Scandinavian Biogas News

We work for a better Environment

We keep you updated in the meantime

2020-08-20 16:30

Scandinavian Biogas Interim Report for the period 1 January – 30 June 2020 Scandinavian Biogas Fuels International AB (publ) Org.nr. 556528-4733

Improved cash flow during January–June 2020 period compared to 2019

Second quarter in brief

  • Net sales totalled SEK 77.4 million (89.6), a year-on-year decrease of 13.6%.
  • Operating EBITDA for the period was SEK 13,2 million (17.7).
  • EBITDA was SEK 5.8 million (17.7). The judicial decision issued in South Korea in July 2020 had a negative impact of SEK 11.6 million on the item ‘raw materials and consumables’ for the quarter.
  • The Group posted an operating loss of SEK -19.9 million (-4.4), due in part to the judicial decision in South Korea and to insurance compensation received in Norway.
  • The Group posted a loss after tax of -37.4 million (-23.3).
  • A total negative impact on earnings of SEK 18.0 million was posted during the period due to the judicial decision in South Korea.
  • The credit facility of 200 MSEK was noticed during the quarter. Repayment should be performed before the 30th of September.
  • Operating cash flow totalled SEK 26.6 million (-3.9), due in part to improved underlying profitability and improved working capital.

First half-year in brief

  • Net sales totalled SEK 174.6 million (176.6) MSEK, a year-on-year decrease of 1.1%.
  • Operating EBITDA for the period was SEK 37,6 million (36.3), confirmation that underlying profitability is on a par with the corresponding period last year.
  • EBITDA was 36.9 million (36.3). The year-on-year improvement is mainly due to one-off effects: insurance compensation of SEK 10.9 million received in Norway and the negative entry of SEK 11.6 million in conjunction with the judicial decision in South Korea.
  • The Group posted an operating loss of SEK -7.2 million (-7.6).
  • The Group posted a loss after tax of SEK -39.5 million (-35.6).
  • A total negative impact on earnings of SEK 18.0 million was posted due to the judicial decision in South Korea.
  • Operating cash flow totalled SEK 61.9 million (-11.1), due in part to improved underlying profitability and improved working capital.  

Significant events after the end of the period

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 remains limited. Management is closely monitoring the situation and regularly assessing ways in which the situation may affect operations.

    The judicial decision in South Korea regarding the upgrading dispute was issued in early July. The ruling was negative, and the previous decision was upheld. The outcome had a negative impact on consolidated profit/loss of SEK 18.0 million.

Management continues to actively work with various financing solutions to ensure a more long-term financing solution. Management is engaged in concrete negotiations with several independent parties deemed capable of refinancing the short-term credit facility of SEK 200 million. As of the date of publication of this interim report, however, such financing has not been finalised.

CEO comments on the interim period

‘The year began well and satisfactorily during the first quarter, but we cannot be satisfied with second quarter results. We failed to achieve the planned profitability, for several reasons. In July we received the unexpected judgment in the upgrading dispute in South Korea. Measures were taken during the second quarter to mitigate the judgement’s negative impact.

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, focused on Stockholm LBG and Skogn II investments. The timing of other growth opportunities is affected by financing options in domestic and foreign capital, 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.’

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 second quarter 2020 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 August 20, 2020, at 17:30 CET.

2021-11-05

“EffiSludge for LIFE” online workshop December 2!

Read more

2021-10-29

Q3: EU and Sweden make long-term investment in biogas in the transition to a circular economy

Read more

2021-10-27

Scandinavian Biogas extends agreement with Dutch gas station chain Rolande

Read more

2021-10-19

Scandinavian Biogas’ report for the third quarter and invitation to a conference meeting on October 29

Read more

2021-09-17

Long-term production support for biogas!

Read more

2021-08-26

The shipping sector has increased its use of biogas

Read more

2021-07-23

Implementation of the growth plan continues – SEK 700 M green bond issued

Read more

2021-07-15

Scandinavian Biogas’ report for the second quarter and invitation to a conference meeting on July 23

Read more

2021-06-29

Correction: Scandinavian Biogas announces publication of bond prospectus

Read more

2021-06-29

Scandinavian Biogas announces publication of bond prospectus

Read more

2021-06-21

Biogas is the future for heavy transport

Read more

2021-06-10

Scandinavian Biogas speaks at the Nasdaq Green Designations Webinar

Read more

2021-06-09

HOLD Technology™ increases productivity capacity with 3-5 times

Read more

2021-06-03

Sewage sludge and food waste becomes environmentally friendly biogas

Read more

2021-06-02

Green financing framework

Read more

2021-05-28

220 companies, organizations and scientists in an open letter to EU

Read more

2021-05-28

Norwegian parliament votes to equal electricity, biogas and hydrogen

Read more

2021-05-27

Scandinavian Biogas successfully placed SEK 700 m green bonds

Read more

2021-05-20

Biogas promotes fossil-free, circular, and sustainable society

Read more

2021-05-04

The Board appoints members to Audit Committee and Renumeration Committee

Read more

2021-04-29

Report from the Annual General Meeting of Scandinavian Biogas

Read more

2021-04-29

Implementation of the growth plan is progressing, Klimatklivet has awarded the Group investment grants of SEK 135 million in Sweden, and the Skogn II project in Norway is launched

Read more

2021-04-29

Scandinavian Biogas is investing NOK 170 million in the expansion of a facility for liquid biogas in Norwegian Skogn

Read more

2021-04-29

Scandinavian Biogas evaluates debt financing options

Read more

2021-04-20

Scandinavian Biogas invites to the AGM presentation and quarterly report presentation on April 29

Read more

2021-03-31

Scandinavian Biogas has published Annual and Sustainability Report for 2020

Read more

2021-03-29

Notice of Annual General Meeting in Scandinavian Biogas Fuels International AB (publ)

Read more

2021-03-24

Scandinavian Biogas’ Nomination Committee proposes Anders Bengtsson as new Chair and new members of the Board

Read more

2021-03-11

Scandinavian Biogas receives SEK 135 million in investment grants from Klimatklivet

Read more

2021-02-18

Scandinavian Biogas Fuels International AB (publ) Year-end report for the period 1 January – 31 December 2020

Read more

2021-02-16

Scandinavian Biogas' report for the fourth quarter and invitation to a conference call on February 18[th]

Read more

2021-01-28

Nomination committee appointed for the 2021 Annual General Meeting of Scandinavian Biogas Fuels International AB

Read more

2021-01-20

Share holder list as per 30.12.2020

Read more

2021-01-15

Information on the over-allotment option and end of the stabilisation period

Read more

2020-12-28

Stabilisation notice

Read more

2020-12-18

Scandinavian Biogas has finalized the acquisition of Ekdalens Biotransporter AB

Read more

2020-12-16

First Day of trading in Scandinavian Biogas’ dark green shares on Nasdaq First North Premier Growth Market Stockholm

Read more

2020-12-14

Scandinavian Biogas carries out a SEK 586 million private placement of dark green shares and publishes a company description in connection with the listing

Read more

2020-12-07

Report from the Extraordinary General Meeting of Scandinavian Biogas Fuels International AB (publ)

Read more

2020-12-02

Scandinavian Biogas intends to carry out a private placement and listing of its dark green shares on Nasdaq First North Premier Growth Market

Read more

2020-11-30

Scandinavian Biogas acquires Ekdalens Biotransporter

Read more

2020-11-26

Decision from the Supreme Court in Korea

Read more

2020-11-25

Scandinavian Biogas publishes timetable for reverse split of shares

Read more

2020-11-23

Report from the Extraordinary General Meeting of Scandinavian Biogas Fuels International AB (publ)

Read more

2020-11-19

Notice of extraordinary GENERAL MEETING IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)

Read more

2020-11-19

TrønderEnergi becomes the largest shareholder in Scandinavian Biogas

Read more

2020-10-28

Scandinavian Biogas Interim Report for the period 1 January – 30 September 2020 Scandinavian Biogas Fuels International AB (publ) Org.nr. 556528-4733

Read more

2020-09-30

Scandinavian Biogas refinanced loan of SEK 200 million within the framework of green financing

Read more

2020-09-30

Scandinavian Biogas establishes green framework with the independentrating "Dark Green"

Read more

2020-08-20

Scandinavian Biogas Interim Report for the period 1 January – 30 June 2020 Scandinavian Biogas Fuels International AB (publ) Org.nr. 556528-4733

Read more

2020-06-25

Report from the Annual General Meeting of Scandinavian Biogas Fuels International AB (publ)

Read more

2020-06-10

The nomination committee’s proposal regarding board of directors and remuneration for the annual general meeting 2020

Read more

2020-06-04

Scandinavian Biogas Annual Group Report 2019

Read more

2020-05-20

SUMMONS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB (PUBL)

Read more

2020-04-29

Scandinavian Biogas Interim Report for the period 1 January – 31 March 2020

Read more

2020-03-24

Scandinavian Biogas Fuels International AB (publ) Year-end report for the period 1 January – 31 December 2019

Read more

2020-02-10

Scandinavian Biogas has today repaid the bond loan 2016/2020

Read more

2019-10-31

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

Read more

2019-09-30

Scandinavian Biogas secures financing for repayment of bond loan 2016/2020

Read more

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

2018-06-29

Safer management of your personal information

Read more

2016-09-07

Press Release

Read more

2016-08-19

Press Release

Read more

2016-08-18

Interim Report - Q2 2016

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

© Scandinavian Biogas Fuels International AB all rights reserved