Press release from Companies
Publicerat: 2021-11-16 07:35:01
The Board and CEO of Eevia Health Plc now present the Interim Report for the third quarter of 2021, covering the period 1 July through 30 September 2021. The complete report with tables is attached to this release as a pdf-file. It is also available on the company website at www.eeviahealth.com
Significant events during the third quarter of 2021 Significant events after 30 September 2021 Comments from our CEO The last nine months have been eventful for Eevia Health. Since September last year, our team grew from nine people to a force of twenty-eight by November 2021. The execution of our business plan to secure large multi-year contracts started with the SEK 100 million agreement with a leading US customer announced in June. We are expanding our capacity to be able to accommodate additional customers. During the first nine months of 2021, we have increased our sales by 350%, and we are well-positioned for growth in 2022. I want to thank all colleagues, customers, and shareholders for enabling this development. During the third quarter of 2021, we made significant improvements in our operations, installing several new machines and systems. New automation and software tools came online, allowing us to streamline our operational and financial processes further. We have trained new operators and prepared Eevia for the next phase of our growth trajectory. These efforts are showing positive results for us in terms of better capacity, productivity, and control. Installation work negatively impacted production volumes in Q3, but the start of Q4 shows a significant increase in production volumes compared to Q3. The factors mentioned above negatively impacted deliveries and invoicing during the quarter, but did not result in lost sales. We still have a significant sales orders backlog. There is strong demand in the market and an increase in incoming inquiries. As I write this letter, I am visiting the US for the first time in over a year. Meeting with customers provides encouraging confirmations about the strength of the market for nutraceuticals, particularly plant extracts. The pandemic boosted the demand for nutraceuticals, especially in areas such as immune health. At the same time, there is a shift from artificial ingredients to completely natural products. Our customers in the US see no signs of the growth slowing down. The market for plant extracts is expected to double between 2020 and 2025. As manifested during Q3, our main challenge is ramping up production to meet customer demand. Besides the planned capacity investments, we identified in Q3 several new investment opportunities with short payback time, which will allow us to produce specific products in parallel and at a lower cost. These investments also support our drive for sustainability. New solutions will lower our emissions, utilize waste streams as sellable products, and reduce the consumption of resources such as water. To finance the additional CAPEX related to these initiatives, we decided to fundraise in November. As we move into the latter parts of a highly eventful year for Eevia, I am encouraged by the positive outlook of our customers and their confidence in continued market growth. I am proud of the respect and positioning we have established with our key customers; and with production volumes now picking up, I remain confident in our ability to continuously increase productivity and achieve our long term goals. We have a sizeable sales-order reserve and a strong pipeline of prospects and leads, which will drive growth also in 2022 and 2023. We have procured a large portion of the required raw materials for sales in 2022, and with improved operations, we enter 2022 with a strong posture. We are committed to the financial target of delivering over MEUR 25 in turnover in 2024 with over 40% gross margin and EBITDA above 15% of turnover. Greetings from America, Stein Ulve CEO Key ratios The table below shows the key ratios for January to September 2021 and 2020: [1] IQF – Individual Quick Frozen For further information, please contact: Stein Ulve, CEO, Eevia Health Plc Kim Nurmi-Aro, CFO, Eevia Health Plc Email: stein.ulve@eeviahealth.com kim@eeviahealth.com Telephone: +358 400 22 5967 +358 504 44 0717 About Eevia Eevia Health Plc, founded in March 2017, addresses significant health problems with bioactive compounds extracted from plant materials. The materials are primarily wild-harvested from the pristine Finnish and Swedish forests near or above the Arctic Circle. The extracts are sold B2B as ingredients to dietary supplements and food brands globally. These global brands utilize the ingredients in their consumer product formulas. Eevia Health is a fast-growing Finnish manufacturer of 100% organically certified plant extracts. Although a significant product; Elderberry extract, is made from cultivated berries, most of Eevia’s other raw materials, such as bilberry, lingonberry, chaga-mushroom, and pine bark, are wild-harvested in a sustainable fashion. Eevia’s branded ingredients, such as Feno-Myrtillus® Organic (high concentrate bilberry extracts with 36% anthocyanins) and Fenoprolic® 70 Organic (pine bark extracts with 70% oligomeric proanthocyanidins), are organically certified. Eevia Health operates a modern green-chemistry production facility in Finland. The factory operates near the raw material harvest areas. A uniquely short value chain enables an environmentally friendly carbon footprint, competitive pricing, and extreme transparency. Eevia listed its shares at Spotlight Stock Market in Sweden in June 2020, with the short name EEVIA. To learn more, please visit www.eeviahealth.com or follow Eevia Health on LinkedIn @EeviaHealth.
1 Jan – 30 Sep
1 Jan – 31 Dec
2021
2020
2020
Net sales, KEUR
6 013
1 332
2 866
EBITDA, KEUR
-1 289
-285
-694
Net result of the period, KEUR
-1 604
-434
-1 023
Earnings per share, EUR*
-0,11
-0,03
-0,07
Shareholders' equity per share, EUR*
0,19
0,07
0,03
The average number of employees
28
9
13
We have calculated share related key ratios according to the following formulas:
Earnings per share, EUR
The net result of the period / 13,951,500 shares
Shareholders' equity per share, EUR
Total Equity / 13,951,500 shares