Eat Well Investment Group Inc. (the “Company” or “Eat Well Group”) (CN:EWG) (US:EWGFF) (FRA:6BC0), a publicly-traded investment company, is pleased to announce its third quarter 2022 financial results, including record gross profit, and EBITDA of its wholly-owned portfolio company Belle Pulses Ltd.(“Belle Pulses”) plus record distribution and topline gains in CPG investments driven by Amara Infant Nutrition (“Amara”).
Eat Well Group Highlights
Eat Well Group Portfolio Highlights
The below data is reporting Belle Pulses’ operations based on Eat Well Investment Group’s fiscal year-end of November 30.
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Nine Months Ended |
Three Months Ended |
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Aug 31,
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Aug 31,
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Aug 31,
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Aug 31,
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Operations: |
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|
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Revenue |
40,442,565 |
39,583,464 |
14,350,607 |
15,146,350 |
Gross profit |
7,093,533 |
4,100,469 |
2,903,217 |
1,810,855 |
Expenses |
1,999,167 |
1,882,408 |
924,261 |
583,703 |
EBITDA |
5,094,366 |
2,218,060 |
1,978,956 |
1,227,152 |
Eat Well Group Combined Guidance
“Our investee management teams are demonstrating very strong agility in protecting and enhancing margins and the underpinning long-term drivers of their respective businesses while they drive their scale. With profitable, sustainable growth as their ‘true north,’ 2023 will be another record year for these investees and EWG continues to support them in addressing food security globally at this critical time in the world. We are confident that operational and financial foundations built out in 2022 will serve Eat Well and its investees well into the future.” commented Marc Aneed, the Company’s President & CEO
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Important Financial Disclosure
The statements above are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Adjusted EBITDA is a non-IFRS financial measure. We believe that Adjusted EBITDA is a useful metric for investors to understand and evaluate our operating results and ongoing profitability because it permits investors to evaluate our recurring profitability from our ongoing operating activities. We are not able to reconcile either projected 2022 Adjusted EBITDA loss or December 2022 Adjusted EBITDA to its most directly comparable IFRS measure, IFRS Loss, as we are not able to forecast IFRS Loss on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect IFRS Loss for the period, including, but not limited to, impairment expense, share-based compensation, foreign exchange gains or losses and gains and losses on sale of subsidiaries. Adjusted EBITDA should not be used to predict IFRS Loss as the difference between the two measures is variable and may be significant.
ABOUT EAT WELL GROUP
Eat Well Group is a publicly-traded investment Company primarily focused on high-growth companies in the agribusiness, food tech, plant-based and ESG (Environmental, Social and Governance) sectors. Eat Well Group’s management team has an extensive record of sourcing, financing, and building successful companies across a broad range of industries and maintains a current investment mandate on the health/wellness industry. The team has financed and invested in early-stage venture companies for greater than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns.
Disclaimer for Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively “forward-looking statements”). Forward-looking information are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “likely” and “intend” and statements that an event or result “may,” “will,” “should,” “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements include, but are not limited to, the Company’s Adjusted EBITDA forecasts, and the growth in profitability and revenue of the Company’s portfolio companies. Such forward-looking statements should not be unduly relied upon. Forward-looking information is based on assumptions about the future performance of the Company and its portfolio companies. The Company considers these assumptions to be reasonable in the circumstances; however, such assumptions may provide to be incorrect. Forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information, including the business, financial, credit and other market risks. For more information on the Company, its investee companies and the risks and challenges of their businesses, investors should review their annual and interim filings that are available at www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
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Eat Well Investment Group Inc.
Marc Aneed
[email protected]
www.eatwellgroup.com