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2018-08-23 15:45

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

Commissioning of the plant in Norway began at the end of June, and the Swedish government is to expand state support for biogas.

Second quarter in brief

  • Commissioning of the liquid biogas plant in Skogn, Norway, began at the end of June.
  • Net sales totalled SEK 65.9 million (65.7), a 0.3% increase on the same period last year.
  • EBITDA was SEK -2.0 million (+12.2). The decrease on the second quarter 2017 was primarily due to increased operational and maintenance costs at Södertörn, higher substrate costs, legal expenses, penalty fees in South Korea, and increased personnel costs in Norway.
  • The Group posted an operating loss of SEK -15.6 million (-0.7).
  • The Group posted a loss after tax of SEK -21.3 million (-19.5).
  • Project financing for the Södertörn plant was refinanced with bank loans at lower rates.
  • The Group received a total of SEK 14 million in subordinated loans from its largest shareholders.

First half-year in brief

  • The Group signed a co-operation agreement with Mönsterås Biogas AB to jointly develop an investment project for potential biogas production in Mönsterås municipality. The goal of the project is to treat 100,000 tonnes of organic waste and produce around 110 GWh of liquid biogas (LBG) annually.
  • A filling station at the Group’s biogas plant in Södertörn entered service at the beginning of the year. The station will primarily sell pure biogas to trucks and refuse vehicles that use the SRV recycling facility in Södertörn.
  • Net sales totalled SEK 129.5 million (131.2), a decrease of 1.3%, primarily due to reduced food waste deliveries in Ulsan, South Korea.
  • EBITDA was SEK -0.6 million (+22.7). The decrease on the same period last year was primarily due to increased operational and maintenance costs at Södertörn, higher substrate costs, legal expenses, penalty fees in South Korea, and increased personnel costs in Norway.
  • The Group posted an operating loss of SEK -28.1 million (-3.0).
  • The Group posted a loss after tax of SEK -43.8 million (-23.8).

Significant events after the end of the period

  • In early July, the Swedish government announced plans to expand state support for biogas.
  • The Group is planning a rights issue for the second half of 2018.
  • The Group has received an additional SEK 4 million in subordinated loans from one of its largest shareholders.
  • The Group has launched a programme to improve profitability, primarily at Södertörn, and has started a re-organisation process.

For further information, please contact:
Matti Vikkula
CEO Scandinavian Biogas
+46 (0) 70-597 99 38
matti.vikkula@scandinavianbiogas.com 

Information:
This information is information that Scandinavian Biogas Fuels International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 16:45 CEST on 23 August 2018.

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