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    EVE   CH0021218067

EVOLVA HOLDING SA

(EVE)
  Report
Delayed Quote. Delayed Swiss Exchange - 10/22 09:46:37 am
0.1378 CHF   -0.14%
09/27EVOLVA : Issues 40 Million New Shares
MT
09/27Evolva issued 40'000'000 shares out of authorized capital
DJ
09/10EVOLVA : HY 2021 Results Presentation (EN)
PU
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

EQS-Adhoc : Evolva accelerated revenue growth to -2-

08/26/2021 | 01:02am EDT

Evolva's intellectual property and patent portfolio, based on this analysis management has concluded to discontinue some intellectual property rights and patent families which Evolva deems no longer strategically relevant for the company's product portfolio. The majority of the discontinued IP rights relates to one product candidate in a similar application field as other developed candidates in Evolva's product pipeline. Excluding this non-recurring impairment expense the operating expenses have decreased by 10.5%, mainly driven by reduced commercial and R&D expenses. As a result, the operating loss came in at CHF -27m and the EBITDA at CHF -13m. Excluding extraordinary cost of CHF 1m related to failed start-up batches and non-recurring expenses for the increase of operational provisions, the adjusted EBITDA would have been CHF -12m.

Balance sheet and cash flow Intangible assets have decreased by CHF 7.5m (CHF -6%) as a result of a non-recurring impairment charge on patents and patent applications (CHF -9.6m), amortization (CHF -3.7m). Capitalized product process and development costs in the first half of 2021 were added in the amount of 2.5m, the impact of the translation effects is 3.3m. Tangible assets have decreased by CHF 0.3m as a result of the purchase of manufacturing equipment (CHF 0.3m) and ordinary depreciation (CHF -0.7m). Inventory increased by CHF 0.8m (9%), of which CHF 1.7m relate to finished products and CHF -0.9m to raw materials and intermediate products. As a result of the positive demand and order momentum, net working capital increased during the first half year. Financial Assets increased by CHF 0.9m (36%) due to a reduction of the headquarters rent deposit (CHF-1.1m) and a newly granted loan to one of Evolva's manufacturing partners for manufacturing, supply, and CAPEX (CHF +1.9m). Trade and other receivables increased by CHF 2.3m (+100%) mainly because of increased product sales in the second quarter 2021. Provisions and accrued liabilities have increased by CHF 0.3m (4%) mainly because of an increase of CHF 0.5m for a potential risk related to a contractual R&D agreement from previous years. The company's cash position decreased to CHF 13.1m as of end of June from CHF 19.7m as per end of last year, of which CHF -17.2m resulted from operating free cash flow, CHF +11m related to financing and CHF -0.4m from finance lease payments. In 2020, Evolva Holding AG entered into an agreement for the issuance and subscription of convertible notes with Nice & Green SA, a company incorporated and registered in Switzerland. Under the terms of the agreement and the subsequent amendments in 2020 and 2021, Nice & Green has committed to invest up to an amount of CHF 44m over a period of 30 months. The convertible notes facility will be used to finance investments related to the expansion of Evolva's business and may be drawn in tranches depending on the operational requirements and investment opportunities to continue to grow the company's business activities. As of the end of June 2021, Evolva drew tranches in the total amount of CHF 21.5m. Considering the current business environment and the course of the pandemic, Evolva expects possible financing needs until cash break-even, in addition to the current remaining financing lines of CHF 22.5m, of up to around CHF 10-15m.

2021 Outlook As the pandemic continues, we are experiencing a slower return to normal conditions than we had anticipated. Evolva expects ongoing growing demand for Health Ingredients, but still only slowly recovering demand for its Flavor and Fragrance products. The more robust supply chain is expected to support the accelerated growth path in the second half of the year. The manufacturing start-up cost and the extraordinary expenses are projected to amount around CHF 6.5m for the full year 2021, and EBITDA is expected to be somewhat below previous year's figure.

Disclaimer This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.

About Evolva

Evolva is a Swiss biotech company focused on the research, development and commercialization of ingredients based on nature. We have leading businesses in Flavors and Fragrances, Health Ingredients and Health Protection. Evolva's employees, half of which are women, are dedicated to make the best products that can contribute to health, wellbeing and sensory enjoyment. Find out more at evolva.com and connect with us on LinkedIn.

For Evolva multimedia content, please visit: evolva.com/multimedia-library. Evolva will conduct a conference call with media and analysts to discuss HY Results 2021 today at 10 a.m. Central European Summer Time. A replay will be available after the call on the Evolva website. Today's half year results presentation and consolidated financial statements can be found at: evolva.com/financial-data /hy-result.

Important dates

March 10, 2022 Full Year Results 
April 12, 2022 Annual General Meeting 

Contact Barbara Duci Head of Investor and Corporate Relations +41 61 485 2003 +41 79 739 2636 barbarad@evolva.com

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End of ad hoc announcement

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Language:     English 
Company:      Evolva Holding SA 
              Duggingerstrasse 23 
              4153 Reinach 
              Switzerland 
Phone:        +41 61 485 20 00 
Internet:     www.evolva.com 
ISIN:         CH0021218067 
Valor:        2121806 
Listed:       SIX Swiss Exchange 
EQS News ID:  1229003 
 
End of Announcement EQS Group News Service 
=------------ 

1229003 26-Aug-2021 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1229003&application_name=news

(END) Dow Jones Newswires

August 26, 2021 01:01 ET (05:01 GMT)

All news about EVOLVA HOLDING SA
09/27EVOLVA : Issues 40 Million New Shares
MT
09/27Evolva issued 40'000'000 shares out of authorized capital
DJ
09/10EVOLVA : HY 2021 Results Presentation (EN)
PU
08/26Evolva Holding Sa Reports Earnings Results for the Half Year Ended June 30, 2021
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08/26EVOLVA : Consolidated financial statement HY 2021 (EN)
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08/26EVOLVA : Forecasts Return to Profit in Q4 After H1 Operating Loss Doubles
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08/26EVOLVA : Half Year Results presentation 2021 (EN)
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08/26EQS-ADHOC : Evolva accelerated revenue growth to 60% and expects gross profit to be positi..
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08/26EQS-ADHOC : Evolva accelerated revenue growth to -2-
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05/17EVOLVA : Obtains $22 Million Facility from Nice & Green
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Analyst Recommendations on EVOLVA HOLDING SA
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Financials
Sales 2021 13,7 M 15,0 M 15,0 M
Net income 2021 -25,1 M -27,3 M -27,3 M
Net cash 2021 4,57 M 4,99 M 4,99 M
P/E ratio 2021 -4,68x
Yield 2021 -
Capitalization 122 M 133 M 133 M
EV / Sales 2021 8,54x
EV / Sales 2022 4,67x
Nbr of Employees 65
Free-Float 84,9%
Chart EVOLVA HOLDING SA
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Evolva Holding SA Technical Analysis Chart | EVE | CH0021218067 | MarketScreener
Technical analysis trends EVOLVA HOLDING SA
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 0,14 CHF
Average target price 0,29 CHF
Spread / Average Target 107%
EPS Revisions
Managers and Directors
Oliver Walker Chief Executive & Financial Officer
Beat In-Albon Chairman
Astrid Schäfer Head-Research & Development
Gerhard Lobmaier Chief Operating Officer
Nic Buergin Secretary, Head-Legal & Compliance
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