Scandinavian Biogas News

We work for a better Environment

We keep you updated in the meantime

2018-01-10 20:30

Scandinavian Biogas is including one-off costs in annual Group accounts 2017 and updating Outlook 2017

Scandinavian Biogas Group (the “Group”) will record as an extra cost the additional gas penalty accrual in Ulsan, Korea, and revalue Ulsan plant assets based on the annual impairment testing in the consolidated Group Q4 2017 accounts, which are not yet audited.

Gas penalty
The gas penalty is, as earlier communicated, based on a contractual obligation to invest in a gas upgrading facility at the Ulsan site by the end of 2017.

The Group will include as a non-cash, one-off cost in consolidated Q4/2017 accounts the net present value of the full gas penalty accrual from November 2012 until end of 2017, the addition being equivalent to approx. 14 MSEK. The additional non-cash, one-off cost will lower the consolidated Group level EBITDA in 2017.

The value of the net present value of the total accrual in the consolidated balance sheet 31.12.2017 is estimated to be approx. 25 MSEK and assumed to be at least partly payable within the next eight years.

In consolidated accounts from 2018 and onwards the Group will book the full gas penalty of approx. 8-9 MSEK as an operative annual cost subject to annual gas sales volumes, prices and foreign exchange rates.

Based on the legal opinion from one of the leading Korean law firms, that the level of the penalty is unreasonable, the Group Board´s position remains unchanged. The reasonable penalty level according to Korean legal practice is assumed to be at maximum 30% of the gas penalty, equal to an operative annual cost of maximum of approx. 3 MSEK, subject to potential court decision in the future.

For additional information, please refer to the 2016 annual report, the prospectus from August 2017 and the ‘Other provisions’ item in the balance sheet and ‘Contingent liability’ items in Note 8 in the Q3 2017 report (available on www.scandinavianbiogas.com).

Impairment testing of the consolidated Group
Based on the impairment test, the impairment loss of approx. 12 MSEK for the production plant in Ulsan, Korea, will be included in Q4/2017 Group accounts.

Outlook
Earlier Outlook - The Group’s profitability (EBITDA) is expected to improve significantly in 2017 as compared with 2016.

Updated Outlook - The Group’s operational profitability (EBITDA) without one-offs is expected to improve significantly in 2017 as compared with 2016.

For further information, contact Matti Vikkula, CEO and president,
+46 70 597 99 38, matti.vikkula@scandinavianbiogas.com

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 January 10, 2018, at 20:30 CET.

2019-08-15

Scandinavian Biogas Interim Report for the period 1 January – 30 June 2019

Read more

2019-08-09

Interim report will be published on August 15, 2019

Read more

2019-07-19

Scandinavian Biogas publishes outcome of oversubscribed rights issue and carries out a secured directed share issue of SEK 60 million

Read more

2019-06-27

Report from the Annual General Meeting of Scandinavian Biogas Fuels International AB (publ)

Read more

2019-06-14

Subscription period for rights issue of 10 MSEK is 17th of June to 5th of July

Read more

2019-06-05

Scandinavian Biogas carries out directed issue and rights issue in a total of SEK 86 million and intends to carry out a secured directed issue of SEK 60 million. Total issue volume SEK 146 million

Read more

2019-06-05

Scandinavian Biogas announces fully secured share issues with a value of 136 MSEK; intends to carry out a rights issue of 10 MSEK

Read more

2019-05-28

SUMMONS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)

Read more

2019-05-23

Scandinavian Biogas subsidiary to deliver liquid biogas to Hurtigruten

Read more

2019-04-26

Scandinavian Biogas Interim Report for the period 1 January – 31 March 2019

Read more

2019-04-25

Scandinavian Biogas Annual Group Report 2018

Read more

2019-04-18

Results from Scandinavian Biogas written procedure

Read more

2019-03-28

Scandinavian Biogas initiates a written procedure

Read more

2019-02-28

Scandinavian Biogas Interim report for the period 1 January – 31 December 2018

Read more

2019-01-25

Scandinavian Biogas Intends to Conduct a Directed Share Issue

Read more

2018-11-28

Result from Scandinavian Biogas Fuels International AB (publ)s written procedure

Read more

2018-11-09

Scandinavian Biogas Interim Report for the period 1 July – 30 September 2018

Read more

2018-11-09

Scandinavian Biogas initiates a written procedure

Read more

2018-11-08

Scandinavian Biogas to launch written procedure following constructive discussion with certain bondholders

Read more

2018-10-23

Release of Q3 2018 interim report postponed as court ruling for dispute related to Södertörn facility received

Read more

2018-09-03

Worlds largest LBG factory in operation

Read more

2018-08-23

Scandinavian Biogas Interim report for the period 1 January – 30 June 2018

Read more

2018-08-23

Court ruling in the penalty fee dispute in Ulsan, South Korea

Read more

2018-07-03

Profitability 2018 is estimated to be lower than previously communicated

Read more

2018-06-29

Safer management of your personal information

Read more

2018-06-20

The nomination committee’s proposal regarding board of directors and remuneration for the annual general meeting 2018

Read more

2018-05-25

SUMMONS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)

Read more

2018-05-22

Results from Scandinavian Biogas written procedure

Read more

2018-05-02

Results from Scandinavian Biogas Fuels International AB’s written procedure and renewed written procedure

Read more

2018-04-26

Scandinavian Biogas Interim Report for the period 1 January – 31 March 2018

Read more

2018-04-11

Scandinavian Biogas initiates a written procedure

Read more

2018-03-20

Scandinavian Biogas Annual Group Report 2017

Read more

2018-03-12

The first shipload of feed stock has been received at Biokraft's biogas plant at Skogn

Read more

2018-02-15

Scandinavian Biogas Year-end report for the period 1 January – 31 December 2017

Read more

2018-01-10

Scandinavian Biogas is including one-off costs in annual Group accounts 2017 and updating Outlook 2017

Read more

2017-11-21

Scandinavian Biogas’ Board will evaluate various strategic and capital structure alternatives

Read more

2017-10-26

Scandinavian Biogas Interim Report for the period 1 January – 30 September 2017

Read more

2017-08-24

Scandinavian Biogas Interim Report for the period 1 January – 30 June 2017

Read more

2017-08-16

Scandinavian Biogas publishes bond prospectus and applies for listing of the additional bonds on Nasdaq Stockholm

Read more

2017-06-30

Scandinavian Biogas press release amendment of terms and conditions

Read more

2017-06-15

Scandinavian Biogas issues subsequent SEK 30 million senior secured bonds

Read more

2017-05-17

Scandinavian Biogas rights issue over-subscribed

Read more

2017-04-28

Scandinavian Biogas Interim report for the period 1 January – 31 March 2017

Read more

2017-04-13

Scandinavian Biogas has decided on a directed share issue of approximately SEK 43 million and a rights issue of approximately SEK 23 million

Read more

2017-04-10

SUMMONS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)

Read more

2017-02-28

Scandinavian Biogas Year-end report for the period 1 January – 31 December 2016

Read more

2017-02-08

Scandinavian Biogas is preparing the group for a public listing of its share – signing loan agreements for 16 MSEK for the forthcoming share issue

Read more

2016-10-28

Scandinavian Biogas Interim report for 1 January – 30 September 2016

Read more

2016-09-07

Press Release

Read more

2016-09-01

International scientific biogas conference

Read more

2016-08-19

Press Release

Read more

2016-08-18

Interim Report - Q2 2016

Read more

2016-07-14

New European grant to

Read more

2016-04-29

Press release

Read more

2016-04-29

Interim Report - Q1 2016

Read more

2016-03-30

Summons to the Annual General Meeting

Read more

2016-02-18

Unutilized residues

Read more

2016-02-08

Issues 4-year senior secured bond

Read more

2016-02-08

Invests in a new Liquid Biogas Plant

Read more

2015-04-29

Summons to the annual general meeting of shareholders

Read more

2014-08-14

Macroalgae may be a new substrate in biogas production

Read more

2014-04-22

Board of directors

Read more

2014-04-22

Business objectives

Read more

© 2019 Scandinavian Biogas Fuels International AB all rights reserved