YEAR-END REPORT AND FOURTH QUARTER 2023
Demanding quarter with operational challenges, yet encouraging developments in our price transformation
Fourth quarter 2023 in brief
- Energy sold totalled 90.5 (80.0) GWh.
-
Total revenue, including capitalised work, increased by 28.1% to
SEK 137.8 (107.6) million. -
Operating EBITDA was
SEK -2.5 (-4.1) million. -
Profit/loss after tax was
SEK -57.1 (-13.8) million. -
Basic and diluted earnings per share were
SEK -1.31 (-0.32). -
At the end of the quarter, the order book totalled 2.1 (2.4) TWh, corresponding to a contract value of approximately
SEK 2.9 billion . We also have contracts for the supply of raw materials corresponding to 2.3 (2.4) TWh. -
In December, the two largest shareholders,
Aneo Renewables Holding AS andSt1 Sverige AB , announced their intention to consolidate their ownership in a jointly owned limited liability company, 1VisionBiogas AB .
2023 in brief
- Energy sold increased by 6.1% to 348.0 (328.1) GWh.
-
Total revenue, including capitalised work, increased by 31.1% to
SEK 534.1 (407.4) million. -
Operating EBITDA totalled
SEK 31.7 (16.4) million, and the operating EBITDA margin, 6.2 (4.3) %. -
Profit/loss after tax was
SEK -159.2 (-84.9) million. -
Basic and diluted earnings per share were
SEK -3.65 (-1.95). -
The commissioning of Stockholm Bio-LNG was started end of summer and the first deliveries of Bio-LNG have been made from
Business Area Sweden. - During the year, the company changed its name and brand from Scandinavian Biogas to Biokraft.
- The construction of the biogas plant in Mönsterås has started.
Significant events after the end of the period
On
GROUP | 3 months | 12 months | ||||
Oct-Dec | Oct-Dec | +/- | Jan-Dec | Jan-Dec | +/- | |
SEK million, unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||
GWh sold | 90.5 | 80.0 | 13.0% | 348.0 | 328.1 | 6.1% |
Net sales | 115.4 | 92.0 | 25.4% | 445.8 | 366.7 | 21.6% |
Other revenue | 14.7 | 10.6 | 38.8% | 64.7 | 20.3 | 218.1% |
Total revenue, including capitalised work | 137.8 | 107.6 | 28.1% | 534.1 | 407.4 | 31.1% |
EBITDA | -2.5 | -2.1 | n/a | 31.7 | 19.7 | 61.0% |
Operating EBITDA | -2.5 | -4.1 | n/a | 31.7 | 16.4 | 93.3% |
Operating EBITDA % | -1.9% | -4.1% | n/a | 6.2% | 4.3% | 1.9pp |
Operating income | -34.0 | -24.0 | n/a | -73.1 | -65.2 | n/a |
Earnings per share (SEK) | -1.31 | -0.32 | n/a | -3.65 | -1.95 | n/a |
Cash flow from operating activities | 21.8 | 9.1 | 139.5% | 22.7 | 7.4 | 208.1% |
Equity/assets ratio | 29.8% | 38.6% | -8.7pp | 29.8% | 38.6% | -8.7pp |
CEO Comment
2023 has been a busy year in which we reached several important milestones. Among other things, we changed our name and brand, started construction of our future plant in Mönsterås and started commissioning our Bio-LNG plant at Södertörn. Our intensive growth and transformation journey continues, and we have added several key competencies to the organisation to be able to add facilities according to our stated growth plan.
Our ongoing growth project in the construction phase, Mönsterås, is proceeding according to schedule. However, the weak krona continues to have a negative impact on investment costs, and we face challenges with the commissioning schedule due to delays in the connection to the electricity grid. Several alternative solutions are currently being examined, and the aim is still to start commissioning the plant in the second half of the year.
The fourth quarter has been characterised by operational challenges. Total deliveries increased by 13% to 90.5 (80.0) GWh, which is lower than expected. In Skogn,
The Group's operating EBITDA is marginally better than the same period last year,
For the full year, the Group's operating EBITDA totals
GOING FORWARD
Interest in biogas, especially Bio-LNG, continues to be high on the European market. The turmoil in the outside world, both
During the year we have seen profitability affected by fixed prices to customers, sometimes significantly lower than the market price, combined with sharply increased operating costs for electricity, chemicals, and other input goods. We expect input costs to remain at a relatively high level in the future, but that we will be able to balance this in a better way than today, mainly through the work on our price transformation from old contracts to new ones and systematic improvements to existing operations.
In December, the two largest shareholders,
OUTLOOK
For 2024, we see that the price transformation will have an effect right from the beginning of the year, where >60% of contracted volumes will be sold through new agreements at market price of biomethane, liquefied biogas and green certifi-cates. The cost of inputs remains at a high level. Our profitability will gradually improve during the year. For 2024, an operational EBITDA of
President and CEO
This information herein is information that
invitation to Press and analysts meeting 7 FEBRUARY
Investors, analysts and media are invited to a Teams presentation, where CEO
Financial Calendar
2023 Annual Report | |
Interim Report January- | |
Interim Report January- | |
Interim Report January- |
Every care has been taken in the translation of this report. However, in the event of discrepancies, the original Swedish version will supersede the English translation.
For more information, please contact:
Telephone +46-70 597 99 38
Email: matti.vikkula(at)biokraft.com
Biokraft is a Nordic greentech company that produces bioenergy and plant nutrition in a circular cycle by recycling organic waste and residual products in large-scale biorefineries.
https://news.cision.com/biokraft-international/r/biokraft-year-end-report-2023,c3923678
https://mb.cision.com/Main/1925/3923678/2586816.pdf
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