Amersfoort,The Netherlands -June 27, 2023 -Envipco , a global provider of recycling systems and reverse vending machines (RVMs), has today published the 2022 Annual Report and also the notice for the General Meeting of Shareholders, including the agenda and the accompanying explanatory notes, on its website (www.envipco.com). The meeting will be heldAugust 15, 2023 10:00 (CEST) at the Company's Amersfoort offices. Publication 2022 Annual Report The Company's audited 2022 results compared to the unaudited interim 2022 results are summarized in the tables below: Profit & loss statement: in EUR thousands Audited Full Year 2022 Unaudited Interim Full Year 2022 Difference Revenues 56,373 55,965 408 Cost of sales (37,911) (38,323) 412 Gross profit 18,462 17,642 820 % 32.8% 31.5% 1.3% Operating expenses (21,173) (20,870) (303) Operating profit/(loss) (2,710) (3,227) 517 EBITDA 2,259 1,218 1,041 Net financial items (1,244) (950) (294) Taxation (224) (130) (94) Minority interest (4) (4) - Net Profit/(Loss) (4,182) (4,311) 129 Balance sheet: in EUR thousands Audited Full Year 2022 Unaudited Interim Full Year 2022 Difference Total Non-Current Assets 25,681 25,406 275 Total Current Assets 53,208 52,248 960 Total Assets 78,889 77,654 1,235 Total Equity 27,940 28,683 (743) Total Non-Current Liabilities 12,333 11,837 496 Total Current Liabilities 38,616 37,133 1,483 Total liabilities 50,949 48,970 1,979 Liabilities and Equities 78,889 77,653 1,235 Highlights of the differences are discussed below: o Revenues increased byEUR 408 as a result of certain Greece RVM sales recognized at yearend 2022. o Cost of revenue decreased byEUR 412 as result of correction of intercompany profit eliminations netted against the cost of Greece RVM sales. o Gross profit improved byEUR 820 with a gross margin improvement to 32.8% compared to 31.5% o Operating expenses increased byEUR 303 with a net Operating Profit/(Loss) improvement ofEUR 517 . o EBITDA improved byEUR 1,041 toEUR 2,259 . o Net financial items increased byEUR 294 as a result of adjustment of Exchange Gains/Losses. o Net Profit/(Loss) improved byEUR 129 to a loss ofEUR (4,182) . o The Balance Sheet differences in summary were mostly impacted by aEUR 1,630 payment in transit at yearend that was restored to cash and current liabilities. Equity was reduced byEUR (743) as a result P&L adjustments noted above, offset by a correction of profit on inventory elimination recorded earlier in the year. Notice General Meeting of Shareholders The agenda has several proposed changes to the Board of Directors as follows: oErik Thorsen to join the Board as a non-executive member for a two year term.Mr. Thorsen is a very experienced industry professional with extensive board experience in private and public companies. o Maurice Bouri to move from a non-executive member to an executive board member for a two year term. This change is consistent with a more direct role in the company related to special projects and initiatives which include responsibility for the importantGreece project. o Ms.Ann Cormack to be reappointed as a non-executive member for a two year term. o Mr.Christian Crepet to be reappointed as a non-executive member for a one year term. Based on shareholder approval of the proposed Board of Directors changes, the Board will now be composed of two executive members and six non-executive members. Mr.Simon Bolton , CEO and Mr. Maurice Bouri will be executive members. The non-executive members will be Mr.Gregory Garvey as Chairman, Mr. Alexandre Bouri andErik Thorsen , who are not considered independent; independent members will be Ms.Anne Jorun Aas , Ms.Ann Cormack and Mr.Christian Crepet . The agenda also includes a proposal to the shareholders to provide the Board of Directors authority to raise capital and issue up to 20% of the outstanding shares. For further information please contact:Simon Bolton , Group CEO +31 33 285 1773 EnvipcoInvestorRelations@envipco.com AboutEnvipco Holding N.V. Envipco Holding N.V. (Envipco ), www.envipco.com, is aNetherlands -based holding company listed on Euronext Amsterdam and Euronext Oslo Growth (Symbols: ENVI/ENVIP).Envipco , with operations in several countries around the globe, is a recognized leader in the development and operation of reverse vending machines (RVMs), automated technological systems for the recovery of used beverage containers. Known for its innovative technology and market leadership,Envipco holds several intellectual property rights for RVM systems, including but not limited to beverage refund deposit markings, material type identification, compaction, and accounting.
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