Interim report │ January -
First quarter 2023 in brief
- Energy sold increased by 3.1% to 88.1 (85.4) GWh.
-
Total revenue, including capitalised work, increased by 32.3% to
SEK 130.1 (98.4) million. - Operating EBITDA margin was 6.4% (3.9%).
-
Profit/loss after tax was
SEK -58.8 (-11.9) million, of whichSEK -31.2 (19.3) million was due to unrealised translation differences. -
Basic and diluted earnings per share was
SEK -1.35 (-0.39). -
At the end of the quarter, the order book totalled 2.5 TWh, corresponding to a market value of approximately
SEK 3.4 billion . We also have contracts for the supply of raw materials corresponding to 2.4 TWh. -
The plants in Henriksdal and Södertörn hold ISCC certificates since
January 2023 . -
The Board proposes to the AGM that the company name be changed to
Biokraft International AB . - Project Mönsterås started following an investment decision in December and Stockholm Bio-LNG is proceeding according to plan.
-
A ruling by the
General Court of the EU has led to the cancellation of the tax exemption for biogas granted toSweden for 2021-2030. -
15.3% of the shares in Scandinavian Biogas Mönsterås AB have been acquired by Mönsterås
Biogas AB , which is jointly owned by farmers in the area around Mönsterås.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- Scandinavian
Biogas has decided to establish a subsidiary in the strategically important German market and has also entered into an agreement to begin development of two biogas plants inGermany with a combined capacity of approximately 240 GWh.
GROUP | 3 months | 12 mos. | ||
Jan-Mar | Jan-Mar | ∆ | Full year | |
SEK million, unless otherwise stated | 2023 | 2022 | 2022 | |
Sold GWh | 88.1 | 85.4 | 3.1% | 328.1 |
Net sales | 107.3 | 92.9 | 15.5% | 366.7 |
Other revenue | 17.3 | 0.5 | n/a | 20.3 |
Total revenue, including capitalised work | 130.1 | 98.4 | 32.3% | 407.4 |
EBITDA | 7.9 | 3.7 | 114.1% | 19.7 |
Operating EBITDA | 7.9 | 3.7 | 114.1% | 16.4 |
Operating EBITDA % | 6.4% | 3.9% | 2.5 pp | 4.3% |
Operating income | -15.3 | -16.9 | n/a | -65.2 |
Earnings per share (SEK) | -1.35 | -0.39 | n/a | -1.95 |
Cash flow from operating activities | -22.2 | -15.4 | n/a | 7.4 |
Equity/assets ratio | 38.4% | 29.9% | 8.4 pp | 38.6% |
--
CEO comment
HIGH PROJECT ACTIVITY AND ESTABLISHMENT IN
I am very pleased that we proposed to the
During the first quarter, the market showed continued high demand for biogas, but falling market prices for fossil gas. The trend of falling gas prices has accelerated, and we are approaching the price level before the Russian attack on
Activity in the growth business is consistently high and we are delivering largely according to plan while strengthening our position in the market. The establishment of Business Area Germany is a strategically important milestone and adds two new biogas projects with a planned biogas capacity equivalent to 240 GWh. The ambition is to maintain a qualitative project pipeline consisting of around ten growth projects in different phases. We are currently running ten projects, two of which are under construction.
Operationally, we have seen small but clear progress. Capacity utilisation is still too low. Compared to the corresponding quarter the previous year, energy sold improved as did operating EBITDA. However, we are still far below our target of at least 30% operating EBITDA margin. Profitability is affected by fixed prices to customers, significantly lower than market prices, combined with sharply increased operating costs for electricity, chemicals and raw materials. We will gradually replace old contracts with new ones, and during the quarter the SL contract was extended until 2026. We therefore continue to be SL's main supplier of biogas. The new contract was signed at market price levels for
Activity in Business Area Sweden is high, and it's clear that new leadership in the Swedish business has created a greater operational focus with a holistic system for continuous improvement. The business area still has far too low capacity utilisation, and intensive work is underway to increase the volumes of incoming substrates and optimise the mix in the digester. The trend is promising, and the business managed to increase production in the first quarter compared to the previous quarter. In
To summarise, it was an eventful first quarter where we made a lot of progress thanks to very committed employees and a clear growth plan. With a continued focus on long-term growth and continuous development in daily operations, we will achieve our goals, and I would like to thank all employees, customers, partners and shareholders for helping us achieve our vision of a sustainable transition from fossil to renewable energy.
Welcome to press and analysts Teams meeting on 27 April at
Investors, analysts and media are invited to a Teams presentation, where CEO
This disclosure contains information that
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Scandinavian
https://news.cision.com/scandinavian-biogas-fuels-international-ab--publ-/r/high-activity-in-growth-projects-and-more-stable-production,c3759158
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