SPINNOVA PLC, COMPANY RELEASE, INSIDE INFORMATION, 10 JUNE 2025 AT 09.02 UCT+2
Inside information, profit warning: Spinnova to write down its Woodspin assets as it plans to buy all Suzano's Woodspin shares for one euro
Spinnova to write down its Woodspin assets following the inside information announcement today (full company release is available on Spinnova's website https://spinnovagroup.com/releases/) stating the finalisation of the strategic review of Woodspin's operations, and the signing of a non-binding term sheet by Spinnova Oyj and Suzano S.A.
In the term sheet between the companies, it was stated that Spinnova Oyj is planning to buy all Woodspin Oy shares held by Suzano S.A. for a consideration of EUR 1 (one euro). Following the finalisation of the transaction, Spinnova will write down the book value of Woodspin, estimated to be at the most EUR 19.4 million, as required by IFRS. In 2024, the book value of Spinnova's share of Woodspin, on Spinnova's balance sheet, totalled EUR 19.4 million as of 31 December 2024.
The transaction would not have a negative cash flow impact on Spinnova.
A possible write down will affect Spinnova's results negatively in 2025. Spinnova has not given financial guidance for 2025.
Woodspin Oy, the exclusive producer and distributor of wood based SPINNOVA® fibre, is a joint venture that is owned by Spinnova Oyj and Suzano S.A., 50% each.
Spinnova Plc
For further information, please contact:
Janne Poranen
CEO, Chair of the Board
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Distribution:
Nasdaq Helsinki
Key media
Spinnova - The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fiber out of wood pulp or waste, such as leather, textile, or agricultural cropping waste, without harmful chemicals or dissolving.
Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
