Scandinavian Biogas Interim Report for the period 1 January – 31 March 2020
High production rate at all plants and limited impact from COVID-19
- Net sales totalled SEK 97.1 million (86.9), a year-on-year increase of 11.8%.
- EBITDA was SEK 31.1 million (18.6). The year-on-year improvement is mainly attributable to the high production rate at all of the Company’s plants and to insurance compensation of SEK 6.8 million received during Q1 2020.
- The Group posted an operating profit of SEK 12.7 million (-3.1).
- The Group posted a loss after tax of -2.0 million (-12.3).
- Operating cash flow totalled SEK 35.5 million (-7.2), due partially to improved underlying profitability and improved working capital.
Business opportunities throughout the world have been impacted by the COVID-19 in early 2020. The impact on the Group’s business after the end of the period is limited. Management is closely monitoring the situation and regularly assessing ways in which the situation may affect operations.
Management is actively working with various financing solutions to ensure a more long-term financing solution.
“The year began well and satisfactorily. The Group’s profitability and cash flow from operating activities improved significantly during the first quarter. Although COVID-19 has had a major economic impact globally and in Scandinavia, its impact on the Group’s business has been limited.
The Group is continuing its preparations for the planned growth opportunities but has changed its order of priorities to increase focus on Henriksdal LBG and Skogn II investments. The timing of other growth opportunities is affected by financing options in domestic and foreign capital markets, which have been impacted by COVID-19.
Based on the Biogas Commission’s proposal, published before the turn of the year, it appears that conditions for the Swedish biogas industry will be strengthened. The 2020 spring budget also increased the production subsidy for biogas production in Sweden by SEK 120 million.”
President and CEO
The interim report for the first 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 April 29, 2020, at 09:00 CET.