Happy spring Friday everyone 
Just a quick note regarding VVK loans. I cannot comment on the history before 2022, as I was not part of our golden journey then. Since March 2022, the number of VVK loans has steadily decreased as more time has passed. The company’s situation in 2022 was completely different. Endomines’ operating profit in 2022 was a loss of -15.5 MEUR. The EBITDA was also negative at -6.4 MEUR. The company’s market value was probably around 25-30 MEUR by the end of 2023. The board had very, very, very few realistic financing options available. A financing option like LDA Capital was seen as detrimental to the company, and therefore it was abandoned.
VVK loans do not always lead to full conversion of shares. For example, in the conversion announced on February 21, only the loan principal was converted. It was decided that the interest would not be converted and would be paid in cash.
Generally, management’s investment in the company is intended to communicate commitment and belief in the company’s future. If the company were doing poorly, it would personally sting everyone who invested in it.
The change has been enormous. Now, in the 2024 financial statement release, the company’s EBITDA was a positive 5.8 MEUR and operating profit was a positive 2.6 MEUR. I am very grateful for the support of our owners. This support made the change possible. Without this support, we would not be in this situation. I believe that all our owners, employees, and partners will benefit from the change.
Kind regards,
Kari