Evolva H report. 26 August 2015
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1 Evolva H report 26 August 2015
2 DISCLAIMER This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. This document is not a prospectus within the meaning of article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the SIX Swiss Exchange AG or a prospectus under any other applicable laws. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. This document and the information contained herein is not for publication or distribution into the United States of America and should not be distributed or otherwise transmitted into the United States or to U.S. persons (as defined in the U.S. Securities Act of 1933, as amended (the "Securities Act")) or publications with a general circulation in the United States. This document does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The securities referred to herein have not been and will not be registered under the Securities Act, or the laws of any state and may not be offered or sold in the United States of America absent registration or an exemption from registration under Securities Act. There will be no public offering of the securities in the United States of America. The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with the 2010 PD Amending Directive 2010/73/EU, including any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive. This publication may contain specific forward-looking statements, e.g. statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of Evolva Holding SA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. Evolva Holding SA assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments."
3 Business Neil Goldsmith
4 Significant Progress on Key Products Nootkatone Market launch into F&F 50+ prospects have evaluated samples Completed first regulatory step towards approval as an insect repellent in USA Resveratrol Demand exceeded expectations (albeit from low base) Successfully upgraded resveratrol strain and switched to new manufacturer Strong progress on key accounts Stevia Progress on strain, DSP process, approval, customers Start of stevia production preparations Informed Cargill of intention to take up 45% option Nootkatone Resveratrol Stevia Vanillin Vanillin IFF significantly widened the number of products containing fermented vanillin
5 Nootkatone - Significant Potential Against Biting Pests Nootkatone has shown efficacy against 1. Effective Ticks 2. Safe to Use 3. Pleasant to Use 4. Safe for the Environment Mosquitoes Bed Bugs Head Lice Fire Ants 5. Overcomes Resistance to Existing Products Cat Fleas 6. Supported by the CDC Termites
6 Resveratrol Good Progress on Key Accounts Current sales into dietary supplements, but long term potential in break out applications Drive volume sales in the medium term Examples applications we working on with key accounts Top 5 Practitioner Dietary Supplement co. Use in diabetic nutrition Top 5 fish feed co. Improving growth of young fish Top 5 orthapaedic device co. Improving bone calcification Top 5 sports nutrition co. Benefits for sport nutrition Top 3 confectionery co. Uses in healthy candies Top 5 oral care co. Reducing periodontitis Top 3 navy. Better bulletproof/fireproof materials Not just with the major companies, but also fast growing innovator companies
7 Stevia Progress to Market Total addressable market estimated at c. $4 billion Total market for sugar/hfcs etc. c. $70 billion Product Launch 2016 Continuing progress on strain, DSP process, production, approval Samples to multiple potential customers very encouraging feedback Product introduction planned for Q Started engineering (planning) on retrofit of Cargill plant in Nebraska TAM of $4bn Segmentation (WSE tonnes) % = % of relevant sweetener seen as addressable Fructose HIS 10% 2% 50% Sugar Other Exclusive Partnership with Cargill Evolva has option to 45% of final business gets 45% of bottom line Informed Cargill exercising option, subject to final terms (H2 2015) Will cost Evolva USD low tens of millions through billion cans of Soft Drinks sold in USA p.a. Market data collated from various sources.
8 Advances on Collaborations Milestone payments from Roquette, L Oréal and Ajinomoto Two R&D programs successfully completed Roquette strain development completed, Roquette takes forward internally Ajinomoto strain development completed, Ajinomoto takes forward internally Three new collaborations Valent BioSciences in agricultural bioactives Takasago in F&F ingredients Second Cargill ingredient collaboration BASF collaboration out of stealth mode - on ergot alkaloids
9 Other Completed sale of EV-035 series to Emergent Scale-up lab fully operational in Copenhagen Successful integration of Allylix concentrating activities in Lexington, Kentucky Significant overhaul of Evolva websites
10 Typical Volumes (mt). Inverse scale Increasing Focus on Ingredients with Functional Benefits 1.E+01 1.E+02 Generic Pharma 1.E+03 Nutrition Consumer Health Evolva Own Products 1.E+04 1.E+05 Commodity Chemicals Evolva With Partners 1.E+06 Fuels ,000 10,000 Typical Price per Kilo ( $) Need cheap feedstock and high titres Low differentiation, price dominates Less stringency on feedstock and titre High differentiation, price a factor
11 Financials Jakob Dynnes Hansen
12 Revenues up 66% Resveratrol revenues of CHF 0.2m Supply limited CHF m 15 Sale of EV-035: CHF 4m (H CHF 1.5m) 10 Milestones on Roquette, Ajinomoto and L Oréal projects (H1 2014: Cargill and Roquette) First half Second half
13 Operating expenses up 56% CHF m SG&A: + CHF 1.9m Allylix + increase in sales and marketing Manufacturing: + CHF 0.9m Increasing as products reach market R&D: + CHF 6.5m Allylix: CHF 3.9m (of which IP depreciation CHF 1.6m) DTRA provision: CHF 2.9m Downstream, applications research
14 Cash flow 2015 H1 CHF m Allylix debt Starting cash & time deposits Financing Capex Operations End cash & time deposits
15 Sept Oct Nov Dec Jan Feb Mar Apr May June July August CHF Stock Information Share price and trading volume Shareholdings Evolva estimate based on SIX filings Board, management & staff hold 10-11% shares + options Number of shares (million) 4.3% 3.8% 3.4% 3.3% 3.0% 3.0% % Volume (RH scale) Share price (LH scale) c. 333 million issued shares as of August 2015 Aviva (UK) MLSCF (MY) MTDC (MY) Shareholders <3% BASF Ventures (D) Cargill (USA) Pictet (CH)
16 Outlook
17 Projected Newsflow over next 16 months Launch of Valencene (2015), Stevia and Saffron (2016) Growth in revenues from Resveratrol, Nootkatone & Vanillin Additional partnerships Additional milestone payments Stevia product introduction Q & newsflow to launch Product revenues start to contribute meaningfully to top line
18 Outlook - Finances Revenues around CHF 14 million Subject to milestone achievements and product sales Product revenues to contribute meaningfully Operating cash outflow to increase significantly due to Scale-up, manufacturing and launch of key products, notably Stevia Potential financing
19 Potential Financing - Stevia & Other Growth Initiatives Subject to market conditions, equity raise targeting c. CHF 60 million. Most likely a rights issue Use of funds 1. Enhance manufacturing infrastructure, build inventory - alongside partners, notably stevia Evolva 45% share of stevia costs low tens of millions USD Likely to represent c. 50% of total use of funds 2. Further improve product profitability - via better yeast strains and process improvements 3. Generate value adding application data drive benefit based pricing and new markets 4. Widen regulatory approval of our ingredients - notably Nootkatone, but not only 5. Increase sales channels, expand sales - focus on key accounts
20 Q&A QUESTIONS??
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