Scandinavian Biogas News

We work for a better Environment

We keep you updated in the meantime

2020-10-28 16:15

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

Successful refinancing of SEK 200 million credit facility with significantly better terms, and continued stable EBITDA

Third quarter in brief

  • The private credit facility of SEK 200 million was repaid in September and replaced with a new senior credit facility of the same amount.
  • On 1 July 2020 the Company received a negative court ruling for the dispute in Korea.
  • Net sales totalled SEK 81.5 million (87.3), a year-on-year decrease of 5.8%.
  • EBITDA was SEK 22.9 million (22.6).
  • Operating EBITDA for the period was SEK 17.9 million (22.6).
  • The Group posted an operating profit of SEK 1.6 million (0.8).
  • The Group posted a loss after tax of SEK -11.8 million (-14.7).
  • Operating cash flow totalled SEK -14.9 million (-10.9).  

First nine months in brief

  • The Company’s outstanding 2016/2020 bond loan of SEK 230 million was repaid on 10 February 2020 and replaced with a private credit facility of SEK 200 million, which was repaid on 30 September 2020 and replaced with a new senior credit facility with significantly better terms.
  • On 1 July 2020 the Company received a negative court ruling for the dispute in Korea.
  • Net sales totalled SEK 256.1 million (263.8), a year-on-year decrease of 2.9%.
  • Operating EBITDA for the period was SEK 55.3 million (58.8), confirmation that underlying profitability is on a par with the corresponding period last year.
  • EBITDA was SEK 59.8 million (58.8).
  • The Group posted an operating loss of SEK -5.6 million (-6.7).
  • The Group posted a loss after tax of SEK -51.2 million (-50.3).
  • A total negative impact on earnings of SEK 18.4 million was posted due to the judicial decision in South Korea.
  • Operating cash flow totalled SEK 47.0 million (-21.9), due in part to improved underlying profitability.

Significant events after the end of the interim period

A multi-year agreement has been entered into between the Group and a customer in Europe for the supply of liquefied biogas (LBG). It is an important part of Scandinavian Biogas' strategy to increase deliveries of liquid biogas.

On October 22, the Company convened an Extraordinary General Meeting to be held on November 23, 2020. The Board proposes that the Meeting resolves to authorize the Board to issue up to 10 million new shares and a reversed split of shares 10:1. The authorization is proposed to be valid until the next Annual General Meeting.

No other significant events have occurred after the end of the period.

CEO comments on the interim period

‘The year started in a good and satisfactory way in the first quarter, but we are not happy with the second quarter as the pandemic affected us negatively. During the third quarter, however, we were able to ensure an improvement both in the Group's profitability as well as in cash flow. In July, the Company received a surprisingly negative ruling in Korea regarding the dispute with Ulsan City regarding an upgrade facility. The negative impact that this caused has already been recognised in the second quarter.

  

COVID-19 has significantly affected the global and Scandinavian economy and has affected the Group's business somewhat, partly with lower raw gas production in Stockholm and partly with somewhat reduced demand. The Group continues with preparations for planned growth opportunities, focusing on Stockholm LBG and Skogn II investments. The timing of other growth opportunities is affected by financing opportunities for equity and debt, however, the capital market has become stronger after the summer. In the autumn budget, the Government has proposed continued temporary support for biogas production and confirmed preparations for a long-term production support system. Conditions for the Swedish biogas industry are about to 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.

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 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@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 28, 2020, at 16:15 CET.

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

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

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

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

© Scandinavian Biogas Fuels International AB all rights reserved