EEVIA HEALTH Plc REPORTS STRONG GROWTH AND IMPROVEMENT IN PROFITABILITY AND CASH FLOW FOR SECOND QUARTER 2022

Eevia Health Plc ("Eevia" or "The Company") is releasing its quarterly financial report for the second quarter of 2022.

Summary of the second quarter 2022 (Q2-22):

  • Net sales grew by 23% from KEUR 1 491 in Q2-21 to KEUR 1 835 in Q2-22. By eliminating raw material trading revenues of KEUR 122 in Q2-21, the adjusted net sales increased by 34%, from KEUR 1 369 in Q2-21 to KEUR 1 835 in Q2-22.
  • Net sales in Q2-22 also grew by 11% compared to Q1-22. After eliminating trading revenues in Q1-21, the net sales grew 14%, from KEUR 1,617 in Q1-22.
  • Gross profit in Q2-22 came in at KEUR 651, up from KEUR 360 in Q2-21 and KEUR 214 in Q1-22. The gross profit in the quarter represents a gross margin of 35%. With this, Eevia is on track to achieving its long-term profitability targets. Management expects the gross margin to improve in the future.
  • EBITDA for Q2-22 was close to breakeven at KEUR -70 compared to KEUR -442 in Q2-21 and KEUR -412 in Q1-22, an improvement of KEUR 372 and KEUR 314 respectively. The improvement stems from implemented changes in production protocols and efficiency improvements from new equipment installations.
  • The net result for Q2-22 was KEUR -337, an improvement of KEUR 216 compared to Q2-21 (KEUR -553) and KEUR 274 from Q1-22 (KEUR -611).
  • Cash flow from operations was positive with KEUR 12 despite a significant reduction in accounts payable and received advances of KEUR 888. This was a significant improvement compared to the negative cash flow of KEUR -383 in Q2-21 and KEUR -1 095 in Q1-22.
  • Several key equipment installations, such as a new decanter increasing liquid-solid separation capacity by 400%, came online in Q2-22.
  • Eevia launched a new Lingonberry product, with a first order sold to Australia in June.
  • Towards the end of Q2, Eevia secured a credit line of KEUR 800 for working capital purposes to finance its continued growth. The term of the credit line is until December 31, 2022. Interest is charged at one and a half percentage points (1.5%) per month.
  • In July, Gabriella Beni (CFO), decided to leave the Company for personal reasons. Eevia is now recruiting a new, permanent CFO. Financial administration support in the transition period is provided by the financial accounting and services company Rantalainen (www.rantalainen.fi).
  • The Annual Shareholders Meeting on June 21st elected Oskar Wegelius as a new board member, while the other members of the board were re-elected. The board now consists of five members. Oskar Wegelius holds a Master of Science in chemical, biochemical, and materials Engineering from Aalto University, with a major in biomass refining. He currently works as an Area lead at Borealis in Finland, responsible for new investments, process engineering, and plant commissioning.

For additional information, please contact: 

Stein Ulve, CEO  Eevia Health Plc  

Mobile: +358 400 22 5967

Email: [email protected]

 

This disclosure contains information that EEVIA HEALTH PLC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on August 29, 2022.

 INFORMATION ABOUT EEVIA HEALTH PLC

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 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 Health operates a modern green-chemistry production facility in Finland. Manufacturing natural ingredients near the raw material harvest areas, Eevia offers a short value chain with an environmentally friendly carbon footprint, competitive pricing, and extreme transparency. Eevia listed its shares at Spotlight Stock Market in Sweden in June 2021, with the short name EEVIA.

To learn more, please visit  www.eeviahealth.com or follow Eevia Health on LinkedIn @EeviaHealth. 

Notice to the Extraordinary General Meeting of Eevia Health Abp

Notice is given to the shareholders of Eevia Health Abp (Plc) to the Extraordinary General Meeting to be held on 11 October 2022 at 12:00 (Finnish time GMT +3) at the main office of Eevia Health Abp in Koulukatu 14, Seinäjoki, Finland.

The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 11:00.


Eevia Health Plc receives starting sales orders from new Asian customers

Eevia Health Plc, ("Eevia" or "The Company"), has received two small starting sales orders from South Korea and Taiwan, totaling approx. 24 KEUR for organically certified bilberry extracts.


EEVIA HEALTH Plc REPORTS STRONG GROWTH AND IMPROVEMENT IN PROFITABILITY AND CASH FLOW FOR SECOND QUARTER 2022

Eevia Health Plc ("Eevia" or "The Company") is releasing its quarterly financial report for the second quarter of 2022.


Tuomas Jylhä joins Eevia Health Plc as Interim Chief Financial Officer

Eevia Health Plc ("Eevia" or "The Company") is welcoming Tuomas Jylhä as interim Chief Financial Officer. Gabriella Beni has decided to leave the Company for personal reasons to focus on private matters. Eevia wishes her the very best in her future endeavors. Tuomas Jylhä will take over the position on July 26th.


Eevia Health Plc being followed by Analyst Group

Analyst Group Initiates equity research Coverage of Eevia Health Plc, ("Eevia" or "The Company").


Eevia Health Plc receives a 5,8 MSEK/0,55 MEUR sales order for high concentrate anthocyanin organic bilberry extract

Eevia Health Plc, ("Eevia" or "The Company"), has received a sales order from its Australian distributor Ingredients Plus.


Eevia Health Plc receives a 230 KSEK/21 KEUR starting sales order for a new Lingonberry product to a new customer

Eevia Health Plc, ("Eevia" or "The Company"), has received a 21 KEUR sales order from its Australian distributor Ingredients Plus for a new product made from Lingonberry, after a new customer has decided to launch a new product with the Lingonberry ingredient as a key component.


Eevia Health Plc has secured a credit line of SEK 8 million for working capital purposes to finance continued growth

Eevia Health Plc, ("Eevia" or "The Company"), has entered into an agreement whereby Exelity AB, Sweden will provide a credit line for Eevia of up to SEK 8 million, giving the Company increased working capital flexibility to finance its continued growth.


Communique from the Annual General Meeting in Eevia Health Plc

The Annual General Meeting of Shareholders of Eevia Health Plc, corp. reg. no 2825194-4 (the "Company") was held on June 21, 2022 in Seinäjoki, Finland, whereby the shareholders primarily resolved the following matters:


Eevia Health Plc receives a 2,3 MSEK/0,23 MEUR sales order for organic bilberry extract

Eevia Health Plc, ("Eevia" or "The Company"), has received a sales order from its Australian distributor Ingredients Plus. Ingredients Plus serves leading nutraceutical brands in Oceania and Asia with high-quality ingredients. The end customer is a major natural health company based out of Sydney, Australia selling its products across Asia and Oceania.


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