Okay. Good morning, everybody. It is now time to start our investor presentation related to Scandinavian Biogas first quarter 2022. I've noticed that there are quite many participating in this web call, so welcome to all of you. I'm pleased to see you joining the call. Today the plan is to present the key events by myself, Matti Vikkula, CEO of the company, as well, Anna Budzynski, our CFO. We will focus not only on the first quarter and the key highlights related to the quarter, but also to inform on the latest developments in the biogas market, the ongoing paradigm change which we see and can see concrete evidence on going forward. These two themes are the more important themes for today's call. As mentioned and described earlier on, we clearly see the main biogas usage area in the future to be within the heavy transportation and bus segment. We have during the last months seen even more evidence that this is the fast-growing segment in Scandinavia and in Europe, and attractive for us as we have at Scandinavian Biogas. We see also strong evidence from suppliers of heavy-duty vehicles on the demand for gas engines and gas-based vehicles. The other segment we have been flagging as a major opportunity is the shipping, especially cruising. It is a segment which is also taking positive steps with it, with the usage of biogas, as well as then for industrial purposes. These are the key three areas where biogas and bio-LNG in the future will be used. As we see it, most important segments and I would like to flag for especially for the heavy transportation, given the attractive pricing, taking the market forward. As said, this is the strong evidence is that the estimation which NGVA made already couple of years ago that the heavy transportation fleet in Europe, around 25% of the fleet would be gas-using in 2030. We see clearly evidence that this is the way to what is happening, and that is also then the segment which is we see our main opportunity in Scandinavia and in Europe, Northern Europe in general. I think what is important that the slide which is showing the life cycle benefits of a different or life cycle emissions of different energy carriers, it is showing the emissions for diesel and LNG as such per driven kilometer the driven distance. As we see here, for liquid biogas, when a substantial part of the raw material is based on manure, it is actually negative and it becomes a carbon capture phenomenon instead of increasing CO2 in the atmosphere. Even in the case where you combine liquid natural gas with liquid biogas 60/40 ratio, we are very well competitive with the hydrogen. Key point so far has been that from the society perspective, from the atmosphere perspective, from the green transition perspective, we have a very good position with biogas. What is now important to note is that we see that the market is recognizing this change and this benefit and is having a value and is ready to pay for this benefit. Especially in markets where the energy distributors for transportation sector have a responsibility to include at least a certain amount, increasing amount of different biofuels in their energy mix. In those countries we see that the market is really recognizing this benefit and is willing to pay extra for high value adding biofuels such as bio-LNG and especially in case of using agri-related and manure as feedstock for the product. It's not only the green benefit, but it's now becoming evident we get also a commercial benefit. We as a company, but us, of course, as an industry, especially when supplying bio-LNG. As a summary, we as a company and as an industry, we are in a situation where we offer a plug-and-play tested applications in the market for these key three customer segments, transportation, maritime industry, and our own production value chain is proven. It's a plug and play. It's something which can be used in all value chain functions and parts. As already mentioned, we have an excellent CO2 emission reduction value, and thus have a very good competitive position in the market. Having had that as a starting point for this webinar or investor relations meeting, it's time to go to Biokraft International specifically. What would like to raise as a number one point is that given the market information and the market development, we clearly see that given the recent energy and emission price levels in the selected export markets, we clearly see that the bio-LNG will have a 50%-100% premium compared to our current CBG prices, which we have had in Sweden. In this case, it's related mainly to such CBG products which have been based on, for example, sorted household waste. It's not yet manure based. This premium is partly related to the energy prices as such, and for a substantial part also related to the emission value, the CO2 reduction value we can assure with the biogas. Secondly, we as a company, we are committed to our growth plan and long-term objectives, even though we have had a somewhat, well, clearly weaker quarter. Given these changes and lower profitability, we are in a process of assessing different viable financing options, including our growth project and especially some of the new opportunities in our pipeline. Having said that, the long-term target we have is 3 TWh 2030, mainly bio-LNG, with the expanded market coverage, including or meaning Northern Europe, such countries as Poland, Germany, Benelux, perhaps even U.K., or some part of France. We are pleased with the pipeline of opportunities we have, and we are working on top of the projects which we have communicated already. We definitely remain committed to our 700 GWh capacity by 2024, and that is unchanged. This is already what we communicated when we released Q4 report in mid-February. If we take the key financial information for the first quarter, our sales were on a level of SEK 98 million. Especially, what we were unhappy and disappointed was the operating margin, which was down to 4%. It's worth noting that the change we have in our sales is mainly related to the biogas production subsidy, which we didn't have the right to, and we will then get that from July onwards, according to the biogas regulation confirmed by the authorities here in Sweden. We had also some LNG business earlier on, which we stopped in the beginning of the year, so that also dropped out and somewhat lower volumes. These are the key points related to the change or drop in the sales and then the background for specific cost-related reasons. Anna will describe them later with respective market area. Then key highlights. As mentioned, we are committed to our 3-TW goal, 2030. We strengthened our organization and established a growth-focused sales function to be able to focus and allocate all time for the growth opportunities. In the extended Northern European market definition, looking beyond organic growth opportunities, acquisitions as well. In the beginning of the year, we also initiated the larger turnkey bio-LNG project, SEK 300 million gross investment project, which is important when converting material part of our CBG biogas produced here in the Stockholm region. These are some of the key highlights. Financially, as mentioned, the turnover was slightly below SEK 100 with the given background. EBITDA on a level of a bit less than SEK 4 million only, which is aligned with the press release we had around 2 weeks ago. It's the same level, and implies then that the cash flow was on a level of -SEK 15 million compared to -SEK 2 million last year. Anna will describe details a bit later on. Given the recent energy prices and emission price levels, we see the premium for our CBG to be on a level of 50%-100% when converting that into bio-LNG. That is then especially based on such raw materials as household waste. It's worth noting that when we are using a more favorable feedstock as a form of raw material, such as manure, which is the plan for our Mönsterås project, then the emission price value is clearly higher and that is something which will then come on top of what we have indicated clearly here, 50%-100% premium. It's worth noting that it's very typical that for bio-LNG chains, when delivering to the export markets, typically we are not having simultaneously the Swedish production subsidy, rather we have only the, or we have the higher premium. That is something which we see as very favorable, being able to take the company towards such markets where our dependence on production subsidy in general will be and can be reduced. As mentioned, we published on the eleventh of April the low profitability press release, and that was mainly the reason behind that, the fact that the governmental production subsidy was not available and is not available for the first half of this year. The higher energy prices and commodity prices have increased our operating costs for the part which has not been assured with long-term contracts. It is more or less the same message which we also gave for our Q4 report. That has impacted to some extent our cost level. We had also some actions or happenings in Södertörn facility so that we had higher than planned maintenance costs. I think this is the summary on the group level. Then now Anna will take over and continue with our business units and segments. Anna, please. Yes. Hi, everyone. I will go through the segments that's also more aligned so we can see the details of our sales. We start with Sweden. The production has been on a stable level. The difference between the periods are this LNG business that we mentioned that we no longer have, but it's a small margin business, so it doesn't affect the EBITDA majorly. We have, as we don't have the subsidy for the first half year, so we didn't have any subsidy for Q1. We didn't have that in Q1 last year as well, because last year we had three quarters subsidy. This year we will have for two quarters. This is also affecting the EBITDA. The operative EBITDA for Sweden was SEK 5.4 million, comparative period was SEK 15 million, and it was also impacted by the higher energy prices and commodity prices. We had some more maintenance costs than normal as well. If we go to Norway, there we had an OK quarter with the stable production. For the projects that we have, Skogn II is a project that started last year, and we have come along in that project of the building process. The production will start at the end of this year. The operative EBITDA amounted to SEK 4.6 million, so a bit higher than last year, but in the same level. Overall. Here we had stable sales and production, 15.4 GWh, and the operating EBITDA was on the same level as last year, as we can see here. If we go to our summary of the total income, you can see we have a drop from Q4 SEK 125 million to SEK 98 million. That's mainly approximately SEK 10 million is due to this LNG business that we have stopped with that has no margin. Then it's the subsidy of approximately SEK 4 million. Then it's smaller volumes in some of the segments, but that's the main components that make us drop there. As we can see also the margin has gone slightly down as Matti mentioned. If we go to the cash flow, we have cash flow from operating activities of approximately minus SEK 50 million. We also have. Due to the mainly cash flow components this month is that we had paid interests, we had equipment investments for the growth projects, mainly is Skogn II and Stockholm bio-LNG that we have started. End cash for the period was SEK 412 million. We also have the bond that we have is totally SEK 700 million, but we have our own share of the bond of SEK 64 million that we can when we when the building projects are going growing, then we can sell off our part of the bond, so we can have that liquidity available. Financial position. As we know, as we have told the previous quarters, we have financial leasing in our in our balance sheet, approximately SEK 300 million of our total interest-bearing liabilities of SEK 970 million. Due to that, our net debt is SEK 557 million at the end of the quarter. Now Matti will go through how our status of our projects are. Thank you, Anna. A couple of words on what is the situation with our growth projects. We are on a way to reach a capacity of a bit less than 800 gigawatt-hours. As mentioned, the Stockholm LBG project was commissioned as a investment project earlier this year and is progressing well. Estimated production start is next year, Q2. Skogn II, we initiated that already, launched the project last year, April, and we expect to start deliveries this year, last quarter this year. On Mönsterås project, we are in a very active phase in finalizing our agreements with our suppliers and/or potential suppliers. We are also actively working with our feedstock side, progressing very well with the local farmers as we have been planning. We are also progressing with the sales side for the bio-LNG, and as we see aligned with these principles we have communicated here as well, earlier in this call and would also like to emphasize that the very clear majority of the feedstock will be manure-based and is favorable in terms of the CO2 context. We expect our aim is really to be able with the board and with the management to be able to launch this investment project before the end of this quarter. We have, of course, some topics to be finalized and closed before that. Then we have Skogn III, where we, given now the favorable circumstances in the bio-LNG market, have decided to do some conceptual changes in that project, in order to be able to use more favorable feedstock for that project and thus to enhance the value of the bio-LNG, not only producing energy, but also assuring high CO2 reduction value and thus having a better price, better value for the bio-LNG that's supplied. Given these, the status of the project and I think perhaps also worth noting here the Ukraine war, we see the war to have an impact especially related to timing. There are some potential delays from the supplier side or their sub-supplier side. Risk level is higher than earlier. From that perspective, we also see that to some extent, some price increases are evident. As we know, metal prices in general have risen and will impact those projects which are still in the pipeline to be decided, I mean, before the final investment decision and the agreements are signed. We see some price increases. Overall, or, you know, overall, this is what we are actively working with and are committed to execute and the next step is to assure the launch of the Mönsterås investment project. I think these were the key points which we wanted to raise from our interim report. I think it's now time for Q&A, so please raise your questions. Yes. Hi, it's Adrian here from ABG. I'd like to start off by asking a question about the subsidy quickly. You talked about you expected the subsidy in Sweden to come in from January, now you expect it to come in from July. I'm just wanted to make sure has it been confirmed that you're gonna get the subsidy in July, or is there a, you know, potential risk for further delays here? Your question is, of course, very important. This new regulation, which was published some weeks ago, förordningen in Swedish, it clearly states that the subsidy will be available from July onwards. We understand that also the government has had an intention and it's part of the background for this decision is long-term, until 2040. Perhaps at first for until 2030, and then prolonged until 2040. However, worth noting that is expected that those who are involved or have right will have right to the subsidy will have the subsidy for 10 years max. This is now an assumption coming from the Biogasmarknadsutredningen. Also, the analysis published a couple of years back. The authority to manage the production subsidy budget, the process as such, and the budget is Energimyndigheten, which was not the authority to manage the subsidies we received, our industry received, during the last three years. It's a new activity for them. The expectation is that. Or not only expectation, it has been stated that the period to apply for subsidy will be from June, during June, for the period July or December. We expect that there will be some additional information on how it works in practice, from the Energimyndigheten perspective. That is what we currently know. What is the level in practice? We know that the overall budget confirmed for this year is SEK 500 million. How much we will get? How much our colleagues, competitors will get? It is, of course, still subject to how much will be applied, how the project will be entitled according to the rules, and how the money is then itself allocated. We believe the players in the market, our industry, do have the right to get it. But we also, of course, see that there are uncertainties in which level the subsidy in practice will be. Okay. Regarding the sort of price premium that you mentioned, obviously, it's a massive premium that you outlined for liquid biogas. Can you give us sort of a rough time schedule for when certain volumes are gonna be able to renegotiate? Because currently you've locked your contracts toward customers. When will you actually realize this price premium? The price premium for us, the first phase is to be able to, say, achieve it. It is especially when our facility in Södertörn will be commissioned, summer next year summer. We have already our current CBG agreements here in Sweden. They end partly at the end of this year, partly next year summer, and the substantial part largely at the end of next year. The amount of volumes committed from 2024 onwards as CBG is actually very little. It's minimal. It's in the range of 10% of the Swedish supplies. What I would like to say that the substantial volumes for the LBG market to be supplied are from the next year autumn. Okay. When you do renegotiate existing volumes and when you negotiate prices for new volumes that you're gonna add, are you gonna stick with the plan that you've had or the sort of the current model of locking prices with annual CPI adjustments, or are you considering perhaps tying them to natural gas price index or something similar? That is a very important and good question. It is quite self-evident for us that the whole industry will see a change in the, say, business concept, pricing concept. I have difficulties seeing that it would be favorable for us to lock on long-term prices only with some certain kind of, let's say, annual index. Rather the new agreements will have a new kind of a pricing model with higher dynamics, more dynamic pricing, both partly linked to natural gas prices and having a different kind of, let's say, upside mechanism agreed with the distributors depending on which market we are discussing. To the extent we are selling the bioenergy, for example, in Sweden, it's clear that the pricing mechanism and the price levels will be somewhat different. You have the opportunity to even get the production subsidy, as we believe and see. Whereas when you go to those markets where you have the quotas for distributors, it is quite common that then you are not entitled to get simultaneously the subsidy in those markets. In those markets you will get clearly better paid, based on the agreement. Again, higher dynamics in the pricing and also sharing a upside. Okay. Just one final question from my side regarding the Skogn II plant. I think you mentioned that the production was gonna start towards the end of this year. Does that mean Q4? Because I believe in the last quarter's presentation, I think the timeline was for Q3. It's not postponed. We estimate that the first deliveries will be somewhere there, September, October, or late September, October, say October, and therefore we say Q4. We expect us to be able to do some deliveries and get some sales, additional sales for Q4, but definitely not full for the additional 35 GWh annual capacity. I mean, close to, say, 8 GWh additional, that's not realistic for Q4. Okay. I just wanted to clarify that. In that case, that's all of my questions. Thanks. Thank you, Adrian. We have one question from Samuel Williamson. Yes. Samuel Williamson from Nordea Markets. I had two quite brief questions. First question is that, well, we all know that you are most significantly seeking growth ambitions from the Nordic heavy road transport. Just wanted to ask a question of, you know, the recent geopolitical tensions and its effect on the European energy markets, that, for example, have you considered or are looking into any opportunities in the raw biogas sector? Then the other more specific question is that you stated in the report that, due to the weak Q1 and the first half of the year, you estimate the group profitability for the full year to be lower than planned. Do you have any estimate or give us indication to what extent you are estimating lower profitability this year? Okay. If you take the first question, we are especially focusing on the heavy transportation on the roads. What I would like to emphasize is that we are not looking the Scandinavian Nordic market only. We are definitely looking on the Continental European market as well. I would say that taking the company forward definitely supplies to the Northern European other countries are important as well for the transportation sector. To be specific on that, the question was related to raw biogas. I mean, I'm not sure if you mentioned us buying it or selling it. If we take raw biogas, selling raw biogas as such would imply that you produce the raw biogas, either for industrial customers for generating heat. We do not have such facilities, so that it would make it possible currently. In our plan, we do not see ourselves producing raw biogas, rather enhancing the value by purifying it to biomethane and even to liquefy it to bio-LNG. Given the overall growth strategy, longer-term 2030 goals, the opportunities which we may have in terms of acquisitions, it is possible that some of the players in the other European markets still produce methane only and not purify it. That is something as which we see as an opportunity to come in with additional know-how and investments and improve in such cases, the current setup of that target company. That is perhaps my answer to that question. Yes, we understand that it would be very nice and useful to get the guidance for the full year. That is something which we have not specifically made any statement on. I think it's fair to understand that given the statement it's going to be lower than our comparable EBITDA last year, and that is perhaps the indication which we can give at this point of time. All right. Thank you very much for the clarification. I think that's that was pretty much what I also had in mind, but just making sure. Thank you. Thank you. Any additional questions? I don't see any raised hands. Okay at this time. Thank you, Anna. Any additional questions which you would like to make, even not raising hand? Yes. Cecilia Persson. Please. Yes. Hi. Could you perhaps explain a bit the difference between using manure and also food waste, both from economic perspective but also from the CO2 perspective? Um, the- Thanks Okay. The process as such is the same for the biogas production process in practice. It's the same microbiological process which we use. It has some impact on some design elements for the facility. We prefer to have a fairly high flexibility so that a facility which we invest in is able to combine household waste and manure. It's not only either/or, that's what I would like to flag, but requires then certain specific design elements and components which it's. It's in terms of the CapEx, I would say it's fairly like. What is beneficial with manure is that if you use manure only, that implies that you then receive the manure, you remove the energy, convert that into biogas, and the residue digestate is rich in nutrients and can often in certain cases brought back to the farmers and to be spread out on the agricultural fields. That would in such cases say the production process for the after treatment is a bit simpler and not that expensive. There are CapEx-wise certain benefits in such cases. From the commercial perspective, so far, especially in the Nordic markets, we have been selling biogas, bioenergy as such as a product. Now given selected markets, local regulations in some countries where the distributors have a responsibility to reach certain minimum quotas, when combining biofuels in fossil energy mix when selling to transportation sector as an example, in those specific cases, these quotas are calculated not in energy content. They are calculated in ton CO2 too. Therefore the biogas, as an example, will have not only the energy value, but it will have also the CO2 reduction value and compared to fossil. Therefore the market is willing to pay more for high value adding biogas products which have favorable raw materials which have been used. In order to be able to to use and leverage the system, it requires a quite comprehensive documentation process on-site level, feedstock level certification. Then finally these certifications will be converted into tradable products. That is perhaps in a nutshell what's all about. Okay. Thanks. Could I also just ask another question regarding prices? You talked about prices of perhaps 50%-100% more. Do you think that will have an impact on the transportation sector because freights have gone up? Could that be sort of an hindrance for it going forward, or do you see that? People are willing to pay. I would say that as we mentioned and wrote in our text and in our report, this premium is based on prices we had during the first quarter this year. It's based on actual market prices, both in terms of LNG as such and the certificates and our prices respectively here in Sweden with our CBG. This premium is not a premium for us only, but it's linked to the natural gas prices. As we know, the LNG market prices have been between EUR 90-EUR 110 per MW. We are linking to the facts which we have seen in the market. This is not implying a price increase for using energy because that is the value of the energy we see already. How that will then overall impact the users in the market and how they will use different energies perhaps a bit early to comment on that from our side. It is anyway that is the price level which we see independently whether you use a fossil or renewable energy more or less. For what has been the benchmarking here. Okay. Many thanks. There are no other hands as I can see. Any additional questions? No. Yes? Okay. If no additional questions, then I think it's time to thank you very much for your interest and attention. Have a very, very nice day and see you soon again. Thank you. Bye-bye.