Valoe Corporation’s Half-Year Financial Report 1 January - 30 June 2022

Valoe Corporation        Half-Year Financial Report         24 August 2022 at 17.20 Finnish time



During the reporting period January – June 2022, the net sales of Valoe Group, under the IFRS standards, was about EUR 0.5 million (in 2021: EUR 1.2 million). The EBITDA was EUR -1.8 million (EUR -0.9 million) and the EBIT EUR -2.7 million (EUR -1.7 million). The profit for the period was EUR -3.7 million (EUR -2.5 million). The undiluted earnings per share were EUR -0.01 (EUR -0.01) and the diluted earnings per share were EUR -0.01 (EUR -0.01).

The working capital situation continued tight throughout the first half of the year 2022. In order to strengthen the working capital situation and the capital structure, we issued the Convertible Bond 1/2022 in April 2022. The Convertible Bond 1/2022 was subscribed for a total of EUR 0.7 million, and the subscriptions were made in new cash investments. After the reporting period, in August 2022, we issued a new convertible bond of EUR 3.0 million, at the most, to further strengthen the capital situation and to prepare for orders we expect from the automotive industry.

In May 2022, EU granted funding for a new Horizon 2020 project called IBC4EU which also Valoe and its subsidiary Valoe Cells participate. Within the project, we develop production methods for efficient solar modules with low environmental footprint. The project will last 36 months, and its total cost estimate is around 17 million euros. EU pays us our share in the form of a grant, the amount of which is around 2.2 million euros in total. Valoe’s share of the grant is approximately EUR 0.9 million and Valoe Cells’s approximately EUR 1.3 million.

After the reporting period, we signed a contract on the final phases of having the solar cell assemblies for vehicle integration fully tested and ready for mass production with Sono Motors. Upon successful completion of the agreed tasks, Sono Motors pays Valoe a success fee of a total of EUR 1.0 million: EUR 0.4 million in September 2022 and EUR 0.6 million after the long-term testing procedures have been completed in November – December 2022. Sono Motors intends to nominate Valoe as the supplier of solar cell assemblies for its Sion. The vehicles will be manufactured by Valmet Automotive Oy in Uusikaupunki, Finland.


Valoe Group's net sales for the financial year 2022 will clearly increase and loss at the EBITDA level will decrease compared to the previous year.

MANAGING DIRECTOR IIKKA SAVISALO: “We are on the threshold of a strong growth.” 

We resolved to keep the turnover and profit guidance unchanged for the whole year, despite the minimal net sales for the second quarter and the poor result for the first half of the year 2022. During the first half of 2022, Valoe has done a lot of work for two automotive industry projects for which the revenue is expected to recognize only at the end of 2022. In these projects, payments are linked to the achievement of specific test results, which, according to our current view, will be achieved this year. One of these projects is Sono Motors’ self-charging vehicle, Sion. If the projects are implemented in the expected schedule, our result will improve, and the market guidance will materialize.

We are at a crucial stage in these two automotive industry projects. Long-lasting and demanding testing periods that are typical to the automotive industry are running and will be completed in November – December 2022. If successful, both projects will lead to a mass production agreement for solar components and thus significantly increase Valoe's turnover. The planned production volume of 257,000 Sono Motors Sion vehicles in seven years alone would be enough to make us one of the leading players in the rapidly growing VIPV market segment. But, of course, this requires that our customers meet their published schedules.

The growth requires a lot of success from us in many areas and significant investments compared to previous ones during the next two years. We are currently negotiating our customers’ share in the expansion investments at Juva and Vilna factories.

The reporting period January-June 2022 was hectic both in Juva and Vilnius, although it was not yet reflected in the net sales for the reasons mentioned above. We have hired new employees for production, especially for our module factory in Juva. In addition to the above-mentioned car projects in the acceptance phase, we have ongoing paid development projects with several European start-up companies that manufacture so-called last-mile vehicles. The success of these customers would fast bring us growing business, either as a solar panel manufacturing partner or as a supplier of production equipment and later cells.

We constantly systematize our operations to meet the strict quality and other requirements of the automotive industry. In June 2022, we reached a significant milestone: the ISO 9000 certificate. The quality systems in the automotive industry are based on ISO 9000. We are now well on our way and believe that we will achieve the automotive industry’s quality requirements early next year.

We are preparing to deploy all the capacity already invested in Lithuania. Interest in the IBC cell is strong. However, at the moment, we do not offer our cells as a mass product to third parties but strive to develop our cells for solutions with high added value. Based on our customers' forecasts, the current capacity will be needed for existing projects. This year, when we have secured mass production agreements, we aim to agree on binding capacity reservations for the Lithuanian cell factory for the coming years.

Valoe's biggest challenge is still the financing of its operations. We are preparing large and long-lasting projects. Getting them started and ramped up takes a long time and requires extensive resources. The financing needs continue to grow the closer we get to the production phase. We have come close to our objective with minimal financial contribution. Now in the reporting period, as the goal approaches, we have had to stretch our financial and other resources to the limit. To ensure our funding, we have issued a convertible bond and contacted our most important customers with relatively good success to finance the "last transitional phase". Relying on the support from our customers and shareholders, we believe we can cover our funding shortfall anticipated for the end of this year.

The year’s first half has been challenging but at the same time also encouraging, especially considering our resources. Our organization is aware of our opportunities and does an excellent job of achieving our goals.



Raw material prices continued rising. The price of silicon wafers, the most important raw material for us, continued rising as well. Supply chains’ logistical problems caused by the Ukraine war and the Covid-19 pandemic further deteriorated. At the same time, EU emphasized the importance of solar energy by investing heavily in photovoltaic applications. In May 2022, EU granted funding for the IBC4EU research project which also Valoe and Valoe Cells participate. Our companies receive a grant of a total of EUR 2.2 million to implement the project. Thus, the competitive position of European manufacturers will continue to improve. The global demand for traditional solar panels is high and is expected to further grow.

The interest in vehicle-integrated solar applications increased. In the EU’s solar strategy published on 18 May 2022 EU designated the vehicle-integrated solar applications as one of the focus areas in the coming years. Thanks to years of development of our OddForm® components, we feel we are in a good position now as solar electrification of vehicles is now really starting. According to our knowledge, a number of vehicles with solar integration will be launched by well-known brands before 2025. We are also involved in several projects run by smaller electric vehicle manufacturers, which, if successful, will bring solar-powered hybrid vehicles and all-day solar-powered light vehicles to the market.

In 2020, Allied Market Research Inc. disclosed a forecast according to which the emerging market for Vehicle Integrated Photovoltaics (VIPV) will multiply. Allied Market Research estimated that the current, still tiny market will grow to more than USD 4 billion by 2030. Based on the information we have received from our European customers, we are confident that the forecasted trend is correct, but the growth will materialize faster than expected.

The size of our target market in Europe can be estimated using, e.g., published car production volumes: In 2021, according to the European Automobile Manufacturers’ Association (ACEA), a total of 12.1 million vehicles were produced in Europe alone in 2021. If, for example, at least one solar energy component was in the future utilized in 50% of vehicles and the estimated average price of one Valoe photovoltaic component, for example, was EUR 500 per vehicle, the value of our European target market alone could be estimated at around EUR 3 billion. Our objective is to be one of the leading suppliers in this market segment.


We have defined that our strategy is based on the vision according to which solar energy will be the best solution to meet the world's energy needs in the future. Two minutes of the sun provide the world with one year’s energy needs of the entire humanity. Solar energy is silent, odorless, and the cleanest form of energy. The total volume of the global photovoltaic business, excluding the price of the produced electricity, is about 100 billion euros per year, and the business is growing by about 20% annually (source: ITRPV 2019). Furthermore, solar energy contributes to halting climate change and minimizing the carbon footprint of energy production.

Our strategy is based on the fact that the limitations of solar energy utilization will be resolved in the future. We compete in global markets. We follow closely research and development related to our business and adapt applicable technologies to our product concepts. Our solutions are mainly based on our technologies, which we have developed with leading experts and research institutes. One example of the practical implementation of our strategy is our key role in the HighLite project in the European Union's Horizon program. We cooperate with leading research institutes and companies to improve Europe's competitiveness by developing photovoltaic applications.

As a solar power promoter, we are actively involved in the global development of solar applications and later also in the global development of hydrogen-based storage applications. Our technology partners play a key role in the development worldwide.

Already in 2021, we chose to focus on transport applications. Transport is changing and we plan to take advantage of its rapidly progressing electrification.


Valoe Group’s cumulative net sales for the first half of 2022 were about EUR 0.5 million. The net sales decreased significantly, and the loss, EUR -3.65 million, increased compared to the previous year. 

The following financials include Valoe Group’s operations. The figures in brackets are comparison figures for the corresponding period in 2021 unless stated otherwise.  

April - June 2022:

- Valoe Group’s net sales was to EUR 0.03 million (In 2021: EUR 1.0 million).
- EBITDA was EUR -1.2 million (EUR 0.2 million).
- Operating profit was EUR -1.6 million (EUR -0.3 million).
- Profit for the period was EUR -2.1 million (EUR -0.7 million).

January – June 2022:

- Valoe Group’s net sales decreased significantly to EUR 0.5 million (In 2021: EUR 1.2 million).
- EBITDA was EUR -1.8 million (EUR -0.9 million).
- Operating profit was EUR -2.7 million (EUR -1.7 million).
- The profit before taxes was EUR -3.7 million (EUR -2.5 million).
- Profit for the period was EUR -3.7 million (EUR -2.5 million).
- Undiluted earnings per share were EUR -0.01 (EUR -0.01).
- Diluted earnings per share were EUR -0.01 (EUR -0.01).


In April 2022, we issued a convertible bond of a maximum of EUR 3.0 million at the most which included two tranches. The convertible bond is a capital loan. The convertible bond was subscribed for a total of EUR 0.7 million. The subscriptions were made for the first tranche in new cash investments. The company discontinued the subscription period of the second tranche on 10 August 2022 and no subscriptions were made for the second tranche. One loan share of EUR 100,000 pursuant to the Promissory Note entitles the Promissory Note Holder to subscribe for 1,428,571 new shares or treasury shares held by the company. Based on the subscriptions made pursuant to the loan shares Valoe shall issue a maximum amount of 10,000,000 new Valoe shares. The conversion period shall begin on 1 October 2022 and expire on 31 December 2022. The loan period ends on 30 June 2024. The terms of the Convertible Bond are attached to the stock exchange release disclosed on 26 April 2022 with amendments disclosed on 24 May 2022.

As the working capital situation continued tight and as we were preparing for the orders we expect from the automotive industry, we issued a convertible bond 2/2022 of EUR 3.0 million at the most as disclosed on 10 August 2022. The convertible bond is a capital loan. The subscription period of the convertible bond commenced on 10 August 2022 and ends on 15 September 2022. The loan period expires on 30 June 2024. An annual interest of six percent shall be paid to the capital of the Convertible Bond. The convertible bond can be converted into the shares of the company during the Conversion Period I which begins on 31 March 2023 and expires on 30 April 2023, and during the Conversion Period II which begins on 1 June 2024 and expires on 30 June 2024. When converting the convertible bond into the shares of the company during the Conversion Period I the subscription price of one share of the company shall be (i) EUR 0.07 per share or (ii) the two-month volume weighted average stock trading price prior to 30 March 2023, less 15 percent, depending on which of the above options (i) or (ii) results to a larger number of shares. When converting the convertible bond into the shares of the company during the Conversion Period II the subscription price of one share of the company is the two-month volume weighted average stock trading price prior to 31 May 2024, less 15 percent. Based on the subscriptions made pursuant to the loan shares, the company shall issue a maximum amount of 42,857,142 new shares or treasury shares of the company. However, if, as described above, the subscription price of one share of the company is less than EUR 0.07 per share, the company will increase the maximum number of new shares or treasury shares so that the entire loan amount can be converted into shares of the Company at the subscription price described above.

In July 2021, we signed a framework agreement on a three-year financing facility of up to EUR 30 million with RiverFort Global Opportunities PCC Limited (“RiverFort”). Under this financing agreement, we have withdrawn a total of EUR 4.05 million by the date of this Report, out of which we have repaid EUR 0.95 million.

In April 2020, we entered into a new convertible note facility agreement with Winance concerning a funding arrangement of up to EUR 3,000,000 in convertible loan. Out of this financial facility, we raised the last tranche in March 2022. Out of the loan a total of EUR 0.35 million has not yet been converted into shares.

Cash flow from business operations before investments in January – June was EUR -0.7 million (EUR -2.4 million). Trade receivables at the end of the reporting period were EUR 0.4 million (EUR 0.3 million). Net financial items amounted to EUR 1.0 million (EUR 0.7 million). At the end of June, the equity ratio of Valoe Group was -23.1 per cent (-7.1 %) and equity per share was EUR -0.003 (EUR -0.004). The equity ratio including capital loans was 0.7 per cent (14.7 %). At the end of the reporting period, the Group’s liquid assets totalled EUR 0.01 million.

Valoe’s financial and other risks have been handled in this Report’s item “Risks and Uncertainties”.


The objective of Valoe's product development is that the energy produced by Valoe’s solar modules shall be the greenest as well as the cheapest energy on the market.  The importance of research and development for Valoe is well illustrated by the human resources allocated to research and development. Valoe Group employs 58 people, out of whom 30 work on the company's product development projects in Finland and Lithuania.

During recent years, the focus of our research and development has been on cell development and efficiency improvement as well as on the development of the IBC cells. In 2019, we started and have continued to increase product development resources to bring Valoe OddForm® modules fast to the market. We have registered the trademark OddForm®. Valoe’s OddForm® module is a flexible and lightweight composite module that suits new applications in the automotive, aviation, and aerospace industries very well.

In May 2022, EU granted funding for a three-year project called IBC4EU for developing IBC-based photovoltaic technology. The project is run by EURECA Alliance (European Rear Contact Alliance), in which Valoe Oyj and UAB Valoe Cells are partners among many leading European Institutes and companies. The project budget is approximately EUR 17 million. Valoe’s share of the grant is approximately EUR 0.9 million and Valoe Cells’ approximately EUR 1.3 million. The project is the logical continuation of the Horizon 2020 project Highlite Valoe is partnering with in 2019 -2023. The new project commences in the autumn 2022 and lasts for three years.  

The target of the project is to develop and demonstrate at a pilot line level cost-competitive and sustainable industrial production of IBC based PV products along the value chain from ingots and wafers to solar cells and modules in Europe. In the IBC4EU project, Valoe’s task is to implement the innovations in the development of cells and modules and their production methods with ambitious cost, performance, and environmental impact reduction targets. With the lowest production costs and the lowest environmental footprint to be demonstrated by the IBC4EU project, IBC technology will retain its position as one of the leading PV technologies.

Over the past years, we have created a global partner network to support our research and development. With the partners, we develop products and technology to implement the next phase of our growth strategy. The development and technology transfer collaboration with ISC Konstanz has been steadily deepening, now in its fourth year. ISC Konstanz is one of the leading solar energy research institutes in Europe. 

Valoe’s other primary technology partners include Energy Research Centre of the Netherlands (ECN) that now belongs to TNO, and Fraunhofer Institute for Solar Energy Systems (Fraunhofer ISE). In the Horizon HighLite project, we have been able to utilize also the knowledge and experience of IMEC in Belgium, CEA and Ines in France, CSEM in Switzerland, each of them being the leading institute in their country, and other leading universities in several countries. Further, Valoe will be able to work with some of the world's most renowned materials technology companies. 

We protect our innovations in every critical geographical area.

The Group’s research and development costs amounted to EUR 1.4 million (EUR 1.1 million) during the reporting period.


Gross investments in the continuing operations during January – June period amounted to EUR 0.6 million (EUR 0.7 million). The investments on the reporting period were mainly in equipment. 


At the end of June 2022, the Group employed 58 (44) people, out of which 19 employees worked in Lithuania and the rest in Finland. During the reporting period, the Group’s salaries and fees totalled EUR 1.2 million (EUR 1.1 million). 


At the end of the reporting period, Valoe’s share capital amounted to EUR 80,000.00 and the number of shares was 393.359.195. The company has one series of shares, which confer equal rights in the company. On 30 June 2022 Valoe had 23,838,259 treasury shares. 

The company had a total of 16,074 shareholders at the end of June 2022, and 2.9 per cent of the shares were owned by foreigners. The ten largest shareholders held 43.4 per cent of the company’s shares on 30 June 2022.

The largest shareholders on 30 June 2022

2VALOE OYJ 23.838.2596,1
4SAVISALO IIKKA17.811.1584,5
5SAVISALO HANNU12.021.7353,1
6OLLILA JORMA 11.053.4172,8
9KAKKONEN KARI9.447.7772,4
10JOCER OY AB8.750.0002,2

The members of the Board of Directors and the President and CEO, either directly or through companies under their control, held a total of 82.455.707 shares in the company on 30 June 2022, representing about 21 per cent of the company’s shares. At the end of the period Iikka Savisalo, Valoe’s Managing Director, either directly or through companies under his control, held a total of 70.166.294 shares in the company.

The price of Valoe’s share varied between EUR 0.06 and 0.13 during the January – June period. The average price was EUR 0.09 and the closing price at the end of June EUR 0.07. A total of 106.0 million Valoe shares were traded at a value of EUR 9.3 million during the January – June period. The company’s market capitalization at the end of June stood at EUR 26.0 million.


The company has a share issue authorization in force granted by the Annual General Meeting 2022 according to which the Board of Directors is authorized to decide on a share issue with and/or without payment, either in one or in several occasions, including right to resolve on option rights and other rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act so that the number of new shares issued based on the authorization or number of shares issued based on option rights and other special rights entitling to the shares pursuant to the Chapter 10, Section 1 of the Finnish companies Act, could increase by a total maximum amount of 150,000,000 shares. The authorization does not exclude the Board’s right to decide also on directed issue of shares or option rights and other special rights pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The authorization may be used for important arrangements from the company’s point of view e.g. to strengthen the capital structure, to finance investments, for acquisitions and business transactions or other business arrangements, or to expand ownership structure, for incentive plans, or for other purposes resolved by the Board involving a weighty financial reason for issuing shares or option rights or special rights entitling to shares pursuant to the Chapter 10, Section 1 of the Finnish Companies Act. The share issue may be executed by deviating from the shareholders' pre-emptive subscription right provided the company has a weighty financial reason for that. The authorization is in force until 30 June 2023.

By the date of this Report the Board of Directors has resolved on issues of a total of 47,624,510 shares based on the authorization.


Risks Related to Financial Situation and Financing

The cash flow from our operations is still low and is not sufficient to cover our investments. Increasing difficulties in raw material supply and continuously rising prices may further hamper the increase in solar cell production volumes, which could have a material adverse effect on the company's results and/or financial situation.

The Covid-19 pandemic slowed down our operations throughout 2021. The consequences of the COVID-19 pandemic and the effects of the war in Ukraine and related sanctions on global supply chains and logistics together with raising raw material and energy prices hamper our solar module production. We use components sourced from international material suppliers and subcontractors in our production. The main raw materials include silicon wafers, silver, other metals, plastics, and glass. All these materials now have longer delivery times and higher prices. It is impossible to assess the ultimate impact of the pandemic and the war in Ukraine and related sanctions on our operations. If we cannot pass on higher purchasing costs to our customer prices, the increase in prices may have a significant negative effect on our profitability and financial situation.

Failure to realize the assumptions related to the company's cash flow forecasts could lead to a situation where the company's impairment tests would indicate the need to write down the company's intangible and tangible assets or goodwill. In such a situation, impairment of intangible and tangible assets could have a material adverse effect on the company's financial position. A detailed description of the company's impairment testing can be found in Note 12 to the consolidated financial statements in the Annual Report 2021.

In exceptional circumstances, banks or public or private funding organizations may face unpredictable pressures that could slow the payment of already agreed funding to Valoe. Such a situation could, in some circumstances, cause the company's working capital situation to tighten again.


Risks Related to the Strategy, Business Operations, New Technologies, and Manufacturing

The development and commercialization of new technologies always involve uncertainties and significant risks. If our product development projects were unsuccessful, or the business environment or market situation changed, our ability to provide its customers with competitive products or services could be threatened. In such a situation, the profitability could be lower than expected, which could significantly affect our profitability and financial situation.

In the uncertain global environment created by Covid-19 and the war in Ukraine and related sanctions, supply chains involve specific risks. Their impact on the availability and pricing of materials and services, and thus on the company's financial situation and operations, cannot be assessed. Such critical raw materials include, e.g., special plastics, metals, glass and silicon wafers, spare parts and components for machines and equipment, and professional services related to operations. Our supply chains mainly include European and some individual Asian suppliers. The components and raw materials we purchase from these suppliers are critical to our business. Due to the uncertainty caused by Covid-19, the war in Ukraine and related sanctions, raw material and energy prices have already risen. In addition, the delivery times for components, silicon wafers, silver, other metals, plastics, and glass used in our production have been extended. Should the availability of critical components and raw materials continue to decline or the prices continue to rise, this could further slow down the production of our products, delay our deliveries to customers and reduce our profitability. This could have an adverse effect on our business, profit, financial situation, and the value of the company's securities. 

Risks Related to the Operations in Emerging Markets

We are using part of our resources to market and sell our technology in emerging markets. Risks associated with operating in emerging markets may arise from, for example, political and social changes, customer liquidity, uncertainties related to production factors, initiation or implementation of foreign exchange control, or other changes in legislation that could effectively prevent the company from repatriating potential profits, selling assets and exiting from the market.

 Administrative and Legal Risks

Public funding and investment subsidies have a significant incentive effect on the solar energy business. In particular, in Finland, changes in public funding or investment subsidies for solar power projects that are unfavourable from the manufacturers’ point of view could significantly reduce the domestic market. The possible negative effects of such factors on our business, results and/or financial position cannot be foreseen.

Market Guidance and Strategy Related Risks

The statements, projections and market guidance in this Report and in Valoe’s strategy are targeted to the future and based on the management’s current estimates. Therefore, they involve risks and uncertainty by their nature and may be affected by changes in the general financial situation and in Valoe’s and its customers’ business environment.

In Mikkeli, 24 August 2022

Valoe Corporation
Board of Directors

Consolidated statement of comprehensive income
1 000 EUR 1-6/20221-6/20211-12/2021
Net sales 4941 2272 148
Cost of sales-1 086-835-1 964
Gross profit-592392185
Other operating income815538
Product development expenses-1 399-1 057-2 028
Sales and marketing expenses-330-293-601
Administrative expenses-424-393-831
Other operating expenses0-391-435
Operating profit-2 665-1 735-3 173
Financial income012
Financial expenses-986-748-1 605
Profit before taxes-3 651-2 482-4 776
Income taxes000
Profit/loss for the period-3 651-2 482-4 776
Profit/loss attributable to:   
Shareholders of the parent company-3 651-2 482-4 776
Earnings/share (basic), eur-0,01-0,01-0,02
Earnings/share (diluted), eur-0,01-0,01-0,02
Total comprehensive income for the period-3 651-2 482-4 776
Total comprehensive income attributable to:   
Shareholders of the parent company-3 651-2 482-4 776
The cost of sales include a one-off write-down of approximately EUR 0.2 million in inventories mainly related to the Chrome module family during the year 2021 and appr. 0.1 million during 1-6/2021.
1 000 EUR 4-6/20224-6/20211-12/2021
Net sales 289592 148
Operating profit-1 616-298-3 173
EBIDTA -1 193167-1 580
Profit/loss for the period-2 081-652-4 776

Consolidated statement of financial position 
1 000 EUR 30.6.202230.6.202131.12.2021
Non-current assets   
Property, plant and equipment10 46610 03210 447
Consolidated goodwill441441441
Other intangible assets2 3803 1492 798
Available-for-sale investment999
Non-current receivables672672672
Total non-current assets13 96914 30414 368
Current assets    
Inventories 327374465
Trade and other non-interest-bearing receivables1 7191 1882 334
Cash and cash equivalents102815
Total current assets2 0551 5902 814
Total assets 16 02415 89417 182
Equity attributable to shareholders of the parent company  
Share capital 808080
Other reserves 33 65530 80432 771
Retained earnings -37 434-32 006-33 887
Total equity -3 698-1 122-1 036
Non-current liabilities   
Non-current loans 5 4828 0907 080
Non-current subordinated loans3 2173 4582 567
Other non-current liabilities5428562
Total non-current liabilities8 75311 8339 709
Current liabilities    
Current interest-bearing liabilities7 3722 0135 737
Current subordinated loans5920528
Trande and other payables2 9173 0672 154
Current provisions 8910289
Total current liabilities10 9705 1838 509
Total liabilities 19 72217 01618 218
Equity and liabilities total16 02415 89417 182

Consolidated statement of cash flows  
1 000 EUR 1-6/20221-6/20211-12/2021
Cash flow from operating activities    
Income statement profit/loss before taxes -3 651-2 482-4 776
Non-monetary items adjusted on income statement    
 Depreciation and impairment +8467941 593
 Unrealized exchange rate gains (-) and losses (+) +/-00-1
 Other non-cash transactions +/-00-503
 Other adjustments +/--42-93-177
 Change in provisions +/-0-123-137
 Financial income and expense +9867471 604
Total cash flow before change in working capital -1 861-1 157-2 397
Change in working capital    
 Increase (-) / decrease (+) in inventories 138-65-191
 Increase (-) / decrease (+) in trade and other receivables 443-286-868
 Increase (+) / decrease (-) in trade and other payables 747-459-145
Change in working capital 1 328-809-1 203
Adjustment of financial items and taxes to cash-based accounting   
 Interest paid -186204373
 Interest received +001
 Other financial items -30188411
Financial items and taxes -216-392-784
 Investments in tangible and intangible assets -6267491 989
 Financing arrangement with Bracknor Investment +1 050750750
 Proceeds from  non-current borrowings +7002 3906 110
 Repayment of non-current borrowings -00100
 Proceeds from current borrowings +98124188
 Repayment of current borrowings -478564995

Consolidated statement of changes in equity 
1 000 EURShare capitalDistributable non-restricted equity fundRetained earningsTotal equity
31.12.20218032 771-33 887-1 036
Profit/loss for the period---3 651-3 651
Translation difference, comprehensive income--00
Transactions with owners:    
Sale of own shares - Winance, Riverfort etc.08840884
Own equity component of the convertible bond00105105
30.6.20228033 655-37 434-3 698
1 000 EURShare capitalDistributable non-restricted equity fundRetained earningsTotal equity
31.12.20208026 930-29 535-2 525
Profit/loss for the period---2 482-2 482
Translation difference, comprehensive income--00
Transactions with owners:0000
Sale of own shares -  Winance04740474
Share issue03 40003 400
Own equity component of the convertible bond001111
30.6.20218030 804-32 006-1 122

Key figures   
1 000 EUR1-6/20221-6/20211-12/2021
Net sales4941 2272 148
Operating profit-2 665-1 735-3 173
% of net sales-539,6 %-141,4 %-147,7 %
EBITDA-1 819-941-1 580
% of net sales-368,3 %-76,7 %-73,6 %
Profit before taxes-3 651-2 482-4 776
% of net sales-739,3 %-202,3 %-222,3 %
Balance Sheet value16 02415 89417 182
Equity ratio, % -23,1 %-7,1 %-6,0 %
Net gearing, %neg.neg.neg.
Gross investments5696801 701
% of net sales115,2 %55,4 %79,2 %
Research and development costs 1 3991 0572 028
% of net sales283,3 %86,2 %94,4 %
Order book2601 625820
Personnel on average554347
Personnel at the end of the period584452
Non-interest-bearing liabilities2 9173 0672 154
Interest-bearing liabilities16 71613 84615 976
Share key indicators   
Earnings/share (basic)-0,01-0,01-0,02
Earnings/share (diluted)-0,01-0,01-0,02
P/E ratio-7,11-9,44-5,48
Highest price0,130,160,16
Lowest price0,060,060,06
Average price0,090,120,11
Closing price0,070,090,08
Market capitalisation, at the end of the period, MEUR26,033,232,6
The operating profit and the profit for the period include a one-off write-down of approximately EUR 0.2 million in inventories mainly related to the Chrome module family during the year 2021 and appr. EUR 0.1 million during the period 1-6/2021.
Calculation of Key Figures   
EBITDA, %:Operating profit + depreciation + impairment
 Net sales  
Equity ratio, %:Total equity x 100  
 Total assets - advances received 
Net gearing, %:Interest-bearing liabilities - cash and cash equivalents  
 and marketable securities x 100 
 Shareholders' equity + non-controlling interests
Earnings/share (EPS):Profit/loss for the period to the owner of the parent company
 Average number of shares adjusted for share issue 
 at the end of the financial year 
Equity/share:Equity attributable to shareholders of the parent company
 Undiluted number of shares on the balance sheet date
P/E ratio:Price on the balance sheet date 
 Earnings per share  

Related party transactions   
The Group has sold and purchased goods and services from companies in which the majority holding and/or power of decision granting control of the company is held by members of the Group's related parties. Sales of goods and services carried out with related parties are based on market prices. 
The Group entered into the following transactions with related parties:  
1 000 EUR1-6/20221-6/20211-12/2021
Sales of goods and services   
Savcor Oy - production services1722
SCI Invest Oy - production services007
Purchases of goods and services   
SCI Invest Oy - rent242448
Basso J., business management services in Lithuania5960119
SCI-Finance Oy - marketing and administration services4036104
Savcor Technologies Oy - marketing and admin services5157106
Savcor Oy - financial management services10510
Interest income   
Savcor Oy001
Interest expenses and other financial expenses   
SCI-Finance Oy 724092
Savcor Technologies Oy023
Savcor Oy200
SCI Invest Oy000
Non-current convertible subordinated loan from related parties06463
Current convertible subordinated loan from related parties6300
Other current liabilities to related parties51440
Current interest payable to related parties7123
Trade payables and other non-interest-bearing liabilities to related parties19419643
Trade and other current receivables from related parties191447
Savcor Face Ltd, Savcor Technologies Oy, Savcor Oy and SCI-Finance Oy are companies under control of Iikka Savisalo, Valoe's CEO and Hannu Savisalo, Valoe's Chairman of the Board.
SCI Invest Oy is a company under control of Iikka Savisalo, Valoe's CEO.
1 000 EUR1-6/20221-6/20211-12/2021
Wages and remuneration   
Salaries of the management and Board258259515

Fair values  
 Carrying amountFair value
1 000 EUR30.6.202230.6.2022
Financial assets  
Available-for-sale investments99
Trade and other receivables1 7191 719
Cash and cash equivalents1010
Financial liabilities  
R&D loans, non-current5 4425 442
Non-current subordinated loans3 2173 217
Other non-current loans4040
Other non-current liabilities5454
Current subordinated loan592592
Loans from financial institutions, current5 0765 076
Other loans, current321321
Other liabilities, current529529
Trade payables and other non-interest-bearing liabilities1 1541 154
The fair value of non-current liabilities is expected to correspond to the carrying amount and recognized to their fair value when recorded. There has been no significant change in common interest rate after the withdrawal of the loans.
Other non-current and other current liabilities include EUR 0.4 million of liabilities arising from the IFRS 16 standard.
EUR 1.2 million out of trade payables, other current liabilites and accruals was overdue at the end of the reporting period. In addition, EUR 0.3 million of loan repayments were overdue.

Change in intangible and tangible assets  
1 000 EUR30.6.202230.6.202131.12.2021
Includes tangible assets, consolidated goodwill and other intangible assets   
Carrying amount, beginning of period13 68613 84213 842
  Depreciation and impairment-846-660-1 422
  Additions4474391 266
Carrying amount, end of period13 28713 62213 686
The assets and liabilities of the contracts have been recognized in IFRS 16 leases and properties at the date of transition 1 Jan 2019.

Commitments and contingent liabilities  
1 000 EUR30.6.202230.6.202131.12.2021
Assets pledged for the company   
Loans from financial institutions4 6661 8995 007
Other liabilities190279209
 Promissory notes secured by pledge2 0602 0602 060
 Other securities provided2 8262 0763 019
Operating lease liabilities   
 Payable within one year 1516193
 Payable over one year0202108

Source: GlobeNewswire

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