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Endomines Interim / Quarterly Report 2024
3155_rns_2024-08-15_391eca41-a907-4b4c-96f4-d0991e7c8d92.pdf
Interim / Quarterly Report
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ENDOMINES
Half-year interim report from January to June 2024: significant turnaround in our business
The figures in parentheses refer to the corresponding period in 2023 unless otherwise stated.
January – June 2024 in brief
- The group's revenue increased by 22% and was 13.1 MEUR (10.7 MEUR). 100% of the group's revenue consists of the revenue of Pampalo production segment
- Gold production in January – June 2024 increased by 4%, production was 218.3 kg (210.0 kg) which is 7,019 oz (6,753 oz). 100% of the group's production consists of Pampalo production segment's production
- The group's EBITDA was 1.9 MEUR (0.4 MEUR), which is 15% of the revenue (3%)
- Pampalo production segment's EBITDA was 4.0 MEUR (2.4 MEUR), which is 31% of the revenue (22%)
- The group's operating result was 0.1 MEUR (-0.8 MEUR)
- The group's net result was -1.0 MEUR (-1.9 MEUR)
- The group's interest-bearing net liabilities at the end of June was 18.0 MEUR (11.6 MEUR), the net gearing ratio was 56% (33%) and the equity ratio was 50% (66%)
- At the end of June, the group's cash and bank receivables were 3.0 MEUR (1.2 MEUR)
- On February 1, 2024, Endomines started gold production at the Hosko production area located on the Karelian gold line
- On March 13, 2024, Endomines announced its 2024 ore reserve and mineral resources estimate for the Pampalo mine and the Karelia gold line deposits, according to the situation on December 31, 2023. Endomines also reports gold and silver resource estimates for gold deposits located in Idaho and Montana in the United States. The Karelian gold line, including Pampalo, has a total of 310,300 oz of gold in measured, indicated and inferred categories mineral resources grades additional to ore reserves, as estimated in accordance with the JORC (2012) code. The updated ore reserve and mineral resource estimate represents a 72% (129,800 oz) increase compared to the 2023 resource estimate. There was no change in the reported mineral resources of U.S. deposits
- On March 13, 2024, Endomines has agreed with a group of Finnish investors for a maximum of 3.8 MEUR convertible bonds related to the expansion of ore exploration on the Southern gold line and general business needs
- During February to March 2024, Endomines completed a deep drilling program in Kuittila, on the Southern gold line. The deep drilling program consisted of eight boreholes, with a total length of 5,076.8 meters. Based on the results, the known mineralized zone was significantly extended downward, all drill holes intersected the gold mineralization
- On June 10, 2024, the financing arrangement with LDA Capital Limited has ended, when the right to subscribe shares with warrants ended
Significant events after the end of the reporting period
- 11.7.2024 Endomines reports results from the 2023-2024 base of till sampling program performed at the Southern gold line area.
- 16.7.2024 Endomines reports the results of the drilling program carried out in the Karelian gold line Korvilansuo during the spring of 2024
- 31.7.2024 Endomines reports that it has reached its production capability to run the production periodically at a production level of 20,000 ounces
- 1.8.2024 Endomines reports high-grade exploration results from Kartitsa
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CEO's Review
Endomines' January-June 2024 was overall strong. We took a big leap towards our future goals. Our revenue grew by 22% and was 13.1 MEUR (10.7 MEUR), the group's EBITDA was 1.9 MEUR (0.4 MEUR) and our operating result was 0.1 MEUR positive (-0.8 MEUR). Our production at Pampalo increased by 4% compared to the strong comparison period and was 218.3 kg (7,019 oz). Pampalo production EBITDA rose to 4.0 MEUR (2.4 MEUR) and was 31% of revenue (22%). The strong price development of gold supported operations at the beginning of the year. In March, the spot price rose to its new record of 2,160 USD/oz, and in May the price already exceeded 2,400 USD/oz. Sustainability is a key part of our strategy and in April we published Endomines' first sustainability report.
We completely renewed our strategy in the summer of 2022. After renewing the strategy, we have achieved a significant turnaround in our business, both operationally and financially.
Our vision is to grow Karelia's gold line into one of the most significant responsible gold production areas in the world. The plan is to achieve this by increasing production from current production areas and at the same time to start production also in new production areas. Increasing Pampalo's production volume continued according to our plan, and at the same time the EBITDA increased by 68.4% compared to the comparison period.
We will continue increasing the production level at Pampalo towards the 20,000 oz annual production level, and then upwards. After the reporting period, we announced that we had achieved the capability to run production periodically at this level. Production was run at a higher level for two weeks from July 16th to July 29th, 2024. Total production during the period was approximately 26.7 kg (858 ounces) of gold. On an annual basis, the production level achieved is equivalent to approximately 22,300-ounce production. We see this very significant milestone as the achieved production period confirms that the joint production of Pampalo and Hosko can be increased to the target level of 20,000 ounces per year for longer periods.
Early 2024, we submitted an environmental permit application to take the Pampalo NW and Pampalonlammit areas into production. We also started nature surveys in the Southern gold line area. Our goal is to complete the environmental impact assessment program for the area in early 2025 and at the same time start a more detailed technical planning for placing the area into production. We believe that the Southern gold line offers a unique opportunity to multiply the production volume and take the company to a larger size category within 5–7 years. In planning, our goal is to create a production area where the effects on nature are minimized and at the same time a cooperative concept of gold production and tourism is created. This can include the manufacture of gold jewelry by a goldsmith, cafe operations, gold panning and the presentation of the rich history of the area. At the same time, we want to invest in preserving the area's valuable nature as a source of well-being for all of us.
Our strong investment in exploration supports our goal of growing the Karelian gold Line into a significant gold production area on a global scale. Our goal is to define a gold mineralization of more than one million ounces in the area. In March 2024, we announced a significant resource update, where gold resources increased by 72%, to over 310,000 ounces of gold. We are well on our way towards our strategic goal.
In exploration, we started the year with the Southern gold line in Kuittila and Korvilansuu. The results of the deep drilling program in the Kuittila area confirmed the continuation of the mineralized zone downwards in the bedrock. We published the results of the Korvilansuo drilling program in July. The results confirmed the wide continuation of high-grade mineralization towards the north. In both programs, every drill hole intersected gold mineralization. We believe that both programs will have a positive impact on our next resource update.
In base of till sampling programs, sampling is carried out from the surface of the bedrock. The gold concentrations in the samples indicate gold potential in the bedrock. The results strongly guide the location of future drilling programs. In July, we announced the results of base of till sampling from the Southern gold line. The program included 1,066 samples in the vicinity of Kuittila and Korvilansuo. Based on the results, we identified eight gold potential areas near known gold deposits. Such results from previously untested areas, in the immediate vicinity of known deposits, indicate a great possibility of growing the known deposits into much larger than the current size. Several of the analyzed samples also contained molybdenum, which is used in the steel industry, and tungsten, a raw material for the military industry. Tungsten has been designated as a critical mineral in the European Union and we will explore the possibilities for utilizing these minerals as well.
Regarding the Northern gold line, we published the results of the base of till sampling program carried out in Kartitsa in February 2024. Based on the results, an approximately two-kilometer-long gold potential area was identified. The area's first larger drilling
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program was launched in the spring of 2024. The results published after the reporting period confirmed the gold potential in the area, and the results of the northernmost drill hole particular were excellent. We see the potential of the area as very significant, and we will continue exploration in this area in the future.
Up North we also started production at Hosko's new open pit. After the start of the open pit, we were able to visually see the structures of the bedrock and gained significant additional information about the direction of continuity of the Hosko ore. Based on this, we implemented a drilling program in the summer of 2024 also in Hosko. We believe that the exploration potential in Hosko is significant.
In the US, our goal is to develop operations through a partnership model. During January-June, we actively worked to achieve this important goal. Partnership negotiations will be an important priority in our operations during July-December 2024.
Overall, we are moving towards the end of 2024 with a positive attitude. We expect an increase in our gold production compared to the beginning of the year. We especially believe that the production volumes of Hosko and Pampalo open pit (East) will increase at the end of the year. In exploration our activities focus on increasing the gold resources on the Southern gold Line.
The price of gold has continued to rise during the year. In January-March, the average price of gold was 2,073 USD/oz, and in April-June, the average price rose to 2,337 USD/oz. In several forecasts, the price outlook for the end of the year is positive. The political turmoil in the United States is predicted to have a positive effect on the price of gold.
I would like to thank our employees and partners for a job well done during the beginning of the year. We can be proud of the results achieved and continue our journey towards the next target levels. I would also like to thank our owners and other stakeholders for their pleasant cooperation.
Guidance for fiscal year 2024
We estimate that gold production will increase by 15–35% from 2023.
We expect the financial result to improve from 2023.
Gold's recent price development and strong short-term market prospects support the outlook for 2024.
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Group's result
| Key figures | Unit | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|---|
| Revenue | MEUR | 13.1 | 10.7 | 19.7 |
| Pampalo production revenue | MEUR | 13.1 | 10.7 | 19.7 |
| % of revenue | % | 100 % | 100 % | 100 % |
| Operating expenses | MEUR | -11.2 | -10.4 | -20.3 |
| EBITDA | MEUR | 1.9 | 0.4 | -0.7 |
| Pampalo production EBITDA | MEUR | 4.0 | 2.4 | 3.3 |
| % of revenue | % | 31 % | 22 % | 17 % |
| Depreciation and impairment losses | MEUR | -1.8 | -1.1 | -2.3 |
| Operating result | MEUR | 0.1 | -0.8 | -3.0 |
| Net result | MEUR | -1.0 | -1.9 | -5.3 |
| Net gearing ratio | % | 56 % | 33 % | 46 % |
| Equity ratio | % | 50 % | 66 % | 55 % |
| Earnings per share | EUR | -0.1 | -0.2 | -0.6 |
| Cash Cost in Pampalo, excl. investments | EUR/oz | 1,306 | 1,193 | 1,278 |
The group's revenue increased by 22% and was EUR 13.1 million (EUR 10.7 million). 100% of the group's revenue consists of the revenue of Pampalo production segment. The increase in revenue is the result of increased production volumes, high gold prices and a strong US dollar. The group's EBITDA was 1.9 MEUR (0.4 MEUR) and the EBITDA of Pampalo's production segment was 4.0 MEUR (2.4 MEUR), which is 31% of turnover (22%).
The group's financial position
At the end of June, the group's cash and bank receivables were EUR 3.0 million (EUR 1.2 million). In accordance with the strategy, Endomines invests heavily in ore exploration in Karelia's Golden Line. At the end of June, interest-bearing net liabilities were EUR 18.0 million (EUR 11.6 million).
The financing arrangement with LDA Capital Limited has ended entirely when the right to subscribe shares with warrants ended on June 10, 2024.
Convertible bonds from Finnish investors
In November 2023, Endomines agreed with a Finnish investor group on a convertible bond loan for a maximum of EUR 3.2 million, of which EUR 0.8 million was paid in January 2024. After payments in January, the financing arrangement is fully paid.
13.3.2024 Endomines agreed with the company's current owners on a convertible bond loan of a maximum of 3.8 million euros. The loan is to be used for the expansion of ore exploration of the Southern gold line, as well as for general business needs. The maturity of the convertible bonds are 48 months, and the annual interest rate is 10 percent. In accordance with the financing agreement, the convertible bonds can be fully or partially exchanged for company shares no earlier than 12 months after the loan drawdown date. The exchange price is made up of the daily average price calculated at the share's closing price during the 10 trading days preceding the day of the exchange request, minus 18 percent.
Sustainability
Endomines conducts its business in accordance with the principles of its sustainability program. We strive to be among the industry leaders in the pursuit and continuous improvement of sustainable mining. Market trends are increasingly driving the use of metals towards sustainable production – as demand for sustainably produced gold increases. We want to respond to this demand by leading the way in the mining industry.
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ENVIRONMENT
CO2 emissions, tonnes per ounce of produced gold
Our objective is to reduce our CO2 emissions (Scope1 and Scope2) annually by 5%.
| Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|
| 2023 | 0.46 | 0.42 | 0.42 | 0.73 |
| 2024 | 0.52 | 0.47 |
Recycling of water used in the process
Through closed-loop recycling of process water, we want to ensure that our production does not release harmful substances into water bodies near the mine. We aim to maintain a closed circuit in water used in the process and reduce water consumption.
| Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|
| 2023 | 100 % | 100 % | 100 % | 100 % |
| 2024 | 100 % | 100 % |
Life cycle management plan for the mine
The closure of mines in Finland is regulated by mining and environmental legislation and EU guidelines. The objective of closure plans is to bring the area to the most physically, chemically, and biologically stable state possible so that it does not cause harm to the environment or human health. We maintain up-to-date plans for all mining sites owned by the company, with plans being revised and updated at regular intervals as required by law, as operations progress.
SOCIAL RESPONSIBILITY
Safety at work
Our goal is zero accidents at work. At the beginning of the year 2024, we launched a comprehensive safety management development project in our production areas, in cooperation with DSS+. During the first half of the year, we focused on clarifying the company's operating methods, roles, and responsibilities in the field of safety at different organizational levels, as well as developing contractor safety and safety management on a management level. The safety organization was strengthened with the recruitment of a safety specialist. In addition, we developed safety-related measurement, reporting, the implementation of corrective measures, and their monitoring.
In connection with the development focus areas mentioned above, we updated our safety instructions and plans, increased the number of safety-related inspections and training, and investigated all near-miss situations, accidents, and other safety-related incidents. We intensified cooperation with our contractors to improve safety and updated our safety management tool to a new, more versatile system. We will continue active and proactive safety work together with our stakeholders during H2.
On 11.4.2024 we organized an annual extensive rescue exercise at Pampalo mining area, focusing on the underground mine. The exercise was executed in cooperation with the North-Karelian Rescue Department. The rescue exercise was carried out with the operational chain of the Pampalo mine, the rescue unit from Ilomantsi Rescue Station, the areal team leader, the heavy rescue team, the fire chief on duty and the operational command centre. We also practiced providing situation awareness to various stakeholders outside the production area.
During the first half of the year, 1 accident resulting in absence occurred.
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LTIFR formula: accidents resulting in lost working time per million working hours rolling last 12-month.
Well-being at work
Our objective is to maintain job satisfaction parameters at the defined level. We carry out annual staff surveys and take action where necessary, in line with the identified areas for improvement. The 2024 staff survey was carried out in February.
To support well-being at work, Endomines encourages all its employees to take care of their physical health and well-being by providing physical and cultural benefits.
Local co-operation
Our objective is to provide up-to-date information, develop local cooperation, and support local communities wherever possible. During the period 1.1.2024–30.6.2024, we organised two local briefings: the Lehtovaara event on 10.4.2024, and the Ilomantsi event on 7.2.2024. On 19.6.2024, we organised a public briefing related to the zoning process, at the Ilomantsi Municipality Hall.
We also renewed our sponsorship agreement to support FC Pogosta's children and youth football and floorball activities for 2024 and signed a new sponsorship agreement for 2024 with Joensuu Jokipojat under-15 junior team.
To support pupils' learning, we donated financial skills and friendship skills scholarships to Pogosta's primary and secondary schools at the end of the spring semester. In addition, during H1 we have been collaborating on the traffic safety project with Liikenne Ry, to produce traffic workbooks for first graders at the Pogosta primary school in Ilomantsi.
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GOVERNANCE
Personnel
Endomines had 45 (47) employees at the end of June 2024.
Executive team
At the end of the review period, the management team of Endomines Finland Oyj consisted of the following persons in addition to Kari Vyhtinen, CEO: Minni Lempinen, CFO; Ilkka Räty, Chief Operations Officer; Sampo Hirvonen, Chief Development Officer and Jani Rautio, Chief Geologist.
Annual General Meeting 2024
Endomines Finland Oyj's annual general meeting was held as a hybrid meeting on May 7, 2024, in Helsinki.
The general meeting confirmed the financial statements for the fiscal year ending on December 31, 2023, granted a discharge from liability for the members of the board of directors and the CEO for the period from January 1, 2023, to December 31, 2023, as well as for the preparation of the financial statements, and approved the 2023 remuneration report of the company's bodies
The general meeting decided, in accordance with the board's proposal, that the loss of EUR -9,888,712.32 for the fiscal year ending on December 31, 2023, will be transferred to the retained earnings and no dividend will be paid.
The general meeting decided, in accordance with the proposal of the shareholders' nomination committee, that 5 members will be elected to the board and that the remuneration will follow the previous year's remuneration. Jukka-Pekka Joensuu (chairman of the board), Markus Ekberg, Eeva Ruokonen, Jukka Jokela and Jeremy Read were elected as board members. The term of office of Board of Directions runs until the end of the 2025 Annual General Meeting.
The general meeting decided, in accordance with the proposal of the board of directors and based on the recommendation of the audit committee, that the audit firm KPMG Oy Ab will be chosen as the company's auditor, which has announced that it will appoint KHT Antti Kääräinen as the principal auditor. The term of office of the auditor ends at the end of the general meeting following the first election. The auditor is paid a fee based on an invoice approved by the company.
In accordance with the board's proposal, the general meeting decided on the acquisition of the company's own shares.
More information about the general meeting can be found on the company's website (endomines.com).
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Tables
Condolidated income statement, IFRS
| MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Revenue | 13.1 | 10.7 | 19.7 |
| Other operating income | 0.0 | 0.0 | 0.0 |
| Change in the inventory of finished goods and work in progress | 0.1 | -0.2 | -0.0 |
| Materials, supplies, and external services | -7.6 | -7.1 | -14.3 |
| Expenses arising from employee benefits | -2.3 | -1.9 | -3.9 |
| Other operating expenses | -1.4 | -1.2 | -2.1 |
| EBITDA | 1.9 | 0.4 | -0.7 |
| Depreciation and impairment losses | -1.8 | -1.1 | -2.3 |
| Operating result | 0.1 | -0.8 | -3.0 |
| Financial income | 0.5 | 0.4 | 0.9 |
| Financial expenses | -1.6 | -1.5 | -3.2 |
| Earnings before taxes | -1.0 | -1.9 | -5.3 |
| Taxes | 0.0 | 0.0 | -0.0 |
| Profit for the period | -1.0 | -1.9 | -5.3 |
| Profit for the period attributable to | |||
| Shareholders of the parent company | -1.0 | -1.9 | -5.3 |
| Earnings per share, EUR | -0.1 | -0.2 | -0.6 |
| Diluted earnings per share | -0.1 | -0.2 | -0.6 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
| Profit for the period | -1.0 | -1.9 | -5.3 |
| Items that can be reclassified to profit or loss: | |||
| Conversion differences related to the foreign unit | 0.7 | -0.4 | -0.8 |
| Other comprehensive income for the period, after taxes | 0.7 | -0.4 | -0.8 |
| Total comprehensive income for the period | -0.3 | -2.3 | -6.1 |
| Total comprehensive income attributable to | |||
| Shareholders of the parent company | -0.3 | -2.3 | -6.1 |
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Consolidated balance sheet, IFRS
| MEUR | 30.6.2024 | 30.6.2023 | 31.12.2023 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Mineral resource exploration and evaluation expenses | 36.2 | 32.8 | 33.7 |
| Other intangible assets | 1.1 | 1.3 | 1.3 |
| Property, plant, and equipment | |||
| Pampalo mine | 10.7 | 6.9 | 9.1 |
| Hosko mine | 0.9 | 0.0 | 0.7 |
| Land and water areas | 0.5 | 0.5 | 0.5 |
| Buildings and structures | 4.1 | 3.4 | 4.0 |
| Machinery and equipment | 4.7 | 4.9 | 5.0 |
| Other tangible assets | 0.1 | 0.0 | 0.1 |
| Other non-current assets | 0.8 | 0.5 | 0.8 |
| Total non-current assets | 59.1 | 50.5 | 55.3 |
| Current assets | |||
| Inventories | 0.5 | 0.2 | 0.4 |
| Accounts receivable | 1.7 | 1.5 | 1.7 |
| Other receivables | 0.0 | 0.0 | 0.0 |
| Accrued receivables | 0.1 | 0.6 | 0.3 |
| Cash in hand and at banks | 3.0 | 1.2 | 1.2 |
| Total current assets | 5.4 | 3.6 | 3.6 |
| Total assets | 64.5 | 54.0 | 58.9 |
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| MEUR | 30.6.2024 | 30.6.2023 | 31.12.2023 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity attributable to shareholders of the parent company | |||
| Share capital | 53.3 | 53.3 | 53.3 |
| Other invested capital | 114.3 | 113.6 | 114.3 |
| Translation differences | 2.5 | 2.2 | 1.8 |
| Retained earnings | -137.2 | -131.9 | -131.8 |
| Profit for the period | -1.0 | -1.9 | -5.3 |
| Total equity attributable to shareholders of the parent company | 32.0 | 35.4 | 32.3 |
| Total equity | 32.0 | 35.4 | 32.3 |
| Non-current liabilities | |||
| Deferred tax liabilities | 0.0 | 0.0 | 0.0 |
| Financial liabilities | 14.1 | 12.1 | 14.0 |
| Other non-current liabilities | 0.0 | 0.0 | 0.0 |
| Provisions | 3.0 | 1.4 | 2.9 |
| Total non-current liabilities | 17.1 | 13.6 | 16.9 |
| Current liabilities | |||
| Financial liabilities | 6.9 | 0.6 | 2.1 |
| Accounts payable | 4.7 | 2.6 | 5.0 |
| Provisions | 0.0 | 0.0 | 0.0 |
| Other liabilities | 0.4 | 0.3 | 0.4 |
| Accrued liabilities | 3.3 | 1.5 | 2.2 |
| Total current liabilities | 15.4 | 5.0 | 9.8 |
| Total liabilities | 32.5 | 18.6 | 26.6 |
| Total equity and liabilities | 64.5 | 54.0 | 58.9 |
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Consolidated cash flow statement, IFRS
| MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Result for the period | -1.0 | -1.9 | -5.3 |
| Adjustments to profit for the period | |||
| Financial income and expenses | 0.7 | 0.8 | 2.0 |
| Depreciation and impairment losses | 1.8 | 1.1 | 2.3 |
| Unrealised exchange rate differences on intra-Group items | 0.4 | 0.2 | 0.4 |
| Other adjustments | -0.0 | 0.0 | 0.1 |
| Cash flow from operating activities before the change in working capital | 1.9 | 0.4 | -0.6 |
| Change in current non-interest-bearing receivables | 0.0 | -0.4 | -0.6 |
| Change in inventories | -0.1 | 0.2 | -0.0 |
| Change in current non-interest-bearing receivables | -1.9 | -2.3 | -1.6 |
| Change in working capital | -2.0 | -2.5 | -2.2 |
| Cash flow from operating activities before financials items | -0.1 | -2.2 | -2.8 |
| Interest income | 0.0 | 0.0 | 0.0 |
| Interest expenses | -0.1 | -0.1 | -0.2 |
| Financial items | -0.1 | -0.1 | -0.2 |
| Income tax refunds | 0.1 | 0.0 | 0.0 |
| NET CASH FLOW FROM OPERATING ACTIVITIES | -0.1 | -2.3 | -3.0 |
| Financial assets used for investments | |||
| Investments in intangible assets | -1.7 | -1.1 | -2.5 |
| Investments in property, plant, and equipment | -1.1 | -2.7 | -4.6 |
| Transfers of tangible and intangible assets | 0.0 | 0.0 | 0.1 |
| NET CASH FLOW FROM INVESTING ACTIVITIES | -2.8 | -3.9 | -7.0 |
| Cash flow before cash flows from financing activities | -2.8 | -6.1 | -10.0 |
| Financial assets used for financing | |||
| Loan drawdowns | 4.7 | 3.7 | 7.9 |
| Loan repayments | -0.0 | -0.1 | -0.4 |
| Repayment of lease liabilities | -0.0 | -0.0 | -0.0 |
| NET CASH FLOW FROM FINANCING ACTIVITIES | 4.6 | 3.6 | 7.5 |
| Translation differences in financial assets | 0.0 | -0.0 | -0.0 |
| CHANGE IN FINANCIAL ASSETS | 1.8 | -2.5 | -2.5 |
| Financial assets at the beginning of the period | 1.2 | 3.7 | 3.7 |
| Financial assets at the end of the period | 3.0 | 1.2 | 1.2 |
| CHANGE IN FINANCIAL ASSETS | 1.8 | -2.5 | -2.5 |
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Consolidated statement of changes in equity, IFRS
| MEUR | Share capital | Other invested capital | Translation differences | Retained earnings | Total equity |
|---|---|---|---|---|---|
| Equity 1.1.2024 | 53.3 | 114.3 | 1.8 | -137.2 | 32.3 |
| Adjustment of retained earnings | - | - | - | 0.0 | 0.0 |
| Comprehensive income for the period | |||||
| Profit for the period | - | - | - | -1.0 | -1.0 |
| Other comprehensive income for the period | - | - | 0.7 | 0.0 | 0.7 |
| Total comprehensive income for the period | - | - | 0.7 | -1.0 | -0.3 |
| Transactions with shareholders | |||||
| Conversion of convertible loans into shares | - | - | - | - | - |
| Equity 30.6.2024 | 53.3 | 114.3 | 2.5 | -138.1 | 32.0 |
| MEUR | Share capital | Other invested capital | Translation differences | Retained earnings | Total equity |
| --- | --- | --- | --- | --- | --- |
| Equity 1.1.2023 | 53.3 | 112.2 | 2.6 | -132.0 | 36.3 |
| Adjustment of retained earnings | - | - | - | 0.1 | 0.1 |
| Comprehensive income for the period | |||||
| Profit for the period | - | - | - | -1.9 | -1.9 |
| Other comprehensive income for the period | - | - | -0.4 | 0.0 | -0.4 |
| Total comprehensive income for the period | - | - | -0.4 | -1.9 | -2.3 |
| Transactions with shareholders | |||||
| Conversion of convertible loans into shares | - | - | - | - | 1.4 |
| Equity 30.06.2023 | 53.3 | 113.6 | 2.2 | -133.8 | 35.4 |
| MEUR | Share capital | Other invested capital | Translation differences | Retained earnings | Total equity |
| --- | --- | --- | --- | --- | --- |
| Equity 1.1.2023 | 53.3 | 112.2 | 2.6 | -132.0 | 36.2 |
| Adjustment of retained earnings | - | - | - | 0.2 | 0.2 |
| Comprehensive income for the period | |||||
| Profit for the period | - | - | - | -5.3 | -5.3 |
| Other comprehensive income for the period | - | - | -0.8 | - | -0.8 |
| Total comprehensive income for the period | - | - | -0.8 | -5.3 | -6.1 |
| Transactions with shareholders | |||||
| Conversion of convertible loans into shares | - | 2.0 | - | - | 2.0 |
| Equity 31.12.2023 | 53.3 | 114.3 | 1.8 | -137.1 | 32.3 |
ENDOMINES
Key figures, IFRS
| MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Net result | -1.0 | -1.9 | -5.3 |
| The weighted average number of shares in the calculation of earnings per share | 9,795,339 | 9,481,440 | 9,587,596 |
| Earnings per share | -0.1 | -0.2 | -0.6 |
| Diluted adjusted number of shares | 11,491,737 | 10,194,859 | 10,768,188 |
| Diluted adjusted earnings per share | -0.1 | -0.2 | -0.6 |
| The number of shares outstanding at the end of the period | 9,795,339 | 9,598,177 | 9,795,339 |
| MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
| --- | --- | --- | --- |
| Interest-bearing net liabilities | 18.0 | 11.6 | 14.9 |
| Net gearing ratio. % | 56% | 33% | 46% |
| Equity ratio. % | 50% | 66% | 55% |
Calculation formulas for alternative key figures
Interest-bearing net liabilities = interest-bearing liabilities - liquid cash assets
EBITDA = operating result + depreciation and impairment losses
EBITDA % = 100 * EBITDA / revenue
Operating result = revenue + other operating income + change in the inventory of finished goods and work in progress - materials, supplies, and external services - expenses arising from employee benefits - other operating expenses - depreciation and impairment losses
Operating result % = 100 * operating result / revenue
Net gearing ratio-% = 100 * (interest-bearing liabilities - liquid cash assets) / equity
Equity ratio-% = 100 * equity / (adjusted balance sheet total - advance payments based on work performed)
Cash Cost in Pampalo, excl. investments = (Pampalo production segment materials, supplies, and external services + Pampalo production segment expenses arising from employee benefits + Pampalo production segment other operating expenses) / gold production in ounces during reporting period
*According to the IAS 33 Earnings per share -standard, the result adjusted for the dilution effect must not strengthen the earnings per share for the presented period.
ENDOMINES
Notes for the interim report
1. Accounting principles
The company prepares its consolidated financial statements in accordance with the international financial reporting standards (IFRS) approved by the EU. The half-year interim report 1 January 2024 – 30 June 2024 has been prepared in accordance with the IAS 34 standard (Interim reports), and the interim report has mainly followed the same preparation principles as the financial statements 31 December 2023.
The interim report is presented in millions of euros unless otherwise stated. All figures presented are rounded, so the sum of individual figures may differ from the sum presented.
2. Implementation of new and revised accounting standards
Endomines has applied the amendments and annual improvements to the IFRS standards that came into effect on January 1, 2024. The amendments and annual improvements to the standards have not had a significant impact on the reported figures.
As of January 1, 2024, Endomines will apply the changes published in the IAS 1 Presentation of Financial Statements -standard in October 2022 regarding the classification of liabilities into short-term and long-term liabilities. The changes clarify the classification of convertible bonds as short-term and long-term, when the option to convert convertible bond into an equity-based instrument does not form an equity component according to the IAS 32 standard. When the convertible bond can be settled, i.e. exchanged for equity instruments, within the next 12 months from the end of the reporting period, the convertible bond is classified as short-term liabilities, even if its actual maturity date is more than 12 months after the end of the reporting period. Endomines applies the changes to the IAS 1 standard retroactively in accordance with the transition regulations. The changes that came into force have no effect on the figures reported from 1 January to 30 June 2023. The classification changes for the figures from 1 January to 31 December 2023 are presented in the table below, the changes have no effect on the consolidated income statement, change in equity statement or cash flow statement.
| 31.12.2023
MEUR | Before the
change | Change | After the
change |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Intangible assets | | | |
| Mineral resource exploration and evaluation expenses | 33.7 | - | 33.7 |
| Other intangible assets | 1.3 | - | 1.3 |
| Property, plant, and equipment | | | |
| Pampalo mine | 9.1 | - | 9.1 |
| Hosko mine | 0.7 | - | 0.7 |
| Land and water areas | 0.5 | - | 0.5 |
| Buildings and structures | 4.0 | - | 4.0 |
| Machinery and equipment | 5.0 | - | 5.0 |
| Other tangible assets | 0.1 | - | 0.1 |
| Other non-current assets | 0.8 | - | 0.8 |
| Total non-current assets | 55.3 | - | 55.3 |
| Current assets | | | |
| Inventories | 0.4 | - | 0.4 |
| Accounts receivable | 1.7 | - | 1.7 |
| Other receivables | 0.0 | - | 0.0 |
| Accrued receivables | 0.3 | - | 0.3 |
| Cash in hand and at banks | 1.2 | - | 1.2 |
| Total current assets | 3.6 | - | 3.6 |
| Total assets | 58.9 | - | 58.9 |
ENDOMINES
| MEUR | Before the change | Change | After the change |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity attributable to shareholders of the parent company | |||
| Share capital | |||
| Other invested capital | 53.3 | - | 53.3 |
| Translation differences | 114.3 | - | 114.3 |
| Retained earnings | 1.8 | - | 1.8 |
| Profit for the period | -131.8 | - | -131.8 |
| Total equity attributable to shareholders of the parent company | -5.3 | - | -5.3 |
| Total equity | 32.3 | - | 32.3 |
| Non-current liabilities | |||
| Deferred tax liabilities | |||
| Financial liabilities | 0.0 | - | 0.0 |
| Other non-current liabilities | 16.1 | -2.1 | 14.0 |
| Provisions | 0.0 | - | 0.0 |
| Total non-current liabilities | 2.9 | - | 2.9 |
| Current liabilities | 19.0 | -2.1 | 16.9 |
| Financial liabilities | |||
| Accounts payable | 0.0 | 2.1 | 2.1 |
| Provisions | 5.0 | - | 5.0 |
| Other liabilities | 0.0 | - | 0.0 |
| Accrued liabilities | 0.4 | - | 0.4 |
| Total current liabilities | 2.2 | - | 2.2 |
| Total liabilities | 7.7 | 2.1 | 9.8 |
| Total equity and liabilities | 26.6 | - | 26.6 |
| Oma pääoma ja velat yhteensä | 58.9 | - | 58.9 |
3. Disaggregation of revenue
External revenue by timing of revenue recognition
| At a point in time, MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Pampalo production | 13.1 | 10.7 | 19.7 |
| Karelian gold line | 0.0 | 0.0 | 0.0 |
| USA operations | 0.0 | 0.0 | 0.0 |
| Unallocated items | 0.0 | 0.0 | 0.0 |
| Group total | 13.1 | 10.7 | 19.7 |
External revenue by market region
| Revenue, MEUR | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Finland | 13.1 | 10.7 | 19.7 |
| USA | 0.0 | 0.0 | 0.0 |
| Revenue total | 13.1 | 10.7 | 19.7 |
ENDOMINES
4. Segment information, IFRS
Pampalo production
| Gold production | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Gold production, kg | 218.3 | 210 | 397.8 |
| Gold production, oz | 7,019 | 6,753 | 12,790 |
Group total
| Gold production | 1.1.-30.6.2024 | 1.1.-30.6.2023 | 1.1.-31.12.2023 |
|---|---|---|---|
| Gold production, kg | 218.3 | 210 | 397.8 |
| Gold production, oz | 7,019 | 6,753 | 12,790 |
| 1.1.-30.6.2024, MEUR | Pampalo production | Karelian gold line | USA operations |
| --- | --- | --- | --- |
| Sales outside the group | 13.1 | 0.0 | 0.0 |
| Sales to other segments | 0.0 | 0.0 | 0.0 |
| Total revenue | 13.1 | 0.0 | 0.0 |
| Change in the inventory of finished goods and work in progress | 0.1 | 0.0 | 0.0 |
| Materials, supplies, and external services | -7.5 | -0.1 | 0.0 |
| Expenses arising from employee benefits | -1.2 | -0.4 | -0.2 |
| Other operating expenses | -0.5 | -0.1 | -0.1 |
| EBITDA | 4.0 | -0.5 | -0.3 |
| EBITDA % | 31 % | 0 % | 0 % |
| Depreciation | -1.1 | 0.0 | -0.4 |
| Operating result | 3.0 | -0.5 | -0.7 |
| Operating result % | 23 % | 0 % | 0 % |
ENDOMINES
| 1.1.-30.6.2023, MEUR | Pampalo production | Karelian gold line | USA operations | Unallocated items | Group total |
|---|---|---|---|---|---|
| Sales outside the group | 10.7 | 0.0 | 0.0 | 0.0 | 10.7 |
| Sales to other segments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenue | 10.7 | 0.0 | 0.0 | 0.0 | 10.7 |
| Change in the inventory of finished goods and work in progress | -0.2 | 0.0 | 0.0 | 0.0 | -0.2 |
| Materials, supplies, and external services | -7.0 | 0.0 | -0.1 | 0.0 | -7.1 |
| Expenses arising from employee benefits | -0.7 | -0.4 | -0.3 | -0.5 | -1.9 |
| Other operating expenses | -0.4 | 0.0 | -0.1 | -0.6 | -1.1 |
| EBITDA | 2.4 | -0.5 | -0.4 | -1.1 | 0.4 |
| EBITDA % | 22 % | - | - | - | 3 % |
| Depreciation | -0.4 | 0.0 | -0.5 | -0.3 | -1.1 |
| Operating result | 2.0 | -0.5 | -0.9 | -1.4 | -0.8 |
| Operating result % | 19 % | - | - | - | -7 % |
| 1.1.-31.12.2023, MEUR | Pampalo production | Karelian gold line | USA operations | Unallocated items | Group total |
| --- | --- | --- | --- | --- | --- |
| Sales outside the group | 19.7 | 0.0 | 0.0 | 0.0 | 19.7 |
| Sales to other segments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenue | 19.7 | 0.0 | 0.0 | 0.0 | 19.7 |
| Change in the inventory of finished goods and work in progress | -0.0 | 0.0 | 0.0 | -0.0 | -0.0 |
| Materials, supplies, and external services | -14.1 | -0.1 | -0.1 | -0.0 | -14.3 |
| Expenses arising from employee benefits | -1.6 | -0.7 | -0.5 | -1.1 | -3.9 |
| Other operating expenses | -0.7 | -0.1 | -0.4 | -0.9 | -2.1 |
| EBITDA | 3.3 | -0.9 | -1.0 | -2.1 | -0.7 |
| EBITDA % | 17 % | - | - | - | -3 % |
| Depreciation | -1.0 | 0.0 | -0.8 | -0.5 | -2.3 |
| Operating result | 2.3 | -0.9 | -1.8 | -2.6 | -3.0 |
| Operating result % | 12 % | - | - | - | -15 % |
ENDOMINES
5. Share based payments
In November 2023 the board of directions approved performance-based share bonus program for its key employees for years 2024-2026. Performance-based share bonus program consists of one-year earning period and two-year commitment period. Bonus is granted in Endomines shares including taxes and tax-related payments. The criteria for earning the share bonus are employment condition and the total return on the share. The starting level of the share price is 8.00 euros, and the maximum level is 16.00 euros. Share bonus is paid in April 2025, after the end of earning period if the performance goals are achieved.
At the grant date 23 employees are covered by the program. Share bonus program is treated as share-based payment according to IFRS 2 and it is booked as expense during financial years 2024-2026. The fair value of the share bonus program has been determined by modeling the stock price with a Monte Carlo simulation.
| Performance-based share bonus program | |
|---|---|
| Grant date | 1.1.2024 |
| Maximum bonus shares | 9,200 |
| Fair value of the share at the grant date (EUR) | 8.64 |
| Earning criteria | the total return on the share, employment |
| Employees 30.6.2024 | 22 |
The impact of the share bonus program on the financial year's result has been 0.0 MEUR, and the total cost during its effective period is estimated to be 0.0 MEUR.
6. Intangible and tangible assets
Endomines started gold production in the Hosko production area on February 1, 2024. The depreciation plan for the capitalized costs of the Hosko production area based on management's estimates of its economic life. The evaluation of the economic life is based on a long-term production plan prepared based on measured, proven and possible mineral reserves. Current estimates of the economic life of Hosko mine and other intangible assets are three years from the start of production. The long-term production plan is updated annually, Endomines will update the long-term plan during H2 2024.
Other intangible assets related to Hosko's book value are exploration and evaluation expenses for mineral reserves incurred before the commercial viability of the production area was demonstrated.
| Intangible assets, MEUR | Book value 1.1.2024 | Additions | Depreciation | Book value 30.6.2024 |
|---|---|---|---|---|
| Other intangible assets | 1.3 | 0.0 | -0.2 | 1.1 |
| Total | 1.3 | 0.0 | -0.2 | 1.1 |
| Intangible assets, MEUR | Book value 1.1.2023 | Exploration and evaluation expenses for mineral reserves | Depreciation | Book value 30.6.2023 |
| --- | --- | --- | --- | --- |
| Other intangible assets | 0.0 | 1.3 | 0.0 | 1.3 |
| Total | 0.0 | 1.3 | 0.0 | 1.3 |
ENDOMINES
| Tangible assets, MEUR | Book value 1.1.2024 | Additions | Depreciation | Book value 30.6.2024 |
|---|---|---|---|---|
| Hosko mine | 0.8 | 0.3 | -0.1 | 0.9 |
| Total | 0.8 | 0.3 | -0.1 | 0.9 |
| Tangible assets, MEUR | Book value 1.1.2023 | Additions | Depreciation | Book value 30.6.2023 |
| --- | --- | --- | --- | --- |
| Hosko mine | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 0.0 | 0.0 | 0.0 | 0.0 |
7. Financial assets and liabilities
| MEUR | 30.6.2024 | 30.6.2023 | 31.12.2023 |
|---|---|---|---|
| Financial assets | |||
| Current financial assets | |||
| Accounts receivable and other receivables | 1.9 | 2.0 | 2.0 |
| Cash in hand and at banks | 3.0 | 1.2 | 1.2 |
| Total financial assets recognized at amortized cost | 4.8 | 3.2 | 3.2 |
| Total financial assets | 4.8 | 3.2 | 3.2 |
| Financial liabilities | |||
| Non-current financial liabilities | |||
| Convertible loans | 14.0 | 12.1 | 14.0 |
| Lease liabilities | 0.0 | 0.0 | 0.0 |
| Other loans | 0.1 | 0.0 | 0.0 |
| Total non-current financial liabilities recognized at amortized cost | 14.1 | 12.1 | 14.0 |
| Current financial liabilities | |||
| Convertible loans | 6.7 | 0.6 | 2.1 |
| Lease liabilities | 0.0 | 0.0 | 0.0 |
| Accounts payable and other liabilities | 4.9 | 2.6 | 5.0 |
| Total current financial liabilities recognized at amortized cost | 11.6 | 3.2 | 7.1 |
| Total financial liabilities | 25.7 | 15.3 | 21.1 |
The balance sheet value of the financial assets included in the financial assets recorded at amortized cost, essentially corresponds to the fair value, because the effect of discounting is not material considering the maturity. Short-term convertible bonds are convertible bonds that can be exchanged for shares within the next 12 months after reporting period. The short-term convertible bonds mature during the financial years 2026-2027.
ENDOMINES
8. Convertible loans
| MEUR | 30.6.2024 | 30.6.2023 | 31.12.2023 |
|---|---|---|---|
| Convertible loans, non-IFRS principle | 21.0 | 13.0 | 16.4 |
| IFRS adjustments | -0.3 | -0.3 | -0.4 |
| Convertible loans, IFRS principle | 20.7 | 12.7 | 16.0 |
| Accrued interest of convertible loans | 2.7 | 1.0 | 1.7 |
| Yhteensä | 23.4 | 13.7 | 17.7 |
9. Material responsibilities and liability commitments
Endomines has valid royalty agreements concluded in 1996 regarding Ilomantsi and other takeovers. Royalty liability comes into effect when mining begins, maximum amount of the company's responsibility is 2.5 MEUR. Royalty liability applies to Hosko production area.
10. The most significant risks and risk management
Through its operations, the Group is exposed to various financial risks, such as market risk (including currency risk and price risk), credit and counterparty risk, liquidity risk and cash flow risk. At the end of the interim period, Endomines has only entered into fixed-rate financing agreements, and therefore the cash flows are not subject to the risk of interest rate changes on loans.
Market risk
The demand for produced gold on international markets affects the profitability of the group.
Currency risk
The Group operates internationally and is exposed to exchange rate risks in relation to the EUR/USD exchange rate. All gold concentrate invoicing is in USD, while production costs and internal financing of the group are in both EUR and USD. The exchange risk consists of transaction risk for contractual items and translation risk for the translation of the financial statements of a foreign subsidiary into euros. No currency hedging contracts were in force at the end of financial year. An intra-group loan in foreign currency between Endomines Finland Oyj and Endomines Idaho LLC is considered a net investment in a foreign entity.
Price risk
The group is exposed to price risk mainly through fluctuations in the price of gold. The price of gold is determined daily by the London Bullion Market Association (LBMA). The company's exposure to price fluctuations can be limited to some extent by entering into hedging contracts concerning the price of gold. No hedging contracts were in place on the balance sheet date. In terms of financial instruments, the selection of counterparties has been based on the management's assessment of their reliability.
Credit risk
Credit and counterparty risk refers to the risk that a counterparty to a transaction will not be able to fulfill its obligations, resulting in a loss for Endomines. In the case of Endomines, credit and counterparty risk are mainly affected by cash assets and credit exposures related to customers, including unpaid receivables and contractual transactions. To limit this risk, Endomines only accepts counterparties with a high credit rating. The counterparties for the group's cash assets are Nordea Bank in Finland and PlainsCapital Bank in the United States.
During the last two years, the group has had one customer: Boliden Commercials AB for flotation concentrate. The management has no reason to expect credit losses from these counterparties due to insolvency. Credit risk related to cash deposits is managed by the group's financial administration. Endomines has not recorded credit losses based on the management's discretion.
The payment terms for accounts receivable are on the twentieth calendar day of the month following the delivery month of the provisional invoice, and the payment terms for the final invoice are five business days after the delivery of the invoice.
ENDOMINES
Liquidity risk
The company regularly assesses and monitors the adequacy of liquidity. The assessment of financing needs has been based on an annual budget, a monthly updated financing forecast, and up-to-date cash flow planning.
In March 2024, Endomines has agreed with its current owners on a financing arrangement of a maximum of 3.8 million euros for the Southern gold line's ore exploration and other business needs. According to the management's best estimate, the anticipated funding need for the fiscal year 2024 will be covered with the help of committed funding and Pampalo's income funding. Ore exploration on the Karelia gold line can be suspended if Pampalo's production falls significantly short of the 2024 guidelines. Ore exploration is not a necessary expense for Endomines' business, but it is a very important part of Endomines' strategy.
Capital management
The group's goal of the group's capital management is to ensure normal operating conditions for the business, maintain an optimal capital structure, and minimize the cost of capital. The capital structure is primarily influenced by controlling investments and the amount of working capital tied up in business operations committed to the business. The group's capital structure is monitored, among other things, using the net debt ratio, which is calculated by dividing interest-bearing net debt by equity
Environment and permits
The company's operations depend on ore exploration, mining, and environmental permits, as well as other permits and rights. Its operations are subject to environmental risks and environmental requirements.
Shares and exchange
Endomines shares are listed on the main list of Nasdaq Helsinki. On 30 June 2024, the total number of Endomines shares was 9,795,339 and the share capital was 53.3 MEUR. At the end of June, Endomines held 8,000 of its own shares, which corresponds to approximately 0.08 percent of the number of shares and the total number of votes.
Share price development in Nasdaq Helsinki
| EUR | 1.1.-30.6.2024 |
|---|---|
| Opening price | 5.95 |
| Closing price | 6.90 |
| Highest price | 8.30 |
| Lowest price | 5.40 |
| Weighted average price | 6.73 |
10 largest shareholders on 30.6.2024
| Name | Shares | % of shares and votes |
|---|---|---|
| Joensuun Kauppa Ja Kone Oy | 2,162,144 | 22.07 |
| Mariatorp Oy | 920,000 | 9.39 |
| Wipunen Varainhallinta Oy | 910,000 | 9.29 |
| K22 Finance Oy | 389,987 | 3.98 |
| Taloustieto Incrementum Oy | 316,396 | 3.23 |
| Kakkonen Kari Heikki Ilmari | 285,704 | 2.92 |
| Vakuutusosakeyhtiö Henki-Fennia | 239,907 | 2.45 |
| Eyemaker's Finland Oy | 177,560 | 1.81 |
| Hietamoor Oy | 172,110 | 1.76 |
| Ehrnrooth Helene Margareta | 150,000 | 1.53 |
ENDOMINES
The Business Review on InderesTV 15.8.2024 at 14.00
A live webcast for analysts, investors and the media will take place on August 15th, 2024, at 14.00. The event will be held in Finnish, with presentation materials in English. To participate in the event, please follow this link. A recording of the webcast will be available later on the company's website at https://endomines.com/en/for-investors/reports-and-presentations/
Investor calendar
The release dates for the 2024 financial information will be announced in a stock exchange release by the end of November 2024.
Further information
Kari Vyhtinen, CEO, Endomines Finland Plc
[email protected], +358 40 585 0050
Minni Lempinen, CFO, Endomines Finland Plc
[email protected], +358 40 769 3483
