Endomines Finland Plc announces segment-specific financial comparatives for the period H1-2022
Endomines Finland Plc – Stock Exchange Release, 20/6/2023, at 15.00 EET
On 28 April 2023, Endomines announced a change in its segment reporting. From 1.2023, the new operating segments will be Pampalo production, the Karelian gold line and the US operations. The Endomines Group has previously formed a single operating segment.
Endomines renewed its business strategy during 2022. According to the revised strategy, Pampalo's production and exploration in the Karelian gold line will be the focus of operations, while US operations will focus on finding a local partner and re-organising the operations. Endomines has changed its reporting structure to reflect the company's strategy, organizational structure and the way it assesses its performance and allocates resources. The highest operational decision maker in the Endomines Group is the Board of Directors of Endomines Finland Plc.
The Pampalo Production segment forms the basis of Endomines' business. It consists of underground and open pit mining operations, enrichment plant operations and the sale of gold concentrate. The Karelian Gold Line segment consists of exploration in Finland. The US operations segment consists of the operations of Endomines Idaho LLC.
Segment performance is assessed on the basis of results and measured consistently in the consolidated financial statements. Common functions, including group administration, include taxes and financial income and expenses, which are managed at group level, and other items that cannot be allocated directly to the segments.
The non-audited financial comparatives by segment for the period H1-2022 here below.
MEUR | Pampalo production | Karelian goldline | USA operations | Common functions and unallocated items | Group in total |
Sales outside the group | 5.2 | 0.0 | 0.4 | 0.0 | 5.6 |
Sales to other segments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total sales | 5.2 | 0.0 | 0.4 | 0.0 | 5.6 |
Change in the inventory of finished goods and work in progress | 0.2 | 0.0 | -0.4 | 0.0 | -0.2 |
Materials, goods, and external services | -4.4 | 0.0 | -0.7 | 0.0 | -5.2 |
Expenses of employee benefits | -0.5 | 0.0 | -1.1 | -0.5 | -2.1 |
Other operating expenses | -0.3 | 0.0 | -0.7 | -0.5 | -1.5 |
EBITDA | 0.2 | 0.0 | -2.6 | -1.0 | -3.5 |
EBITDA % | 4 % | 0 % | -751 % | - | -62 % |
Depreciation and amortization | -0.4 | 0.0 | -5.8 | -0.5 | -6.7 |
Operating result | -0.2 | 0.0 | -8.4 | -1.5 | -10.2 |
Operating result % | -4 % | 0 % | -2,100 % | - | -182 % |
Endomines Finland Plc
Contact Information:
Minni Lempinen, acting CFO
minni.lempinen@endomines.com, +358 40 7693483
Endomines
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries, and we also create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company who embrace new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). More information at www.endomines.com