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2022-07-19 17:00

Scandinavian Biogas updates financial targets for 2024 and confirms accelerated capacity expansion to reach 3 TWh by 2030


Updated financial targets for 2024 confirm the EBITDA margin of at least 30 percent, while the production volume is estimated to reach 600 GWh, which is 100 GWh lower than previous targets of 700 GWh. Higher prices for biogas partially counteract the volume effect on revenues, which is estimated to reach approximately SEK 650 million in 2024. The Board has decided to explore various financing alternatives for continued growth.

Demand for biogas and especially Bio-LNG (liquid biogas) is increasing rapidly, while supply is limited by lack of production capacity in Europe. The imbalance between demand and supply has pushed up market prices significantly. In the long-term agreement we entered with the German fuel station chain Alternoil for deliveries of Bio-LNG for heavy duty vehicles corresponding to approximately 1 TWh to a value of approximately SEK 2.7 billion, with a possible doubling up to 2 TWh, the price of Bio-LNG was approximately double compared with our average invoiced price for the first half of 2022 deliveries for compressed biogas. As previously communicated, the market's long-term growth potential has led the Board to decide to accelerate capacity expansion to reach 3 TWh by 2030.

In the short term, the Board has decided to update the business plan for 2024. This means that the volume target of 700 GWh for 2024 is adjusted to 600 GWh, the revenue target is adjusted down to SEK 650 million, while the EBITDA margin target of 30 percent and equity / assets ratio above 25 percent remains.

The reason for updating the business plan is a changed technical solution and a higher cost situation compared with our assumptions in the 2020 investment plan. In the preparation of the investment decisions regarding our planned production facilities, primarily Skogn III and Mönsterås, a need emerged to change the technical solution for more efficient handling of the substrate mix. The change entails a significantly increased productivity and profitability compared with assumptions in 2020. The higher cost situation together with a changed technical solution entails an increased investment cost of a total of approximately SEK 300 million. In summary, this means that the total investment costs in the updated investment plan have increased from SEK 1.300 million to approximately SEK 1.600 million.

The need for financing has also changed due to higher investment costs, acquisition of the pre-treatment plant in Södertörn, no production support in first half of 2022 and lower operating cash flow. To take the next step in the development plan, the Board has decided to explore the market's various equity and debt financing alternatives to ensure continued growth.

It should be noted that the company's financial position and liquidity are good in relation to existing operations, however, profitability is temporarily lower than our profitability target. We expect profitability to gradually improve because of higher market prices. We expect the EBITDA margin to strengthen gradually as the share of the higher priced Bio-LNG increases from the current just over 25 percent.

Financial targets 2024 Rev Financial targets 2024 Goal 2026 Goal 2030
Produkcion capacity >700 GWh >600 GWh >1.2 TWh >3 TWh
Total revenues >750 MSEK >650 MSEK
Operative EBITDA-% >30 % >30 %
Solidity >25% >25%

Planned and communicated, but not yet decided, growth projects, ie Skogn III, Mönsterås and the recently published Bio-LNG project in Skånes Fagerhult, are estimated to add a total of approximately 800 GWh production capacity. In addition, we have a pipeline with several potential growth projects, which given that they can be financed gives us great opportunities to realize a production capacity of 3 TWh by 2030, with intermediate goals to reach1.2 TWh in 2026.

“We are experiencing very strong demand with enormous market potential. The interest from customers is great and we have for ten years built a unique process competence and market position to develop. Our biogas plants are among the market's most efficient production plants, and I am very pleased with the board's decision to seek financing to expand production capacity, “says Matti Vikkula, CEO of Scandinavian Biogas.

This disclosure contains information that Scandinavian Biogas Fuels International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 19-07-2022 18:00 CET.

For more information, please contact:
Matti Vikkula, CEO Scandinavian Biogas, mobile +46-70 597 99 38
Anna Budzynski, CFO Scandinavian Biogas, mobile +46 70 043 42 13

Scandinavian Biogas is a leading Nordic producer of biogas for vehicle fuel and fertilizer. Biogas is CO2-neutral and made from sewage and household, agriculture as well as industrial organic waste. Today Scandinavian Biogas has facilities in Sweden, Norway and Korea. In 2021, the company delivered 366 GWh of energy. Scandinavian Biogas has 100 employees and total net sales of SEK 394 million in 2021. The head office is located in Stockholm and the company is listed on Nasdaq First North. Certified advisor is Erik Penser Bank AB, telephone: +46 (0) 8-463 80 00, certifiedadviser(at)penser.se. www.scandinavianbiogas.com

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