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PROSPECTUS OF VALOE CORPORATION REGARDING ADMISSION TO TRADING OF 113,000,000 SHARES IN THE COMPANY HAS BEEN APPROVED

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Valoe Corporation Stock Exchange Release 28 June 2021 at 18.00 (Finnish Time)

Not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or the United States or any other country where distribution or disclosure would be against law.

PROSPECTUS OF VALOE CORPORATION REGARDING ADMISSION TO TRADING OF 113,000,000 SHARES IN THE COMPANY HAS BEEN APPROVED

The Financial Supervisory Authority has today approved the supplement to the registration document approved by the Financial Supervisory Authority on 29 September 2020 as well as the securities note and the summary, which together form the prospectus (the "Prospectus") of Valoe Corporation (the "Company") pursuant to the Securities Markets Act (746/2012, as amended) and Regulation (EU) 2017/1129 of the European Parliament and of the Council ("Prospectus Regulation") relating to admission to trading of in total 113,000,000 shares ("Shares") in the Company.

The Prospectus and the admission to trading of the Shares relate to the following share issues resolved on by the Board of Directors: (i) in the aggregate 85,000,000 new shares in the Company issued to certain subscribers of convertible loan 1/2021 through a decision by the Board of Directors dated 11 June 2021 ("Share issue I"); and (ii) in the aggregate 28,000,000 new shares in the Company issued to the Company as treasury shares through a decision by the Board of Directors dated 11 June 2021 ("Treasury issue"). For further information on the Share issue I and the Treasury issue, please refer to the stock exchange release published by the Company on the aforementioned date.

The Prospectus and the documents incorporated therein by reference will be available on or about 28 June 2021 on the website of the Company at http://www.valoe.fi/julkaisut and at the registered office of the Company at Insinöörinkatu 5, 50150 Mikkeli.

The Company has applied for the Shares to be admitted to trading on the stock exchange list of Nasdaq Helsinki Ltd, and trading in the Shares is expected to commence on or about 29 June 2021.

The Prospectus includes certain information regarding the Company’s related party transactions for the first quarter of 2021 as well as the Company’s capitalisation and indebtedness as at 31 March 2021 that have not been previously disclosed. Key information is set forth below:

The tables below set forth the transactions that have taken place with the Company's related parties:

  1. Sales of goods and services

EUR 1,000

1 Jan - 31 Mar 2021

1 Jan - 31 Mar 2020

Unaudited

Unaudited

Related companies

Savcor Oy

0

0

Total

0

0

  1. Purchases of goods and services

EUR 1,000

1 Jan - 31 Mar 2021

1 Jan - 31 Mar 2020

Unaudited

Unaudited

Related companies

Purchases of goods and services

SCI Invest Oy

12

12

SCI-Finance Oy

20

11

Savcor Technologies Oy

29

21

Savcor Oy

3

2

Oy Marville Ab

0

0

Basso Jose

30

49

Aurinkolahden Tilintarkastus Oy

0

0

Other

13

0

Total

106

97

Interest and other financial expenses

SCI-Finance Oy

20

42

Savcor Technologies Oy

1

42

Savcor Oy

0

4

SCI Invest Oy

0

0

Other

5

18

Total

27

107

c. Other related party transactions

EUR 1,000

31 Mar 2021

31 Mar 2020

Unaudited

Unaudited

Long-term convertible capital loan from related party

1.063

415

Other long-term capital loan from related party

0

1.160

Other short-term debts to related parties

0

486

Short-term interest debts to related parties

10

494

Trade payables and other non-interest-bearing debts to related parties

151

585

Trade receivables and other short-term receivables from related parties

23

14

d. Salaries and fees

EUR 1,000

31 Mar 2021

31 Mar 2020

Unaudited

Unaudited

Management’s benefits

Salaries and other short-term benefits

101

101

Total

101

101

EUR 1,000

31 Mar 2021

31 Mar 2020

Unaudited

Unaudited

Salaries and fees

Salaries of the CEO and his deputies (included in the management’s salaries)

42

42

Total

42

42

Members and deputy members of the board of directors:

Parpola Ville – fee

10

10

Tuomas Honkamäki – fee

8

0

Savisalo Hannu – fee

10

10

Total

27

20

Table below sets forth the capitalisation and indebtedness of the Company as at 31 March 2021:

EUR 1,000

31 Mar 2021

(Unaudited)

Actual

Total current debt

Secured

583

Unguaranteed/unsecured

882

Total non-current debt

Secured

1,400

Unguaranteed/unsecured

13,184

Total debts

16,049

Shareholder equity

Share capital

80

Invested unrestricted equity reserve

27,404

Retained earnings

-31,067

Total equity

-3,583

Total equity and debts

12,466

Indebtedness

61

0

0

61

1,685

0

1,685

1,624

14,814

0

0

14,814

16,438

Off-balance-sheet liabilities


LIABILITIES (EUR 1,000)

31 Mar 2021

(Unaudited)

Actual

Collaterals given on behalf of own commitments

Mortgages

2,060

Other collaterals

2,076

Leasing and other lease debts

Due within 1 year

220

Due within 1-5 years

230

Due in 5 years

0

Total

450

Equity ratio of Valoe group was 18.5 percent, including capital loans, on 31 March 2021. No material changes have occurred in the Company’s financial position after 31 March 2021.

Lease debts in accordance with IFRS 16 are included in current and non-current debts of the upper part of table as well as in section “E. current financial debt” and “I. non-current financial debt” of the indebtedness table.

Off-balance-sheet leasing and lease debts have included in the indebtedness table as follows:

E. Current financial debt: Upper part of the table 1,465 +220 = 1,685

I. Non-current financial debt: Upper part of the table 14,584 + 230 = 14,814

In Mikkeli, 28 June 2021

Valoe Corporation

BOARD OF DIRECTORS

For more information:
CEO Iikka Savisalo, Valoe Corporation
Tel. +358 405216082
email: iikka.savisalo@valoe.com

Distribution:
Nasdaq Helsinki Oy
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.


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