Scandinavian Biogas News

We work for a better Environment

We keep you updated in the meantime

2018-11-09 16:15

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

The plant in Skogn, Norway, has been delivering liquid biogas to the customer since September 2018. The Group’s EBITDA was negatively affected by one-off costs attributable to court rulings.

Third quarter in brief

  • The first deliveries of liquid biogas from the plant in Skogn were delivered to the customer in September 2018.
  • Net sales totalled SEK 63.0 million (60.7).
  • EBITDA was SEK -14.5 million (+9.2 MSEK) and includes one-off costs of SEK 16.2 million attributable to court rulings.
  • The Group posted a loss after tax of SEK -45.7 million (-17.1), which amount includes court-ordered legal expenses and interest.
  • The Swedish government took a decision in early July 2018 on government biogas support.
  • The Group launched an action programme to improve profitability, primarily at Södertorn, and initiated a re-organisation process.
  • The court in Ulsan handed down a decision unfavourable to the Group in the penalty fee dispute.

First three quarters in brief

  • Commissioning of the liquid biogas plant in Skogn began in late June 2018.
  • Net sales totalled SEK 192.5 million (191.9).
  • EBITDA was SEK -15.1 million (+31.9). The change is attributable to:
    - one-off cost of SEK 6.6 million for a revalued present value calculation of the penalty fee provision
    -
    one-off cost of SEK 9.6 million attributable to the dispute with a supplier to the Södertörn facility
    -
    other expenses of SEK 5.6 million for dispute-related legal services
    -
    commissioning of plant in Skogn: SEK 4.7 million (Business Area Norway total EBITDA of SEK -12.2 million)
    -
    the year-on-year decrease was otherwise primarily due to increased operational and maintenance costs at Södertörn, higher substrate costs, and an increased level of the penalty fee in South Korea in 2018.
  • The Group posted a loss after tax of SEK -89.5 million (-40.9). 
  • Project financing for the Södertörn plant was refinanced with bank loans at lower rates.
  • The Group received a total of SEK 18 million in subordinated loans from its largest shareholders.

Significant events after the end of the period

  • The plant in Skogn delivered 0.5 MNm3 of LBG to the customer during October 2018.
  • Government biogas support from the Board of Agriculture for the Södertörn plant is expected to exceed SEK 20 million over the next 12 months, beginning in early October 2018. 
  • The arbitrator in the dispute with a main supplier to the Södertörn plant issued a decision unfavourable to the Group in October. 
  • The Group’s adjusted equity/assets ratio did not meet the corporate bond requirements as at 30 September 2018. Nearly 47% of the bondholders have confirmed their support for the Group’s proposal to waive the adjusted equity/assets ratio requirement for the third and fourth quarters of 2018.

The interim report for the third quarter 2018 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 November 9 2018, at 16:15 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