This release is a summary of
January-
(Comparison figures in parentheses are for the same period in 2022 if nothing else is communicated)
- Revenue was
EUR 10 640 thousand (EUR 24 279 thousand). -
Operating result for the period was
EUR -20 926 thousand (EUR -13 149 thousand). -
Total investments were
EUR 8 963 thousand (EUR 16 973 thousand). -
Net cash at the end of 2023 was
EUR 54 426 thousand (EUR 74 454 thousand). - The number of permanent employees at the end of the period was 76 (75).
- Successful technology handover of the first factory producing wood-based SPINNOVA® fibre to the joint venture Woodspin.
Halti parka jacket made of SPINNOVA® fibre and cotton was launched.Spinnova received a grant of maximumEUR 1.9 million , for its research and development (R&D) work for textile and agricultural waste streams, from Business Finland.Spinnova entered into a yarn development co-operation agreement with Tearfil.Spinnova announced a strategy review.Spinnova and Swedish textile recycling innovator Renewcell announced their cooperation to develop textile waste-based fibre.-
CEO
Kim Poulsen stepped down as CEO 21 April, and CFOBen Selby was appointed as interim CEO. Tuomas Oijala was appointed CEO andBen Selby deputy CEO on 31 August. They started in their roles on11 December 2023 .Santeri Heinonen was appointed Chief Human Resources Officer and management team member on1 March 2023
July- December 2023
- Revenue was
EUR 1 820 thousand (EUR 16 644 thousand). -
Operating result for the period was
EUR -9 931 thousand (EUR -7 383 thousand). -
Total investments were
EUR 2 916 thousand (EUR 8 859 thousand).
Significant events after the period
Spinnova and Suzano signed a non-binding Letter of Intent regarding plans for a new wood-based fibre production factory on7 March 2024 . Suzano plans to own and operate the factory at their own site. The targeted annual capacity of the factory is 20 thousand tonnes of fibre.-
Strategy review was finalized and the updated strategy was announced on
14 March 2024 . The strategy will be presented in more detail in the Capital Markets Day on14 March 2024 . Spinnova made changes in the management team on14 March 2024 . The management team members and roles will be:Tuomas Oijala , CEO,Ben Selby , CFO and Deputy CEO,Santeri Heinonen , Chief Operating Officer,Lasse Holopainen , Chief Revenue Officer, Shahriare Mahmood, Chief Product and Sustainability Officer andJuha Salmela , Chief Technology Officer. Chief Sales OfficerAllan Andersen and Executive Vice President, Production ScalingTeemu Lindberg will leave the Management Team. In addition, Chief Operations OfficerPetri Poranen decided to step down from the Spinnova Management Team due to health reasons.-
To support the effective execution of the updated strategy and to achieve the profitability targets,
Spinnova started change negotiations affecting the entire organisation except the management team on14 March 2024 .
IFRS KEY FIGURES1
EUR (thousand) | 7-12/2023 | 7-12/2022 | 1-12/2023 | 1-12/2022 |
Revenue (net sales) | 1 820 | 16 644 | 10 640 | 24 279 |
Operating result (EBIT) | -9 931 | -7 383 | -20 926 | -13 149 |
Profit for the period | -9 033 | -7 572 | -19 596 | -15 123 |
Earnings per share (EUR, diluted and undiluted) 1) | -0.17 | -0.15 | -0.38 | -0.29 |
Net cash | 54 426 | 74 454 | 54 426 | 74 454 |
Equity ratio, % | 89 % | 86 % | 89 % | 86% |
Number of permanent employees, end of period | 76 | 75 | 76 | 75 |
Number of permanent employees, average | 76 | 70 | 77 | 67 |
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 used in the key performance indicators table are found in the Appendix on page 23.
This Financial Statements Bulletin has been prepared in accordance with the requirements in IAS 34 (Interim Financial Reporting) standard. Information concerning the Group full year 2022 is based on the audited IFRS financial statements for 2022 that were published on
OUTLOOK
Financial Guidance for 2024
In 2024, revenues are estimated to be lower than in 2023. The timing of revenues is linked to the timing of technology sales and delivery of the next production facility. The operating result is expected to improve from 2023 but to continue to be negative. The total of
COMMENTS ABOUT YEAR 2023 BY CEO
I joined
Our top priority in 2023 was finalizing the technology delivery and the construction of Woodspin's first factory. We worked throughout the year closely together with our joint venture partner Suzano and Woodspin on ramping up the factory. The ramp-up has progressed somewhat slower than originally anticipated, and therefore, fibre volumes have been limited so far. Suzano's work related to the efficiency and specifications of the eucalyptus-based micro fibrillated cellulose (MFC) raw material process has progressed with good results.
At the same time,
On 31 August, we announced that we would start a strategy review, in which we focused during the second half of the year. The aim was to prioritise those parts of the strategy that, in the short- to medium-term, are expected to deliver the fastest time to positive cashflow generation and that create the most value for the company's stakeholders. The outcome of the strategy review has been announced today and will be presented in detail in the Capital Markets Day today.
Other achievements during 2023 included the testing of textile waste as raw material in the
If the global textile industry wants to shift its material base from conventional materials, such as cotton and polyester, to more sustainable alternatives, we need all the players in the textile value chain on board. Bringing a new material innovation like
Our revenues during 2023 totalled
I want to thank our dedicated team and partners for all their hard work during 2023. I look forward to working together to take the next steps on our exciting journey and to execute the new strategy for
CEO
STRATEGY REVIEW
On
The outcome of the strategy review has been announced today and will be presented in our Capital Markets Day on
| Short term (2025-2026) | Medium term (2028-2030) | Long term (2034-2036) |
Cumulative technology sales* | 30k tonnes | 130k tonnes | 450k tonnes |
Financial | No additional external financing required
| EBIT positive |
More than
More than 30% of revenues recurring** |
*Total cumulative annual fibre production capacity committed to be built by
** Royalty and service fees
As
Upside potential to
Downside potential to
THE BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFITS
In the medium term,
In Jyväskylä,
Board of Directors
Financial Statements Bulletin Webcast
A recording of the CMD event will be available on the investor website within 24 hours.
The CMD webcast can be followed through the link:
https://spinnova.videosync.fi/2024-cmd
Upcoming financial disclosures
Spinnova's Annual Review and Sustainability Report 2023 is estimated to be published approximately during week 16 / 2024Spinnova's Annual General Meeting will be held on Tuesday7 May 2024 . The Board of Directors will convene the meeting separately.-
Half-year financial report for 1 January -
30 June 2024 on Thursday22 August 2024
For further information, please contact:
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Tel. +358 50 520 4098
Distribution:
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The SPINNOVA® fibre creates zero side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular.
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Corporate & IR site: www.spinnovagroup.com
https://news.cision.com/spinnova/r/spinnova-plc-s-financial-statements-bulletin-january-december-2023,c3945656
https://mb.cision.com/Main/18819/3945656/2668077.pdf
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