SUMMONS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)
The shareholders of Scandinavian Biogas Fuels International AB (publ), 556528-4733, are hereby summoned to the annual general meeting of shareholders on Thursday the 28th of April 2016, 13:30, Stockholm Vatten’s premises in Henriksdal, Värmdövägen 23 in Stockholm, Sweden.
Right to participate
Right to participate at the general meeting belong to those shareholders who are registered in the share register held by Euroclear Sweden AB on Friday the 22nd of April 2016, and have given notice about attendance to the general meeting to the company no later than Friday the 22nd of April 2016 at 4.00 p.m. by regular mail to the address Scandinavian Biogas Fuels International AB (publ), Holländargatan 21A, SE-111 60 Stockholm or by e-mail to email@example.com. When giving notice about attendance, shareholders should state their name, personal/corporate registration number as well as postal address, telephone number and shareholdings.
Shareholders represented by proxy shall issue a dated and signed power of attorney for the representative. If the power of attorney is issued on behalf of a legal person or entity, a certified copy of a certificate of registration or similar shall be enclosed. The original power of attorney document and, where applicable, the certificate should be submitted to the company by mail at the above mentioned address well in advance of the general meeting. The company provides a form of power of attorney at request and it is also available at the company’s website, www.scandinavianbiogas.com.
Shareholders whose shares are registered with a trustee must, in order to be entitled to attend the annual general meeting, temporarily register the shares in their own names. A shareholder who wishes to request such re-registration must notify its trustee well in advance of Friday the 22nd of April 2016, when such registration must be completed.
Decision regarding appropriation of the company’s result (item 9 b)
The board of directors and the CEO propose that the results of the year shall be brought forward and that no dividend is made for the 2015 financial year.
Proposal for resolution regarding the number of board members, fees and election of board members, chairman of the board, deputy board members and auditor (items 10-13)
Item 10 – It is proposed that the board of directors shall consist of six ordinary board members (besides the employee representative) without any deputies.
Item 11 – Remuneration to the chairman of the board is proposed to be paid in an amount of SEK 350,000 and remuneration to the other ordinary board members is proposed to be paid in an amount of SEK 50,000 each. Remuneration to the auditors for performed audit work is proposed to be paid with a fixed price after procurement of auditors.
Further, it is proposed that remuneration to members of the audit committee is to be paid with an amount of SEK 25,000 to the committee’s chairman and SEK 15,000 to the other members of the committee.
Item 12 – It is proposed that the present ordinary board members Göran Persson, Anders Bengtsson, Andreas Ahlström, Hans Hansson and Sara Anderson are re-elected as ordinary board members and that Raif Nisametdin is elected as ordinary board member. It is further proposed that Göran Persson is re-elected as chairman of the board.
Item 13 – It is proposed that, until the next annual general meeting, elect Öhrlings PricewaterhouseCoopers AB to the company’s auditor, which intends to appoint Leonard Daun as the chief auditor.
The board of director’s proposed resolution to authorize the board of directors to resolve on issues of shares (item 14)
The board of directors proposes that the annual general meeting authorize the board of directors to, within the scope of the articles of association, with or without deviation from the shareholders’ preferential right, on one or several occasions during the period until the next annual general meeting, resolve to increase the company’s share capital by issuing new shares in the company. The total number of shares issued in accordance with this authorization may be equivalent to a maximum of 36,000,000 shares, corresponding to approximately 40 per cent of the number of shares in the company, based on the total number of shares in the company at the time of the 2016 annual general meeting. The issues shall be made with issue rates at market rate, and where applicable be subject to issue discount at market rate, and payment shall, apart from payment in cash, be made in kind or by set-off or otherwise with conditions. The purpose of the authorization and the reasons for any deviation from the shareholders’ preferential right is that the company shall be able to increase the company’s financial flexibility and/or the board of directors discretion, for example in connection with strategic acquisitions of companies and businesses that the company may carry out.
The Board of Directors, the CEO or the person that the board of director appoints shall be authorized to make such minor amendments and clarifications of the resolution by the general meeting that is required when registering with the Swedish Companies Registration Office.
A resolution in accordance with the board of directors proposal according to above requires the approval of shareholders representing at least two thirds of the votes cast and the shares represented at the meeting.
Information at the annual general meeting
The board of directors and the CEO shall, upon request by any shareholder and where the board of directors determines that it can be done without material harm to the company, provide information of circumstances which may affect the assessment of a matter on the agenda, and circumstances which may affect the assessment of the company’s or a subsidiary’s financial position and the company’s relationship to other group companies.
Documentation for the annual general meeting
Accounting documents and auditor report as well as proxy for the meeting will be available on Monday the 4th of April 2016 at the offices of the Company on Holländargatan 21A in Stockholm and at the company’s website www.scandinavianbiogas.com. All documents will be sent free of charge to any shareholder who so requests and states their email- or postal address.
Stockholm in March 2016
Scandinavian Biogas Fuels International AB (publ)
The board of directors
Scandinavian Biogas Interim Report for the period 1 January – 30 June 2020 Scandinavian Biogas Fuels International AB (publ) Org.nr. 556528-4733
Improved cash flow during January–June 2020 period compared to 2019
Second quarter in brief
- Net sales totalled SEK 77.4 million (89.6), a year-on-year decrease of 13.6%.
- Operating EBITDA for the period was SEK 13,2 million (17.7).
- EBITDA was SEK 5.8 million (17.7). The judicial decision issued in South Korea in July 2020 had a negative impact of SEK 11.6 million on the item ‘raw materials and consumables’ for the quarter.
- The Group posted an operating loss of SEK -19.9 million (-4.4), due in part to the judicial decision in South Korea and to insurance compensation received in Norway.
- The Group posted a loss after tax of -37.4 million (-23.3).
- A total negative impact on earnings of SEK 18.0 million was posted during the period due to the judicial decision in South Korea.
- The credit facility of 200 MSEK was noticed during the quarter. Repayment should be performed before the 30th of September.
- Operating cash flow totalled SEK 26.6 million (-3.9), due in part to improved underlying profitability and improved working capital.
First half-year in brief
- Net sales totalled SEK 174.6 million (176.6) MSEK, a year-on-year decrease of 1.1%.
- Operating EBITDA for the period was SEK 37,6 million (36.3), confirmation that underlying profitability is on a par with the corresponding period last year.
- EBITDA was 36.9 million (36.3). The year-on-year improvement is mainly due to one-off effects: insurance compensation of SEK 10.9 million received in Norway and the negative entry of SEK 11.6 million in conjunction with the judicial decision in South Korea.
- The Group posted an operating loss of SEK -7.2 million (-7.6).
- The Group posted a loss after tax of SEK -39.5 million (-35.6).
- A total negative impact on earnings of SEK 18.0 million was posted due to the judicial decision in South Korea.
- Operating cash flow totalled SEK 61.9 million (-11.1), due in part to improved underlying profitability and improved working capital.
Significant events after the end of the period
Business opportunities throughout the world have been impacted by the COVID-19 in early 2020. The impact on the Group’s business after the end of the period remains limited. Management is closely monitoring the situation and regularly assessing ways in which the situation may affect operations.
The judicial decision in South Korea regarding the upgrading dispute was issued in early July. The ruling was negative, and the previous decision was upheld. The outcome had a negative impact on consolidated profit/loss of SEK 18.0 million.
Management continues to actively work with various financing solutions to ensure a more long-term financing solution. Management is engaged in concrete negotiations with several independent parties deemed capable of refinancing the short-term credit facility of SEK 200 million. As of the date of publication of this interim report, however, such financing has not been finalised.
CEO comments on the interim period
‘The year began well and satisfactorily during the first quarter, but we cannot be satisfied with second quarter results. We failed to achieve the planned profitability, for several reasons. In July we received the unexpected judgment in the upgrading dispute in South Korea. Measures were taken during the second quarter to mitigate the judgement’s negative impact.
Although COVID-19 has had a major economic impact globally and in Scandinavia, its impact on the Group’s business has been limited. The Group is continuing its preparations for the planned growth opportunities, focused on Stockholm LBG and Skogn II investments. The timing of other growth opportunities is affected by financing options in domestic and foreign capital, which have been impacted by COVID-19. Based on the Biogas Commission’s proposal, published before the turn of the year, it appears that conditions for the Swedish biogas industry will be strengthened. The 2020 spring budget also increased the production subsidy for biogas production in Sweden by SEK 120 million.’
President and CEO
All financial information in this report pertains to the Group unless otherwise specified. Figures in brackets relate to the year-earlier period.
Every care has been taken in the translation of this report. However, in the event of discrepancies, the original Swedish will supersede the English translation.
The interim report for the second quarter 2020 for Scandinavian Biogas Fuels International AB (publ) is now available on www.scandinavianbiogas.com
For further information, contact Matti Vikkula, CEO and president,
+46 70 597 99 38, firstname.lastname@example.org
The information in this press release is such that Scandinavian Biogas Fuels International AB (publ) must disclose in accordance with the EU Market Abuse Regulation (EU MAR) No. 596/2014. The information was submitted for publication on August 20, 2020, at 17:30 CET.