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2019-10-31 16:00

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

Scandinavian Biogas has secured financing for repayment of the bond loan. 
Third quarter in brief

  • In September the Company secured financing for repayment of the outstanding 2016/2020 bond loan of SEK 230 million maturing on 10 February 2020.
  • Net sales totalled SEK 87.3 million (63.0), a year-on-year increase of 38.6%.
  • EBITDA was SEK 22.6 million (-14.5), a year-on-year improvement attributable primarily to the plant at Södertörn and Skogn. The plant in Skogn was in operation during the July–September 2019 period, but not during the comparative period. The comparative period also includes a one-off cost of SEK 16.2 million attributable to court rulings.
  • The Group posted an operating profit of SEK 0.8 million (-31.1).
  • The Group posted a loss after tax of SEK -14.7 million (-45.7).
  • The directed share issue yielded SEK 60.4 million and the rights issue SEK 10.3 million before transaction costs. Issue expenses totalled SEK 9.1 million.
  • A new share issue of SEK 21.6 million was conducted in the Norwegian subsidiary during the quarter. Scandinavian Biogas Fuels International’s share in the issue amounted to SEK 10.9 million.

First nine months in brief

  • In September the Company secured financing for repayment of the outstanding 2016/2020 bond loan of SEK 230 million maturing on 10 February 2020. 
  • A 7.5-year LBG supply contract was signed between Norwegian subsidiary Biokraft and Hurtigruten.
  • The Group issued new shares during the period. The directed share issues yielded SEK 100.0 million before transaction costs. Subordinated shareholder loans totalling SEK 34 million along with interest of SEK 2.5 million were converted to shares in a set-off issue. The rights issue yielded SEK 10.3 million before transaction costs. Transaction costs totalled SEK 9.1 million.
  • Net sales totalled SEK 263.8 million (192.5), an increase of 36.3% attributable primarily to the plant at Skogn. The plant in Skogn was in operation during the January–September 2019 period. The plant was not in operation during the corresponding period in 2018. The comparative period also includes a one-off cost of SEK 16.2 million attributable to court rulings.
  • EBITDA was SEK 58.8 million (-15.1), with the year-on-year improvement due mainly to commissioning of the plant at Skogn, Norway, and a one-off cost 2018 of SEK 16.2 million attributable to court rulings.   
  • The Group posted an operating loss of SEK -6.7 million (-59.2).
  • The Group posted a loss after tax of SEK -50.3 million (-89.5).

Significant events after the end of the period

  • No significant events occurred after the end of the interim period.

CEO comments on the interim period
The Group's profitability and cash flow from operating activities improved significantly during the first three quarters and we were able to secure the refinancing of the corporate bond, which is very gratifying.
The biogas study in Sweden will be published before the year-end. We assume that the conditions for the Swedish biogas industry will be strengthened.

Matti Vikkula 
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 third quarter 2019 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(at)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 October 31 2019, at 16:00 CET.

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