chapter 9 of the Annual Accounts Act, and RFR 2 Accounting for Legal Entities. The interim report is to be read alongside the Annual Report for the financial year that ended on 31 December 2015.

The Group’s accounting policy on re-invoicing was amended during the fourth quarter of 2015. Revenues for non-business-related re-invoicing are now recognised as Other operating income. They were previously recognised under Net revenues. Costs for business-related re-invoicing are now recognised as Raw materials and consumables. They were previously recognised as Other external expenses. The comparative figures for the preceding year have been restated in accordance with the new policy.

In all other respects, the accounting policies comport with the policies applied in the preceding financial year.

Note 3 Business combinations

On 11 February 2016, the Group acquired 50.03% of the shares in Biokraft Holding AS, a company registered in Norway, which in turn holds all of the shares in Biokraft AS. The purchase consideration totalled NOK 57,999,147.66. A minor share of the acquisition was made directly from the owners and the majority was made in conjunction with a new share issue. The preliminary surplus value for the acquisition is estimated to be about SEK 4.9 million. Acquisition-related expenses, including legal fees, are estimated at SEK 0.8 million and are recognised among earnings as Other external expenses. A previously presented preliminary acquisition analysis has been adjusted due to an accrual accounting error in the subsidiary’s earnings prior to the time of acquisition and due to somewhat higher acquisition expenses.

Information on the acquired net assets and goodwill (in SEK thousands):

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According to a preliminary assessment, the assets and liabilities that were included in the acquisition are as follows:

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The acquisition analysis is preliminary and the surplus value is preliminarily classified as goodwill. The goodwill is attributable to the increase in market shares in the Nordic region, the establishment in the Norwegian market and to the fact that the new biogas plant outside Trondheim, Norway, will produce liquid biogas. All of the Group’s existing plants currently produce compressed biogas. None of the goodwill that is recognised is expected to be tax deductible.

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The acquisition analysis is preliminary and the surplus value is preliminarily classified as goodwill. The goodwill is attributable to the increase in market shares in the Nordic region, the establishment in the Norwegian market and to the fact that the new biogas plant outside Trondheim, Norway, will produce liquid biogas. All of the Group’s existing plants currently produce compressed biogas. None of the goodwill that is recognised is expected to be tax deductible.

Note 4 Tangible fixed assets

In the first half-year, investments of SEK 140 million (SEK 41 million) were made in tangible fixed assets. The investments primarily pertain to the facilities in Henriksdal and Södertörn as well as the ongoing project in Norway.

The Group capitalised borrowing costs on qualifying assets in the form of new facilities in the amount of SEK 1.4 million

(SEK 6.5 million) during the first half-year.

Tangible fixed assets include leased items held by the Group under finance leasing agreements in the following amounts:

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Note 5 Other receivables

As at 30 June 2016, Other receivables includes an item in the amount of SEK 45 million (SEK 0 million) concerning a contribution granted to the new facility in progress in Skogn, Norway, which had not yet been paid as of the completion of the interim report.

Note 6 Financial instruments – the fair value of financial liabilities valued at amortised cost

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The fair value of short-term borrowing corresponds to its carrying amount since the discounting effect is not of a material nature.

In February 2016, the Parent Company issued corporate bonds at a value of SEK 200 million. The term is for four years and the interest rate is STIBOR three months plus 9.75 percentage points. During the same month, part of a loan from external creditors was also repaid (SEK 51.5 million plus interest).

Note 7 Accrued expenses and deferred income

At 30 June 2016, accrued expenses and deferred income included an item in the amount of SEK 5.0 million (SEK 39.7 million) pertaining to investments in the expansion of Henriksdal, which will be leased by the Group upon completion.

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In all material respects, the pledged assets and contingent liabilities above pertain to subsidiaries’ loans from credit institutions. For further information, refer to the Annual Report 2015.

This interim report has not been audited.

The next interim report will be published and available on www.scandinavianbiogas.com on 28 October 2016.

The Board of Directors and CEO pledge their assurance that this interim report provides a fair overview of the Parent Company’s and Group’s operations, position and earnings, as well as describing significant risks and uncertainties facing the Parent Company and the companies included in the Group.

 

Stockholm, 19 August 2016

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CONTACT

+46 (0)8 503 872 20 | info@scandinavianbiogas.com | Holländargatan 21A, 111 60 Stockholm