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Q1: Weak result but expected significant price premium with Bio-LNG

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Significant events IN THE FIRST QUARTER OF 2022

  • Biogas volumes at stable levels, 85.4 (90.4) GWh.
  • New long-term objective for 2030 defined – 3 TWh biogas production
  • Strengthening of the growth function and the Program Office in the Group management to meet the growing demand for Bio-LNG.
  • In Sweden, the Stockholm Bio-LNG project and the process of ISCC certification of plants have started.
  • In Norway, the Skogn II project is on track and is in an advanced stage of construction. 
  • Profitability significantly impacted by production subsidy in Sweden not being paid in the first quarter but only from 1 July 2022.

RESULTS FOR FIRST QUARTER OF 2022

  • Energy sold decreased by 5.5% to 85.4 (90.4) GWh, due to that the comparative period included revenue of 5,8 GWh of LNG that this quarter was 0.0 Gwh.
  • Net sales totalled SEK 92.9 (97.5) million, representing a decrease of 4.7%.
  • Total revenue, including capitalised work, decreased by 6.6% and was SEK 98.4 (105.3) million.
  • EBITDA was SEK 3.7 (16.9) million.
  • Operating EBITDA was SEK 3.7 (16.9) million.
  • Operating EBITDA margin was 3.9 (17.0) %.
  • Loss after tax was SEK -11.9 (-7.3) million.
  • Basic and diluted earnings per share was SEK -0.39 (-0.24).
  • Cash flow from operating activities was SEK -15.4 (-2.4) million.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

  • Given recent energy and emission price levels in selected export markets and user segments, Bio-LNG is assumed to have a
    50-100 % premium compared to Group´s current CBG prices.
  • The Group remains committed to its growth plan and long-term objectives, and will under current circumstances, assess viable financing options including both current growth projects as well as new project opportunities in the pipeline.
  • In a press release issued on 11 April, it was reported that profitability in the first quarter of 2022 will be significantly lower than planned.

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 28-04-2022 07:30 CET.

For further information, please contact:
Matti Vikkula CEO and President
Mobile +46 (0) 70 597 99 38
E mail matti.vikkula@scandinavianbiogas.com

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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biogas Scandinavian Biogas LBG Bio-LNG Matti Vikkula

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