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

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The plants at Skogn and Södertörn were both at full operation at year-end.

Fourth quarter in brief

  • The plants at Skogn and Södertörn were both at full operation at the close of the fourth quarter.
  • Net sales totalled SEK 99.7 million (82.7), a year-on-year increase of 20.6%.
  • EBITDA was SEK 29.0 million (8.9), a year-on-year improvement attributable primarily to the plants at Södertörn and Skogn being at full operation at year end and a change to the assessment regarding the dispute in South Korea.
  • The Group posted an operating profit of SEK 4.8 million (-12.6).
  • The Group posted a loss after tax of SEK -5.5 million (-20.4).

 

Full-year in brief

  • The year has been a successful one for the plants in Norway, South Korea and Sweden. Production was at a high level during the year and the plants at Skogn and Södertörn were both at full operation at year-end, which significantly improved operational profitability. EBITDA for the year was SEK 87.8 million (-6.2), due mainly to the high production level as well as a change to the assessment regarding the dispute in South Korea.
  • A 7.5-year LBG supply contract was signed between Norwegian subsidiary Biokraft and Hurtigruten.
  • The plants in Sweden and Norway produced at a high level and were at full operation at the close of the fourth quarter.
  • Net sales totalled SEK 363.6 million (275.2), an increase of 32% attributable primarily to the plant at Skogn.
  • The Group posted an operating loss of SEK -1.9 million (-71.8).
  • The Group posted a loss after tax of SEK -55.9 million (-109.9).
  • The Group issued new shares corresponding to SEK 147 million. The directed share issues yielded SEK 100 million before transaction costs. Subordinated shareholder loans totalling SEK 34 million along with interest of SEK 2.5 million were converted to shares and the rights issue yielded SEK 10.3 million.
  • In September the Group secured financing for repayment of the outstanding 2016/2020 bond loan that matured on 10 February 2020. 

 

Significant events after the end of the period

Corporate bonds totalling SEK 230 million were refinanced in early February with a private facility of SEK 200 million. The new facility has a maturity of 24 months. The facility has a 12-month notice period. Management is working with various financing solutions to ensure refinancing in a longer term.

Business opportunities throughout the world have been impacted by the corona virus as from early 2020. Management is closely monitoring the situation and make ongoing assessment on how it may affect the business.

CEO comments on the interim period

‘The Group’s profitability and cash flow from operating activities improved significantly during the year. Last summer we conducted a share issue of SEK 147 million before transaction costs and were able to secure refinancing of the bond load, which is very gratifying. During the first half of the year a multi-year contract was signed with Hurtigruten for delivery of liquid biogas (LBG) for the customer’s cruise ferries.

The Biogas Commission published its report in Sweden. Conditions for the Swedish biogas industry will be improved.’

Matti Vikkula
President and CEO

The year-end report 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@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 March 24, 2020, at 16:30 CET.

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