Valoe Corporation                Stock Exchange Release 28 June 2021 at 18.00 (Finnish Time)

Not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or the United States or any other country where distribution or disclosure would be against law.

PROSPECTUS OF VALOE CORPORATION REGARDING ADMISSION TO TRADING OF 113,000,000 SHARES IN THE COMPANY HAS BEEN APPROVED

The Financial Supervisory Authority has today approved the supplement to the registration document approved by the Financial Supervisory Authority on 29 September 2020 as well as the securities note and the summary, which together form the prospectus (the "Prospectus") of Valoe Corporation (the "Company") pursuant to the Securities Markets Act (746/2012, as amended) and Regulation (EU) 2017/1129 of the European Parliament and of the Council ("Prospectus Regulation") relating to admission to trading of in total 113,000,000 shares ("Shares") in the Company.

The Prospectus and the admission to trading of the Shares relate to the following share issues resolved on by the Board of Directors: (i) in the aggregate 85,000,000 new shares in the Company issued to certain subscribers of convertible loan 1/2021 through a decision by the Board of Directors dated 11 June 2021 ("Share issue I"); and (ii) in the aggregate 28,000,000 new shares in the Company issued to the Company as treasury shares through a decision by the Board of Directors dated 11 June 2021 ("Treasury issue"). For further information on the Share issue I and the Treasury issue, please refer to the stock exchange release published by the Company on the aforementioned date.

The Prospectus and the documents incorporated therein by reference will be available on or about 28 June 2021 on the website of the Company at http://www.valoe.fi/julkaisut and at the registered office of the Company at Insinöörinkatu 5, 50150 Mikkeli.

The Company has applied for the Shares to be admitted to trading on the stock exchange list of Nasdaq Helsinki Ltd, and trading in the Shares is expected to commence on or about 29 June 2021.

The Prospectus includes certain information regarding the Company’s related party transactions for the first quarter of 2021 as well as the Company’s capitalisation and indebtedness as at 31 March 2021 that have not been previously disclosed. Key information is set forth below:

The tables below set forth the transactions that have taken place with the Company's related parties:

  1. Sales of goods and services
EUR 1,0001 Jan - 31 Mar 20211 Jan - 31 Mar 2020
 UnauditedUnaudited
Related companies  
Savcor Oy00
   
Total00
  1. Purchases of goods and services
EUR 1,0001 Jan - 31 Mar 20211 Jan - 31 Mar 2020
 UnauditedUnaudited
Related companies  
Purchases of goods and services  
SCI Invest Oy1212
SCI-Finance Oy2011
Savcor Technologies Oy2921
Savcor Oy32
Oy Marville Ab00
Basso Jose3049
Aurinkolahden Tilintarkastus Oy00
Other130
Total10697
   
Interest and other financial expenses  
SCI-Finance Oy2042
Savcor Technologies Oy142
Savcor Oy04
SCI Invest Oy00
Other518
Total27107

c.         Other related party transactions

EUR 1,00031 Mar 202131 Mar 2020
 UnauditedUnaudited
Long-term convertible capital loan from related party1.063415
Other long-term capital loan from related party01.160
Other short-term debts to related parties0486
Short-term interest debts to related parties10494
Trade payables and other non-interest-bearing debts to related parties151585
   
Trade receivables and other short-term receivables from related parties 2314

d.         Salaries and fees

EUR 1,00031 Mar 202131 Mar 2020 
 UnauditedUnaudited 
Management’s benefits   
Salaries and other short-term benefits101101 
Total101101 
EUR 1,00031 Mar 202131 Mar 2020
 UnauditedUnaudited
Salaries and fees  
Salaries of the CEO and his deputies (included in the management’s salaries)4242
Total4242
   
Members and deputy members of the board of directors:  
Parpola Ville – fee1010
Tuomas Honkamäki – fee80
Savisalo Hannu – fee        1010
Total2720

Table below sets forth the capitalisation and indebtedness of the Company as at 31 March 2021:

EUR 1,000  31 Mar 2021

 		 
(Unaudited) Actual 
                                                                                                  
 
Total current debt   
Secured 583 
Unguaranteed/unsecured 882 
Total non-current debt   
Secured 1,400 
Unguaranteed/unsecured 13,184 
Total debts 16,049 
    
Shareholder equity   
Share capital 80 
Invested unrestricted equity reserve 27,404 
Retained earnings -31,067 
Total equity -3,583 
    
Total equity and debts 12,466 
    
Indebtedness  
  1. Cash
 61 
  1. Cash equivalents
 0 
  1. Other current financial assets
 0 
  1. Liquidity (A+B+C)
 61 
    
  1. Current financial debt
 1,685 
  1. Current portion of non-current financial debt
 0 
    
  1. Current financial indebtedness (E+F)
 1,685 
    
  1. Net current financial indebtedness (G-D)
 1,624 
    
  1. Non-current financial debt
 14,814 
  1. Debt instruments
 0 
  1. Non-current trade and other payables
 0 
    
  1. Non-current financial indebtedness (I+J+K)
 14,814 
    
  1. Total financial indebtedness (H+L)
 16,438 

Off-balance-sheet liabilities


LIABILITIES (EUR 1,000)		 31 Mar 2021 
(Unaudited) Actual 
Collaterals given on behalf of own commitments   
Mortgages 2,060 
Other collaterals 2,076

 		 
Leasing and other lease debts   
Due within 1 year 220 
Due within 1-5 years 230 
Due in 5 years 0 
Total 450 
Equity ratio of Valoe group was 18.5 percent, including capital loans, on 31 March 2021. No material changes have occurred in the Company’s financial position after 31 March 2021.

Lease debts in accordance with IFRS 16 are included in current and non-current debts of the upper part of table as well as in section “E. current financial debt” and “I. non-current financial debt” of the indebtedness table.
Off-balance-sheet leasing and lease debts have included in the indebtedness table as follows:

E. Current financial debt: Upper part of the table 1,465 +220 = 1,685

I. Non-current financial debt: Upper part of the table 14,584 + 230 = 14,814
 

In Mikkeli, 28 June 2021

Valoe Corporation

BOARD OF DIRECTORS

For more information:
CEO Iikka Savisalo, Valoe Corporation
Tel. +358 405216082
email: iikka.savisalo@valoe.com

Distribution:
Nasdaq Helsinki Oy
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.


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