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2018-02-15 15:30

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

The Group is reporting a significant year-on-year improvement in operational EBITDA, although a one-off non-cash provision of approximately SEK 14 million for the gas penalty in Ulsan impaired EBITDA in the fourth quarter. Work is in progress on a prospective listing of the Company’s share in a suitable marketplace and, in parallel with this, various strategic and capital structure alternatives are being evaluated.

Fourth quarter in brief

  • Net sales totalled SEK 66.4 million (69.8), a 4.9% decrease
  • Operational EBITDA was SEK +3.3 million (+4.7)
  • EBITDA was SEK -10.3 million (+4.7), with the change mainly attributable to a one-off non-cash provision of approximately SEK 14 million for a penalty fee in Ulsan
  • The Group posted an operating loss of SEK 35.5 million (-7.6), which includes a SEK 12 million impairment loss on the plant in Ulsan
  • The Group posted a loss after tax of SEK 34.1 million (-18.3)
  • Scandinavian Biogas Södertörn AB received SPCR 120 bio-fertiliser certification, confirmation of the bio-fertiliser’s quality

Full-year in brief

  • The plant at Södertörn was granted a new environmental permit in January, which entitles the facility to receive 260,000 tonnes (previously 50,000 tonnes) of organic waste and produce 20 million Nm3 of biogas
  • The evaporation plant at Södertörn was commissioned in March
  • Net sales totalled SEK 258.4 million (242.6), a 6.5% increase
  • Operational EBITDA was SEK +35.2 million (+22.0), a 60.1% improvement
  • EBITDA was SEK +21.6 (+22.0), representing a 1.8% decrease, and includes a SEK 14 million one-off item for a penalty fee in Ulsan
  • The Group posted an operating loss of SEK 42.2 million (-24.6), which includes a SEK 12 million impairment loss on the plant in Ulsan
  • The Group posted a loss after tax of SEK 75.0 million (-47.7)
  • A directed share issue and a preferential rights issue were conducted during Q2 2017, representing a gross contribution of SEK 66.6 million, and subsequent bonds totalling SEK 30 million were issued in June 2017 within the framework of the Company’s outstanding bond loan and were listed on NASDAQ Stockholm in August 2017

Significant events after the end of the interim period

  • The filling station at the Group’s biogas facility at Södertörn was commissioned in early 2018. The filling station will primarily sell biogas for lorries and refuse lorries that visit SRV Återvinning’s plant at Södertörn.
  • The Group has signed a cooperation agreement with Mönsterås Biogas AB for the joint development of an investment project for possible biogas production in Mönsterås municipality. The project’s objective is to be able to treat 100,000 tonnes of manure and produce over 110 GWh of liquid biogas (LBG) annually.

The year-end report 2017 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,
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 February 15, 2018, at 15:30 CET.

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