Production scaling strategy and commercialisation proceeding according to plan
This release is a summary of
January to
- Revenue grew to
EUR 7 635 thousand (EUR 370 thousand ) -
Operating loss for the period was
EUR 5 825 thousand (EUR 3 093 thousand loss) -
Total investments were
EUR 7 435 thousand (EUR 2 949 thousand) -
Net cash was
EUR 95 059 thousand (EUR 98 354 thousand) - The number of permanent employees at the end of the period grew to 69 (49)
Significant events during H1 / 2022
- 10 February: First commercial product made with a SPINNOVA® blend launched with adidas
-
In May the management team was strengthened by appointing
Allan Andersen asChief Sales Officer andTeemu Lindberg Executive Vice President, Production Scaling -
2 June: Woodspin increased its capital investment budget by
EUR 9 million to enhance sustainability and R&D capabilities and account for cost inflation. -
3 June: Chief Product Officer
Lotta Kopra resigned from her operative role continuing as an Advisor -
14 June:
Kim Poulsen was appointed as the new CEO ofSpinnova andJanne Poranen was appointed Chair andHarri Sundvik as Deputy Chair of Spinnova Board of Directors, as of1 August 2022
Significant events after the period
- 1 September: General Counsel
Lasse Holopainen was appointed to the management team
Unless otherwise specified, all figures presented in this Half-Year Report in brackets refer to the corresponding period of the previous year. The information in the half-year report is unaudited. Information concerning the full year 2021 is based on the audited financial statements for 2021.
Outlook for 2022 (unchanged):
The medium-term business targets
During 2022,
EUR (thousand) | 1-6/ 2022 | 1-6/ 2021 | 1-12/ 2021 |
Revenue | 7 635 | 370 | 6 063 |
Operating profit / loss | -5 825 | -3 093 | -7 172 |
Earnings per share (EUR, diluted and undiluted) 1) | -0.15 | -0.30 | -0.36 |
Net debt | -95 059 | -98 354 | -100 093 |
Equity ratio, % | 87% | 90% | 92% |
Number of permanent employees at the end of the period | 69 | 49 | 58 |
Number of permanent employees, average | 65 | 43 | 49 |
1) The company's potential dilutive instruments consist of stock options. As the company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in measuring the dilutive loss per share. Thus, there is no difference between the undiluted and diluted loss per share. The number of shares in the historical figures is adjusted with the two share splits that took place first in
CEO's review
The first half of 2022 was a time of many exciting changes for
Succeeding in our strategy is dependent on our world class people. During the first half of the year, we have completed recruitments of key personnel in order to implement our ambitious plan. For
SPINNOVA® is a climate positive textile fibre
Our breakthrough technology sets
First commercial products launched by brand partners
In the first half of 2022, we were excited to announce the first commercial products with our brand partners adidas and ARKET. These products are made with a SPINNOVA® fibre and cotton blend, demonstrating SPINNOVA® as a sustainable premium textile ingredient brand suitable for commercial use. Product development continues with our many brand partners, and we aim to continue introducing new commercial products throughout the year.
Scaling proceeding as planned
The commercialisation and scaling strategy is proceeding according to plan. The demand for sustainable fibre continues to increase in the nearly
This year our main focus has been building our first commercial factory for Woodspin (50/50 JV between
Respin's (50/50 JV between
The next phase of scaling is Woodspin's second factory for which Woodspin has started feasibility planning.
CEO
In Jyväskylä,
Board of Directors
Half-Year Report Webcast
The webcast language is English and a Finnish subtitled recording will be available the following day on the investor website. The event is open to all investors and media representatives.
For webcast registration please visit:
https://spinnova.videosync.fi/half-year-results-2022/
More information:
Chief Executive Officer
ir@spinnova.com
+358 20 703 2430
Certified advisor:
+358 50 520 4098
Distribution:
Nasdaq
Key media
The SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
https://news.cision.com/spinnova/r/spinnova-plc-s-half-year-report-january-june-2022--unaudited--production-scaling-strategy-and-commer,c3627326
https://mb.cision.com/Main/18819/3627326/1624423.pdf
(c) 2022 Cision. All rights reserved., source