Highlights
2021 Second Quarter - Consolidated Results:
- Revenues increased 41% to €8.21m for Q2 2021 from €5.84m for Q2 2020. Currency adjusted for USD/EURO, growth
was 51% driven by recovery of container throughput volumes in our North America business from a COVID impacted
Q2 2020. European revenues increased by 15% on higher machine sales and service income.
- Gross profit improvement to 37% from 31% in Q2 2020, driven by higher container volume.
- EBITDA in Q2 2021 over Q2 2020 improved substantially to €0.93m (11.3% of Revenues) from a negative €(0.20m),
driven by higher gross profits, controlled operating expenses and including favorable €0.22m other income from an
insurance settlement.
- Share split of 1:10 executed per end of June.
2021 Half Year – Consolidated Results:
- Revenues for 1HY 2021 increased by 21% to €16.56m. Currency adjusted for USD/EURO, revenue growth was 31%
- Gross profit improvement to 37% from 34% in 1HY 2021, driven by higher container volume.
- H1 2021 includes other income of €3.59m relating to IP litigation settlement, PPP loan forgiveness and an insurance
settlement.
- EBITDA improved in 1HY 2021 to €4.31m from a negative EBITDA of € (0.63m) in 1HY 2020. Excluding the other
income items of €3.59m in 1HY 2021, EBITDA would have improved to €0.72m when compared to 1HY 2020
- Share issue of €8.12m and listing on Oslo Euronext Growth market.
- Second PPP loan of €1.64m received in March 2021; loan also eligible for forgiveness in late 2021/early 2022.
“Q2 2021 clearly shows the Company’s recovery and growth versus Covid affected Q2 2020. With the growing
opportunities in the European markets, next to those in the US, we are aggressively building out our commercial
organization, including expansion of production capacities in Romania and Germany. We remain very positive about the
future.” Simon Bolton, CEO
in EUR millions
2Q 2021 2Q 2020 HY 2021 HY 2020 FY 2020
Revenues 8.21 5.84 16.56 13.64 30.82
Gross Profit 3.01 1.83 6.12 4.58 11.68
Gross profit % 37% 31% 37% 34% 38%
Operating profit/(loss) (0.18) (1.26) 2.54 (2.56) (1.40)
Net profit/(loss) after taxes after minority (0.10) (1.37) 1.93 (3.01) (1.72)
EBITDA* 0.93 (0.20) 4.31 (0.63) 3.55
Earnings/(loss) per share in € (0.00) (0.03) 0.04 (0.07) (0.04)
Shareholders’ equity 30.86 21.96 30.86 21.96 20.96
*EBITDA : Earnings before interest, taxes, depreciation and amortisation

Financial Position:
- The Company generated €5.50m cash flow from its operating activities for 1HY 2021 versus a negative €(2.59m) for
1HY 2020. The Company had cash and cash equivalents of €10.21m at 30/06/2021 compared to €1.71m at
30/06/2020.
- The Company’s net bank repayment was €1.62m for 1HY 2021 compared with a net borrowing of €5.59m on 1HY
2020. The Company received a second PPP loan during Q1 2021 of €1.64m which should also be eligible for
forgiveness. The Company had unused borrowing facilities of €2.53m at 30/06/2021.
- Shareholders’ equity at 30/06/2021 increased by €9.90m from 31/12/2020 based on the 1HY 2021 net profit,
translation reserve and net proceeds from the new share issue completed in Q1 2021.

Other Highlights Q2:
- The Company continues to build for the future, focusing on new market development in Europe and expanding our
manufacturing capabilities. Key developments this quarter include:
o Scotland/UK/Republic of Ireland – we continue to make strong efforts in these markets. In Scotland, no
official conclusion of the cross-party review has been announced regarding any potential delay. Retailers are
continuing to execute RFI/RFP processes which are on-going and which we are fully engaged in. This is
expected to result in further large-scale tests in Q3. In the wider UK, discussions and engagement are ongoing with the industry, government and all stakeholders. In the Republic of Ireland, DRS is a focus and we
are engaged, led and supported by our experienced UK team.
o Romania – we are very active in this important market and have implemented now several municipal
solutions which were presented during the ‘Smart Village’ showcase in June and widely communicated
through national media and television. Several further retail pilots are now operational, and we expect a
positive conclusion concerning the DRS law over the next months. In terms of building our footprint in the
country we have secured new facilities and will be opening our expanded European Manufacturing plant in
Romania in 2022.
o Germany – the company is also reviewing plans to expand production at its German plant for Quantum
product.
o Portugal – We continue to execute on very positive pilots, demonstrations, and discussions with stakeholders
in Portugal. Recently the business has added a dedicated local Business Development Manager in the country
to accelerate our progress in this exciting market and start the process with RFI/RFP that are commencing.
o Other Europe – We are building the organization to cover the emerging European opportunities and have
opened Central European regional team based in Bratislava. We are active with several interesting
opportunities in Southern Europe/Mediterranean.
- In addition to Europe, North America is experiencing new business opportunities tied to positive legislation
developments. Legislation modernizing the Connecticut Bottle Bill was passed, which included increased handling
fees, increased deposit values and added retail requirements to install RVMs.
- The General Meeting of Shareholders was held 23, June 2021 at the company’s office in Amersfoort. The GMS agenda
proposed changes to the Board of Directors and a 1:10 share split, which were approved and have been subsequently implemented.

Outlook
We expect North America container throughput business to perform to at least 95% of the pre-COVID levels during
the second half 2021. Our RVM machine sales are expected to perform particularly well in the second half of 2021
based on confirmed orders. The company has seen considerable pick up in legislative activity in both establishing new
deposit markets and strengthening existing deposit legislation. As we move into 2022 we expect the North American
business to enter a new growth mode which the company is well positioned to take benefit of.
Outlook for Europe in 2021 includes continued strong performance for our Swedish business along with orders in
support of launch of the Scottish DRS. We also expect revenue potential from a number of our expanding business
development markets in addition to our existing non-deposit markets.
We are confident in our strategy, our investments and our ability to execute in delivering strong growth and financial
performance in the future. We have adequate financial resources to execute on our growth and development plans.

see more on
https://envipco.com/sr_pdf/EHNV-1HY-2021-PR-26-Aug-2021-FINAL.pdf

tijd 15.48
Envipco EUR 2,05 +5ct vol. 29.930