Valoe Corporation Financial Statement Release 27 March 2024 at 15.45 Finnish time
THE FOURTH QUARTER IN BRIEF – RESTRUCTURING PROCEEDINGS COMMENCED
During the fourth quarter of 2023, the net sales of
In the fourth quarter, the company's financial situation remained very tight. The company sought to raise additional financing through the Convertible Bond 1/2023 issued in
Valoe will not disclose any market guidance for the financial year 2024 due to the restructuring proceedings.
FINANCIAL YEAR 2023
Financial Result
During the financial year 2023, the net sales of
Sales
At the beginning of 2023, the development cooperation on
The electrification of vehicles continued to grow. The so-called established automotive industry seems increasingly interested in our photovoltaic applications. During the financial year 2023, we received follow-up orders from existing customers like Simoldes Plásticos S.A. (“Simoldes”) and orders for new development projects with new customers. The value of these orders is small at the development stage, but their potential is significant. We are also developing solar applications for heavy transport, and at the beginning of the financial year 2023 we commenced cooperation with the
We had active product development and received an order for utilizing our photovoltaic applications in the military and space industry. Also in the consumer electronics, there is a need for our efficient cells and especially for our back contact solar cells and modules. We received orders for interesting design projects and prototyping.
Financing
We financed our operations with revenues, convertible bonds and Winance financing facility. In
Reverse split and Options
In the last quarter of 2023, we completed a reverse split of Valoe's shares, which reduced the number of Valoe shares to 3,116,630 shares. The details of the arrangement were announced on
In accordance with the decision and authorisation of the Annual General Meeting of
Management Team
We expanded the expertise of our Management Team and appointed
Auditor
Prospectus
On
MAIN EVENTS AFTER THE REPORTING PERIOD
The Preliminary Report by
On
The Administrator’s preliminary report concludes that the Company’s business has potential that can be rehabilitated through the restructuring proceedings. The Administrator is of the opinion that the continuation of the Company’s restructuring proceedings will require finding a financing solution for the duration of the proceedings. The Company’s management has actively facilitated actions to acquire sufficient financing, and it is the Administrator’s view that the process has shown promising progress. At this point in time, the Administrator deems acquiring financing for the duration of the proceedings to be probable enough that there are prerequisites to continue the proceedings. According to the Administrator’s preliminary observations, there are no obstacles to continuing the proceedings. In the Administrator’s preliminary view, an enforceable restructuring programme can be prepared for the Company, provided that the Company finds a financing or ownership solution to secure its operating conditions for a longer period of time. The Administrator must submit a draft restructuring programme by
In a challenging financial situation, we continued temporary lay-offs in accordance with the outcome of the change negotiations run in
Trading in the shares of Valoe is still suspended.
MANAGING DIRECTOR IIKKA SAVISALO’S REPORT
Following a delay in the financing negotiations that started in September, we commenced cutting operational costs sharply to reduce working capital needs. However, on
We are actively negotiating with a number of domestic and foreign investors on financing solutions to facilitate a restructuring programme that supports the future of the company. The aim is to finalise the programme during April. If a programme such as the one envisaged now is approved once completed, both our profit and loss account and, especially, our balance sheet will change significantly. Our objective is, if the restructuring is successful, to turn the R&D company into a company providing high-technology mass-production for the leading companies. We want to improve our international competitiveness. Constant learning alongside our international partners is our way to success.
OPERATING ENVIRONMENT AND MARKET SITUATION
In recent years, the production capacity of solar modules for power plants has continued to grow, with a focus on
We trust that we still maintain a technological edge with the applications we previously tested during the design and development of
Valoe's Competitive Advantage and Outlook for 2024
Our competitive advantage is based on a unique way of combining an IBC cell with a back contact module in a flexible production environment. We are a European company. We no longer develop or manufacture conventional power plant panels. Our development path is increasingly different from traditional solar panel manufacturers’ roadmaps. Already this year we will find our niche as a developer and manufacturer of small and very small panels. Our technology will be used, e.g., in vehicles, IoT solutions, portable electronics, aviation and aerospace applications. In some applications, the added value of our products can even be tens of times higher compared to traditional solar panels.
Valoe will not disclose any market guidance for the financial year 2024 because of the restructuring proceedings.
FINANCIAL RESULT
The following financials include Valoe Group’s operations. The figures in brackets are comparison figures for the corresponding period in 2022 unless stated otherwise.
October -
- Valoe Group’s net sales was to
- EBITDA was
- Operating profit was
- Profit for the period was
January –
- Valoe Group’s net sales was
- EBITDA was
- Operating profit was
- The profit before taxes was
- Profit for the period was
- Undiluted earnings per share were
- Diluted earnings per share were
FINANCING
Cash flow from business operations before investments in January – December was
The working capital situation was tight throughout the financial year 2023. In addition to customer revenues, we withdrew funding from the Winance financing facility and convertible bonds.
Convertible Bonds
In
In
In
Share Issues
In
At the end of
On
In
In
Reverse Split
On
RESEARCH & DEVELOPMENT AND INVESTMENTS
The Group’s research and development costs amounted to
Gross investments during January – December period amounted to
Valoe's research and development is currently focused on the implementation of product development projects specified by customers and on ongoing EU projects. Several industry leaders have chosen Valoe as their partner to develop photovoltaic components to be integrated into the customers’ products. A significant part of the funds used for the company's product development comes from our customers and EU projects.
We believe that in the future, the mass production of some components for automotive products will be carried out in Valoe's own factories. However, components produced in larger series and closely related to final assembly will be manufactured in customers' production chains under technology transfer agreements. We have several ongoing development projects for automotive industry, portable electronics and space technology sectors. The first mass production projects are expected to start in the second quarter at Valoe's own production facilities.
PERSONNEL
At the end of
SHARES AND SHAREHOLDERS
At the end of the reporting period, Valoe’s share capital amounted to
The company had a total of 16,870 shareholders at the end of
The largest shareholders on
1 | SAVCOR TECHNOLOGIES OY | 146.492 | 4,7 |
2 | NEFCO | 115.741 | 3,7 |
3 | INVESTMENT KETOUMAN OY | 106.918 | 3,4 |
4 | APTEEKKIEN ELÄKEKASSA | 106.044 | 3,4 |
5 | SAVISALO IIKKA | 89.056 | 2,9 |
6 | 88.169 | 2,8 | |
7 | OLLILA JORMA | 82.063 | 2,6 |
8 | 79.985 | 2,6 | |
9 | SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) | 79.710 | 2,6 |
10 | SAVISALO HANNU | 77.877 | 2,5 |
OTHERS | 2.144.575 | 68,8 | |
TOTAL | 3.116.630 | 100,0 |
The members of the Board of Directors and the President and CEO, either directly or through companies under their control, held a total of 372,066 shares in the company on
The price of Valoe’s share varied between
GENERAL MEETINGS IN 2023
Annual General Meeting
The Annual General Meeting was held on
It was resolved that the Board of Directors will have four members. Industrial counsellor
At its organizing meeting following the Annual General Meeting, Valoe's Board of Directors elected
The Annual General Meeting resolved that an annual remuneration of
In addition, the General Meeting resolved to authorize the Board of Directors to decide on option rights, pursuant to the Chapter 10, Section 1 of the Finnish Companies Act, to be given to the Directors of the Board so that, following the share subscriptions based on option rights, the number of the shares in the Company could increase by a total maximum amount of 30 million shares. The authorization may be used for a stock option scheme directed to the Directors of the Board during the financial year 2023. The authorization is in force until
The General Meeting resolved to authorize the Board of Directors to decide on a share issue with and/or without payment, either in one or in several occasions, including right to resolve on option rights and other rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that the number of new shares issued based on the authorization or number of shares issued based on option rights and other special rights entitling to the shares pursuant to the Chapter 10, Section 1 of the Finnish companies Act, can increase by a total maximum amount of 200,000,000 shares. The authorization does not exclude the Board’s right to decide also on directed issue of shares or option rights and other special rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The authorization may be used for important arrangements from the company’s point of view e.g. to strengthen the capital structure, to finance investments, for acquisitions and business transactions or other business arrangements, or to expand ownership structure, or for other purposes resolved by the Board involving a weighty financial reason for issuing shares or option rights or special rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The share issue may be executed by deviating from the shareholders' pre-emptive subscription right provided the company has a weighty financial reason for that. The authorization is in force until
The General Meeting resolved to authorize the Board of Directors to decide on option rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that, following the share subscriptions based on option rights, the number of the shares in the Company could increase by a total maximum amount of 30 million shares. The authorization may be used for a stock option scheme directed to the company’s personnel and CEO during the financial year 2023. The Board of Directors is entitled to decide on the other terms of the option rights. The authorization is in force until
Extraordinary General Meeting
The General Meeting resolved on the reduction of the quantity of company's shares without reducing share capital by way of issuing new shares and by redemption of company's own shares, in such a way that each current 200 shares of the company shall correspond to one share of the company after the arrangements related to the reduction of the quantity of company's shares are completed. The total number of shares in the company was 592,859,607 on the date of the Notice to the Extraordinary General Meeting. On the share issue to the company itself resolved on
Further, the General Meeting authorized the Board of Directors to decide on a share issue with and/or without payment, either in one or in several occasions, including right to resolve on option rights and other rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that the number of new shares issued based on the authorization or number of shares issued based on option rights and other special rights entitling to the shares pursuant to the Chapter 10, Section 1 of the Finnish companies Act, could increase by a total maximum amount of 10,000,000 shares (after reduction of quantity of shares as described above; the said amount equals to 2,000,000,000 shares before the reduction of quantity of shares as described above). The authorization does not exclude the Board’s right to decide also on directed issue of shares or option rights and other special rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The authorization may be used for important arrangements from the company’s point of view e.g. to strengthen the capital structure, to finance investments, for acquisitions and business transactions or other business arrangements, or to expand ownership structure, or for other purposes resolved by the Board involving a weighty financial reason for issuing shares or option rights or special rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The share issue may be executed by deviating from the shareholders' pre-emptive subscription right provided the company has a weighty financial reason for that. The authorization is in force until
SHARE ISSUE AUTHORIZATIONS IN FORCE
The Extraordinary General Meeting authorized the Board of Directors to decide on a share issue with and/or without payment, either in one or in several occasions, including right to resolve on option rights and other rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that the number of new shares issued based on the authorization or number of shares issued based on option rights and other special rights entitling to the shares pursuant to the Chapter 10, Section 1 of the Finnish companies Act, could increase by a total maximum amount of 10,000,000 shares. The authorization does not exclude the Board’s right to decide also on directed issue of shares or option rights and other special rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The authorization may be used for important arrangements from the company’s point of view e.g. to strengthen the capital structure, to finance investments, for acquisitions and business transactions or other business arrangements, or to expand ownership structure, or for other purposes resolved by the Board involving a weighty financial reason for issuing shares or option rights or special rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The share issue may be executed by deviating from the shareholders' pre-emptive subscription right provided the company has a weighty financial reason for that. The authorization is in force until
RISKS AND UNCERTAINTIES
Restructuring proceedings were commenced at Valoe on
Risks Related to Financial Situation and Financing
Valoe's management estimates that, at the date of this review, the company's working capital is insufficient to cover its current needs for the next 12 months and that the company will require additional funding. In addition to revenues, the company expects to be able to withdraw funding from its existing financing agreements and from the EU projects with committed grants. The company is also seeking to raise additional funding through a convertible bond, which the company issued in
Failure to realize the assumptions related to the company's cash flow forecasts could lead to a situation where the company's impairment tests would indicate the need to write down the company's intangible and tangible assets or goodwill. In such a situation, impairment of intangible and tangible assets could have a material adverse effect on the company's financial position. A detailed description of the company's impairment testing can be found in Note 12 to the consolidated financial statements in the Annual Report 2022.
Risks Related to the Strategy and Business Operations
Valoe has several cooperation agreements that aim at large-scale customer collaboration. The full implementation of these agreements usually requires the achievement of mutually agreed quality and/or performance targets. The execution of the cooperation agreements is also dependent on the company's contractual partners, and the agreements may not be executed if, for example, there will be changes in customers’ plans or their financial situation. In the event of a sudden change in the arrangements, financial situation or solvency of the company's contractual partners, or if Valoe were to fail to achieve the agreed objectives, the collaboration agreements would not be executed as originally planned, reducing the company's estimated revenue from the relevant agreements, which would have an adverse effect on the company's results of operations and/or financial situation and/or the value of the company's securities.
There are uncertainties and risks involved in assessing the profitability of products and services and in meeting quality standards for products and services. If the company fails to estimate the amount of work and/or costs required for the products and/or services, it may have a material impact on the profitability of the products, deliveries and services and the timeframe for achieving profitability and, consequently, on the company's business, results of operations and/or financial condition. The company also has several products still in the product development stage. The company has no mass production experience of the products under development, and it is not certain if the company meets the agreed targets set for the products, including those relating to durability, appearance and/or performance. If the company were to fail to meet agreed quality standards, project schedules could be delayed, which could affect the company's overall profitability and, consequently, the company's results of operations and financial situation.
The energy market is currently undergoing a major change due to, among other things, unexpected rapid shift to green energy solutions produced domestically in
Risks Related to New Technologies and Manufacturing
The development and commercialization of new technologies always involve uncertainties and significant risks. If our product development projects were unsuccessful, or the business environment or market situation changed, our ability to provide its customers with competitive products or services could be threatened. In such a situation, the profitability could be lower than expected, which could significantly affect our profitability and financial situation.
Recent general economic uncertainty, and changes in energy prices may have negative effect on the company's business and profitability. In this situation, there are specific risks associated with supply chains, and the company cannot at this time assess the impact of the risks on the availability and pricing of materials and services, and therefore on the company's financial situation and operations. The critical raw materials Valoe uses include, e.g., special plastics, metals, glass and silicon wafers, spare parts and components for machines and equipment, and professional services related to operations. The availability of these raw materials and components is sensitive to global political developments and logistical disruptions in production chains. Valoe's solar panel production at the
Rising raw material and energy prices have already had a negative impact on the company's production. Should the availability of critical components and raw materials continue to decline, or the prices continue to rise, this could further slowdown the production of our products, delay our deliveries to customers and reduce our profitability. This could have an adverse effect on our business, profit, financial situation, and the value of the company’s securities.
Administrative and Legal Risks
Public funding and investment subsidies have a significant incentive effect on the solar energy business. In particular, in
Market Guidance and Strategy Related Risks
The statements and projections in this Report and in Valoe’s strategy are targeted to the future and based on the management’s current estimates. Therefore, they involve risks and uncertainty by their nature and may be affected by changes in the general financial situation and in Valoe’s and its customers’ business environment.
THE PROPOSAL FOR DIVIDEND AND ANNUAL GENERAL MEETING
The Board of Directors proposes to the Annual General Meeting that no dividend from the financial year 2023 will be paid. The company’s annual general meeting will be held on
In Mikkeli,
Board of Directors
Further information:
Tel. +358 40 521 6082, Iikka.savisalo@valoe.com
Consolidated statement of comprehensive income | |||||
(unaudited) | |||||
1 | 7-12/2023 | 7-12/2022 | 1-12/2023 | 1-12/2022 | |
Net sales | 198 | 811 | 1 108 | 1 305 | |
Cost of sales | -514 | -1 246 | -1 384 | -2 332 | |
Gross profit | -316 | -435 | -276 | -1 027 | |
Other operating income | 26 | 13 | 69 | 94 | |
Product development expenses | -1 348 | -1 455 | -3 126 | -2 854 | |
Sales and marketing expenses | -147 | -219 | -354 | -549 | |
Administrative expenses | -436 | -465 | -884 | -889 | |
Other operating expenses | -114 | -362 | -144 | -362 | |
Operating profit | -2 335 | -2 922 | -4 715 | -5 587 | |
Financial income | 1 | 2 | 1 | 2 | |
Financial expenses | -1 152 | -1 097 | -1 998 | -2 083 | |
Profit before taxes | -3 486 | -4 017 | -6 712 | -7 668 | |
Income taxes | 0 | 0 | 0 | 0 | |
Profit/loss for the period | -3 486 | -4 017 | -6 712 | -7 668 | |
Profit/loss attributable to: | |||||
Shareholders of the parent company | -3 486 | -4 017 | -6 712 | -7 668 | |
Earnings/share (basic), eur | -1,18 | -1,98 | -2,55 | -3,84 | |
Earnings/share (diluted), eur | -1,18 | -1,98 | -2,55 | -3,84 | |
Total comprehensive income for the period | 0 | 0 | -6 712 | -7 668 | |
Total comprehensive income attributable to: | |||||
Shareholders of the parent company | 0 | 0 | -6 712 | -7 668 | |
THE FOURTH QUARTER OF 2023 | |||||
1 | 10-12/2023 | 10-12/2022 | 1-12/2023 | 1-12/2022 | |
Net sales | 13 | 388 | 1 108 | 1 305 | |
Operating profit | -777 | -1 226 | -3 154 | -3 877 | |
EBIDTA | -1 064 | -1 667 | -4 715 | -5 587 | |
Profit/loss for the period | -1 403 | -2 337 | -6 712 | -7 668 | |
Consolidated statement of financial position | |||
(unaudited) | |||
1 | |||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 11 222 | 10 598 | |
Consolidated goodwill | 441 | 441 | |
Other intangible assets | 1 283 | 2 022 | |
Available-for-sale investment | 9 | 9 | |
Non-current receivables | 336 | 336 | |
Total non-current assets | 13 292 | 13 407 | |
Current assets | |||
Inventories | 330 | 361 | |
Trade and other non-interest-bearing receivables | 1 018 | 1 445 | |
Cash and cash equivalents | 3 | 236 | |
Total current assets | 1 350 | 2 042 | |
Total assets | 14 641 | 15 449 | |
EQUITY AND LIABILITIES | |||
Equity attributable to shareholders of the parent company | |||
Share capital | 80 | 80 | |
Other reserves | 38 736 | 34 694 | |
Retained earnings | -47 826 | -41 051 | |
Total equity | -9 010 | -6 277 | |
Non-current liabilities | |||
Non-current loans | 6 248 | 6 576 | |
Non-current subordinated loans | 446 | 1 516 | |
Other non-current liabilities | 252 | 25 | |
Total non-current liabilities | 6 946 | 8 116 | |
Current liabilities | |||
Current interest-bearing liabilities | 6 790 | 5 174 | |
Current subordinated loans | 3 904 | 3 477 | |
Trande and other payables | 5 907 | 4 854 | |
Current provisions | 104 | 104 | |
Total current liabilities | 16 706 | 13 609 | |
Total liabilities | 23 652 | 21 725 | |
Equity and liabilities total | 14 641 | 15 449 | |
Consolidated statement of cash flows | ||||
(unaudited) | ||||
1 | 1-12/2023 | 1-12/2022 | ||
Cash flow from operating activities | ||||
Income statement profit/loss before taxes | -6 712 | -7 668 | ||
Non-monetary items adjusted on income statement | ||||
Depreciation and impairment | + | 1 561 | 1 710 | |
Unrealized exchange rate gains (-) and losses (+) | +/- | 1 | -2 | |
Other non-cash transactions | +/- | 88 | 361 | |
Other adjustments | +/- | 0 | 0 | |
Change in provisions | +/- | 0 | 15 | |
Financial income and expense | + | 1 996 | 2 083 | |
Total cash flow before change in working capital | -3 065 | -3 500 | ||
Change in working capital | ||||
Increase (-) / decrease (+) in inventories | 31 | 87 | ||
Increase (-) / decrease (+) in trade and other receivables | -148 | 430 | ||
Increase (+) / decrease (-) in trade and other payables | 846 | 1 731 | ||
Change in working capital | 730 | 2 247 | ||
Adjustment of financial items and taxes to cash-based accounting | ||||
Interest paid | - | 220 | 281 | |
Other financial items | - | 29 | 82 | |
Financial items and taxes | -249 | -362 | ||
NET CASH FLOW FROM BUSINESS OPERATIONS | -2 584 | -1 615 | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Investments in tangible and intangible assets | - | 358 | 1 319 | |
Grants received | + | 0 | 1 262 | |
NET CASH FLOW FROM INVESTMENTS | -358 | -57 | ||
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Financing arrangement with Winance and Riverfort | + | 2 554 | 1 050 | |
Proceeds from non-current borrowings | + | 500 | 1 500 | |
Proceeds from current borrowings | + | 818 | 155 | |
Repayment of current borrowings | - | 1 162 | 812 | |
NET CASH FLOW FROM FINANCING ACTIVITIES | 2 709 | 1 892 | ||
INCREASE (+) OR DECREASE (-) IN CASH FLOW | -233 | 220 | ||
Consolidated statement of changes in equity | ||||
(unaudited) | ||||
1 | Share capital | Distributable non-restricted equity fund | Retained earnings | Total equity |
80 | 34 694 | -41 051 | -6 277 | |
Profit/loss for the period | - | - | -6 712 | -6 712 |
Translation difference, comprehensive income | - | - | 0 | 0 |
Transactions with owners: | ||||
Sale of own shares - Winance | 0 | 840 | 0 | 840 |
Riverfort and other arrangements | 0 | 1 445 | 0 | 1 445 |
Own equity component of the convertible bond | 0 | 0 | -63 | -63 |
80 | 38 736 | -47 826 | -9 010 | |
1 | Share capital | Distributable non-restricted equity fund | Retained earnings | Total equity |
80 | 32 771 | -33 887 | -1 036 | |
Profit/loss for the period | - | - | -7 668 | -7 668 |
Translation difference, comprehensive income | - | - | 0 | 0 |
Transactions with owners: | ||||
Sale of own shares - Winance | 0 | 750 | 0 | 750 |
Riverfort and other arrangements | 0 | 1 173 | 0 | 1 173 |
Own equity component of the convertible bond | 0 | 0 | 504 | 504 |
80 | 34 694 | -41 051 | -6 277 | |
Key figures | ||||
(unaudited) | ||||
1 | 7-12/2023 | 7-12/2022 | 1-12/2023 | 1-12/2022 |
Net sales | 198 | 811 | 1 108 | 1 305 |
Operating profit | -2 335 | -2 922 | -4 715 | -5 587 |
% of net sales | -1178,3 % | -360,3 % | -425,5 % | -428,2 % |
EBITDA | -1 621 | -2 058 | -3 154 | -3 877 |
% of net sales | -817,8 % | -253,8 % | -284,6 % | -297,1 % |
Profit before taxes | -3 486 | -4 017 | -6 712 | -7 668 |
% of net sales | -1759,1 % | -495,3 % | -605,7 % | -587,7 % |
Balance Sheet value | 14 641 | 15 449 | 14 641 | 15 449 |
Equity ratio, % | -61,6 % | -42,0 % | -61,6 % | -42,0 % |
Net gearing, % | neg. | neg. | neg. | neg. |
Gross investments | 431 | 751 | 1 622 | 1 320 |
% of net sales | 217,3 % | 92,6 % | 146,4 % | 101,1 % |
Research and development costs | 1 348 | 1 455 | 3 126 | 2 854 |
% of net sales | 680,0 % | 179,4 % | 282,1 % | 218,7 % |
Order book | 58 | 450 | 58 | 450 |
Personnel on average | 47 | 58 | 48 | 56 |
Personnel at the end of the period | 54 | 58 | 54 | 58 |
Non-interest-bearing liabilities | 5 907 | 4 854 | 5 907 | 4 854 |
Interest-bearing liabilities | 17 640 | 16 767 | 17 640 | 16 767 |
Share key indicators | ||||
Earnings/share (basic) | -1,18 | -1,98 | -2,55 | -3,84 |
Earnings/share (diluted) | -1,18 | -1,98 | -2,55 | -3,84 |
Equity/share | -3,048 | -3,091 | -3,427 | -3,140 |
P/E ratio | -0,79 | -3,03 | -0,36 | -1,56 |
Highest price | 5,80 | 15,80 | 12,00 | 26,60 |
Lowest price | 0,55 | 6,00 | 0,55 | 6,00 |
Average price | 2,10 | 9,80 | 3,61 | 13,30 |
Closing price (*) | 0,93 | 6,00 | 0,93 | 6,00 |
Market capitalisation, at the end of the period, MEUR | 2,9 | 12,6 | 2,9 | 12,6 |
*Share trading was suspended on | ||||
Calculation of | ||||
EBITDA, %: | Operating profit + depreciation + impairment | |||
Net sales | ||||
Equity ratio, %: | Total equity x 100 | |||
Total assets - advances received | ||||
Net gearing, %: | Interest-bearing liabilities - cash and cash equivalents | |||
and marketable securities x 100 | ||||
Shareholders' equity + non-controlling interests | ||||
Earnings/share (EPS): | Profit/loss for the period to the owner of the parent company | |||
Average number of shares adjusted for share issue | ||||
at the end of the financial year | ||||
Equity/share: | Equity attributable to shareholders of the parent company | |||
Undiluted number of shares on the balance sheet date | ||||
P/E ratio: | Price on the balance sheet date | |||
Earnings per share | ||||
Related party transactions | ||
(unaudited) | ||
The Group has sold and purchased goods and services from companies in which the majority holding and/or power of decision granting control of the company is held by members of the Group's related parties. Sales of goods and services carried out with related parties are based on market prices. | ||
The Group entered into the following transactions with related parties: | ||
1 | 1-12/2023 | 1-12/2022 |
Sales of goods and services | ||
0 | 3 | |
0 | 1 | |
Total | 0 | 4 |
Purchases of goods and services | ||
36 | 48 | |
Basso J., business management services in | 118 | 119 |
100 | 84 | |
107 | 101 | |
13 | 26 | |
Others | 4 | 52 |
Total | 378 | 430 |
Interest expenses and other financial expenses | ||
SCI-Finance Oy | 127 | 131 |
9 | 0 | |
4 | 6 | |
Others | 1 | 5 |
Total | 141 | 142 |
Non-current convertible subordinated loan from related parties | 0 | 200 |
Other current liabilities to related parties | 211 | 37 |
Current interest payable to related parties | 22 | 8 |
Trade payables and other non-interest-bearing liabilities to related parties | 929 | 239 |
Trade and other current receivables from related parties | 38 | 25 |
1 | 1-12/2023 | 1-12/2022 |
Wages and remuneration | ||
Salaries of the management and Board | 447 | 500 |
Fair values | ||
(unaudited) | ||
Carrying amount | Fair value | |
1 | ||
Financial assets | ||
Available-for-sale investments | 9 | 9 |
Trade and other receivables | 1 018 | 1 018 |
Cash and cash equivalents | 3 | 3 |
Financial liabilities | ||
R&D loans, non-current | 6 248 | 6 248 |
Other non-current liabilities | 252 | 252 |
Current subordinated loan | 3 904 | 3 904 |
Loans from financial institutions, current | 4 945 | 4 945 |
R&D loan, current | 743 | 743 |
Other loans, current | 481 | 481 |
Other liabilities, current | 622 | 622 |
Trade payables and other non-interest-bearing liabilities | 3 051 | 3 051 |
The fair value of non-current liabilities is expected to correspond to the carrying amount and recognized to their fair value when recorded. There has been no significant change in common interest rate after the withdrawal of the loans. | ||
Other non-current and other current liabilities include | ||
The company filed an application for restructuring on | ||
Change in intangible and tangible assets | ||
(unaudited) | ||
1 | ||
Includes tangible assets, consolidated goodwill and other intangible assets | ||
Carrying amount, beginning of period | 13 062 | 13 686 |
Depreciation and impairment | -1 561 | -1 692 |
Additions | 1 453 | 1 068 |
Disposals | -8 | 0 |
Carrying amount, end of period | 12 946 | 13 062 |
The assets and liabilities of the contracts have been recognized in IFRS 16 leases and properties at the date of transition | ||
Commitments and contingent liabilities | ||
(unaudited) | ||
1 | ||
Assets pledged for the company | ||
Loans from financial institutions | 2 545 | 4 176 |
Other liabilities | 901 | 148 |
Promissory notes secured by pledge | 8 060 | 2 060 |
Other securities provided | 2 097 | 2 416 |
Operating lease liabilities | ||
Payable within one year | 0 | 65 |
Payable over one year | 0 | 0 |
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