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Basis of accounting
The Group\u2019s financial statements have been prepared under the historical cost convention (except for certain financial
instruments and equity investments which are measured at fair value), in accordance with UK-adopted international
accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting
under those standards. In addition, the financial statements are also prepared in accordance with international financia l
reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and the
Dutch Financial Markets Supervision Act.
Going Concern
These consolidated financial statements are prepared on a going concern basis, which assumes that the Group will
continue in operational existence for the foreseeable future, and at least 12 months from the date these financial
statements are approved.
As part of the Group\u2019s going concern review, the Directors have assessed the Group\u2019s trading forecasts, working
capital requirements and covenant compliance for the foreseeable future under a base case scenario, taking into
account the Group\u2019s financial resources including the current cash position and banking and finance facilities which are
currently in place (see note 30 for details of these facilities). The Directors have also assessed a severe but plausible
downside scenario with reduced sales volumes and lower gross margin, also reflecting the possible impact of volatile
raw material costs.
These forecasts indicate that, in order to continue as a going concern, the Group is dependent on achieving certain
operating performance measures relating to the production and sales of Accoya wood from the plant in Arnhem with
the collection of on-going working capital items in line with internally agreed budgets. In both scenarios, the Directors
have assumed no commitment will be made to complete the construction and start-up of the Tricoya plant in Hull until
appropriate funding arrangements have been put in place.
The Directors\u2019 have taken into account the reorganisation of the Tricoya consortium and restructuring of its bank
debt completed in November 2022 which resulted in Accsys becoming the 100% owner of the Tricoya Hull plant and
the commitment to fund ongoing working capital during the hold period. The Directors\u2019 have also considered the
possible amount and timing of capital expenditure required to complete the Accoya plant in the USA, noting that
notwithstanding that the construction project benefits from certain contractual measures in place with the lead
construction contractor, Accsys has committed to fund its 60% share of cost overruns, should they arise.
The Directors believe there are a sufficient number of alternative actions and measures within the control of the
Group that can and would be taken in order to ensure on-going liquidity including reducing/deferring costs in some
discretionary areas as well as larger capital projects if necessary. The Directors believe that while some uncertainty
always inherently remains in achieving the budget, in particular in relation to market conditions outside of the Group\u2019s
control, under both the base scenario and severe but plausible downside scenario, there is sufficient liquidity and
covenant headroom such that there is no material uncertainty with respect to going concern and have prepared the
financial statements on this basis.
Exceptional Items
Exceptional items are events or transactions that fall outside the ordinary activities of the Group and which by
virtue of their size or incidence, have been separately disclosed in order to improve a reader\u2019s understanding of the
financial statements. These include items relating to the restructuring of a significant part of the Group, impairment
losses (or the reversal of previously recorded exceptional impairments), expenditure relating to the integration and
implementation of significant acquisitions and other one-off events or transactions, such as re-financing of Group
borrowings. See note 5 for details of exceptional items.
Business combinations
Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of
another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated
financial statements present the results of the Group as if they formed a single entity. Inter-Company transactions and
balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the consolidated statement of financial position, the acquirer\u2019s identifiable assets, liabilities, and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. As allowed under IFRS 1, some business combinations effected prior to transition to IFRS, were accounted for using the merger method of accounting. Under this method, assets and liabilities are included in the consolidation at their book values, not fair values, and any differences between the cost of investment and net assets acquired were taken to the merger reserve. The majority of the merger reserve arose from a corporate restructuring in the year ended 31 March 2006 which introduced Accsys Technologies PLC as the new holding Company. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity attributable to Accsys Technologies PLC. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. Revenue from contracts with customers Revenue is measured at the fair value of the consideration receivable. Revenue is recognised to the extent that it is highly probable that a significant reversal will not occur based on the consideration in the contract. The following specific recognition criteria must also be met before revenue is recognised. Manufacturing revenue Revenue is recognised from the sale of goods at a point in time and is measured at the amount of the transaction price received in exchange for transferring goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in the future. Revenue is recognised when the Group\u2019s performance obligations under the relevant customer contract have been satisfied. Manufacturing revenue includes the sale of Accoya wood, Tricoya panels and other revenue, principally relating to the sale of acetic acid. Licensing fees Licence fees are recognised over the period of the relevant agreements according to the specific terms of each agreement or the quantities and/or values of the licensed product sold. The accounting policy for the recognition of licence fees is based upon satisfaction of the performance obligations set out in the contract such as an assessment of the work required before the licence is signed and subsequently during the design, construction and commissioning of the licensees\u2019 plant, with an appropriate proportion of the fee recognised upon signing and the balance recognised as the project progresses to completion. The amount of any cash received but not recognised as income is included in the financial statements as deferred income and shown as a liability. Finance income Interest accrues using the effective interest method, i.e. the rate that discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset. Finance expenses and borrowing costs Finance expenses include the fees, interest and other finance charges associated with the Group\u2019s loan notes, credit facilities and leases, which are expensed over the period that the Group has access to the loans, facilities and leases. Foreign exchange gains or losses on the loan notes are included within finance expenses. Interest on borrowings directly relating to the construction or production of qualifying assets are capitalised until such time as the assets are substantially ready for their intended use or sale. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. The capitalisation of borrowing costs is suspended during extended periods in which it suspends active development of a qualifying asset. Share based payments The Company awards nil cost options to acquire ordinary shares in the capital of the Company to certain Directors and employees. The Company has also previously awarded bonuses to certain employees in the form of the award of deferred shares of the Company. In addition the Company has established an Employee Share Participation Plan under which employees subscribe for new shares which are held by a trust for the benefit of the subscribing employees. The shares are released to employees after one year, together with an additional, matching share on a 1 for 1 basis. The fair value of options and deferred shares granted are recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and is charged to the consolidated statement of comprehensive income over the vesting period during which the employees become unconditionally entitled to the options or shares. The fair value of share options granted is measured using a modified Black Scholes model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest only where vesting is dependent upon the satisfaction of service and non-market vesting conditions. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options which eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Pensions The Group contributes to certain defined contribution pension and employee benefit schemes on behalf of its employees. These costs are charged to the consolidated statement of comprehensive income on an accruals basis. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date together with any adjustment to tax payable in respect of previous years. Current tax includes the expected impact of claims submitted by the Group to tax authorities in respect of enhanced tax relief for expenditure on research and development. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; \u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Recognition of deferred tax assets is restricted to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Foreign currencies
The individual financial statements of each Group Company are presented in the currency of the primary economic
environment in which it operates (the functional currency). For the purposes of the consolidated financial statements,
the results and financial position of each Group Company are expressed in Euro, which is the functional currency of the
parent Company, and the presentation currency of the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s
functional currencies are recognised at the rates of exchange prevailing on the date of the transactions. At each
reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are
not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise.
For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign
operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated
at the average monthly exchange rates prevailing in the month in which the transaction took place. Exchange
differences arising, if any, are recognised in other comprehensive income and accumulated in the foreign currency
translation reserve. Such translation differences are reclassified to profit and loss only on disposal or partial disposal
of the overseas operation.
Foreign exchange hedging
The Group has adopted IFRS 9 hedge accounting in respect of the cash flow hedging instruments that it uses to
manage the risk of foreign exchange movements impacting on future cash flows and profitability.
The Group has prospectively assessed the effectiveness of its cash flow hedging using the \u2018hedge ratio\u2019 of quantities
of cash held in the same currency as future foreign exchange cash flow quantities related to committed investment in
plant and equipment. The Group has undertaken a qualitative analysis to confirm that an \u2018economic relationship\u2019 exists
between the hedging instrument and the hedged item. It is also satisfied that credit risk will not dominate the value
changes that result from that economic relationship.
At the end of each reporting period the Group measures the effectiveness of its cash flow hedging and recognises the
effective cash flow hedge results in Other Comprehensive Income and the Hedging Effectiveness Reserve within Equity,
together with its ineffective hedge results in Profit and Loss. Amounts are reclassified from the Hedging Effectiveness
Reserve to property, plant and equipment once construction has been completed or Profit and Loss when the
associated hedged transaction affects Profit and Loss. Further details are included in note 5.
Government grants
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be
received and the Group will comply with the attached conditions. When the grant relates to an expense item, it
is recognised as income over the period necessary to match the grant on a systematic basis to the costs that it is
intended to compensate. Where the grant relates to an asset they are credited to a deferred income account and
released to the statement of comprehensive income over the expected useful life of the relevant asset on a straight
line basis.
Goodwill
Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the
consideration paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject
to annual impairment reviews by the Directors. Any impairment arising is charged to the consolidated statement of
comprehensive income. Where the fair value of the identifiable assets and liabilities acquired is greater than the fair
value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and is recognised in the
consolidated statement of comprehensive income.
Joint venture The Group has entered into a joint venture agreement with Eastman Chemical Company, forming Accoya USA LLC. The Group applies IFRS 11 for this joint arrangement, and following assessment of the nature of this joint arrangement, has determined it to be a joint venture. Interest in the joint venture is accounted for using the equity method, after initially being recognised at cost. Further details concerning the Accoya USA LLC joint venture with Eastman Chemical Company are included in note 29. Other intangible assets Intellectual property rights, including patents, which cover a portfolio of novel processes and products, are shown in the financial statements at cost less accumulated amortisation and any amounts by which the carrying value is assessed during an annual review to have been impaired. At present, the useful economic life of the intellectual property is considered to be 20 years. Internal development costs are incurred as part of the Group\u2019s activities including new processes, process improvements, identifying new species and improving the Group\u2019s existing products. Research costs are expensed as incurred. Development costs are capitalised when all of the criteria set out in IAS 38 \u2018Intangible Assets\u2019 (including criteria concerning technical feasibility, ability and intention to use or sell, ability to generate future economic benefits, ability to complete the development and ability to reliably measure the expenditure) have been met. These internal development costs are amortised on a straight line basis over their useful economic life, between 8 and 20 years. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment charged. Cost includes the original purchase price of the asset as well as costs of bringing the asset to the working condition and location of its intended use. The capitalisation of costs is suspended during extended periods in which it suspends active development of a qualifying asset. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset, except freehold land, over its expected useful life on a straight line basis, as follows: Plant and machinery These assets comprise pilot plants and production facilities. These facilities are depreciated from the date they become available for use over their useful lives of between 5 and 20 years Office equipment Useful life of between 3 and 5 years Leased land and buildings Land held under a finance lease is depreciated over the life of the lease Freehold land Freehold land is not depreciated Impairment of non-financial assets The carrying amount of non-current non-financial assets of the Group is compared to the recoverable amount of the assets whenever events or changes in circumstances indicate that the net book value may not be recoverable, or in the case of goodwill, annually. The recoverable amount is the higher of value in use and the fair value less cost to sell. In assessing the value in use, the expected future cash flows from the assets are determined by applying a discount rate to the anticipated pre-tax future cash flows. An impairment charge is recognised in the consolidated statement of comprehensive income to the extent that the carrying amount exceeds the assets\u2019 recoverable amount. The revised carrying amounts are amortised or depreciated in line with Group accounting policies. A previously recognised impairment loss, other than on goodwill, is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the consolidated statement of comprehensive income and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years. Assets are Grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units) for purposes of assessing impairment. Leases
To the extent that a right-of-control exists over an asset subject to a lease, a right-of-use asset, representing the
Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease
payments, are recognised in the consolidated statement of financial position at the commencement of the lease.
The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability,
any initial direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and
restoration costs required in terms of the lease. Depreciation is charged to the consolidated income statement so as
to depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the
right-of-use asset or the end of the lease term. The lease term shall include the period of an extension option where it
is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written
off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
The lease liability is measured at the present value of the future lease payments, including variable lease payments that
depend on an index and the exercise price of purchase options where it is reasonably certain that the option will be
exercised, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit interest rate
cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the
consolidated statement of comprehensive income over the period of the lease.
Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the
consolidated statement of financial position, and are charged to the consolidated income statement when incurred.
Low-value assets are determined based on quantitative criteria.
The Group has used the following practical expedients permitted by the standard:
\u2022 The use of a single discount rate to a portfolio of leases with reasonably similar characteristics
\u2022 Reliance on previous assessments on whether leases are onerous
\u2022 The use of hindsight in determining the lease term where the contract contains options to extend or terminate
the lease.
Inventories
Raw materials, which consist of unprocessed timber and chemicals used in manufacturing operations, are valued at the
lower of cost and net realisable value. The basis on which cost is derived is a first-in, first-out basis.
Finished goods, comprising processed timber, are stated at the lower of weighted average cost of production or
net realisable value. Costs include direct materials, direct labour costs and production overheads (excluding the
depreciation/depletion of relevant property and plant and equipment) absorbed at an appropriate level of capacity
utilisation. Net realisable value represents the estimated selling price less all expected costs to completion and costs
to be incurred in selling and distribution.
Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed
in notes to the financial statements, are based on the following fair value measurement hierarchy:
\u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Specific valuation methodologies used to value financial instruments include:
\u2022 the fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based
on observable yield curves and exchange rates; and
\u2022 other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial
instruments
Financial assets Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets are initially measured at fair value and in the case of investments not at fair value through profit or loss, fair value plus directly attributable transaction costs. Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are classified as fair value through other comprehensive income and are stated at fair value. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, with dividends recognised in profit or loss. Where it is not possible to obtain a reliable fair value, these investments are held at cost less provision for impairment. Loans and receivables, which comprise non-derivative financial assets with fixed and determinable payments that are not quoted on an active market, are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Trade and other receivables Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less allowance for impairments. The Group has elected to apply the IFRS 9 practical expedient option to measure the value of its trade receivables at transaction price, as they do not contain a significant financing element. The Group applies IFRS 9\u2019s \u2018simplified\u2019 approach that requires companies to recognise the lifetime expected losses on its trade receivables. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment and are adjusted, over the lifetime of the receivable, to reflect objective evidence reflecting whether the Group will not be able to collect its debts. Cash and cash equivalents Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and in hand and short-term deposits, including liquidity funds, with an original maturity of three months or less. For the purpose of the statement of consolidated cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Cash and cash equivalents includes cash pledged to ABN Amro as collateral for the $20million Letter of Credit provided to FHB. See note 30. Financial liabilities Other financial liabilities Trade payables and other financial liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Loans and other borrowings are initially recognised at the fair value of amounts received net of transaction costs and subsequently measured at amortised cost using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Financial guarantee contracts Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value, which is determined based on the present value of the difference in cash flows between the contractual payments required under the FHB borrowing (provided to the Company\u2019s joint venture \u2013 Accoya USA) and the payments that are estimated to be required without the guarantee being provided by Accsys to FHB. To calculate the fair value of the guarantee, the present value calculation is then weighted by the probability of the guarantee being called by FHB. Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. Share capital Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Group\u2019s shares are classified as equity instruments. Segmental Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer. The Chief Executive Officer is responsible for allocating resources and assessing performance of the operating segments and has been identified as steering the committee that makes strategic decisions. Alternative Performance Measures The Group presents certain measures of financial performance, position or cash flows in the Annual Report and financial statements that are not defined or specified according to IFRS (International financial reporting standards). These measures, referred to as Alternative Performance Measures (APMs), are prepared on a consistent basis for all periods presented in this report. The most significant APMs are: Net debt A measure comprising short term and long-term borrowings (including lease obligations) less cash and cash equivalents. Net debt provides a measure of the Group\u2019s net indebtedness or overall leverage. Underlying EBITDA Operating profit/(loss) before Exceptional items and other adjustments, depreciation and amortisation and includes the Group\u2019s attributable share of our USA joint venture\u2019s underlying EBITDA. Underlying EBITDA provides a measure of the cash-generating ability of the business that is comparable from year to year. Underlying EBIT Operating profit/(loss) before Exceptional items and other adjustments and includes the Group\u2019s attributable share of our USA joint venture\u2019s underlying EBIT. Underlying EBIT provides a measure of the operating performance that is comparable from year to year. Net Debt/Underlying EBITDA Net debt divided by trailing 12-month underlying EBITDA. A measure of the Group\u2019s net indebtedness relative to its cash-generating ability. Accoya Manufacturing margin Accoya segmental underlying gross profit excluding Accoya underlying licence revenue and marketing services expressed as a percentage over Accoya segmental total revenue excluding Accoya underlying licence revenue and marketing services. Accoya Manufacturing margin provides a measure of the profitability of the Accoya operations relative to revenue. Adjusted Cash Cash & cash equivalents less restricted cash and cash raised through an equity raise to be invested into Accoya USA Joint Venture. See note 30. 2. Accounting judgements and estimates Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates Goodwill The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have been determined based on value in use calculations. These calculations require the use of judgements in relation to discount rates and future forecasts (See note 15 & 16). The recoverability of these balances is dependent upon the level of future licence fees and manufacturing revenues. While the scope and timing of the production facilities to be built under the Group\u2019s existing and future agreements remains uncertain, the Directors remain confident that revenue from own manufacturing, existing licensees, new licence or consortium agreements will be generated, demonstrating the recoverability of these balances. Intellectual property rights (IPR) and property, plant and equipment The Group tests the carrying amount of the intellectual property rights and property, plant and equipment whenever events or changes in circumstances indicate that the net book value may not be recoverable. These calculations require the use of estimates in respect of future cash flows from the assets by applying a discount rate to the anticipated pre-tax future cash flows. Within this process, the Group makes a number of key assumptions including operating margins, production volumes, discount rates, terminal growth rates and forecast cash flows. Additional information is disclosed in note 15 & 16, which highlights the estimates applied in the value-in-use calculations for those CGUs that are considered most susceptible to changes in key assumptions and the sensitivity of these estimates. The Group also reviews the estimated useful lives at the end of each annual reporting period (See note 15 & 16). The price of Accoya wood and the raw materials and other inputs vary according to market conditions outside of the Group\u2019s control. Should the price of the raw materials increase greater than the sales price or in a way which no longer makes Accoya competitive, then the carrying value of the property, plant and equipment or IPR may be in doubt and become impaired. The Directors consider that the current market and best estimates of future prices mean that this risk is limited. Valuation of value recovery instrument (\u201cVRI\u201d) These calculations require the use of estimates in respect of future cash flows and by applying a discount rate to the anticipated future cash flows. The same future cashflows modelled in Property, plant and equipment testing are used for this calculation. Additional information is disclosed in note 16 & 23. Accounting judgements In preparing the Consolidated Financial Statements, management has to make judgments on how to apply the Group\u2019s accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the Consolidated Financial Statements and the key sources of uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are discussed below: Financial asset at fair value through profit or loss The Group has an investment in listed equity shares carried at nil fair value as a reliable fair value cannot be obtained since there is no active market for the shares and there is currently uncertainty around the future funding of the business. The Group makes appropriate enquiries and considers all of the information available to it in order to determine the fair value (See note 18). New standards and interpretations in issue at the date of authorisation of these financial statements: New standards, amendments and interpretations The following amendments to Standards and a new Interpretation have been adopted for the financial year beginning on 1 April 2022: \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12; and \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2023 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "1. Accounting Policies Basis of accounting The Group\u2019s financial statements have been prepared under the historical cost convention (except for certain financial instruments and equity investments which are measured at fair value), in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. In addition, the financial statements are also prepared in accordance with international financia reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and the Dutch Financial Markets Supervision Act. Going Concern These consolidated financial statements are prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future, and at least 12 months from the date these financial statements are approved. As part of the Group\u2019s going concern review, the Directors have assessed the Group\u2019s trading forecasts, working capital requirements and covenant compliance for the foreseeable future under a base case scenario, taking into account the Group\u2019s financial resources including the current cash position and banking and finance facilities which are currently in place (see note 30 for details of these facilities). The Directors have also assessed a severe but plausible downside scenario with reduced sales volumes and lower gross margin, also reflecting the possible impact of volatile raw material costs. These forecasts indicate that, in order to continue as a going concern, the Group is dependent on achieving certain operating performance measures relating to the production and sales of Accoya wood from the plant in Arnhem with the collection of on-going working capital items in line with internally agreed budgets. In both scenarios, the Directors have assumed no commitment will be made to complete the construction and start-up of the Tricoya plant in Hull until appropriate funding arrangements have been put in place. The Directors\u2019 have taken into account the reorganisation of the Tricoya consortium and restructuring of its bank debt completed in November 2022 which resulted in Accsys becoming the 100% owner of the Tricoya Hull plant and the commitment to fund ongoing working capital during the hold period. The Directors\u2019 have also considered the possible amount and timing of capital expenditure required to complete the Accoya plant in the USA, noting that notwithstanding that the construction project benefits from certain contractual measures in place with the lead construction contractor, Accsys has committed to fund its 60% share of cost overruns, should they arise. The Directors believe there are a sufficient number of alternative actions and measures within the control of the Group that can and would be taken in order to ensure on-going liquidity including reducing/deferring costs in some discretionary areas as well as larger capital projects if necessary. The Directors believe that while some uncertainty always inherently remains in achieving the budget, in particular in relation to market conditions outside of the Group\u2019s control, under both the base scenario and severe but plausible downside scenario, there is sufficient liquidity and covenant headroom such that there is no material uncertainty with respect to going concern and have prepared the financial statements on this basis. Exceptional Items Exceptional items are events or transactions that fall outside the ordinary activities of the Group and which by virtue of their size or incidence, have been separately disclosed in order to improve a reader\u2019s understanding of the financial statements. These include items relating to the restructuring of a significant part of the Group, impairment losses (or the reversal of previously recorded exceptional impairments), expenditure relating to the integration and implementation of significant acquisitions and other one-off events or transactions, such as re-financing of Group borrowings. See note 5 for details of exceptional items. Business combinations Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Group as if they formed a single entity. Inter-Company transactions and balances between Group companies are therefore eliminated in full. Notes to the Financial Statements for the year ended 31 March 2023 The consolidated financial statements incorporate the results of business combinations using the purchase method. In the consolidated statement of financial position, the acquirer\u2019s identifiable assets, liabilities, and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. As allowed under IFRS 1, some business combinations effected prior to transition to IFRS, were accounted for using the merger method of accounting. Under this method, assets and liabilities are included in the consolidation at their book values, not fair values, and any differences between the cost of investment and net assets acquired were taken to the merger reserve. The majority of the merger reserve arose from a corporate restructuring in the year ended 31 March 2006 which introduced Accsys Technologies PLC as the new holding Company. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity attributable to Accsys Technologies PLC. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. Revenue from contracts with customers Revenue is measured at the fair value of the consideration receivable. Revenue is recognised to the extent that it is highly probable that a significant reversal will not occur based on the consideration in the contract. The following specific recognition criteria must also be met before revenue is recognised. Manufacturing revenue Revenue is recognised from the sale of goods at a point in time and is measured at the amount of the transaction price received in exchange for transferring goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in the future. Revenue is recognised when the Group\u2019s performance obligations under the relevant customer contract have been satisfied. Manufacturing revenue includes the sale of Accoya wood, Tricoya panels and other revenue, principally relating to the sale of acetic acid. Licensing fees Licence fees are recognised over the period of the relevant agreements according to the specific terms of each agreement or the quantities and/or values of the licensed product sold. The accounting policy for the recognition of licence fees is based upon satisfaction of the performance obligations set out in the contract such as an assessment of the work required before the licence is signed and subsequently during the design, construction and commissioning of the licensees\u2019 plant, with an appropriate proportion of the fee recognised upon signing and the balance recognised as the project progresses to completion. The amount of any cash received but not recognised as income is included in the financial statements as deferred income and shown as a liability. Finance income Interest accrues using the effective interest method, i.e. the rate that discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset. Finance expenses and borrowing costs Finance expenses include the fees, interest and other finance charges associated with the Group\u2019s loan notes, credit facilities and leases, which are expensed over the period that the Group has access to the loans, facilities and leases. Foreign exchange gains or losses on the loan notes are included within finance expenses. Interest on borrowings directly relating to the construction or production of qualifying assets are capitalised until such time as the assets are substantially ready for their intended use or sale. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using
a weighted average of rates applicable to relevant general borrowings of the Group during the construction period.
The capitalisation of borrowing costs is suspended during extended periods in which it suspends active development
of a qualifying asset.
Share based payments
The Company awards nil cost options to acquire ordinary shares in the capital of the Company to certain Directors
and employees. The Company has also previously awarded bonuses to certain employees in the form of the award of
deferred shares of the Company.
In addition the Company has established an Employee Share Participation Plan under which employees subscribe
for new shares which are held by a trust for the benefit of the subscribing employees. The shares are released to
employees after one year, together with an additional, matching share on a 1 for 1 basis.
The fair value of options and deferred shares granted are recognised as an employee expense with a corresponding
increase in equity. The fair value is measured at grant date and is charged to the consolidated statement of comprehensive
income over the vesting period during which the employees become unconditionally entitled to the options or shares.
The fair value of share options granted is measured using a modified Black Scholes model, taking into account the
terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to
reflect the actual number of share options that vest only where vesting is dependent upon the satisfaction of service
and non-market vesting conditions.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest
at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options which eventually vest. Market vesting conditions are factored into the fair value of the options
granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Pensions
The Group contributes to certain defined contribution pension and employee benefit schemes on behalf of its
employees. These costs are charged to the consolidated statement of comprehensive income on an accruals basis.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the consolidated
statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which
case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date together with any adjustment to tax payable in respect of previous years. Current tax
includes the expected impact of claims submitted by the Group to tax authorities in respect of enhanced tax relief for
expenditure on research and development.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:
\u2022 the initial recognition of goodwill;
\u2022 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a
business combination;
\u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Recognition
of deferred tax assets is restricted to the extent that it is probable that future taxable profits will be available against
which the temporary differences can be utilised.
Foreign currencies The individual financial statements of each Group Company are presented in the currency of the primary economic environment in which it operates (the functional currency). For the purposes of the consolidated financial statements, the results and financial position of each Group Company are expressed in Euro, which is the functional currency of the parent Company, and the presentation currency of the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currencies are recognised at the rates of exchange prevailing on the date of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise. For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average monthly exchange rates prevailing in the month in which the transaction took place. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Such translation differences are reclassified to profit and loss only on disposal or partial disposal of the overseas operation. Foreign exchange hedging The Group has adopted IFRS 9 hedge accounting in respect of the cash flow hedging instruments that it uses to manage the risk of foreign exchange movements impacting on future cash flows and profitability. The Group has prospectively assessed the effectiveness of its cash flow hedging using the \u2018hedge ratio\u2019 of quantities of cash held in the same currency as future foreign exchange cash flow quantities related to committed investment in plant and equipment. The Group has undertaken a qualitative analysis to confirm that an \u2018economic relationship\u2019 exists between the hedging instrument and the hedged item. It is also satisfied that credit risk will not dominate the value changes that result from that economic relationship. At the end of each reporting period the Group measures the effectiveness of its cash flow hedging and recognises the effective cash flow hedge results in Other Comprehensive Income and the Hedging Effectiveness Reserve within Equity, together with its ineffective hedge results in Profit and Loss. Amounts are reclassified from the Hedging Effectiveness Reserve to property, plant and equipment once construction has been completed or Profit and Loss when the associated hedged transaction affects Profit and Loss. Further details are included in note 5. Government grants Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and the Group will comply with the attached conditions. When the grant relates to an expense item, it is recognised as income over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset they are credited to a deferred income account and released to the statement of comprehensive income over the expected useful life of the relevant asset on a straight line basis. Goodwill Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject to annual impairment reviews by the Directors. Any impairment arising is charged to the consolidated statement of comprehensive income. Where the fair value of the identifiable assets and liabilities acquired is greater than the fair value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and is recognised in the consolidated statement of comprehensive income. Joint venture
The Group has entered into a joint venture agreement with Eastman Chemical Company, forming Accoya USA LLC. The
Group applies IFRS 11 for this joint arrangement, and following assessment of the nature of this joint arrangement, has
determined it to be a joint venture. Interest in the joint venture is accounted for using the equity method, after initially
being recognised at cost.
Further details concerning the Accoya USA LLC joint venture with Eastman Chemical Company are included in note 29.
Other intangible assets
Intellectual property rights, including patents, which cover a portfolio of novel processes and products, are shown in
the financial statements at cost less accumulated amortisation and any amounts by which the carrying value is assessed
during an annual review to have been impaired. At present, the useful economic life of the intellectual property is
considered to be 20 years.
Internal development costs are incurred as part of the Group\u2019s activities including new processes, process
improvements, identifying new species and improving the Group\u2019s existing products. Research costs are expensed
as incurred. Development costs are capitalised when all of the criteria set out in IAS 38 \u2018Intangible Assets\u2019 (including
criteria concerning technical feasibility, ability and intention to use or sell, ability to generate future economic benefits,
ability to complete the development and ability to reliably measure the expenditure) have been met. These internal
development costs are amortised on a straight line basis over their useful economic life, between 8 and 20 years.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment charged. Cost
includes the original purchase price of the asset as well as costs of bringing the asset to the working condition and
location of its intended use. The capitalisation of costs is suspended during extended periods in which it suspends
active development of a qualifying asset. Depreciation is provided at rates calculated to write off the cost less
estimated residual value of each asset, except freehold land, over its expected useful life on a straight line basis,
as follows:
Plant and machinery These assets comprise pilot plants and production facilities. These facilities are depreciated
from the date they become available for use over their useful lives of between 5 and 20 years
Office equipment Useful life of between 3 and 5 years
Leased land and buildings Land held under a finance lease is depreciated over the life of the lease
Freehold land Freehold land is not depreciated
Impairment of non-financial assets
The carrying amount of non-current non-financial assets of the Group is compared to the recoverable amount of the
assets whenever events or changes in circumstances indicate that the net book value may not be recoverable, or in
the case of goodwill, annually. The recoverable amount is the higher of value in use and the fair value less cost to sell.
In assessing the value in use, the expected future cash flows from the assets are determined by applying a discount
rate to the anticipated pre-tax future cash flows. An impairment charge is recognised in the consolidated statement
of comprehensive income to the extent that the carrying amount exceeds the assets\u2019 recoverable amount. The revised
carrying amounts are amortised or depreciated in line with Group accounting policies. A previously recognised
impairment loss, other than on goodwill, is reversed if the recoverable amount increases as a result of a reversal of
the conditions that originally resulted in the impairment. This reversal is recognised in the consolidated statement of
comprehensive income and is limited to the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised in prior years. Assets are Grouped at the lowest levels for which there are
separately identifiable cash flows (cash generating units) for purposes of assessing impairment.
Leases To the extent that a right-of-control exists over an asset subject to a lease, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease payments, are recognised in the consolidated statement of financial position at the commencement of the lease. The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability, any initial direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required in terms of the lease. Depreciation is charged to the consolidated income statement so as to depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including variable lease payments that depend on an index and the exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated statement of comprehensive income over the period of the lease. Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the consolidated statement of financial position, and are charged to the consolidated income statement when incurred. Low-value assets are determined based on quantitative criteria. The Group has used the following practical expedients permitted by the standard: \u2022 The use of a single discount rate to a portfolio of leases with reasonably similar characteristics \u2022 Reliance on previous assessments on whether leases are onerous \u2022 The use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. Inventories Raw materials, which consist of unprocessed timber and chemicals used in manufacturing operations, are valued at the lower of cost and net realisable value. The basis on which cost is derived is a first-in, first-out basis. Finished goods, comprising processed timber, are stated at the lower of weighted average cost of production or net realisable value. Costs include direct materials, direct labour costs and production overheads (excluding the depreciation/depletion of relevant property and plant and equipment) absorbed at an appropriate level of capacity utilisation. Net realisable value represents the estimated selling price less all expected costs to completion and costs to be incurred in selling and distribution. Fair value measurement Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in notes to the financial statements, are based on the following fair value measurement hierarchy: \u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and \u2022 level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Specific valuation methodologies used to value financial instruments include: \u2022 the fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates; and \u2022 other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments Financial assets
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when
the Group becomes party to the contractual provisions of the instrument.
Financial assets are initially measured at fair value and in the case of investments not at fair value through profit or loss,
fair value plus directly attributable transaction costs.
Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are classified as fair value
through other comprehensive income and are stated at fair value. Gains and losses arising from changes in fair value
are recognised directly in other comprehensive income, with dividends recognised in profit or loss. Where it is not
possible to obtain a reliable fair value, these investments are held at cost less provision for impairment.
Loans and receivables, which comprise non-derivative financial assets with fixed and determinable payments that are
not quoted on an active market, are initially recognised at fair value plus transaction costs that are directly attributable
to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method,
less provision for impairment.
Trade and other receivables
Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the
effective interest rate method, less allowance for impairments. The Group has elected to apply the IFRS 9 practical
expedient option to measure the value of its trade receivables at transaction price, as they do not contain a significant
financing element. The Group applies IFRS 9\u2019s \u2018simplified\u2019 approach that requires companies to recognise the lifetime
expected losses on its trade receivables. At the date of initial recognition, the credit losses expected to arise over the
lifetime of a trade receivable are recognised as an impairment and are adjusted, over the lifetime of the receivable, to
reflect objective evidence reflecting whether the Group will not be able to collect its debts.
Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and in hand and
short-term deposits, including liquidity funds, with an original maturity of three months or less. For the purpose of the
statement of consolidated cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts. Cash and cash equivalents includes cash pledged to ABN Amro as collateral for the
$20million Letter of Credit provided to FHB. See note 30.
Financial liabilities
Other financial liabilities
Trade payables and other financial liabilities are initially recognised at fair value and subsequently carried at amortised
cost using the effective interest method.
Loans and other borrowings are initially recognised at the fair value of amounts received net of transaction costs and
subsequently measured at amortised cost using the effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled
or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is
recognised in profit or loss as other income or finance costs.
Financial guarantee contracts
Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued.
The liability is initially measured at fair value, which is determined based on the present value of the difference in cash
flows between the contractual payments required under the FHB borrowing (provided to the Company\u2019s joint venture
\u2013 Accoya USA) and the payments that are estimated to be required without the guarantee being provided by Accsys to
FHB. To calculate the fair value of the guarantee, the present value calculation is then weighted by the probability of the
guarantee being called by FHB.
Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values
are accounted for as contributions and recognised as part of the cost of the investment.
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition
of a financial liability. The Group\u2019s shares are classified as equity instruments.
Segmental Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive
Officer. The Chief Executive Officer is responsible for allocating resources and assessing performance of the operating
segments and has been identified as steering the committee that makes strategic decisions.
Alternative Performance Measures
The Group presents certain measures of financial performance, position or cash flows in the Annual Report and financial
statements that are not defined or specified according to IFRS (International financial reporting standards). These
measures, referred to as Alternative Performance Measures (APMs), are prepared on a consistent basis for all periods
presented in this report.
The most significant APMs are:
Net debt
A measure comprising short term and long-term borrowings (including lease obligations) less cash and cash
equivalents. Net debt provides a measure of the Group\u2019s net indebtedness or overall leverage.
Underlying EBITDA
Operating profit/(loss) before Exceptional items and other adjustments, depreciation and amortisation and includes
the Group\u2019s attributable share of our USA joint venture\u2019s underlying EBITDA. Underlying EBITDA provides a measure
of the cash-generating ability of the business that is comparable from year to year.
Underlying EBIT
Operating profit/(loss) before Exceptional items and other adjustments and includes the Group\u2019s attributable share
of our USA joint venture\u2019s underlying EBIT. Underlying EBIT provides a measure of the operating performance that is
comparable from year to year.
Net Debt/Underlying EBITDA
Net debt divided by trailing 12-month underlying EBITDA. A measure of the Group\u2019s net indebtedness relative to its
cash-generating ability.
Accoya Manufacturing margin
Accoya segmental underlying gross profit excluding Accoya underlying licence revenue and marketing services
expressed as a percentage over Accoya segmental total revenue excluding Accoya underlying licence revenue and
marketing services. Accoya Manufacturing margin provides a measure of the profitability of the Accoya operations
relative to revenue.
Adjusted Cash
Cash & cash equivalents less restricted cash and cash raised through an equity raise to be invested into Accoya USA
Joint Venture. See note 30.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates Goodwill The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have been determined based on value in use calculations. These calculations require the use of judgements in relation to discount rates and future forecasts (See note 15 & 16). The recoverability of these balances is dependent upon the level of future licence fees and manufacturing revenues. While the scope and timing of the production facilities to be built under the Group\u2019s existing and future agreements remains uncertain, the Directors remain confident that revenue from own manufacturing, existing licensees, new licence or consortium agreements will be generated, demonstrating the recoverability of these balances. Intellectual property rights (IPR) and property, plant and equipment The Group tests the carrying amount of the intellectual property rights and property, plant and equipment whenever events or changes in circumstances indicate that the net book value may not be recoverable. These calculations require the use of estimates in respect of future cash flows from the assets by applying a discount rate to the anticipated pre-tax future cash flows. Within this process, the Group makes a number of key assumptions including operating margins, production volumes, discount rates, terminal growth rates and forecast cash flows. Additional information is disclosed in note 15 & 16, which highlights the estimates applied in the value-in-use calculations for those CGUs that are considered most susceptible to changes in key assumptions and the sensitivity of these estimates. The Group also reviews the estimated useful lives at the end of each annual reporting period (See note 15 & 16). The price of Accoya wood and the raw materials and other inputs vary according to market conditions outside of the Group\u2019s control. Should the price of the raw materials increase greater than the sales price or in a way which no longer makes Accoya competitive, then the carrying value of the property, plant and equipment or IPR may be in doubt and become impaired. The Directors consider that the current market and best estimates of future prices mean that this risk is limited. Valuation of value recovery instrument (\u201cVRI\u201d) These calculations require the use of estimates in respect of future cash flows and by applying a discount rate to the anticipated future cash flows. The same future cashflows modelled in Property, plant and equipment testing are used for this calculation. Additional information is disclosed in note 16 & 23. Accounting judgements In preparing the Consolidated Financial Statements, management has to make judgments on how to apply the Group\u2019s accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the Consolidated Financial Statements and the key sources of uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are discussed below: Financial asset at fair value through profit or loss The Group has an investment in listed equity shares carried at nil fair value as a reliable fair value cannot be obtained since there is no active market for the shares and there is currently uncertainty around the future funding of the business. The Group makes appropriate enquiries and considers all of the information available to it in order to determine the fair value (See note 18). New standards and interpretations in issue at the date of authorisation of these financial statements: New standards, amendments and interpretations The following amendments to Standards and a new Interpretation have been adopted for the financial year beginning on 1 April 2022: \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12; and \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2023 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 3. Segmental reporting The Group\u2019s business is the manufacturing of and development, commercialisation and licensing of the associated proprietary technology for the manufacture of Accoya wood, Tricoya wood elements and related acetylation technologies. Segmental reporting is divided between corporate activities, activities directly attributable to Accoya, to Tricoya or research and development activities. Accoya Accoya Segment Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Accoya wood revenue 143,494 \u2013 143,494 105,053 \u2013 105,053 Licence revenue 300 \u2013 300 400 \u2013 400 Other revenue 16,773 \u2013 16,773 13,879 \u2013 13,879 Total Revenue 160,567 \u2013 160,567 119,332 \u2013 119,332 Cost of sales (105,608) \u2013 (105,608) (83,435) \u2013 (83,435) Gross profit 54,959 \u2013 54,959 35,897 \u2013 35,897 Other operating costs (22,621) \u2013 (22,621) (19,116) (133) (19,249) Profit from operations 32,338 \u2013 32,338 16,781 (133) 16,648 Profit from operations 32,338 \u2013 32,338 16,781 (133) 16,648 Accoya USA EBIT (912) \u2013 \u2013 (261) \u2013 \u2013 EBIT 31,426 \u2013 32,338 16,520 (133) 16,648 Depreciation and amortisation 6,832 \u2013 6,832 4,787 \u2013 4,787 Accoya USA Depreciation and amortisation 211 \u2013 \u2013 \u2013 \u2013 \u2013 EBITDA 38,469 \u2013 39,170 21,307 (133) 21,435 Revenue includes the sale of Accoya, licence income and other revenue, principally relating to the sale of acetic acid and other licensing related income. Revenue also includes sales of lower visual grade Accoya to Tricoya customers for the purposes of producing Tricoya panels as a temporary work-around until the dedicated Tricoya Hull plant is operational. All costs of sales are allocated against manufacturing activities in Arnhem and in Barry (Wales) unless they can be
directly attributable to a licensee. Other operating costs include all costs associated with the operation of the Arnhem
and Barry manufacturing sites, including directly attributable administration, sales and marketing costs.
See note 5 for explanation of Exceptional items and other adjustments.
Average headcount = 175 (2022: 162)
The below table shows details of reconciling items to show both Accoya EBITDA and Accoya Manufacturing gross profit,
both including and excluding licence and licensing related income, which has been presented given the inclusion of
items which can be more variable or one-off.
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Accoya segmental underlying EBITDA 38,469 21,307
Accoya underlying Licence revenue (300) (400)
Accoya segmental underlying EBITDA (excluding. Licence Income) 38,169 20,907
Accoya segmental underlying gross profit 54,959 35,897
Accoya underlying Licence revenue (300) (400)
Accoya manufacturing gross profit 54,659 35,497
Accoya Manufacturing Margin 34.1% 29.8%
2023 2022
Accoya Manufacturing gross profit\u2013\u20ac\u2019000 54,659 35,497
Accoya sales volume\u2013m
3
63,344 59,649
Accoya manufacturing gross profit per m
3
863 595
Tricoya
Tricoya Segment
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Tricoya panel revenue 1,373 \u2013 1,373 1,459 \u2013 1,459
Licence revenue 29 \u2013 29 16 \u2013 16
Other revenue 49 \u2013 49 45 \u2013 45
Total Revenue 1,451 \u2013 1,451 1,520 \u2013 1,520
Cost of sales (1,244) \u2013 (1,244) (1,417) \u2013 (1,417)
Gross profit 207 \u2013 207 103 \u2013 103
Other operating costs (5,823) (86,000) (91,823) (3,811) (3) (3,814)
Loss from operations (5,616) (86,000) (91,616) (3,708) (3) (3,711)
Loss from operations (5,616) (86,000) (91,616) (3,708) (3) (3,711)
Depreciation and amortisation 527 \u2013 527 505 \u2013 505
Impairment \u2013 86,000 86,000 \u2013 \u2013 \u2013
EBITDA (5,089) \u2013 (5,089) (3,203) (3) (3,206)
Revenue and costs are those attributable to the business development of the Tricoya process and establishment of
Tricoya Hull Plant.
Other operating costs includes pre-operating costs for the Tricoya Hull Plant.
See note 5 for explanation of Exceptional items and other adjustments.
Average headcount = 23 (2022: 36), noting a substantial proportion of the costs to date have been incurred via
recharges from other parts of the Group or have resulted from contractors.
Corporate Corporate Segment Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Accoya wood revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Licence revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total Revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cost of sales \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gross result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other operating costs (9,976) (1,453) (11,429) (7,430) \u2013 (7,430) Loss from operations (9,976) (1,453) (11,429) (7,430) \u2013 (7,430) Loss from operations (9,976) (1,453) (11,429) (7,430) \u2013 (7,430) Depreciation and amortisation 866 \u2013 866 805 \u2013 805 EBITDA (9,110) (1,453) (10,563) (6,625) \u2013 (6,625) Corporate costs are those costs not directly attributable to Accoya, Tricoya or Research and Development activities. This includes management and the Group\u2019s corporate and general administration costs including the head office in London. See note 5 for explanation of Exceptional items and other adjustments. Average headcount = 33 (2022: 37) Research and Development Research & Development Segment Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Accoya wood revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Licence revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total Revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cost of sales \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Gross result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other operating costs (1,458) \u2013 (1,458) (1,184) \u2013 (1,184) Loss from operations (1,458) \u2013 (1,458) (1,184) \u2013 (1,184) Loss from operations (1,458) \u2013 (1,458) (1,184) \u2013 (1,184) Depreciation and amortisation 67 \u2013 67 68 \u2013 68 EBITDA (1,391) \u2013 (1,391) (1,116) \u2013 (1,116) Research and Development costs are those associated with the Accoya and Tricoya processes. Costs exclude those which have been capitalised in accordance with IFRS (see note 15). Average headcount = 13 (2022: 9) Total
Total
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Accoya/Tricoya revenue 144,867 \u2013 144,867 106,512 \u2013 106,512
Licence revenue 329 \u2013 329 416 \u2013 416
Other revenue 16,822 \u2013 16,822 13,924 \u2013 13,924
Total Revenue 162,018 \u2013 162,018 120,852 \u2013 120,852
Cost of sales (106,852) \u2013 (106,852) (84,852) \u2013 (84,852)
Gross profit 55,166 \u2013 55,166 36,000 \u2013 36,000
Other operating costs (39,878) (87,453) (127,331) (31,541) (136) (31,677)
Profit/ (loss) from operations 15,288 (87,453) (72,165) 4,459 (136) 4,323
Finance income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Finance expense (3,224) 9,350 6,126 (2,893) 544 (2,349)
Investment in joint venture (1,036) \u2013 (1,036) (261) \u2013 (261)
Profit/(Loss) before taxation 11,028 (78,103) (67,075) 1,305 408 1,713
See note 5 for details of Exceptional items and other adjustments.
Reconciliation of Underlying EBIT and EBITDA
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Profit/(loss) from operations 15,288 (87,453) (72,165) 4,459 (136) 4,323
Accoya USA EBIT (912) \u2013 \u2013 (261) \u2013 \u2013
EBIT 14,376 (87,453) (72,165) 4,198 (136) 4,323
Depreciation and amortisation 8,292 \u2013 8,292 6,164 \u2013 6,164
Accoya USA Depreciation and amortisation 211 \u2013 \u2013 \u2013 \u2013 \u2013
Impairment \u2013 86,000 86,000 \u2013 \u2013 \u2013
EBITDA 22,879 (1,453) 22,127 10,362 (136) 10,487
Analysis of Revenue by geographical area of customers:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
UK and Ireland 55,395 43,053
Rest of Europe 63,635 45,980
Americas 29,778 21,069
Rest of World 13,210 10,750
162,018 120,852
Revenue generated from two customers exceeded 10% of Group revenue of 2023. These two customers represented
35% & 34% of the revenue from the United Kingdom and Ireland, relating to Accoya revenue. Revenue generated from
two customers exceeded 10% of Group revenue of 2022. This included 37% & 34% of the revenue from the United
Kingdom and Ireland, relating to Accoya revenue.
Assets and liabilities on a segmental basis Accoya 2023 \u20ac\u2019000 Tricoya 2023 \u20ac\u2019000 Corporate 2023 \u20ac\u2019000 R&D 2023 \u20ac\u2019000 TOTAL 2023 \u20ac\u2019000 Accoya 2022 \u20ac\u2019000 Tricoya 2022 \u20ac\u2019000 Corporate 2022 \u20ac\u2019000 R&D 2022 \u20ac\u2019000 TOTAL 2022 \u20ac\u2019000 Non-current assets 120,459 27,047 3,777 162 151,445 91,278 99,718 4,119 228 195,343 Current assets 52,699 3,872 13,630 4,872 75,073 36,899 4,425 33,452 5,021 79,797 Current liabilities (22,947) (4,156) (15,299) (56) (42,458) (19,399) (21,112) (5,156) (75) (45,742) Net current assets/ (liabilities) 29,752 (284) (1,669) 4,816 32,615 17,500 (16,687) 28,296 4,946 34,055 Non-current liabilities (2,545) (8,665) (50,289) (59) (61,558) (2,826) (1,252) (52,339) (111) (56,528) Net assets/ (liabilities) 147,666 18,098 (48,181) 4,919 122,502 105,952 81,779 (19,924) 5,063 172,870 The Investment accounted for using the equity method (Investment in Accoya USA) is included in the Accoya segment. See note 29 Analysis of non-current assets (Other than financial assets and deferred tax): 2023 \u20ac\u2019000 2022 \u20ac\u2019000 UK 30,485 107,861 Other countries 116,729 83,251 Un-allocated\u2013Goodwill 4,231 4,231 151,445 195,343 The segmental assets in the current year were predominantly held in the UK, USA and mainland Europe (prior year UK and mainland Europe). Additions to property, plant, equipment and intangible assets in the current year were predominantly incurred in the UK and mainland Europe (Prior Year UK and mainland Europe). The increase in Investment accounted for using the equity method (investment into Accoya USA) incurred in USA. There are no significant intersegment revenues. 4. Other operating costs Other operating costs consist of the operating costs, other than the cost of sales, associated with the operation of the plant in Arnhem, Barry, the offices in Dallas and London and certain pre-operating costs associated with the plant in Hull: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Sales and marketing 5,219 5,121 Research and development 990 1,116 Other operating costs 9,720 6,856 Administration costs 15,657 12,284 Exceptional Items 1,453 136 Other operating costs excluding depreciation and amortisation 33,039 25,513 Depreciation and amortisation 8,292 6,164 Impairment \u2013 exceptional item 86,000 \u2013 Total other operating costs 127,331 31,677 Administrative costs include costs associated with Business Development and Legal departments, Intellectual Property as well as Human Resources, IT, Finance, Management and General Office and includes the costs of the Group\u2019s head office costs in London and the US Office in Dallas. Group average headcount increased from 244 in the year to 31 March 2022, to 245 in the year to 31 March 2023. During the period, \u20ac437,000 (2022: \u20ac714,000) of internal development & patent related costs were capitalised
and included in intangible fixed assets, including \u20ac287,000 (2022: \u20ac488,000) which were capitalised within Tricoya
Technologies Limited (\u2018TTL\u2019). In addition \u20ac171,000 of internal costs have been capitalised in relation to our current
Arnhem Accoya plant expansion project (2022: \u20ac375,000) and \u20ac566,000 of internal costs have been capitalised in
relation to our plant build in Hull, UK (2022: \u20ac739,000). Both are included within tangible fixed assets. The impairment
loss is in relation to Tricoya assets, refer to note 5 and 16.
5. Exceptional items and other adjustments
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Redundancy costs in relation to purchase of assets to grow Accoya Color production \u2013 (133)
Early termination of loans\u2013redemption fee & accelerated amortisation of transaction costs \u2013 (1,619)
Advisor fees in relation to Tricoya consortium reorganisation (1,453) \u2013
Impairment of the Tricoya segment assets (86,000) \u2013
Partial net derecognition of NatWest loan 9,353 \u2013
Recognition of Valuation Recovery Instrument \u2018VRI\u2019 liability (1,383) \u2013
Foreign exchange differences on Corporate USD cash held for investment in to USA JV\u2013incl. in Finance expense 1,380 2,080
Total exceptional items (78,103) 328
Foreign exchange differences arising on Tricoya & Corporate cash held\u2013Operating costs \u2013 (3)
Foreign exchange differences arising on Loan Notes\u2013incl. in Finance expense \u2013 231
Foreign exchange differences on Tricoya\u2013Other comprehensive income/(loss) \u2013 8
Revaluation of USD cash pledged to ABN Amro\u2013incl. in Finance expense \u2013 (148)
Revaluation of FX forwards used for cash-flow hedging\u2013Other comprehensive income/(loss) \u2013 58
Total other adjustments \u2013 146
Tax on exceptional items and other adjustments \u2013 \u2013
Total exceptional items and other adjustments (78,103) 474
Exceptional Items
In November 2022, Accsys agreed to acquire full ownership of TUK (Tricoya UK Limited) and TTL (Tricoya Technologies
Limited), from its Consortium Partners (see note 28).
The advisor fees are associated with advising Accsys on options and resulting corporate restructuring of the
Tricoya consortium.
In November 2022, NatWest agreed to restructure its TUK debt facility, reducing the principal amount by \u20ac9.4m to
\u20ac6m, under a new 7-year term (see note 30). This resulted in the derecognition of the balance drawn on the NatWest
loan on the date of the restructure of \u20ac15.4m and recognition of the new \u20ac6m loan.
Separate to, and in addition to the amended \u20ac6m loan, NatWest will be entitled to obtain recovery, via the Value
Recovery Instrument (\u2018VRI\u2019) agreement, of up to approximately \u20ac9.4m, on a contingent basis, depending on profitability
of the Tricoya Hull plant once operational. The contingent payments to NatWest are based upon free cash-flow
generated by the Hull plant.
A financial liability has been recognised of \u20ac1.4m (see note 23) in respect of the VRI.
The impairment of the Tricoya segment assets is caused by
(i) As reported in November 2022, Identification of additional time and costs (\u20ac35m) to complete the plant;
(ii) A decrease in the production volume forecast for the plant to 24,000MT (from 30,000MT);
(iii) Update to the discount rate applied, 13.5% (increased from 10.5% at 31 March 2022). Refer to note 16 for review
of impairment.
Foreign exchange differences recognised due to US dollars held for investment into the Accoya USA Joint Venture.
Following the May 2021 equity raise, the amount raised to invest into Accoya USA was translated into US dollars
and held in cash ensuring that foreign exchange movements did not decrease the amount raised below the US
dollar investment into Accoya USA. This treatment did not meet the requirements for hedge accounting under IFRS
9, Financials instruments, and therefore the foreign exchange gain on the revaluation of the US dollars has been
accounted for in Finance expenses.
5. Exceptional items and other adjustments continued Exceptional Items continued In the prior year, Accsys purchased certain assets, equipment, technology and its manufacturing plant in Barry, Wales from Lignia Wood Company Limited and its administrators for a consideration of \u20ac1.2m, including \u20ac0.5m for raw wood inventory. As part of this purchase, redundancy costs of \u20ac133,000 were incurred in relation to staff at the Barry site. In the prior year, Accsys completed the refinance of its Group debt facilities, with a new bilateral agreement with ABN Amro. Loans previously held with ABN Amro, Cerdia Produktions GmbH, Bruil, Volantis and Business Growth Fund (BGF) were repaid. Early redemption fees totalling \u20ac1.4m were paid, and the amortisation of previously capitalised transaction fees related to these repaid loans was accelerated. Other Adjustments Other adjustments included in the prior year are no longer disclosed for the year ended 31 March 2023. In the prior year, foreign exchange differences in the Tricoya segment have occurred during the year due to pounds sterling held for the Hull plant build and to a lesser extent, pounds sterling held within the Corporate segment for future sterling corporate costs. The effective portion of the foreign exchange movement is recognised in other comprehensive income, with the ineffective portion recognised in Operating costs. In the prior year, foreign exchange differences also arise on the pounds sterling denominated loan notes, entered into in a prior period (see note 30). These exchange rate differences are included as finance expenses. 6. Employees 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Staff costs (including Directors) consist of: Wages and salaries 18,584 17,007 Social security costs 2,838 2,620 Other pension costs 1,573 1,381 Share based payments 201 140 23,196 21,148 Pension costs relate to defined contribution plan contributions. The average monthly number of employees, including Executive Directors, during the year was as follows: 2023 2022 Sales and marketing, administration, research and engineering 142 134 Operating 103 110 245 244 7. Directors\u2019 remuneration 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Directors\u2019 remuneration consists of: Directors\u2019 emoluments 1,170 1,168 Company contributions to money purchase pension schemes 38 43 1,208 1,211 Compensation of key management personnel included the following amounts: Salary, bonus and short term benefits \u20ac\u2019000 Pension \u20ac\u2019000 Share based payments charge \u20ac\u2019000 2023 Total \u20ac\u2019000 2022 Total \u20ac\u2019000 Rob Harris 642 30 (53) 619 568 William Rudge 102 8 (10) 100 308 744 38 (63) 719 876 The Group made contributions to one (2022: one) Director\u2019s personal pension plan, with Robert Harris receiving cash in lieu of pension. William Rudge stepped down from the Board following the AGM on 23 September 2022. In the table above, his remuneration is included up to 23 September 2022. The figures in the above table are impacted by foreign exchange noting that the remuneration for R Harris and W Rudge are denominated in Pounds Sterling. 8. Operating profit 2023 \u20ac\u2019000 2022 \u20ac\u2019000 This has been arrived at after charging/(crediting): Staff costs 23,196 21,148 Depreciation of property, plant and equipment, and right of use assets 7,512 5,419 Impairment 86,000 \u2013 Amortisation of intangible assets 780 745 Operating lease rentals 77 103 Foreign exchange (gains) (70) (171) Research & Development (excluding staff costs) 469 416 Fees payable to the Company\u2019s auditors for the audit of the Group\u2019s annual financial statements 183 145 Fees payable to the Company\u2019s auditors for other services: \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 205 110 \u2013 audit related assurance services \u2013 36 Fees payable to Component auditor for audit of subsidiaries 182 117 Total audit and audit related services: 570 408 Additional audit fees were agreed for the 2022 audit of \u20ac170,000 which are not included in the table above, including \u20ac80,000 for fees payable for the audit of the Group\u2019s annual financial statements and \u20ac90,000 for fees payable for the audit of subsidiaries. 9. Finance income 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Interest receivable on bank and other deposits* \u2013 \u2013 * \u20ac1,000 interest received in the year ended 31 March 2023 (31 March 2022: \u20ac8,000) in relation to cash balances held in Tricoya UK Ltd was netted off with borrowing costs incurred, with the net borrowing cost amount related to the Hull project capitalised and included within property, plant and equipment. 10. Finance expense 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Arnhem land and buildings lease finance charge 179 183 Interest on loans 2,500 2,282 Interest on lease liabilities 115 139 Other finance expenses 430 289 Total underlying finance expenses 3,224 2,893 Exceptional items and other adjustments Foreign exchange (gain)/loss on loan notes \u2013 (231) Revaluation of USD cash pledged to ABN Amro \u2013 148 Early termination of loans\u2013redemption fee & accelerated amortisation of transaction costs \u2013 1,619 Foreign exchange (gain)/loss on Corporate USD cash held for investment in to USA JV (1,380) (2,080) Partial derecognition of NatWest loan (9,353) \u2013 Recognition of Valuation Recovery Instrument \u201cVRI\u201d 1,383 \u2013 Total Finance expense (6,126) 2,349 11. Tax expense
2023
\u20ac\u2019000
2022
\u20ac\u2019000
(a) Tax recognised in the statement of comprehensive income comprises:
Current tax charge
UK Corporation tax on losses for the year \u2013 \u2013
Research and development tax (credit)/ expense in respect of current year (121) (314)
(121) (314)
Overseas tax at rate of 15% 32 24
Overseas tax at rate of 25% 2,876 1,305
Deferred Tax
Utilisation of deferred tax asset \u2013 \u2013
Total tax charge reported in the statement of comprehensive income 2,787 1,015
2023
\u20ac\u2019000
2022
\u20ac\u2019000
(b) The tax charge for the period is higher than the standard rate of corporation tax in the UK
(2023 & 2022: 19%) due to:
Profit/(Loss) before tax (67,075) 1,713
Expected tax charge at 19% (2022\u201319%) (12,744) 325
Expenses not deductible in determining taxable profit 148 142
Tricoya segment assets impairment 16,340 \u2013
Tax (income)/losses for which no deferred income tax asset was (utilised)/recognised (1,654) 541
Effects of overseas taxation 818 320
Research and development tax charge/(credit) in respect of prior years 3 (190)
Research and development tax (credit) in respect of current year (124) (123)
Total tax charge reported in the statement of comprehensive income 2,787 1,015
Deferred tax
\u20ac\u2018000
Deferred tax assets Deferred tax liabilities
2023 2022 2023 2022
At 1 April 484 \u2013 (484) \u2013
Credited/(charged) to the consolidated income statement 137 484 (137) (484)
At 31 March 621 484 (621) (484)
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these
financial statements. See note 19.
12. Dividends Paid
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Final Dividend \u20acNil (2022: \u20acNil) per Ordinary share proposed and paid during year relating to the previous
year\u2019s results \u2013 \u2013
13. Basic and diluted profit/(loss) per ordinary share
The calculation of profit per ordinary share is based on profit after tax and the weighted average number of ordinary
shares in issue during the year.
2023
Underlying
2023
Total
2022
Underlying
2022
Total
Basic earnings per share
Weighted average number of Ordinary shares in issue (\u2018000) 210,693 210,693 190,446 190,446
Profit/(Loss) for the year attributable to owners of Accsys Technologies PLC
(\u20ac\u2019000) 9,528 (39,038) 1,930 2,338
Basic profit/(loss) per share \u20ac0.05 \u20ac(0.19) \u20ac0.01 \u20ac0.01
Diluted earnings per share
Weighted average number of Ordinary shares in issue (\u2018000) 210,693 \u2013 190,446 190,446
Equity options attributable to BGF \u2013 see note 31 8,449 \u2013* 8,449 8,449
Weighted average number of Ordinary shares in issue and potential ordinary
shares (\u2018000) 219,142 \u2013 198,895 198,895
Profit/(Loss) for the year attributable to owners of Accsys Technologies PLC
(\u20ac\u2019000) 9,528 \u2013 1,930 2,338
Diluted profit/(loss) per share \u20ac0.04 \u2013* \u20ac0.01 \u20ac0.01
* Diluted loss per share is not disclosed for Total diluted loss per share. IAS 33 \u201cEarning per share\u201d defines Dilutive share options as share options which would
decrease profit per share or increase loss per share. Equity options to BGF are disclosed in note 31, which if exercised, would decrease Total loss per share.
As a result, these are anti-dilutive and therefore shown as nil.
14. Share based payments
The Group operates a number of share schemes which give rise to a share based payment charge. The Group operates
a Long Term Incentive Plan (\u2018LTIP\u2019) in order to reward certain members of staff including the Senior Management team
and the Executive Directors.
Options \u2013 total
The following figures take into account options awarded under the LTIP, together with share options awarded in
previous years under the 2008 Share Option schemes.
Outstanding options granted are as follows:
Date of grant
Number of outstanding
options at 31 March
Weighted average remaining
contractual life, in years
2023 2022 2023 2022
19 September 2013 (LTIP) 443,675 599,880 0.5 1.5
24 June 2016 (LTIP) 130,099 183,320 3.3 4.3
20 June 2017 (LTIP) 100,651 326,999 4.3 5.3
18 June 2018 (LTIP) 185,840 185,840 5.3 6.3
25 June 2019 (LTIP) \u2013 475,258 6.3 7.3
20 November 2019 (LTIP) \u2013 105,699 6.7 7.7
23 December 2019 (LTIP) \u2013 41,468 6.8 7.8
15 July 2020 (LTIP)
1
850,540 1,172,290 7.3 8.3
23 June 2021 (LTIP) 511,112 868,889 8.3 9.3
12 July 2022 (LTIP) 352,486 \u2013 9.3 \u2013
Total 2,574,403 3,959,643 6.1 6.8
1 850,540 nil cost options are outstanding in the 2020 LTIP award at 31 March 2023 but no options are estimated to vest on the relevant vesting dates in the 2023
calendar year.
Movements in the weighted average values are as follows:
Weighted average
exercise price Number
Outstanding at 01 April 2021 \u20ac0.01 3,971,371
Granted during the year \u20ac0.00 918,659
Forfeited during the year \u20ac0.00 (210,928)
Exercised during the year \u20ac0.00 (629,459)
Expired during the year \u20ac0.50 (90,000)
Outstanding at 31 March 2022 \u20ac0.00 3,959,643
Granted during the year \u20ac0.00 620,698
Forfeited during the year \u20ac0.00 (1,570,164)
Exercised during the year \u20ac0.00 (435,774)
Expired during the year \u20ac0.00 \u2013
Outstanding at 31 March 2023 \u20ac0.00 2,574,403
The exercise price of options outstanding at the end of the year was \u20acnil (for LTIP options) (2022: \u20acnil) and their
weighted average contractual life was 6.1 years (2022: 6.8 years).
Of the total number of options outstanding at the end of the year 860,265 (2022: 1,296,039) had vested and were
exercisable at the end of the year.
Long Term Incentive Plan (\u2018LTIP\u2019)
In 2013, the Group established a Long Term Incentive Plan, the participants of which are key members of the Senior
Management Team, including Executive Directors. The establishment of the LTIP was approved by the shareholders
at the AGM in September 2013.
2013 LTIP Award performance conditions and 2016 outcome
The LTIP in 2013 awarded 4,103,456 nil cost options and 2,472,550 vested in the financial year ended 31 March 2017.
443,675 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year.
2016 LTIP Award performance conditions and 2019 outcome
The LTIP in 2016 awarded 1,070,255 nil cost options and 494,433 vested in the financial year ended 31 March 2020.
130,099 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year.
2017 LTIP Award performance conditions and 2020 outcome
The LTIP in 2017 awarded 1,087,842 nil cost options and 326,999 vested in the financial year ended 31 March 2021.
100,651 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year.
2018 LTIP Award performance conditions and 2021 outcome
The LTIP in 2018 awarded 1,170,160 nil cost options and 185,840 vested in the financial year ended 31 March 2022.
185,840 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year.
2019 LTIP Award performance conditions and 2022 outcome
The LTIP in 2019 awarded 810,520 nil cost options and no options vested in the financial year ended 31 March 2023.
Awards made in July 2020 and LTIP Award performance conditions
During the prior year, a total of 1,326,966 LTIP awards were made primarily to members of the Senior Management team
including the Executive Directors:
The performance targets for 1,255,829 of these awards are as follows:
Metric
Weighting
(% of award) Threshold Stretch Maximum
Vesting (% of maximum) 25% 70% 100%
EBITDA per share in FY23 60% \u20ac0.14 \u20ac0.19 \u20ac0.24
Total sales volume in FY23 (m
3
) 40% 90,000 105,000 112,720
\u2022 Vesting is on a straight-line basis between points in the schedule.
\u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the
performance period in line with the business plan and intended stretch of the targets at the point of award.
\u2022 EBITDA per share targets are set and determined so as to exclude licensing income.
\u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya.
\u2022 Vesting of the Sales Volume component will be subject to the achievement of a threshold level of EBITDA.
Element
Element A
(EBITDA per share)
Element B
(Sales volume growth)
Grant date 15 July 20 15 July 20
Share price at grant date (\u20ac) 1.00 1.00
Exercise price (\u20ac) 0.00 0.00
Expected life (years) 3 3
Contractual life (years) 10 10
Vesting conditions (Details set out above) EBITDA Sales volume growth
Risk free rate \u20130.69% \u20130.69%
Expected volatility 20% 20%
Expected dividend yield 0% 0%
Fair value of option \u20ac1.00 \u20ac1.00
The remaining 71,137 of the awards made in summer 2020 were specific to individuals dedicated to the Tricoya
consortium with performance measures linked to progress and development of the Tricoya plant and its subsequent
operation. The fair value of these options were \u20ac0.998 on their Grant date.
All of the above awards, made in summer 2020 are subject to a three year performance period (i.e. year end March
2023) and a further two year holding period. In addition, awards are also subject to malus/claw-back provisions.
As at 31 March 2023, no share options are estimated to vest.
Awards made in July 2021 and LTIP Award performance conditions
During the year, a total of 918,659 LTIP awards were made primarily to members of the Senior Management team
including the Executive Directors:
The performance targets for 863,624 of these awards are as follows:
Metric Weighting (% of award) Threshold Maximum
Vesting (% of maximum) 25% 100%
EBITDA per share in FY24 60% \u20ac0.15 \u20ac0.24
Cumulative Sales Volume (FY22 to FY24) (m
3
) 30% 267,000 297,000
ESG \u2013 improvement in reporting ratings 10% 33% on attaining each of the 3 year milestones:
Y1 \u2013 Attain investor ESG external rating/score
Y2 \u2013 Improve or at least maintain ESG external rating/score
Y3 \u2013 Improve or at least maintain ESG external rating/score
Long Term Incentive Plan (\u2018LTIP\u2019) continued
\u2022 Vesting is on a straight-line basis between points in the schedule.
\u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the
performance period in line with the business plan and intended stretch of the targets at the point of award.
\u2022 EBITDA per share targets are set and determined so as to exclude licensing income.
\u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya.
Element
Element A
(EBITDA per share)
Element B
(Sales volume growth)
Element C
(ESG Reporting Metrics)
Grant date 23 Jun 21 23 Jun 21 23 Jun 21
Share price at grant date (\u20ac) 2.06 2.06 2.06
Exercise price (\u20ac) 0.00 0.00 0.00
Expected life (years) 3 3 3
Contractual life (years) 10 10 10
Vesting conditions (Details set out above) EBITDA Sales volume growth ESG reporting metrics
Risk free rate -0.67% -0.67% \u20130.67%
Expected volatility 20% 20% 20%
Expected dividend yield 0% 0% 0%
Fair value of option \u20ac2.06 \u20ac2.06 \u20ac2.06
The remaining 55,035 of the awards made in summer 2021 were specific to individuals dedicated to the Tricoya
consortium with performance measures linked to progress and development of the Tricoya plant and its subsequent
operation. The fair value of these options were \u20ac2.06 on their Grant date.
All of the above awards, made in summer 2021 are subject to a three year performance period (i.e. year end March
2024) and a further two year holding period. In addition, awards are also subject to malus/claw-back provisions.
Awards made in July 2022 and LTIP Award performance conditions
During the year, a total of 620,698 LTIP awards were made primarily to members of the Senior Management team
including the Executive Directors:
The performance targets for these awards are as follows:
Metric Weighting (% of award) Threshold Maximum
Vesting (% of maximum) 25% 100%
Cumulative Sales Volume (FY23 to FY25) (m
3
) 25% 206,000 232,000
Average Gross contribution (%) 25% 49.60% 55%
Share performance compared to AIM Index 40% Median Upper quartile
ESG \u2013 improvement in reporting ratings 10%
15% improvement in
S&P ESG score over
the three year period
20% improvement in
S&P ESG score over
the three year period
\u2022 Vesting is on a straight-line basis between points in the schedule.
\u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the
performance period in line with the business plan and intended stretch of the targets at the point of award.
\u2022 Gross contribution defined as Revenue from sale of Accoya/Tricoya less Net acetyls and raw wood cost.
\u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya.
\u2022 Share performance is compared to AIM Index performance excluding Financial services and natural resource stocks.
Element Element A (Sales volume growth) Element B (Gross Contribution %) Element C (Share price growth) Element D (ESG Reporting Metrics) Grant date 12 Jul 22 12 Jul 22 12 Jul 22 12 Jul 22 Share price at grant date (\u20ac) 1.21 1.21 1.21 1.21 Exercise price (\u20ac) 0.00 0.00 0.00 0.00 Expected life (years) 3 3 3 3 Contractual life (years) 10 10 10 10 Vesting conditions (Details set out above) Sales volume Gross Contribution % Share price ESG reporting metrics Risk free rate 0.45% 0.45% 0.45% 0.45% Expected volatility 20% 20% 20% 20% Expected dividend yield 0% 0% 0% 0% Fair value of option \u20ac1.21 \u20ac1.21 \u20ac0.90 \u20ac1.21 All of the above awards, made in summer 2022 are subject to a three year performance period (i.e. year end March 2025) and a further two year holding period. In addition, awards are also subject to malus/ claw-back provisions. Employee Benefit Trust \u2013 Share bonus award 137,665 new Ordinary shares are held by an Employee Benefit Trust as part of the annual bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022, the beneficiaries of which are primarily senior employees. Such new Ordinary shares vest if the employees remain in employment with the Company at the vesting date, being 1 July 2023 (subject to certain other provisions including regulations, good-leaver, take-over and Remuneration Committee discretion provisions). As at 31 March 2023, the Employment Benefit Trust was consolidated by the Company and the 137,665 shares are recorded as Own Shares within equity. Employee Share Participation Plan The Employee Share Participation Plan (the \u2018Plan\u2019) is intended to promote the long term growth and profitability of Accsys by providing employees with an opportunity to acquire an ownership interest in new Ordinary shares (\u2018Shares\u2019) in the Company as an additional benefit of employment. Under the terms of the Plan, the Company issues these Shares to a trust for the benefit of the subscribing employees. The Shares are released to employees after one year, together with an additional Share on a 1 for 1 matched basis provided the employee has remained in the employment of Accsys at that point in time (subject to good leaver provisions). The Plan is in line with industry approved employee share plans and is open for subscription by employees once a year following release of the interim financial results. The maximum amount available for subscription by any employee is \u20ac5,000 per annum. In January 2023, various employees subscribed for a total of 203,906 Shares at an acquisition price of \u20ac0.81 per Share. Also during the year, 1 for 1 Matching shares were awarded in respect of subscriptions that were made in the previous year as a result of the participants continuing to remain in employment at the point of vesting. 174,144 matching shares were issued to employees in January 2023. 15. Intangible assets
Internal
Development
costs
\u20ac\u2019000
Intellectual
property
rights
\u20ac\u2019000
Goodwill
\u20ac\u2019000
Total
\u20ac\u2019000
Cost
At 01 April 2021 7,464 74,456 4,231 86,151
Additions 178 536 \u2013 714
At 31 March 2022 7,642 74,992 4,231 86,865
Additions 57 380 \u2013 437
At 31 March 2023 7,699 75,372 4,231 87,302
Accumulated amortisation
At 01 April 2021 2,510 72,776 \u2013 75,286
Amortisation 384 361 \u2013 745
At 31 March 2022 2,894 73,137 \u2013 76,031
Amortisation 385 395 \u2013 780
At 31 March 2023 3,279 73,532 \u2013 76,811
Net book value
At 31 March 2023 4,420 1,840 4,231 10,491
At 31 March 2022 4,748 1,855 4,231 10,834
At 31 March 2021 4,954 1,680 4,231 10,865
Refer to note 16 for the recoverability assessment of these intangible assets.
16. Property, plant and equipment
Land and
buildings
\u20ac\u2019000
Plant and
machinery
\u20ac\u2019000
Office
equipment
\u20ac\u2019000
Total
\u20ac\u2019000
Cost or valuation
At 01 April 2021 17,976 146,433 3,885 168,294
Additions \u2013 41,012 461 41,473
Foreign currency translation gain \u2013 \u2013 7 7
At 31 March 2022 17,976 187,445 4,353 209,774
Additions \u2013 21,376 341 21,717
Foreign currency translation gain \u2013 \u2013 3 3
At 31 March 2023 17,976 208,821 4,697 231,494
Accumulated depreciation
At 01 April 2021 995 25,945 1,797 28,737
Charge for the year 358 3,550 461 4,369
Foreign currency translation gain \u2013 \u2013 7 7
At 31 March 2022 1,353 29,495 2,265 33,113
Charge for the year 358 5,397 572 6,327
Foreign currency translation gain \u2013 \u2013 3 3
Impairment loss \u2013 86,000 \u2013 86,000
At 31 March 2023 1,711 120,892 2,840 125,443
Net book value
At 31 March 2023 16,265 87,929 1,857 106,051
At 31 March 2022 16,623 157,950 2,088 176,661
At 1 April 2021 16,981 120,488 2,088 139,557
Plant and machinery assets with a net book value of \u20ac24,851,000 are held as assets under construction and are not
depreciated, relating to the Hull Plant (31 March 2022: \u20ac93,560,000).
Impairment review
The carrying value of the property, plant and equipment, internal development costs and intellectual property rights
are split between two cash generating units (CGUs), representing the Accoya and Tricoya segments and the carrying
value of Goodwill is allocated to the Accoya segment. The recoverable amount of these CGUs are determined based on
a value-in-use calculation which uses cash flow projections for a period of 5 to 7 years based on latest financial budgets
and discounted at a pre-tax discount rate of 13.5% (31 March 2022: 10.5%) to determine their present value. A cash
flow projection period of 7 years was used for the Tricoya segment calculation to reflect the future cashflows of the
plant, considering the estimated hold period, remaining completion activities and production ramp-up.
The key assumptions used in the value in use calculations are:
\u2022 the manufacturing revenues, operating margins and future licence fees estimated by management,
\u2022 the timing of completion of the Tricoya Hull plant,
\u2022 the timing of completion of construction of additional facilities (and associated output),
\u2022 forecast UK natural gas prices,
\u2022 the long term growth rate and
\u2022 the discount rate.
The Directors have determined that an impairment totalling \u20ac86 million should be recognised in the Tricoya CGU.
The impairment of the Tricoya segment assets is caused by:
(i) As reported in November 2022, identification of additional time and costs (\u20ac35m) to complete the plant;
(ii) A decrease in the production volume forecast for the plant to 24,000MT (from 30,000MT)
(iii) Update to the discount rate applied to 13.5% (increased from 10.5% at 31 March 2022).
Key assumptions applied to the Tricoya CGU were as follows:
\u2022 a discount rate of 13.5%;
\u2022 project capital costs to bring the plant into commercial operation of \u20ac35m;
\u2022 a production capacity of 24,000MT
\u2022 a \u201chold period\u201d of 2 years (from 31 March 2023) (period in which no construction activities is performed); and
\u2022 a long-term growth rate of 2.5%;
The impact the following changes to these key assumptions would have, if made in isolation, on the impairment
calculated for the Tricoya CGU is as follows:
\u2022 a 1% increase in the discount rate: increase of \u20ac7m
\u2022 a 1% decrease in the long-term growth rate: increase of \u20ac4m
\u2022 a 12 month extension in the hold period: increase of \u20ac9m
\u2022 a 1,000MT increase in the production capacity: decrease of \u20ac4m
\u2022 a \u20ac10m increase in the capital costs to bring the plant into commercial operation: increase of \u20ac7m
17. Leases
(i) Amounts recognised in the statement of financial position
The statement of financial position shows the following amounts relating to leases:
Right-of-use assets
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Right-of-use assets
Properties 2,880 4,023
Equipment 1,148 569
Motor Vehicles 16 40
4,044 4,632
Minimum lease payments
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Amounts payable under lease liabilities:
Within one year 1,132 1,250
In the second to fifth years inclusive 2,085 2,390
After five years 3,502 3,972
Less: future finance charges (1,984) (2,395)
Present value of lease obligations 4,735 5,217
Additions to the right-of-use assets during the financial year were \u20ac590,000 (2022: \u20ac801,000).
(ii) Amounts recognised in the statement of profit and loss
The statement of comprehensive income shows the following amounts relating to leases:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Depreciation charge of right-of-use assets
Properties 893 807
Equipment 255 209
Motor Vehicles 34 34
1,182 1,050
Interest expense (included in finance cost) 294 322
Expense relating to short-term leases (included in cost of goods sold and administrative expenses) 60 83
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in
administrative expenses) 18 20
Expense relating to variable lease payments not included in lease liabilities (included in administrative expenses) \u2013 \u2013
The total cash outflow for leases in 2023 was \u20ac940,000 (2022: \u20ac1,089,000)
The Group\u2019s leasing activities and how these are accounted for:
The Group leases various offices, land, equipment and cars. Rental contracts are typically made for fixed periods of
1-10 years, although, if appropriate, a longer term may be entered into. Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants,
but leased assets may not be used as security for borrowing purposes. Lease extension options and lease termination
options are only included in the calculation of the lease liability if there is reasonable certainty that they will be
exercised. Some of the Group\u2019s leases have extension and termination options attached to them.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of
comprehensive income over the lease period to produce a constant periodic rate of interest on the remaining balance
of the liability for each period. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the
lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate; \u2022 Amounts expected to be payable by the lessee under residual value guarantees; \u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the Group\u2019s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar economic environment within similar terms and conditions. Right of use assets are measured at cost comprising the following: \u2022 The amount of initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. Payments associated with short-term leases and leases of low value are recognised on a straight-line basis as an expense in the statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise of small items of office furniture and equipment. 18. Financial asset at fair value through profit or loss Financial asset at fair value through profit or loss 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Shares held in Cleantech Building Materials PLC \u2013 \u2013 Accsys Technologies PLC has previously purchased a total of 21,666,734 unlisted ordinary shares in Diamond Wood China. On 23 December 2016, Cleantech Building Materials PLC acquired Diamond Wood China. On 19 April 2017 Cleantech Building Materials acquired the 21,666,734 shares previously owned by the Company and in return the Company has been issued with 520,001 shares in Cleantech Building Materials PLC, a listed Company trading on the Nasdaq First North market in Copenhagen. There continues to be no active market for these shares as at 31 March 2023. As such a reliable fair value cannot be calculated and the investment is carried at a nil fair value (2022: nil). A total of 498,522 shares were held at 31 March 2023. 19. Deferred taxation The Group has a recognised deferred tax asset of \u20ac621,000 (2022: \u20ac484,000) offsetting a recognised deferred tax liability of \u20ac621,000 (2022: \u20ac484,000). See note 11. The Group also has an unrecognised deferred tax asset of \u20ac62m (2022: \u20ac42m) which is largely in respect of trading losses of the UK subsidiaries and has been calculated using the tax rate which is expected to be applicable when the tax losses are expected to be utilised The deferred tax asset has been recognised only to the extent of the deferred tax liability, due to the uncertainty of the timing of future expected profits of the related legal entities which is dependent on the profits attributable to licensing and future manufacturing income. 20. Subsidiaries
A list of subsidiary investments, including the name, country of incorporation and proportion of ownership interest is
given in note 4 to the Company\u2019s separate financial statements.
21. Inventories
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Raw materials and work in progress 24,220 16,978
Finished goods 5,726 3,393
29,946 20,371
The amount of inventories recognised as an expense during the year was \u20ac89,357,000 (2022: \u20ac67,698,000). The cost
of inventories recognised as an expense includes a net credit of \u20ac9,000 (2022: credit of \u20ac20,000) in respect of the
inventories sold in the period which had previously been written down to net realisable value.
22. Trade and other receivables
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Trade receivables 14,398 13,162
Other receivables 1,154 736
VAT receivable 1,472 2,203
Prepayments 1,051 833
18,075 16,934
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair
value. Trade and other receivables in the above table are stated net of provision for doubtful debts. The majority of
trade and other receivables is denominated in Euros, with \u20ac1,633,000 of the trade and other receivables denominated
in US Dollars (2022: \u20ac3,342,000).
The age of receivables past due but not impaired is as follows:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Up to 30 days overdue 1,361 1,248
Over 30 days and up to 60 days overdue 290 \u2013
Over 60 days and up to 90 days overdue \u2013 \u2013
Over 90 days overdue 14 24
1,665 1,272
In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the
trade receivables from the date credit was initially granted up to the reporting date. Included in the provision are trade
receivables and accrued income with a balance of \u20ac25,002,000 (2022: \u20ac25,002,000).
Movement in provision for doubtful debts:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Balance at the beginning of the year 25,002 25,002
Net (decrease)/increase of impairment \u2013 \u2013
Balance at the end of the year 25,002 25,002
23. Financial liability at amortised cost
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Value Recovery Instrument (\u2018VRI\u2019) 1,383 \u2013
In November 2022, NatWest agreed to restructure its TUK debt facility, reducing the principal amount by \u20ac9.4m to
total \u20ac6m, under a new 7-year term (see note 30). Separate to, and in addition to the amended \u20ac6m loan, under the
Value Recovery Instrument (\u2018VRI\u2019) agreement, NatWest will be entitled to obtain recovery of up to approximately
\u20ac9.4m, on a contingent basis, depending on the profitability of the Tricoya Hull plant once operational.
The valuation of the VRI was calculated on the same future cashflows modelled for the Tricoya impairment. See note 16
for a list of the key assumptions.
24. Trade and other payables
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Trade payables 17,942 16,655
Other taxes and social security payable 1,083 1,754
Accruals and deferred income 6,871 11,471
25,896 29,880
The decrease in trade and other payables primarily relates to the timing of accruals associated with the construction of
the Hull plant.
25. Share capital
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Allotted\u2013Equity share capital
219,381,693 Ordinary shares of \u20ac0.05 each (2022: 192,761,322 Ordinary shares of \u20ac0.05 each) 10,963 9,638
10,963 9,638
All ordinary shares are called up, allotted and fully paid.
In the year ended 31 March 2022:
In May 2021, 20,005,325 Placing Shares and 2,418,918 Open Offer Shares were issued as part of the capital raise to fund
the Company\u2019s investment in expanding its Accoya business into North America through the construction of a new
Accoya plant in the USA through its joint venture, Accoya USA LLC, with Eastman Chemical Company (see note 29), as
well as to provide additional capital to support the Company\u2019s continued growth. The Shares were issued at a price of
\u20ac1.65 (\u00a31.40) per ordinary share, raising gross proceeds of \u20ac36.7 million (before expenses).
Between June and September 2021, a total of 629,460 shares were issued following the exercise of nil cost options,
granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019).
In February 2022, following the subscription by employees in the prior year for shares under the Employee Share
Participation Plan (the \u2018Plan\u2019), 189,931 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan.
In addition, various employees newly subscribed under the Plan for 193,424 Shares at an acquisition price of \u20ac2.015 per
share, with these shares issued to a trust, to be released to the employees after one year, together with an additional
share on a matched basis (subject to continuing employment within the Group).
In the year ended 31 March 2023:
In May 2022, 13,793,103 Placing and Subscription Shares were issued as part of the capital raise to strengthen the
Company\u2019s balance sheet, increase liquidity headroom and fund additional costs to complete the Arnhem Plant Reactor
4 capacity expansion. The Shares were issued at a price of \u20ac1.45 (\u00a31.23) per ordinary share, raising gross proceeds of
\u20ac20 million (before expenses).
Between August and December 2022, 435,774 Shares were issued following the exercise of nil cost options, granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019). In July 2022, 137,665 shares were issued to an Employee Benefit Trust (EBT) at nominal value, as part of the annual bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022. These shares will vest in July 2023, subject to the employees continuing employment within the Group. In November 2022, 11,875,801 shares were issued to the Tricoya Consortium Partners (INEOS, MEDITE, BGF & Volantis) at a price of \u20ac0.80 (\u00a30.71) per share. This formed part of a Sales Purchase Agreement with the Tricoya Consortium Partners whereby Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5% holding in TTL that it did not already own. See note 28. In January 2023, following the subscription by employees in the prior year for shares under the Employee Share Participation Plan (the \u2018Plan\u2019), 174,144 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan. In addition, various employees newly subscribed under the Plan for 203,906 Shares at an acquisition price of \u20ac0.81 per share, with these shares issued to a trust, to be released to the employees after one year, together with an additional share on a matched basis (subject to continuing employment within the Group). 26. Other reserves Capital redemption reserve \u20ac000 Merger reserve \u20ac000 Hedging Effectiveness reserve \u20ac000 Other reserve \u20ac000 Total Other reserves \u20ac000 Balance at 01 April 2021 148 106,707 229 7,551 114,635 Total comprehensive income for the period \u2013 \u2013 66 \u2013 66 Balance at 01 March 2022 148 106,707 295 7,551 114,701 Total comprehensive income for the period \u2013 \u2013 42 \u2013 42 Balance at 31 March 2023 148 106,707 337 7,551 114,743 The closing balance of the capital redemption reserve represents the amounts transferred from share capital on redemption of deferred shares in a previous year. The merger reserve arose prior to transition to IFRS when merger accounting was adopted. The hedging effectiveness reserve reflects the total accounted for under IFRS 9 in relation to the Tricoya segment (see note 1). The other reserve represents the amounts received for subsidiary share capital from non-controlling interests net with the carrying amount of non-controlling interests issued (see note 27). 27. Transactions with non-controlling interests In the year ended 31 March 2022: No shares were issued in the year ended 31 March 2022. The total carrying amount of the non-controlling interests in TTL and Tricoya UK at 31 March 2022 was \u20ac35.5m (2021: \u20ac37.2m). In November 2021, Accsys agreed a new \u20ac17m loan to Tricoya UK to be used towards the Hull plant construction project alongside existing funding in place for Tricoya UK. The loan accrues interest, which is rolled up, at a rate between 5.25 and 6.75% above EURIBOR. The loan is secured and is repayable by 30 September 2023. At 31 March 2022, the Group had lent to Tricoya UK \u20ac8.8m under the facility. In the year ended 31 March 2023: In November 2022, Accsys purchased the remaining ownership of TTL and Tricoya UK which it did not previously own via a Sales Purchase Agreement (\u2018SPA\u2019) with the Tricoya consortium partners. See note 28 for further details. 28. Business combinations
In November 2022, Accsys reached agreement to acquire full ownership of TUK (Tricoya UK Limited) and TTL
(Tricoya Technologies Limited), from its Consortium Partners (INEOS, MEDITE, BGF & Volantis). Under the agreement
Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5% holding in TTL that it
did not already own.
Consideration of 11.9 million new ordinary Accsys shares was provided to the other Tricoya Consortium Partners valued
at \u20ac9.5m (\u20ac0.81 per share).
INEOS and Medite\u2019s respective supply and offtake agreements for the Hull plant will continue on their current terms.
Tricoya UK and TTL were consolidated in the Group results in the prior year and continue to be consolidated
following this purchase. The below table reflects the accounting for this acquisition, whereby the difference between
the consideration paid and the Non-controlling interest balance at the end of October 2022 has been allocated to
accumulated loss.
2023
\u20ac\u2019000
Non controlling interest balance as at 31 March 2022 35,526
NCI share of losses during the year ended 31 March 2023 (30,824)
Accsys Technologies PLC share issue as consideration (9,545)
Difference recognised as attributable to the Accsys Technologies PLC 4,843
Non controlling interest balance as at 31 March 2023 \u2013
29. Investment in Joint Venture
In August 2020, Accsys together with Eastman Chemical Company formed a new Company, Accoya USA LLC, 60%
owned by Accsys and 40% owned by Eastman. Accoya USA LLC is constructing and will operate an Accoya plant
in Kingsport, Tennessee (USA) to serve the North American market. The plant is designed to initially produce
approximately 43,000 cubic metres of Accoya per annum and to allow for cost-effective expansion.
Under IFRS 11 \u2013 Joint arrangements, the two parties are assessed to jointly control the entity and Accoya USA is
accounted for as a joint venture and equity accounted for within the financial statements.
At 31 March 2023, Accsys and Eastman have contributed equity of $61m to Accoya USA LLC, with a further $5m
committed to be contributed.
An eight-year term loan of $70 million has been provided by First Horizon Bank (\u2018FHB\u2019) of Tennessee, USA. FHB are
also providing a further $10 million revolving line of credit to be utilised to fund working capital. The FHB term loan
is secured on the assets of Accoya USA and will be supported by Accoya USA\u2019s shareholders, including $50 million
through a limited guarantee provided on a pro-rata basis, with Accsys\u2019 60% share representing $30 million
(see note 32). The interest rate varies between 1.3% to 2.1% over USD LIBOR. Principal repayments commence
one year following the completion and start-up of the facility, and are calculated on a ten-year amortisation period.
The carrying amount of the equity-accounted investment is as follows:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Opening balance 3,216 326
Investment in Accoya USA 28,979 3,751
Less: Accsys proportion (60%) of Licence fee received (300) (600)
Loss for the year (1,036) (261)
Closing balance 30,859 3,216
The Group has equity accounted for the joint venture in these consolidated accounts.
The income statement, balance sheet and cashflows for Accoya USA LLC, are set out below: Accoya USA LLC recorded a loss from operations of \u20ac1,727,000 for the year ended 31 March 2023, (\u20ac435,000 for the period ended 31 March 2022). The loss attributable to Accsys Technologies PLC was \u20ac1,036,000 for the year ended 31 March 2023, (\u20ac261,000 for the period ended 31 March 2022). Balance Sheet 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Non-current assets Property, plant and equipment 69,327 17,589 Right of use assets 6,242 6,403 75,569 23,992 Current assets Trade and other receivables 236 \u2013 Cash and cash equivalents 8,701 235 8,937 235 Current liabilities Trade and other payables (14,682) (10,412) Obligation under lease liabilities (455) (345) Net current liabilities (6,200) (10,522) Non-current liabilities Obligation under lease liabilities (5,875) (5,993) Other long term borrowing (9,781) 243 (15,656) (5,750) Net assets 53,713 7,720 Cash flows 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Cash flows from operating activities (1,147) (209) Cash flows from investing activities (49,568) (7,310) Cash flows from financing activities 59,181 7,753 Net increase in cash and cash equivalents 8,466 234 30. Commitments under loan agreements 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Loan obligations: Within one year 9,500 11,654 In the second to fifth years inclusive 50,288 52,335 In greater than five years 6,132 \u2013 Present value of loan obligations 65,920 63,989 Amounts payable under loan agreements \u2013 undiscounted cashflows: Within one year 10,312 12,973 In the second to fifth years inclusive 52,976 59,506 After five years 9,962 \u2013 Less future finance charges (7,330) (8,490) Present value of loan obligations 65,920 63,989 ABN Debt Facilities In October 2021, Accsys completed the refinance of its Group debt facilities through a new bilateral agreement with ABN Amro. The new \u20ac60m 3-year bilateral facilities agreement with ABN Amro comprised a \u2022 \u20ac45m Term Loan Facility and, \u2022 \u20ac15m Revolving Credit Facility (\u2018RCF\u2019). \u2022 The Term Loan is partially amortising, with 5% of the principal repayable per annum after 18 months. \u2022 The applicable interest rate for the Term Loan varies between an all in cost of 1.75% and 3.25% depending on net leverage. \u2022 The RCF interest rate varies between 2.0% and 3.5% above EURIBOR. The RCF was subsequently increased to \u20ac25 million as part of the Accoya USA financing referred to below, with approximately \u20ac20 million utilised for the Letter of Credit provided by ABN Amro to FHB in support of the Accoya USA JV funding arrangements, the remaining \u20ac5million was drawn at 31 March 2023. The new facilities are secured against the assets of the Group which are 100% owned by the Company and include customary covenants such as net leverage and interest cover which are based upon the results and assets which are 100% owned by the Company. Tricoya NatWest facility In March 2017, the Company\u2019s subsidiary, Tricoya UK Limited entered into a six-year \u20ac17.2 million finance facility agreement with Natwest Bank plc in respect of the construction and operation of the Hull Plant. The facility is secured by fixed and floating charges over all assets of Tricoya UK Limited. In November 2022, as part of the Tricoya consortium restructure (see note 28) NatWest agreed to restructure its TUK debt facility, reducing the principal amount by \u20ac9.4m to total \u20ac6m, under a new 7-year term. Interest will accrue and be rolled up at Euribor plus a margin, with the margin ranging from 325 to 475 basis points. No repayments are due until the facility maturity date. At 31 March 2023, the Group had \u20ac6.0m (2022: \u20ac9.9m) borrowed under the facility. Separate to, and in addition to the amended \u20ac6m loan, NatWest will be entitled to obtain recovery, via the Value Recovery Instrument (\u2018VRI\u2019) agreement, of up to approximately \u20ac9.4m, on a contingent basis, depending on profitability of the Tricoya Hull plant once operational. (See note 23) Accoya USA facility & De Engh facility In March 2022, the Company\u2019s joint venture, Accoya USA, agreed an eight-year $70 million loan from First Horizon Bank (\u2018FHB\u2019) of Tennessee, USA in respect of the construction and operation of the Accoya USA plant. FHB are also providing a further $10 million revolving line of credit to be utilised to fund working capital. The FHB term loan is secured on the assets of Accoya USA and is supported by Accoya USA\u2019s shareholders, including $50 million through a limited guarantee provided on a pro-rata basis, with Accsys\u2019 60% share representing $30 million (see note 29 & 32). The interest rate varies between 1.3% to 2.1% over USD LIBOR. Principal repayments commence one year following the completion and start-up of the facility, and are calculated on a ten-year amortisation period. Accoya USA is equity accounted for in these financial statements, therefore this Borrowing is not included in the Group\u2019s borrowings. (See note 29) To support Accsys\u2019 limited guarantee, Accsys provided a $20 million Letter of Credit (\u2018LC\u2019) to FHB. The LC is issued by ABN Amro, utilising part of the revolving credit facility agreed in October 2021. To further support the LC, Accsys agreed a \u20ac10 million convertible loan with De Engh BV Limited (\u2018De Engh\u2019) in March 2022, an investment Company based in the Netherlands (the \u2018Convertible Loan\u2019). The Convertible Loan proceeds were placed with ABN Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB. The Convertible Loan is unsecured and carries an interest margin of 6.25% above Euribor. If the Convertible Loan is not repaid within two years, De Engh has an option (from the end of year two) to convert the outstanding loan balance to ordinary shares in Accsys at \u20ac2.30 per share, otherwise the interest rate increases by 2% in year three and by a further 2% the following year if the loan has not been repaid or converted after 3 years. The maximum term of the Convertible Loan is 3.5 years from March 2022. Reconciliation to net debt 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Cash and cash equivalents 26,593 42,054 Less: Amounts payable under loan agreements (65,920) (63,989) Amounts payable under lease liabilities (note 18) (4,735) (5,217) Net debt (44,062) (27,152) Restricted cash The cash and cash equivalents disclosed above and in the Consolidated statement of cash flow includes $10 million which is pledged to ABN Amro as collateral for the $20 million Letter of Credit provided to FHB (see note 29 & 32). Reconciliation to adjusted cash 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Cash and cash equivalents 26,593 42,054 Less: Remaining cash raised through May 2021 equity raise to be contributed to Accoya USA \u2013 (27,857) Less: Cash pledged to ABN for Letter of Credit (9,828) (9,852) Adjusted Cash 16,765 4,345 Liabilities from financing activities Other assets Total \u20ac\u2019000 Borrowings \u20ac\u2019000 Leases \u20ac\u2019000 Sub-total \u20ac\u2019000 Cash \u20ac\u2019000 Net debt as at 01 April 2021 (54,290) (5,532) (59,822) 47,598 (12,224) Cash flows (7,561) 1,089 (6,472) (7,879) (14,351) New leases \u2013 (801) (801) \u2013 (801) Foreign exchange adjustments 231 (7) 224 2,335 2,559 Other changes (2,369) 34 (2,335) \u2013 (2,335) Net debt as at 31 March 2022 (63,989) (5,217) (69,206) 42,054 (27,152) Cash flows (8,445) 940 (7,505) (16,984) (24,489) New leases \u2013 (590) (590) \u2013 (590) Foreign exchange adjustments \u2013 67 67 1,523 1,590 Other changes 6,514 65 6,579 \u2013 6,579 Net debt as at 31 March 2023 (65,920) (4,735) (70,655) 26,593 (44,062) 31. Equity options On the 29 March 2017, the Company announced the formation of the Tricoya Consortium and as part of this, funding was agreed with BGF (Business Growth Fund). In addition to the issue of the Loan Notes, which have since been repaid as part of the Group re-finance in October 2021 (see note 30), the Company issued 8,449,172 options over Ordinary Shares of the Company to BGF exercisable at a price of \u00a30.62 per Ordinary Share at any time until 31 December 2026 (the \u2018Options\u2019). At 31 March 2023 a total 8,449,172 Options exist attributable to BGF. This represents 3.9% (2022: 4.4%) of the issued share capital of the Company as at 31 March 2023. See notes 30 & 35 for details on the convertible loan agreed with De Engh BV Limited. 32. Guarantee provided to FHB
In March 2022 the Company\u2019s joint venture, Accoya USA agreed an eight-year $70million loan from First Horizon
Bank (\u2018FHB\u2019) of Tennessee, USA in respect of the construction and operation of the Accoya USA plant and a further
$10 million revolving line of credit to be utilised to fund working capital (see note 28 & 29). The FHB term loan is
supported by Accoya USA\u2019s shareholders, including $50 million through a limited guarantee provided on a pro-rata
basis, with Accsys\u2019 60% share representing $30 million (see note 28).
To support Accsys\u2019 limited guarantee, Accsys provided a $20 million Letter of Credit, issued by ABN Amro, to FHB
(see note 30).
The $30 million limited guarantee provided to FHB is held at a fair value of \u20acnil, representing a present value calculation
of \u20ac8.2 million weighted by the estimated probability of FHB calling on the guarantee being 0%.
33. Financial instruments
Financial instruments
Lease liabilities
Lease creditors of \u20ac4,735,000 as at 31 March 2023 (2022: \u20ac5,217,000) relates to various offices, land, equipment and
cars that the Group leases (see note 17).
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to shareholders.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to owners of the
parent Company, comprising share capital, reserves and accumulated losses.
The Board reviews the capital structure on a regular basis. As part of that review, the Board considers the cost of
capital and the risks associated with each class of capital. Based on the review, the Group will balance its overall capital
structure through new share issues and the raising of debt if required.
The Group\u2019s strategy is to maintain a Net Debt/EBITDA ratio of below 2.5x over the longer term while remaining within
covenant levels set in its ABN Amro facility. One of the key covenants under the ABN Amro facility is the Net Debt/
EBITDA ratio based upon the results and assets which are 100% owned by the Company, with the covenant test
reducing over time from an initial maximum of 4x to 2.5x. On this basis, Net Debt/EBITDA ratio was calculated at 1.3
for the year ending 31 March 2023.
No final dividend is proposed in 2023 (2022: \u20acnil). The Board deems it prudent for the Company to protect as strong
a statement of financial position as possible during the current phase of the Company\u2019s growth strategy.
Financial Instruments by category
2023/ \u20ac\u2018000
Fair value
hierarchy
At amortised
cost
At fair value
though profit
or loss
At fair value
through OCI Total
Financial assets
Trade and other receivables 15,552 \u2013 \u2013 15,552
Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013
Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013
Cash and cash equivalents 26,593 \u2013 \u2013 26,593
Total 42,145 \u2013 \u2013 42,145
2022/ \u20ac\u2018000
Fair value
hierarchy
At amortised
cost
At fair value
though profit
or loss
At fair value
through OCI Total
Financial assets
Trade and other receivables 13,898 \u2013 \u2013 13,898
Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013
Derivative financial instruments (FX forward) Level 2 \u2013 3 \u2013 3
Cash and cash equivalents 42,054 \u2013 \u2013 42,054
Total 55,952 3 \u2013 55,955
2023/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial liabilities Borrowings\u2013loans (65,920) \u2013 \u2013 (65,920) Lease liabilities (4,735) \u2013 \u2013 (4,735) Trade and other payables (17,942) \u2013 \u2013 (17,942) Value Recovery Instrument (\u2018VRI\u2019) Level 2 (1,383) \u2013 \u2013 (1,383) Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Total (89,980) \u2013 \u2013 (89,980) 2022/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial liabilities Borrowings\u2013loans (63,989) \u2013 \u2013 (63,989) Lease liabilities (5,217) \u2013 \u2013 (5,217) Trade and other payables (16,655) \u2013 \u2013 (16,655) Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Total (85,861) \u2013 \u2013 (85,861) Money market deposits are held at financial institutions with high credit ratings (Standard & Poor\u2019s rating of A). All assets and liabilities mature within one year except for the lease liabilities, for which details are given in note 17 and loans, for which details are given in note 30. Trade payables are payable on various terms, typically not longer than 30 to 60 days with the exception of some major capex items. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Financial risk management objectives The Group\u2019s treasury policy is structured to ensure that adequate financial resources are available for the development of its business whilst managing its currency, interest rate, counterparty credit and liquidity risks. The Group\u2019s treasury strategy and policy are developed centrally and approved by the Board. Foreign currency risk management The Group\u2019s functional currency is the Euro with the majority of operating costs and balances denominated in Euros. An increasing proportion of costs will be incurred in pounds sterling as the Group\u2019s activities associated with the Tricoya plant in Hull increase, although future revenues will be in Euros or other currencies. Equity contributions into Accoya USA and a smaller proportion of revenue and expenditure are incurred in US dollars and expenditure is also incurred in pounds sterling. In addition some raw materials, while priced in Euros, are sourced from countries which are not within the Eurozone. The Group monitors any potential underlying exposure to other exchange rates. If exchange rates changed by 5% from exchange rates at 31 March 2023, the effect on the P&L from the revaluation of: \u2022 Trade Receivables \u2013 P&L impact would not be material. The details of the Trade receivables per Currency is disclosed in note 22 with the US Dollar receivables held in Titan Wood Inc, which has a US Dollar reporting currency. \u2022 Trade payables \u2013 P&L impact would be approximately \u20ac211,000. Interest rate risk management Some of the Group\u2019s borrowings have variable interest rates based on a relevant benchmark (ie. EURIBOR) plus an agreed margin. Surplus funds are invested in short term interest rate deposits to reduce exposure to changes in interest rates. The Group does not currently enter into any interest rate hedging arrangements, although will review the need to do so in respect of the variable interest rate loan facilities. Credit risk management The Group is exposed to credit risk due to its trade receivables from customers and cash deposits with financial institutions. The Group\u2019s maximum exposure to credit risk is limited to their carrying amount recognised at the balance sheet date. The Group ensures that sales are made to customers with an appropriate credit history to reduce the risk where this is considered necessary. The Directors consider the trade receivables at year end to be of good credit quality including those that are past due (see note 22). The Group is not exposed to any significant credit risk exposure in respect of any single counterparty or any Group of counterparties with similar characteristics other than the balances which are provided for as described in note 22. The Group has credit risk from financial institutions. Cash deposits are placed with a Group of financial institutions with suitable credit ratings in order to manage credit risk with any one financial institution. All Financial institutions utilised by the Group, and with which the Group holds cash balances have investment grade credit ratings. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and matching the maturity profile of financial assets and liabilities. See note 17 & 30. Fair value of financial instruments In the opinion of the Directors, there is no material difference between the book value and the fair value of all financial assets and financial liabilities. 34. Capital Commitments 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Contracted but not provided for in respect of property, plant and equipment \u2013 8,327 Included in the above, are amounts relating to the Tricoya plant under construction in Hull and committed items related to the Reactor 4 expansion project in Arnhem. The above table excludes the remaining cash committed to be contributed to Accoya USA. See note 29 & 30. 35. Related party transactions Loan from De Engh BV Limited As part of the Accoya USA JV funding arrangements, Accsys provided a $20 million Letter of Credit (\u2018LC\u2019) to FHB (see note 30 & 32). To support the LC, Accsys agreed a \u20ac10 million convertible loan with De Engh BV Limited (\u2018De Engh\u2019) in March 2022, an investment Company based in the Netherlands (the \u2018Convertible Loan\u2019) and a Accsys shareholder holding 10.57% of Accsys\u2019 issued share capital at 31 March 2023. The Convertible Loan proceeds were placed with ABN Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB. The Convertible Loan is unsecured and carries an interest margin of 6.75% above Euribor. If the Convertible Loan is not repaid within two years, De Engh has an option (from the end of year two) to convert the outstanding loan balance to ordinary shares in Accsys at \u20ac2.30 per share, otherwise the interest rate increases by 2% in year three and by a further 2% the following year if the loan has not been repaid or converted after 3 years. The maximum term of the Convertible Loan is 3.5 years from March 2022. 36. Events occurring after 31 March 2023 There have been no material reportable events since 31 March 2023.",
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"value": "Basis of accounting The Group\u2019s financial statements have been prepared under the historical cost convention (except for certain financial instruments and equity investments which are measured at fair value), in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. In addition, the financial statements are also prepared in accordance with international financia l reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and the Dutch Financial Markets Supervision Act. ",
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"fact-483": {
"value": "The Group\u2019s financial statements have been prepared under the historical cost convention (except for certain financial instruments and equity investments which are measured at fair value), in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. In addition, the financial statements are also prepared in accordance with international financia l reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and the Dutch Financial Markets Supervision Act. ",
"dimensions": {
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"fact-432": {
"value": "Going Concern These consolidated financial statements are prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future, and at least 12 months from the date these financial statements are approved. As part of the Group\u2019s going concern review, the Directors have assessed the Group\u2019s trading forecasts, working capital requirements and covenant compliance for the foreseeable future under a base case scenario, taking into account the Group\u2019s financial resources including the current cash position and banking and finance facilities which are currently in place (see note 30 for details of these facilities). The Directors have also assessed a severe but plausible downside scenario with reduced sales volumes and lower gross margin, also reflecting the possible impact of volatile raw material costs. These forecasts indicate that, in order to continue as a going concern, the Group is dependent on achieving certain operating performance measures relating to the production and sales of Accoya wood from the plant in Arnhem with the collection of on-going working capital items in line with internally agreed budgets. In both scenarios, the Directors have assumed no commitment will be made to complete the construction and start-up of the Tricoya plant in Hull until appropriate funding arrangements have been put in place. The Directors\u2019 have taken into account the reorganisation of the Tricoya consortium and restructuring of its bank debt completed in November 2022 which resulted in Accsys becoming the 100% owner of the Tricoya Hull plant and the commitment to fund ongoing working capital during the hold period. The Directors\u2019 have also considered the possible amount and timing of capital expenditure required to complete the Accoya plant in the USA, noting that notwithstanding that the construction project benefits from certain contractual measures in place with the lead construction contractor, Accsys has committed to fund its 60% share of cost overruns, should they arise. The Directors believe there are a sufficient number of alternative actions and measures within the control of the Group that can and would be taken in order to ensure on-going liquidity including reducing/deferring costs in some discretionary areas as well as larger capital projects if necessary. The Directors believe that while some uncertainty always inherently remains in achieving the budget, in particular in relation to market conditions outside of the Group\u2019s control, under both the base scenario and severe but plausible downside scenario, there is sufficient liquidity and covenant headroom such that there is no material uncertainty with respect to going concern and have prepared the financial statements on this basis. ",
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"fact-433": {
"value": "Exceptional Items Exceptional items are events or transactions that fall outside the ordinary activities of the Group and which by virtue of their size or incidence, have been separately disclosed in order to improve a reader\u2019s understanding of the financial statements. These include items relating to the restructuring of a significant part of the Group, impairment losses (or the reversal of previously recorded exceptional impairments), expenditure relating to the integration and implementation of significant acquisitions and other one-off events or transactions, such as re-financing of Group borrowings. See note 5 for details of exceptional items. ",
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"fact-502": {
"value": "Business combinations Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Group as if they formed a single entity. Inter-Company transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the consolidated statement of financial position, the acquirer\u2019s identifiable assets, liabilities, and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. As allowed under IFRS 1, some business combinations effected prior to transition to IFRS, were accounted for using the merger method of accounting. Under this method, assets and liabilities are included in the consolidation at their book values, not fair values, and any differences between the cost of investment and net assets acquired were taken to the merger reserve. The majority of the merger reserve arose from a corporate restructuring in the year ended 31 March 2006 which introduced Accsys Technologies PLC as the new holding Company. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity attributable to Accsys Technologies PLC. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. Goodwill Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject to annual impairment reviews by the Directors. Any impairment arising is charged to the consolidated statement of comprehensive income. Where the fair value of the identifiable assets and liabilities acquired is greater than the fair value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and is recognised in the consolidated statement of comprehensive income. ",
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"entity": "scheme:213800HKRFK8PNUNV581",
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"fact-434": {
"value": "Business combinations Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Group as if they formed a single entity. Inter-Company transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the consolidated statement of financial position, the acquirer\u2019s identifiable assets, liabilities, and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. As allowed under IFRS 1, some business combinations effected prior to transition to IFRS, were accounted for using the merger method of accounting. Under this method, assets and liabilities are included in the consolidation at their book values, not fair values, and any differences between the cost of investment and net assets acquired were taken to the merger reserve. The majority of the merger reserve arose from a corporate restructuring in the year ended 31 March 2006 which introduced Accsys Technologies PLC as the new holding Company. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity attributable to Accsys Technologies PLC. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. ",
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"fact-435": {
"value": "Revenue from contracts with customers Revenue is measured at the fair value of the consideration receivable. Revenue is recognised to the extent that it is highly probable that a significant reversal will not occur based on the consideration in the contract. The following specific recognition criteria must also be met before revenue is recognised. Manufacturing revenue Revenue is recognised from the sale of goods at a point in time and is measured at the amount of the transaction price received in exchange for transferring goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in the future. Revenue is recognised when the Group\u2019s performance obligations under the relevant customer contract have been satisfied. Manufacturing revenue includes the sale of Accoya wood, Tricoya panels and other revenue, principally relating to the sale of acetic acid. Licensing fees Licence fees are recognised over the period of the relevant agreements according to the specific terms of each agreement or the quantities and/or values of the licensed product sold. The accounting policy for the recognition of licence fees is based upon satisfaction of the performance obligations set out in the contract such as an assessment of the work required before the licence is signed and subsequently during the design, construction and commissioning of the licensees\u2019 plant, with an appropriate proportion of the fee recognised upon signing and the balance recognised as the project progresses to completion. The amount of any cash received but not recognised as income is included in the financial statements as deferred income and shown as a liability. ",
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"fact-436": {
"value": "Finance income Interest accrues using the effective interest method, i.e. the rate that discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset. Finance expenses and borrowing costs Finance expenses include the fees, interest and other finance charges associated with the Group\u2019s loan notes, credit facilities and leases, which are expensed over the period that the Group has access to the loans, facilities and leases. Foreign exchange gains or losses on the loan notes are included within finance expenses. Interest on borrowings directly relating to the construction or production of qualifying assets are capitalised until such time as the assets are substantially ready for their intended use or sale. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. The capitalisation of borrowing costs is suspended during extended periods in which it suspends active development of a qualifying asset. ",
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}
},
"fact-503": {
"value": "Finance expenses and borrowing costs Finance expenses include the fees, interest and other finance charges associated with the Group\u2019s loan notes, credit facilities and leases, which are expensed over the period that the Group has access to the loans, facilities and leases. Foreign exchange gains or losses on the loan notes are included within finance expenses. Interest on borrowings directly relating to the construction or production of qualifying assets are capitalised until such time as the assets are substantially ready for their intended use or sale. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. The capitalisation of borrowing costs is suspended during extended periods in which it suspends active development of a qualifying asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-484": {
"value": "Finance expenses and borrowing costs Finance expenses include the fees, interest and other finance charges associated with the Group\u2019s loan notes, credit facilities and leases, which are expensed over the period that the Group has access to the loans, facilities and leases. Foreign exchange gains or losses on the loan notes are included within finance expenses. Interest on borrowings directly relating to the construction or production of qualifying assets are capitalised until such time as the assets are substantially ready for their intended use or sale. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. The capitalisation of borrowing costs is suspended during extended periods in which it suspends active development of a qualifying asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "Share based payments The Company awards nil cost options to acquire ordinary shares in the capital of the Company to certain Directors and employees. The Company has also previously awarded bonuses to certain employees in the form of the award of deferred shares of the Company. In addition the Company has established an Employee Share Participation Plan under which employees subscribe for new shares which are held by a trust for the benefit of the subscribing employees. The shares are released to employees after one year, together with an additional, matching share on a 1 for 1 basis. The fair value of options and deferred shares granted are recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and is charged to the consolidated statement of comprehensive income over the vesting period during which the employees become unconditionally entitled to the options or shares. The fair value of share options granted is measured using a modified Black Scholes model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest only where vesting is dependent upon the satisfaction of service and non-market vesting conditions. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options which eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "Pensions The Group contributes to certain defined contribution pension and employee benefit schemes on behalf of its employees. These costs are charged to the consolidated statement of comprehensive income on an accruals basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date together with any adjustment to tax payable in respect of previous years. Current tax includes the expected impact of claims submitted by the Group to tax authorities in respect of enhanced tax relief for expenditure on research and development. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; \u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Recognition of deferred tax assets is restricted to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-485": {
"value": "Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; \u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Recognition of deferred tax assets is restricted to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "Foreign currencies The individual financial statements of each Group Company are presented in the currency of the primary economic environment in which it operates (the functional currency). For the purposes of the consolidated financial statements, the results and financial position of each Group Company are expressed in Euro, which is the functional currency of the parent Company, and the presentation currency of the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currencies are recognised at the rates of exchange prevailing on the date of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise. For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average monthly exchange rates prevailing in the month in which the transaction took place. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Such translation differences are reclassified to profit and loss only on disposal or partial disposal of the overseas operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "Foreign exchange hedging The Group has adopted IFRS 9 hedge accounting in respect of the cash flow hedging instruments that it uses to manage the risk of foreign exchange movements impacting on future cash flows and profitability. The Group has prospectively assessed the effectiveness of its cash flow hedging using the \u2018hedge ratio\u2019 of quantities of cash held in the same currency as future foreign exchange cash flow quantities related to committed investment in plant and equipment. The Group has undertaken a qualitative analysis to confirm that an \u2018economic relationship\u2019 exists between the hedging instrument and the hedged item. It is also satisfied that credit risk will not dominate the value changes that result from that economic relationship. At the end of each reporting period the Group measures the effectiveness of its cash flow hedging and recognises the effective cash flow hedge results in Other Comprehensive Income and the Hedging Effectiveness Reserve within Equity, together with its ineffective hedge results in Profit and Loss. Amounts are reclassified from the Hedging Effectiveness Reserve to property, plant and equipment once construction has been completed or Profit and Loss when the associated hedged transaction affects Profit and Loss. Further details are included in note 5. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "Government grants Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and the Group will comply with the attached conditions. When the grant relates to an expense item, it is recognised as income over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset they are credited to a deferred income account and released to the statement of comprehensive income over the expected useful life of the relevant asset on a straight line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-486": {
"value": "Goodwill Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject to annual impairment reviews by the Directors. Any impairment arising is charged to the consolidated statement of comprehensive income. Where the fair value of the identifiable assets and liabilities acquired is greater than the fair value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and is recognised in the consolidated statement of comprehensive income. Other intangible assets Intellectual property rights, including patents, which cover a portfolio of novel processes and products, are shown in the financial statements at cost less accumulated amortisation and any amounts by which the carrying value is assessed during an annual review to have been impaired. At present, the useful economic life of the intellectual property is considered to be 20 years. Internal development costs are incurred as part of the Group\u2019s activities including new processes, process improvements, identifying new species and improving the Group\u2019s existing products. Research costs are expensed as incurred. Development costs are capitalised when all of the criteria set out in IAS 38 \u2018Intangible Assets\u2019 (including criteria concerning technical feasibility, ability and intention to use or sell, ability to generate future economic benefits, ability to complete the development and ability to reliably measure the expenditure) have been met. These internal development costs are amortised on a straight line basis over their useful economic life, between 8 and 20 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-444": {
"value": "Goodwill Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject to annual impairment reviews by the Directors. Any impairment arising is charged to the consolidated statement of comprehensive income. Where the fair value of the identifiable assets and liabilities acquired is greater than the fair value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and is recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-445": {
"value": "Joint venture The Group has entered into a joint venture agreement with Eastman Chemical Company, forming Accoya USA LLC. The Group applies IFRS 11 for this joint arrangement, and following assessment of the nature of this joint arrangement, has determined it to be a joint venture. Interest in the joint venture is accounted for using the equity method, after initially being recognised at cost. Further details concerning the Accoya USA LLC joint venture with Eastman Chemical Company are included in note 29. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-446": {
"value": "Other intangible assets Intellectual property rights, including patents, which cover a portfolio of novel processes and products, are shown in the financial statements at cost less accumulated amortisation and any amounts by which the carrying value is assessed during an annual review to have been impaired. At present, the useful economic life of the intellectual property is considered to be 20 years. Internal development costs are incurred as part of the Group\u2019s activities including new processes, process improvements, identifying new species and improving the Group\u2019s existing products. Research costs are expensed as incurred. Development costs are capitalised when all of the criteria set out in IAS 38 \u2018Intangible Assets\u2019 (including criteria concerning technical feasibility, ability and intention to use or sell, ability to generate future economic benefits, ability to complete the development and ability to reliably measure the expenditure) have been met. These internal development costs are amortised on a straight line basis over their useful economic life, between 8 and 20 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-447": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment charged. Cost includes the original purchase price of the asset as well as costs of bringing the asset to the working condition and location of its intended use. The capitalisation of costs is suspended during extended periods in which it suspends active development of a qualifying asset. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset, except freehold land, over its expected useful life on a straight line basis, as follows: Plant and machinery These assets comprise pilot plants and production facilities. These facilities are depreciated from the date they become available for use over their useful lives of between 5 and 20 years Office equipment Useful life of between 3 and 5 years Leased land and buildings Land held under a finance lease is depreciated over the life of the lease Freehold land Freehold land is not depreciated ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "Impairment of non-financial assets The carrying amount of non-current non-financial assets of the Group is compared to the recoverable amount of the assets whenever events or changes in circumstances indicate that the net book value may not be recoverable, or in the case of goodwill, annually. The recoverable amount is the higher of value in use and the fair value less cost to sell. In assessing the value in use, the expected future cash flows from the assets are determined by applying a discount rate to the anticipated pre-tax future cash flows. An impairment charge is recognised in the consolidated statement of comprehensive income to the extent that the carrying amount exceeds the assets\u2019 recoverable amount. The revised carrying amounts are amortised or depreciated in line with Group accounting policies. A previously recognised impairment loss, other than on goodwill, is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the consolidated statement of comprehensive income and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years. Assets are Grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units) for purposes of assessing impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "Leases To the extent that a right-of-control exists over an asset subject to a lease, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, and a lease liability, representing the Group\u2019s obligation to make lease payments, are recognised in the consolidated statement of financial position at the commencement of the lease. The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability, any initial direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required in terms of the lease. Depreciation is charged to the consolidated income statement so as to depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including variable lease payments that depend on an index and the exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised in the consolidated statement of comprehensive income over the period of the lease. Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the consolidated statement of financial position, and are charged to the consolidated income statement when incurred. Low-value assets are determined based on quantitative criteria. The Group has used the following practical expedients permitted by the standard: \u2022 The use of a single discount rate to a portfolio of leases with reasonably similar characteristics \u2022 Reliance on previous assessments on whether leases are onerous \u2022 The use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "Inventories Raw materials, which consist of unprocessed timber and chemicals used in manufacturing operations, are valued at the lower of cost and net realisable value. The basis on which cost is derived is a first-in, first-out basis. Finished goods, comprising processed timber, are stated at the lower of weighted average cost of production or net realisable value. Costs include direct materials, direct labour costs and production overheads (excluding the depreciation/depletion of relevant property and plant and equipment) absorbed at an appropriate level of capacity utilisation. Net realisable value represents the estimated selling price less all expected costs to completion and costs to be incurred in selling and distribution. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-451": {
"value": "Fair value measurement Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in notes to the financial statements, are based on the following fair value measurement hierarchy: \u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and \u2022 level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Specific valuation methodologies used to value financial instruments include: \u2022 the fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates; and \u2022 other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-453": {
"value": "Financial assets Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets are initially measured at fair value and in the case of investments not at fair value through profit or loss, fair value plus directly attributable transaction costs. Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are classified as fair value through other comprehensive income and are stated at fair value. Gains and losses arising from changes in fair value are recognised directly in other comprehensive income, with dividends recognised in profit or loss. Where it is not possible to obtain a reliable fair value, these investments are held at cost less provision for impairment. Loans and receivables, which comprise non-derivative financial assets with fixed and determinable payments that are not quoted on an active market, are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Trade and other receivables Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less allowance for impairments. The Group has elected to apply the IFRS 9 practical expedient option to measure the value of its trade receivables at transaction price, as they do not contain a significant financing element. The Group applies IFRS 9\u2019s \u2018simplified\u2019 approach that requires companies to recognise the lifetime expected losses on its trade receivables. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment and are adjusted, over the lifetime of the receivable, to reflect objective evidence reflecting whether the Group will not be able to collect its debts. Cash and cash equivalents Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and in hand and short-term deposits, including liquidity funds, with an original maturity of three months or less. For the purpose of the statement of consolidated cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Cash and cash equivalents includes cash pledged to ABN Amro as collateral for the $20million Letter of Credit provided to FHB. See note 30. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-487": {
"value": "Trade and other receivables Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less allowance for impairments. The Group has elected to apply the IFRS 9 practical expedient option to measure the value of its trade receivables at transaction price, as they do not contain a significant financing element. The Group applies IFRS 9\u2019s \u2018simplified\u2019 approach that requires companies to recognise the lifetime expected losses on its trade receivables. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment and are adjusted, over the lifetime of the receivable, to reflect objective evidence reflecting whether the Group will not be able to collect its debts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-488": {
"value": "Cash and cash equivalents Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and in hand and short-term deposits, including liquidity funds, with an original maturity of three months or less. For the purpose of the statement of consolidated cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Cash and cash equivalents includes cash pledged to ABN Amro as collateral for the $20million Letter of Credit provided to FHB. See note 30. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-452": {
"value": "Financial liabilities Other financial liabilities Trade payables and other financial liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Loans and other borrowings are initially recognised at the fair value of amounts received net of transaction costs and subsequently measured at amortised cost using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Financial guarantee contracts Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value, which is determined based on the present value of the difference in cash flows between the contractual payments required under the FHB borrowing (provided to the Company\u2019s joint venture \u2013 Accoya USA) and the payments that are estimated to be required without the guarantee being provided by Accsys to FHB. To calculate the fair value of the guarantee, the present value calculation is then weighted by the probability of the guarantee being called by FHB. Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-454": {
"value": "Share capital Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Group\u2019s shares are classified as equity instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-455": {
"value": "Segmental Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer. The Chief Executive Officer is responsible for allocating resources and assessing performance of the operating segments and has been identified as steering the committee that makes strategic decisions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-489": {
"value": "Alternative Performance Measures The Group presents certain measures of financial performance, position or cash flows in the Annual Report and financial statements that are not defined or specified according to IFRS (International financial reporting standards). These measures, referred to as Alternative Performance Measures (APMs), are prepared on a consistent basis for all periods presented in this report. The most significant APMs are: Net debt A measure comprising short term and long-term borrowings (including lease obligations) less cash and cash equivalents. Net debt provides a measure of the Group\u2019s net indebtedness or overall leverage. Underlying EBITDA Operating profit/(loss) before Exceptional items and other adjustments, depreciation and amortisation and includes the Group\u2019s attributable share of our USA joint venture\u2019s underlying EBITDA. Underlying EBITDA provides a measure of the cash-generating ability of the business that is comparable from year to year. Underlying EBIT Operating profit/(loss) before Exceptional items and other adjustments and includes the Group\u2019s attributable share of our USA joint venture\u2019s underlying EBIT. Underlying EBIT provides a measure of the operating performance that is comparable from year to year. Net Debt/Underlying EBITDA Net debt divided by trailing 12-month underlying EBITDA. A measure of the Group\u2019s net indebtedness relative to its cash-generating ability. Accoya Manufacturing margin Accoya segmental underlying gross profit excluding Accoya underlying licence revenue and marketing services expressed as a percentage over Accoya segmental total revenue excluding Accoya underlying licence revenue and marketing services. Accoya Manufacturing margin provides a measure of the profitability of the Accoya operations relative to revenue. Adjusted Cash Cash & cash equivalents less restricted cash and cash raised through an equity raise to be invested into Accoya USA Joint Venture. See note 30. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-456": {
"value": "2. Accounting judgements and estimates Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates Goodwill The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have been determined based on value in use calculations. These calculations require the use of judgements in relation to discount rates and future forecasts (See note 15 & 16). The recoverability of these balances is dependent upon the level of future licence fees and manufacturing revenues. While the scope and timing of the production facilities to be built under the Group\u2019s existing and future agreements remains uncertain, the Directors remain confident that revenue from own manufacturing, existing licensees, new licence or consortium agreements will be generated, demonstrating the recoverability of these balances. Intellectual property rights (IPR) and property, plant and equipment The Group tests the carrying amount of the intellectual property rights and property, plant and equipment whenever events or changes in circumstances indicate that the net book value may not be recoverable. These calculations require the use of estimates in respect of future cash flows from the assets by applying a discount rate to the anticipated pre-tax future cash flows. Within this process, the Group makes a number of key assumptions including operating margins, production volumes, discount rates, terminal growth rates and forecast cash flows. Additional information is disclosed in note 15 & 16, which highlights the estimates applied in the value-in-use calculations for those CGUs that are considered most susceptible to changes in key assumptions and the sensitivity of these estimates. The Group also reviews the estimated useful lives at the end of each annual reporting period (See note 15 & 16). The price of Accoya wood and the raw materials and other inputs vary according to market conditions outside of the Group\u2019s control. Should the price of the raw materials increase greater than the sales price or in a way which no longer makes Accoya competitive, then the carrying value of the property, plant and equipment or IPR may be in doubt and become impaired. The Directors consider that the current market and best estimates of future prices mean that this risk is limited. Valuation of value recovery instrument (\u201cVRI\u201d) These calculations require the use of estimates in respect of future cash flows and by applying a discount rate to the anticipated future cash flows. The same future cashflows modelled in Property, plant and equipment testing are used for this calculation. Additional information is disclosed in note 16 & 23. Accounting judgements In preparing the Consolidated Financial Statements, management has to make judgments on how to apply the Group\u2019s accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the Consolidated Financial Statements and the key sources of uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are discussed below: Financial asset at fair value through profit or loss The Group has an investment in listed equity shares carried at nil fair value as a reliable fair value cannot be obtained since there is no active market for the shares and there is currently uncertainty around the future funding of the business. The Group makes appropriate enquiries and considers all of the information available to it in order to determine the fair value (See note 18). New standards and interpretations in issue at the date of authorisation of these financial statements: New standards, amendments and interpretations The following amendments to Standards and a new Interpretation have been adopted for the financial year beginning on 1 April 2022: \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12; and \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2023 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-490": {
"value": "Accounting judgements In preparing the Consolidated Financial Statements, management has to make judgments on how to apply the Group\u2019s accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the Consolidated Financial Statements and the key sources of uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are discussed below: Financial asset at fair value through profit or loss The Group has an investment in listed equity shares carried at nil fair value as a reliable fair value cannot be obtained since there is no active market for the shares and there is currently uncertainty around the future funding of the business. The Group makes appropriate enquiries and considers all of the information available to it in order to determine the fair value (See note 18). ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "New standards and interpretations in issue at the date of authorisation of these financial statements: New standards, amendments and interpretations The following amendments to Standards and a new Interpretation have been adopted for the financial year beginning on 1 April 2022: \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12; and \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2023 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-504": {
"value": "New standards, amendments and interpretations The following amendments to Standards and a new Interpretation have been adopted for the financial year beginning on 1 April 2022: \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12; and \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-505": {
"value": "New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2023 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-457": {
"value": "3. Segmental reporting
The Group\u2019s business is the manufacturing of and development, commercialisation and licensing of the associated
proprietary technology for the manufacture of Accoya wood, Tricoya wood elements and related acetylation
technologies. Segmental reporting is divided between corporate activities, activities directly attributable to Accoya,
to Tricoya or research and development activities.
Accoya
Accoya Segment
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Accoya wood revenue 143,494 \u2013 143,494 105,053 \u2013 105,053
Licence revenue 300 \u2013 300 400 \u2013 400
Other revenue 16,773 \u2013 16,773 13,879 \u2013 13,879
Total Revenue 160,567 \u2013 160,567 119,332 \u2013 119,332
Cost of sales (105,608) \u2013 (105,608) (83,435) \u2013 (83,435)
Gross profit 54,959 \u2013 54,959 35,897 \u2013 35,897
Other operating costs (22,621) \u2013 (22,621) (19,116) (133) (19,249)
Profit from operations 32,338 \u2013 32,338 16,781 (133) 16,648
Profit from operations 32,338 \u2013 32,338 16,781 (133) 16,648
Accoya USA EBIT (912) \u2013 \u2013 (261) \u2013 \u2013
EBIT 31,426 \u2013 32,338 16,520 (133) 16,648
Depreciation and amortisation 6,832 \u2013 6,832 4,787 \u2013 4,787
Accoya USA Depreciation and amortisation 211 \u2013 \u2013 \u2013 \u2013 \u2013
EBITDA 38,469 \u2013 39,170 21,307 (133) 21,435
Revenue includes the sale of Accoya, licence income and other revenue, principally relating to the sale of acetic acid and
other licensing related income. Revenue also includes sales of lower visual grade Accoya to Tricoya customers for the
purposes of producing Tricoya panels as a temporary work-around until the dedicated Tricoya Hull plant is operational.
All costs of sales are allocated against manufacturing activities in Arnhem and in Barry (Wales) unless they can be directly attributable to a licensee. Other operating costs include all costs associated with the operation of the Arnhem and Barry manufacturing sites, including directly attributable administration, sales and marketing costs. See note 5 for explanation of Exceptional items and other adjustments. Average headcount = 175 (2022: 162) The below table shows details of reconciling items to show both Accoya EBITDA and Accoya Manufacturing gross profit, both including and excluding licence and licensing related income, which has been presented given the inclusion of items which can be more variable or one-off. 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Accoya segmental underlying EBITDA 38,469 21,307 Accoya underlying Licence revenue (300) (400) Accoya segmental underlying EBITDA (excluding. Licence Income) 38,169 20,907 Accoya segmental underlying gross profit 54,959 35,897 Accoya underlying Licence revenue (300) (400) Accoya manufacturing gross profit 54,659 35,497 Accoya Manufacturing Margin 34.1% 29.8% 2023 2022 Accoya Manufacturing gross profit\u2013\u20ac\u2019000 54,659 35,497 Accoya sales volume\u2013m 3 63,344 59,649 Accoya manufacturing gross profit per m3 863 595 Tricoya Tricoya Segment Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Tricoya panel revenue 1,373 \u2013 1,373 1,459 \u2013 1,459 Licence revenue 29 \u2013 29 16 \u2013 16 Other revenue 49 \u2013 49 45 \u2013 45 Total Revenue 1,451 \u2013 1,451 1,520 \u2013 1,520 Cost of sales (1,244) \u2013 (1,244) (1,417) \u2013 (1,417) Gross profit 207 \u2013 207 103 \u2013 103 Other operating costs (5,823) (86,000) (91,823) (3,811) (3) (3,814) Loss from operations (5,616) (86,000) (91,616) (3,708) (3) (3,711) Loss from operations (5,616) (86,000) (91,616) (3,708) (3) (3,711) Depreciation and amortisation 527 \u2013 527 505 \u2013 505 Impairment \u2013 86,000 86,000 \u2013 \u2013 \u2013 EBITDA (5,089) \u2013 (5,089) (3,203) (3) (3,206) Revenue and costs are those attributable to the business development of the Tricoya process and establishment of Tricoya Hull Plant. Other operating costs includes pre-operating costs for the Tricoya Hull Plant. See note 5 for explanation of Exceptional items and other adjustments. Average headcount = 23 (2022: 36), noting a substantial proportion of the costs to date have been incurred via recharges from other parts of the Group or have resulted from contractors. Corporate
Corporate Segment
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Accoya wood revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Licence revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Other revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Total Revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Cost of sales \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gross result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Other operating costs (9,976) (1,453) (11,429) (7,430) \u2013 (7,430)
Loss from operations (9,976) (1,453) (11,429) (7,430) \u2013 (7,430)
Loss from operations (9,976) (1,453) (11,429) (7,430) \u2013 (7,430)
Depreciation and amortisation 866 \u2013 866 805 \u2013 805
EBITDA (9,110) (1,453) (10,563) (6,625) \u2013 (6,625)
Corporate costs are those costs not directly attributable to Accoya, Tricoya or Research and Development activities.
This includes management and the Group\u2019s corporate and general administration costs including the head office in
London. See note 5 for explanation of Exceptional items and other adjustments.
Average headcount = 33 (2022: 37)
Research and Development
Research & Development Segment
Year ended
31 March
2023
Underlying
\u20ac\u2019000
Year ended
31 March
2023
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2023
TOTAL
\u20ac\u2019000
Year ended
31 March
2022
Underlying
\u20ac\u2019000
Year ended
31 March
2022
Exceptional
items & Other
Adjustments
\u20ac\u2019000
Year ended
31 March
2022
TOTAL
\u20ac\u2019000
Accoya wood revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Licence revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Other revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Total Revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Cost of sales \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Gross result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Other operating costs (1,458) \u2013 (1,458) (1,184) \u2013 (1,184)
Loss from operations (1,458) \u2013 (1,458) (1,184) \u2013 (1,184)
Loss from operations (1,458) \u2013 (1,458) (1,184) \u2013 (1,184)
Depreciation and amortisation 67 \u2013 67 68 \u2013 68
EBITDA (1,391) \u2013 (1,391) (1,116) \u2013 (1,116)
Research and Development costs are those associated with the Accoya and Tricoya processes. Costs exclude those
which have been capitalised in accordance with IFRS (see note 15).
Average headcount = 13 (2022: 9)
Total Total Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Accoya/Tricoya revenue 144,867 \u2013 144,867 106,512 \u2013 106,512 Licence revenue 329 \u2013 329 416 \u2013 416 Other revenue 16,822 \u2013 16,822 13,924 \u2013 13,924 Total Revenue 162,018 \u2013 162,018 120,852 \u2013 120,852 Cost of sales (106,852) \u2013 (106,852) (84,852) \u2013 (84,852) Gross profit 55,166 \u2013 55,166 36,000 \u2013 36,000 Other operating costs (39,878) (87,453) (127,331) (31,541) (136) (31,677) Profit/ (loss) from operations 15,288 (87,453) (72,165) 4,459 (136) 4,323 Finance income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Finance expense (3,224) 9,350 6,126 (2,893) 544 (2,349) Investment in joint venture (1,036) \u2013 (1,036) (261) \u2013 (261) Profit/(Loss) before taxation 11,028 (78,103) (67,075) 1,305 408 1,713 See note 5 for details of Exceptional items and other adjustments. Reconciliation of Underlying EBIT and EBITDA Year ended 31 March 2023 Underlying \u20ac\u2019000 Year ended 31 March 2023 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2023 TOTAL \u20ac\u2019000 Year ended 31 March 2022 Underlying \u20ac\u2019000 Year ended 31 March 2022 Exceptional items & Other Adjustments \u20ac\u2019000 Year ended 31 March 2022 TOTAL \u20ac\u2019000 Profit/(loss) from operations 15,288 (87,453) (72,165) 4,459 (136) 4,323 Accoya USA EBIT (912) \u2013 \u2013 (261) \u2013 \u2013 EBIT 14,376 (87,453) (72,165) 4,198 (136) 4,323 Depreciation and amortisation 8,292 \u2013 8,292 6,164 \u2013 6,164 Accoya USA Depreciation and amortisation 211 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 86,000 86,000 \u2013 \u2013 \u2013 EBITDA 22,879 (1,453) 22,127 10,362 (136) 10,487 Analysis of Revenue by geographical area of customers: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 UK and Ireland 55,395 43,053 Rest of Europe 63,635 45,980 Americas 29,778 21,069 Rest of World 13,210 10,750 162,018 120,852 Revenue generated from two customers exceeded 10% of Group revenue of 2023. These two customers represented 35% & 34% of the revenue from the United Kingdom and Ireland, relating to Accoya revenue. Revenue generated from two customers exceeded 10% of Group revenue of 2022. This included 37% & 34% of the revenue from the United Kingdom and Ireland, relating to Accoya revenue. Assets and liabilities on a segmental basis
Accoya
2023
\u20ac\u2019000
Tricoya
2023
\u20ac\u2019000
Corporate
2023
\u20ac\u2019000
R&D
2023
\u20ac\u2019000
TOTAL
2023
\u20ac\u2019000
Accoya
2022
\u20ac\u2019000
Tricoya
2022
\u20ac\u2019000
Corporate
2022
\u20ac\u2019000
R&D
2022
\u20ac\u2019000
TOTAL
2022
\u20ac\u2019000
Non-current assets 120,459 27,047 3,777 162 151,445 91,278 99,718 4,119 228 195,343
Current assets 52,699 3,872 13,630 4,872 75,073 36,899 4,425 33,452 5,021 79,797
Current liabilities (22,947) (4,156) (15,299) (56) (42,458) (19,399) (21,112) (5,156) (75) (45,742)
Net current assets/
(liabilities) 29,752 (284) (1,669) 4,816 32,615 17,500 (16,687) 28,296 4,946 34,055
Non-current
liabilities (2,545) (8,665) (50,289) (59) (61,558) (2,826) (1,252) (52,339) (111) (56,528)
Net assets/
(liabilities) 147,666 18,098 (48,181) 4,919 122,502 105,952 81,779 (19,924) 5,063 172,870
The Investment accounted for using the equity method (Investment in Accoya USA) is included in the Accoya segment.
See note 29
Analysis of non-current assets (Other than financial assets and deferred tax):
2023
\u20ac\u2019000
2022
\u20ac\u2019000
UK 30,485 107,861
Other countries 116,729 83,251
Un-allocated\u2013Goodwill 4,231 4,231
151,445 195,343
The segmental assets in the current year were predominantly held in the UK, USA and mainland Europe (prior year UK and
mainland Europe). Additions to property, plant, equipment and intangible assets in the current year were predominantly
incurred in the UK and mainland Europe (Prior Year UK and mainland Europe). The increase in Investment accounted for
using the equity method (investment into Accoya USA) incurred in USA. There are no significant intersegment revenues.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-458": {
"value": "4. Other operating costs
Other operating costs consist of the operating costs, other than the cost of sales, associated with the operation of
the plant in Arnhem, Barry, the offices in Dallas and London and certain pre-operating costs associated with the plant
in Hull:
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Sales and marketing 5,219 5,121
Research and development 990 1,116
Other operating costs 9,720 6,856
Administration costs 15,657 12,284
Exceptional Items 1,453 136
Other operating costs excluding depreciation and amortisation 33,039 25,513
Depreciation and amortisation 8,292 6,164
Impairment \u2013 exceptional item 86,000 \u2013
Total other operating costs 127,331 31,677
Administrative costs include costs associated with Business Development and Legal departments, Intellectual Property
as well as Human Resources, IT, Finance, Management and General Office and includes the costs of the Group\u2019s head
office costs in London and the US Office in Dallas.
Group average headcount increased from 244 in the year to 31 March 2022, to 245 in the year to 31 March 2023.
During the period, \u20ac437,000 (2022: \u20ac714,000) of internal development & patent related costs were capitalised and included in intangible fixed assets, including \u20ac287,000 (2022: \u20ac488,000) which were capitalised within Tricoya Technologies Limited (\u2018TTL\u2019). In addition \u20ac171,000 of internal costs have been capitalised in relation to our current Arnhem Accoya plant expansion project (2022: \u20ac375,000) and \u20ac566,000 of internal costs have been capitalised in relation to our plant build in Hull, UK (2022: \u20ac739,000). Both are included within tangible fixed assets. The impairment loss is in relation to Tricoya assets, refer to note 5 and 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-459": {
"value": "6. Employees 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Staff costs (including Directors) consist of: Wages and salaries 18,584 17,007 Social security costs 2,838 2,620 Other pension costs 1,573 1,381 Share based payments 201 140 23,196 21,148 Pension costs relate to defined contribution plan contributions. The average monthly number of employees, including Executive Directors, during the year was as follows: 2023 2022 Sales and marketing, administration, research and engineering 142 134 Operating 103 110 245 244 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-460": {
"value": "7. Directors\u2019 remuneration 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Directors\u2019 remuneration consists of: Directors\u2019 emoluments 1,170 1,168 Company contributions to money purchase pension schemes 38 43 1,208 1,211 Compensation of key management personnel included the following amounts: Salary, bonus and short term benefits \u20ac\u2019000 Pension \u20ac\u2019000 Share based payments charge \u20ac\u2019000 2023 Total \u20ac\u2019000 2022 Total \u20ac\u2019000 Rob Harris 642 30 (53) 619 568 William Rudge 102 8 (10) 100 308 744 38 (63) 719 876 The Group made contributions to one (2022: one) Director\u2019s personal pension plan, with Robert Harris receiving cash in lieu of pension. William Rudge stepped down from the Board following the AGM on 23 September 2022. In the table above, his remuneration is included up to 23 September 2022. The figures in the above table are impacted by foreign exchange noting that the remuneration for R Harris and W Rudge are denominated in Pounds Sterling. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-461": {
"value": "8. Operating profit
2023
\u20ac\u2019000
2022
\u20ac\u2019000
This has been arrived at after charging/(crediting):
Staff costs 23,196 21,148
Depreciation of property, plant and equipment, and right of use assets 7,512 5,419
Impairment 86,000 \u2013
Amortisation of intangible assets 780 745
Operating lease rentals 77 103
Foreign exchange (gains) (70) (171)
Research & Development (excluding staff costs) 469 416
Fees payable to the Company\u2019s auditors for the audit of the Group\u2019s annual financial statements 183 145
Fees payable to the Company\u2019s auditors for other services:
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 205 110
\u2013 audit related assurance services \u2013 36
Fees payable to Component auditor for audit of subsidiaries 182 117
Total audit and audit related services: 570 408
Additional audit fees were agreed for the 2022 audit of \u20ac170,000 which are not included in the table above, including
\u20ac80,000 for fees payable for the audit of the Group\u2019s annual financial statements and \u20ac90,000 for fees payable for the
audit of subsidiaries.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-492": {
"value": "9. Finance income 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Interest receivable on bank and other deposits* \u2013 \u2013 * \u20ac1,000 interest received in the year ended 31 March 2023 (31 March 2022: \u20ac8,000) in relation to cash balances held in Tricoya UK Ltd was netted off with borrowing costs incurred, with the net borrowing cost amount related to the Hull project capitalised and included within property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-462": {
"value": "9. Finance income 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Interest receivable on bank and other deposits* \u2013 \u2013 * \u20ac1,000 interest received in the year ended 31 March 2023 (31 March 2022: \u20ac8,000) in relation to cash balances held in Tricoya UK Ltd was netted off with borrowing costs incurred, with the net borrowing cost amount related to the Hull project capitalised and included within property, plant and equipment. 10. Finance expense 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Arnhem land and buildings lease finance charge 179 183 Interest on loans 2,500 2,282 Interest on lease liabilities 115 139 Other finance expenses 430 289 Total underlying finance expenses 3,224 2,893 Exceptional items and other adjustments Foreign exchange (gain)/loss on loan notes \u2013 (231) Revaluation of USD cash pledged to ABN Amro \u2013 148 Early termination of loans\u2013redemption fee & accelerated amortisation of transaction costs \u2013 1,619 Foreign exchange (gain)/loss on Corporate USD cash held for investment in to USA JV (1,380) (2,080) Partial derecognition of NatWest loan (9,353) \u2013 Recognition of Valuation Recovery Instrument \u201cVRI\u201d 1,383 \u2013 Total Finance expense (6,126) 2,349 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-491": {
"value": "10. Finance expense
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Arnhem land and buildings lease finance charge 179 183
Interest on loans 2,500 2,282
Interest on lease liabilities 115 139
Other finance expenses 430 289
Total underlying finance expenses 3,224 2,893
Exceptional items and other adjustments
Foreign exchange (gain)/loss on loan notes \u2013 (231)
Revaluation of USD cash pledged to ABN Amro \u2013 148
Early termination of loans\u2013redemption fee & accelerated amortisation of transaction costs \u2013 1,619
Foreign exchange (gain)/loss on Corporate USD cash held for investment in to USA JV (1,380) (2,080)
Partial derecognition of NatWest loan (9,353) \u2013
Recognition of Valuation Recovery Instrument \u201cVRI\u201d 1,383 \u2013
Total Finance expense (6,126) 2,349
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-463": {
"value": "11. Tax expense 2023 \u20ac\u2019000 2022 \u20ac\u2019000 (a) Tax recognised in the statement of comprehensive income comprises: Current tax charge UK Corporation tax on losses for the year \u2013 \u2013 Research and development tax (credit)/ expense in respect of current year (121) (314) (121) (314) Overseas tax at rate of 15% 32 24 Overseas tax at rate of 25% 2,876 1,305 Deferred Tax Utilisation of deferred tax asset \u2013 \u2013 Total tax charge reported in the statement of comprehensive income 2,787 1,015 2023 \u20ac\u2019000 2022 \u20ac\u2019000 (b) The tax charge for the period is higher than the standard rate of corporation tax in the UK (2023 & 2022: 19%) due to: Profit/(Loss) before tax (67,075) 1,713 Expected tax charge at 19% (2022\u201319%) (12,744) 325 Expenses not deductible in determining taxable profit 148 142 Tricoya segment assets impairment 16,340 \u2013 Tax (income)/losses for which no deferred income tax asset was (utilised)/recognised (1,654) 541 Effects of overseas taxation 818 320 Research and development tax charge/(credit) in respect of prior years 3 (190) Research and development tax (credit) in respect of current year (124) (123) Total tax charge reported in the statement of comprehensive income 2,787 1,015 Deferred tax \u20ac\u2018000 Deferred tax assets Deferred tax liabilities 2023 2022 2023 2022 At 1 April 484 \u2013 (484) \u2013 Credited/(charged) to the consolidated income statement 137 484 (137) (484) At 31 March 621 484 (621) (484) Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. See note 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-464": {
"value": "12. Dividends Paid 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Final Dividend \u20acNil (2022: \u20acNil) per Ordinary share proposed and paid during year relating to the previous year\u2019s results \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-466": {
"value": "13. Basic and diluted profit/(loss) per ordinary share The calculation of profit per ordinary share is based on profit after tax and the weighted average number of ordinary shares in issue during the year. 2023 Underlying 2023 Total 2022 Underlying 2022 Total Basic earnings per share Weighted average number of Ordinary shares in issue (\u2018000) 210,693 210,693 190,446 190,446 Profit/(Loss) for the year attributable to owners of Accsys Technologies PLC (\u20ac\u2019000) 9,528 (39,038) 1,930 2,338 Basic profit/(loss) per share \u20ac0.05 \u20ac(0.19) \u20ac0.01 \u20ac0.01 Diluted earnings per share Weighted average number of Ordinary shares in issue (\u2018000) 210,693 \u2013 190,446 190,446 Equity options attributable to BGF \u2013 see note 31 8,449 \u2013* 8,449 8,449 Weighted average number of Ordinary shares in issue and potential ordinary shares (\u2018000) 219,142 \u2013 198,895 198,895 Profit/(Loss) for the year attributable to owners of Accsys Technologies PLC (\u20ac\u2019000) 9,528 \u2013 1,930 2,338 Diluted profit/(loss) per share \u20ac0.04 \u2013* \u20ac0.01 \u20ac0.01 * Diluted loss per share is not disclosed for Total diluted loss per share. IAS 33 \u201cEarning per share\u201d defines Dilutive share options as share options which would decrease profit per share or increase loss per share. Equity options to BGF are disclosed in note 31, which if exercised, would decrease Total loss per share. As a result, these are anti-dilutive and therefore shown as nil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-465": {
"value": "14. Share based payments The Group operates a number of share schemes which give rise to a share based payment charge. The Group operates a Long Term Incentive Plan (\u2018LTIP\u2019) in order to reward certain members of staff including the Senior Management team and the Executive Directors. Options \u2013 total The following figures take into account options awarded under the LTIP, together with share options awarded in previous years under the 2008 Share Option schemes. Outstanding options granted are as follows: Date of grant Number of outstanding options at 31 March Weighted average remaining contractual life, in years 2023 2022 2023 2022 19 September 2013 (LTIP) 443,675 599,880 0.5 1.5 24 June 2016 (LTIP) 130,099 183,320 3.3 4.3 20 June 2017 (LTIP) 100,651 326,999 4.3 5.3 18 June 2018 (LTIP) 185,840 185,840 5.3 6.3 25 June 2019 (LTIP) \u2013 475,258 6.3 7.3 20 November 2019 (LTIP) \u2013 105,699 6.7 7.7 23 December 2019 (LTIP) \u2013 41,468 6.8 7.8 15 July 2020 (LTIP)1 850,540 1,172,290 7.3 8.3 23 June 2021 (LTIP) 511,112 868,889 8.3 9.3 12 July 2022 (LTIP) 352,486 \u2013 9.3 \u2013 Total 2,574,403 3,959,643 6.1 6.8 1 850,540 nil cost options are outstanding in the 2020 LTIP award at 31 March 2023 but no options are estimated to vest on the relevant vesting dates in the 2023 calendar year. Movements in the weighted average values are as follows: Weighted average exercise price Number Outstanding at 01 April 2021 \u20ac0.01 3,971,371 Granted during the year \u20ac0.00 918,659 Forfeited during the year \u20ac0.00 (210,928) Exercised during the year \u20ac0.00 (629,459) Expired during the year \u20ac0.50 (90,000) Outstanding at 31 March 2022 \u20ac0.00 3,959,643 Granted during the year \u20ac0.00 620,698 Forfeited during the year \u20ac0.00 (1,570,164) Exercised during the year \u20ac0.00 (435,774) Expired during the year \u20ac0.00 \u2013 Outstanding at 31 March 2023 \u20ac0.00 2,574,403 The exercise price of options outstanding at the end of the year was \u20acnil (for LTIP options) (2022: \u20acnil) and their weighted average contractual life was 6.1 years (2022: 6.8 years). Of the total number of options outstanding at the end of the year 860,265 (2022: 1,296,039) had vested and were exercisable at the end of the year. Long Term Incentive Plan (\u2018LTIP\u2019) In 2013, the Group established a Long Term Incentive Plan, the participants of which are key members of the Senior Management Team, including Executive Directors. The establishment of the LTIP was approved by the shareholders at the AGM in September 2013. 2013 LTIP Award performance conditions and 2016 outcome The LTIP in 2013 awarded 4,103,456 nil cost options and 2,472,550 vested in the financial year ended 31 March 2017. 443,675 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year. 2016 LTIP Award performance conditions and 2019 outcome The LTIP in 2016 awarded 1,070,255 nil cost options and 494,433 vested in the financial year ended 31 March 2020. 130,099 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year. 2017 LTIP Award performance conditions and 2020 outcome The LTIP in 2017 awarded 1,087,842 nil cost options and 326,999 vested in the financial year ended 31 March 2021. 100,651 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year. 2018 LTIP Award performance conditions and 2021 outcome The LTIP in 2018 awarded 1,170,160 nil cost options and 185,840 vested in the financial year ended 31 March 2022. 185,840 nil cost options remain as at 31 March 2023 after allowing for forfeitures and options exercised in the year. 2019 LTIP Award performance conditions and 2022 outcome The LTIP in 2019 awarded 810,520 nil cost options and no options vested in the financial year ended 31 March 2023. Awards made in July 2020 and LTIP Award performance conditions During the prior year, a total of 1,326,966 LTIP awards were made primarily to members of the Senior Management team including the Executive Directors: The performance targets for 1,255,829 of these awards are as follows: Metric Weighting (% of award) Threshold Stretch Maximum Vesting (% of maximum) 25% 70% 100% EBITDA per share in FY23 60% \u20ac0.14 \u20ac0.19 \u20ac0.24 Total sales volume in FY23 (m3) 40% 90,000 105,000 112,720 \u2022 Vesting is on a straight-line basis between points in the schedule. \u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the performance period in line with the business plan and intended stretch of the targets at the point of award. \u2022 EBITDA per share targets are set and determined so as to exclude licensing income. \u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya. \u2022 Vesting of the Sales Volume component will be subject to the achievement of a threshold level of EBITDA. Element Element A (EBITDA per share) Element B (Sales volume growth) Grant date 15 July 20 15 July 20 Share price at grant date (\u20ac) 1.00 1.00 Exercise price (\u20ac) 0.00 0.00 Expected life (years) 3 3 Contractual life (years) 10 10 Vesting conditions (Details set out above) EBITDA Sales volume growth Risk free rate \u20130.69% \u20130.69% Expected volatility 20% 20% Expected dividend yield 0% 0% Fair value of option \u20ac1.00 \u20ac1.00 The remaining 71,137 of the awards made in summer 2020 were specific to individuals dedicated to the Tricoya consortium with performance measures linked to progress and development of the Tricoya plant and its subsequent operation. The fair value of these options were \u20ac0.998 on their Grant date. All of the above awards, made in summer 2020 are subject to a three year performance period (i.e. year end March 2023) and a further two year holding period. In addition, awards are also subject to malus/claw-back provisions. As at 31 March 2023, no share options are estimated to vest. Awards made in July 2021 and LTIP Award performance conditions During the year, a total of 918,659 LTIP awards were made primarily to members of the Senior Management team including the Executive Directors: The performance targets for 863,624 of these awards are as follows: Metric Weighting (% of award) Threshold Maximum Vesting (% of maximum) 25% 100% EBITDA per share in FY24 60% \u20ac0.15 \u20ac0.24 Cumulative Sales Volume (FY22 to FY24) (m3) 30% 267,000 297,000 ESG \u2013 improvement in reporting ratings 10% 33% on attaining each of the 3 year milestones: Y1 \u2013 Attain investor ESG external rating/score Y2 \u2013 Improve or at least maintain ESG external rating/score Y3 \u2013 Improve or at least maintain ESG external rating/score \u2022 Vesting is on a straight-line basis between points in the schedule. \u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the performance period in line with the business plan and intended stretch of the targets at the point of award. \u2022 EBITDA per share targets are set and determined so as to exclude licensing income. \u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya. Element Element A (EBITDA per share) Element B (Sales volume growth) Element C (ESG Reporting Metrics) Grant date 23 Jun 21 23 Jun 21 23 Jun 21 Share price at grant date (\u20ac) 2.06 2.06 2.06 Exercise price (\u20ac) 0.00 0.00 0.00 Expected life (years) 3 3 3 Contractual life (years) 10 10 10 Vesting conditions (Details set out above) EBITDA Sales volume growth ESG reporting metrics Risk free rate -0.67% -0.67% \u20130.67% Expected volatility 20% 20% 20% Expected dividend yield 0% 0% 0% Fair value of option \u20ac2.06 \u20ac2.06 \u20ac2.06 The remaining 55,035 of the awards made in summer 2021 were specific to individuals dedicated to the Tricoya consortium with performance measures linked to progress and development of the Tricoya plant and its subsequent operation. The fair value of these options were \u20ac2.06 on their Grant date. All of the above awards, made in summer 2021 are subject to a three year performance period (i.e. year end March 2024) and a further two year holding period. In addition, awards are also subject to malus/claw-back provisions. Awards made in July 2022 and LTIP Award performance conditions During the year, a total of 620,698 LTIP awards were made primarily to members of the Senior Management team including the Executive Directors: The performance targets for these awards are as follows: Metric Weighting (% of award) Threshold Maximum Vesting (% of maximum) 25% 100% Cumulative Sales Volume (FY23 to FY25) (m3 ) 25% 206,000 232,000 Average Gross contribution (%) 25% 49.60% 55% Share performance compared to AIM Index 40% Median Upper quartile ESG \u2013 improvement in reporting ratings 10% 15% improvement in S&P ESG score over the three year period 20% improvement in S&P ESG score over the three year period \u2022 Vesting is on a straight-line basis between points in the schedule. \u2022 Appropriate adjustments may be made to ensure fair and consistent performance measurement over the performance period in line with the business plan and intended stretch of the targets at the point of award. \u2022 Gross contribution defined as Revenue from sale of Accoya/Tricoya less Net acetyls and raw wood cost. \u2022 Sales Volume is defined as combined sales volume (in cubic metres, or equivalent) of Accoya and Tricoya. \u2022 Share performance is compared to AIM Index performance excluding Financial services and natural resource stocksElement
Element A
(Sales volume growth)
Element B
(Gross Contribution %)
Element C
(Share price growth)
Element D
(ESG Reporting Metrics)
Grant date 12 Jul 22 12 Jul 22 12 Jul 22 12 Jul 22
Share price at grant date (\u20ac) 1.21 1.21 1.21 1.21
Exercise price (\u20ac) 0.00 0.00 0.00 0.00
Expected life (years) 3 3 3 3
Contractual life (years) 10 10 10 10
Vesting conditions (Details set out above) Sales volume Gross Contribution % Share price ESG reporting metrics
Risk free rate 0.45% 0.45% 0.45% 0.45%
Expected volatility 20% 20% 20% 20%
Expected dividend yield 0% 0% 0% 0%
Fair value of option \u20ac1.21 \u20ac1.21 \u20ac0.90 \u20ac1.21
All of the above awards, made in summer 2022 are subject to a three year performance period (i.e. year end March
2025) and a further two year holding period. In addition, awards are also subject to malus/ claw-back provisions.
Employee Benefit Trust \u2013 Share bonus award
137,665 new Ordinary shares are held by an Employee Benefit Trust as part of the annual bonus, in connection with
the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022,
the beneficiaries of which are primarily senior employees. Such new Ordinary shares vest if the employees remain in
employment with the Company at the vesting date, being 1 July 2023 (subject to certain other provisions including
regulations, good-leaver, take-over and Remuneration Committee discretion provisions). As at 31 March 2023, the
Employment Benefit Trust was consolidated by the Company and the 137,665 shares are recorded as Own Shares
within equity.
Employee Share Participation Plan
The Employee Share Participation Plan (the \u2018Plan\u2019) is intended to promote the long term growth and profitability of
Accsys by providing employees with an opportunity to acquire an ownership interest in new Ordinary shares (\u2018Shares\u2019)
in the Company as an additional benefit of employment. Under the terms of the Plan, the Company issues these Shares
to a trust for the benefit of the subscribing employees. The Shares are released to employees after one year, together
with an additional Share on a 1 for 1 matched basis provided the employee has remained in the employment of Accsys
at that point in time (subject to good leaver provisions). The Plan is in line with industry approved employee share plans
and is open for subscription by employees once a year following release of the interim financial results. The maximum
amount available for subscription by any employee is \u20ac5,000 per annum. In January 2023, various employees subscribed
for a total of 203,906 Shares at an acquisition price of \u20ac0.81 per Share.
Also during the year, 1 for 1 Matching shares were awarded in respect of subscriptions that were made in the previous
year as a result of the participants continuing to remain in employment at the point of vesting. 174,144 matching shares
were issued to employees in January 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-506": {
"value": "Employee Benefit Trust \u2013 Share bonus award 137,665 new Ordinary shares are held by an Employee Benefit Trust as part of the annual bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022, the beneficiaries of which are primarily senior employees. Such new Ordinary shares vest if the employees remain in employment with the Company at the vesting date, being 1 July 2023 (subject to certain other provisions including regulations, good-leaver, take-over and Remuneration Committee discretion provisions). As at 31 March 2023, the Employment Benefit Trust was consolidated by the Company and the 137,665 shares are recorded as Own Shares within equity. In July 2022, 137,665 shares were issued to an Employee Benefit Trust (EBT) at nominal value, as part of the annual bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022. These shares will vest in July 2023, subject to the employees continuing employment within the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-507": {
"value": "15. Intangible assets Internal Development costs \u20ac\u2019000 Intellectual property rights \u20ac\u2019000 Goodwill \u20ac\u2019000 Total \u20ac\u2019000 Cost At 01 April 2021 7,464 74,456 4,231 86,151 Additions 178 536 \u2013 714 At 31 March 2022 7,642 74,992 4,231 86,865 Additions 57 380 \u2013 437 At 31 March 2023 7,699 75,372 4,231 87,302 Accumulated amortisation At 01 April 2021 2,510 72,776 \u2013 75,286 Amortisation 384 361 \u2013 745 At 31 March 2022 2,894 73,137 \u2013 76,031 Amortisation 385 395 \u2013 780 At 31 March 2023 3,279 73,532 \u2013 76,811 Net book value At 31 March 2023 4,420 1,840 4,231 10,491 At 31 March 2022 4,748 1,855 4,231 10,834 At 31 March 2021 4,954 1,680 4,231 10,865 Refer to note 16 for the recoverability assessment of these intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-493": {
"value": "15. Intangible assets Internal Development costs \u20ac\u2019000 Intellectual property rights \u20ac\u2019000 Goodwill \u20ac\u2019000 Total \u20ac\u2019000 Cost At 01 April 2021 7,464 74,456 4,231 86,151 Additions 178 536 \u2013 714 At 31 March 2022 7,642 74,992 4,231 86,865 Additions 57 380 \u2013 437 At 31 March 2023 7,699 75,372 4,231 87,302 Accumulated amortisation At 01 April 2021 2,510 72,776 \u2013 75,286 Amortisation 384 361 \u2013 745 At 31 March 2022 2,894 73,137 \u2013 76,031 Amortisation 385 395 \u2013 780 At 31 March 2023 3,279 73,532 \u2013 76,811 Net book value At 31 March 2023 4,420 1,840 4,231 10,491 At 31 March 2022 4,748 1,855 4,231 10,834 At 31 March 2021 4,954 1,680 4,231 10,865 Refer to note 16 for the recoverability assessment of these intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-467": {
"value": "15. Intangible assets Internal Development costs \u20ac\u2019000 Intellectual property rights \u20ac\u2019000 Goodwill \u20ac\u2019000 Total \u20ac\u2019000 Cost At 01 April 2021 7,464 74,456 4,231 86,151 Additions 178 536 \u2013 714 At 31 March 2022 7,642 74,992 4,231 86,865 Additions 57 380 \u2013 437 At 31 March 2023 7,699 75,372 4,231 87,302 Accumulated amortisation At 01 April 2021 2,510 72,776 \u2013 75,286 Amortisation 384 361 \u2013 745 At 31 March 2022 2,894 73,137 \u2013 76,031 Amortisation 385 395 \u2013 780 At 31 March 2023 3,279 73,532 \u2013 76,811 Net book value At 31 March 2023 4,420 1,840 4,231 10,491 At 31 March 2022 4,748 1,855 4,231 10,834 At 31 March 2021 4,954 1,680 4,231 10,865 Refer to note 16 for the recoverability assessment of these intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-468": {
"value": "16. Property, plant and equipment Land and buildings \u20ac\u2019000 Plant and machinery \u20ac\u2019000 Office equipment \u20ac\u2019000 Total \u20ac\u2019000 Cost or valuation At 01 April 2021 17,976 146,433 3,885 168,294 Additions \u2013 41,012 461 41,473 Foreign currency translation gain \u2013 \u2013 7 7 At 31 March 2022 17,976 187,445 4,353 209,774 Additions \u2013 21,376 341 21,717 Foreign currency translation gain \u2013 \u2013 3 3 At 31 March 2023 17,976 208,821 4,697 231,494 Accumulated depreciation At 01 April 2021 995 25,945 1,797 28,737 Charge for the year 358 3,550 461 4,369 Foreign currency translation gain \u2013 \u2013 7 7 At 31 March 2022 1,353 29,495 2,265 33,113 Charge for the year 358 5,397 572 6,327 Foreign currency translation gain \u2013 \u2013 3 3 Impairment loss \u2013 86,000 \u2013 86,000 At 31 March 2023 1,711 120,892 2,840 125,443 Net book value At 31 March 2023 16,265 87,929 1,857 106,051 At 31 March 2022 16,623 157,950 2,088 176,661 At 1 April 2021 16,981 120,488 2,088 139,557 Plant and machinery assets with a net book value of \u20ac24,851,000 are held as assets under construction and are not depreciated, relating to the Hull Plant (31 March 2022: \u20ac93,560,000). Impairment review The carrying value of the property, plant and equipment, internal development costs and intellectual property rights are split between two cash generating units (CGUs), representing the Accoya and Tricoya segments and the carrying value of Goodwill is allocated to the Accoya segment. The recoverable amount of these CGUs are determined based on a value-in-use calculation which uses cash flow projections for a period of 5 to 7 years based on latest financial budgets and discounted at a pre-tax discount rate of 13.5% (31 March 2022: 10.5%) to determine their present value. A cash flow projection period of 7 years was used for the Tricoya segment calculation to reflect the future cashflows of the plant, considering the estimated hold period, remaining completion activities and production ramp-up. The key assumptions used in the value in use calculations are: \u2022 the manufacturing revenues, operating margins and future licence fees estimated by management, \u2022 the timing of completion of the Tricoya Hull plant, \u2022 the timing of completion of construction of additional facilities (and associated output), \u2022 forecast UK natural gas prices, \u2022 the long term growth rate and \u2022 the discount rate. The Directors have determined that an impairment totalling \u20ac86 million should be recognised in the Tricoya CGU. The impairment of the Tricoya segment assets is caused by: (i) As reported in November 2022, identification of additional time and costs (\u20ac35m) to complete the plant; (ii) A decrease in the production volume forecast for the plant to 24,000MT (from 30,000MT) (iii) Update to the discount rate applied to 13.5% (increased from 10.5% at 31 March 2022). Key assumptions applied to the Tricoya CGU were as follows: \u2022 a discount rate of 13.5%; \u2022 project capital costs to bring the plant into commercial operation of \u20ac35m; \u2022 a production capacity of 24,000MT \u2022 a \u201chold period\u201d of 2 years (from 31 March 2023) (period in which no construction activities is performed); and \u2022 a long-term growth rate of 2.5%; The impact the following changes to these key assumptions would have, if made in isolation, on the impairment calculated for the Tricoya CGU is as follows: \u2022 a 1% increase in the discount rate: increase of \u20ac7m \u2022 a 1% decrease in the long-term growth rate: increase of \u20ac4m \u2022 a 12 month extension in the hold period: increase of \u20ac9m \u2022 a 1,000MT increase in the production capacity: decrease of \u20ac4m \u2022 a \u20ac10m increase in the capital costs to bring the plant into commercial operation: increase of \u20ac7m ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-469": {
"value": "17. Leases (i) Amounts recognised in the statement of financial position The statement of financial position shows the following amounts relating to leases: Right-of-use assets 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Right-of-use assets Properties 2,880 4,023 Equipment 1,148 569 Motor Vehicles 16 40 4,044 4,632 Minimum lease payments 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Amounts payable under lease liabilities: Within one year 1,132 1,250 In the second to fifth years inclusive 2,085 2,390 After five years 3,502 3,972 Less: future finance charges (1,984) (2,395) Present value of lease obligations 4,735 5,217 Additions to the right-of-use assets during the financial year were \u20ac590,000 (2022: \u20ac801,000). (ii) Amounts recognised in the statement of profit and loss The statement of comprehensive income shows the following amounts relating to leases: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Depreciation charge of right-of-use assets Properties 893 807 Equipment 255 209 Motor Vehicles 34 34 1,182 1,050 Interest expense (included in finance cost) 294 322 Expense relating to short-term leases (included in cost of goods sold and administrative expenses) 60 83 Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses) 18 20 Expense relating to variable lease payments not included in lease liabilities (included in administrative expenses) \u2013 \u2013 The total cash outflow for leases in 2023 was \u20ac940,000 (2022: \u20ac1,089,000) The Group\u2019s leasing activities and how these are accounted for: The Group leases various offices, land, equipment and cars. Rental contracts are typically made for fixed periods of 1-10 years, although, if appropriate, a longer term may be entered into. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Lease extension options and lease termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Some of the Group\u2019s leases have extension and termination options attached to them. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of comprehensive income over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate; \u2022 Amounts expected to be payable by the lessee under residual value guarantees; \u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the Group\u2019s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar economic environment within similar terms and conditions. Right of use assets are measured at cost comprising the following: \u2022 The amount of initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. Payments associated with short-term leases and leases of low value are recognised on a straight-line basis as an expense in the statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise of small items of office furniture and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-494": {
"value": "18. Financial asset at fair value through profit or loss Financial asset at fair value through profit or loss 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Shares held in Cleantech Building Materials PLC \u2013 \u2013 Accsys Technologies PLC has previously purchased a total of 21,666,734 unlisted ordinary shares in Diamond Wood China. On 23 December 2016, Cleantech Building Materials PLC acquired Diamond Wood China. On 19 April 2017 Cleantech Building Materials acquired the 21,666,734 shares previously owned by the Company and in return the Company has been issued with 520,001 shares in Cleantech Building Materials PLC, a listed Company trading on the Nasdaq First North market in Copenhagen. There continues to be no active market for these shares as at 31 March 2023. As such a reliable fair value cannot be calculated and the investment is carried at a nil fair value (2022: nil). A total of 498,522 shares were held at 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-470": {
"value": "19. Deferred taxation The Group has a recognised deferred tax asset of \u20ac621,000 (2022: \u20ac484,000) offsetting a recognised deferred tax liability of \u20ac621,000 (2022: \u20ac484,000). See note 11. The Group also has an unrecognised deferred tax asset of \u20ac62m (2022: \u20ac42m) which is largely in respect of trading losses of the UK subsidiaries and has been calculated using the tax rate which is expected to be applicable when the tax losses are expected to be utilised The deferred tax asset has been recognised only to the extent of the deferred tax liability, due to the uncertainty of the timing of future expected profits of the related legal entities which is dependent on the profits attributable to licensing and future manufacturing income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-471": {
"value": "20. Subsidiaries A list of subsidiary investments, including the name, country of incorporation and proportion of ownership interest is given in note 4 to the Company\u2019s separate financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-472": {
"value": "21. Inventories 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Raw materials and work in progress 24,220 16,978 Finished goods 5,726 3,393 29,946 20,371 The amount of inventories recognised as an expense during the year was \u20ac89,357,000 (2022: \u20ac67,698,000). The cost of inventories recognised as an expense includes a net credit of \u20ac9,000 (2022: credit of \u20ac20,000) in respect of the inventories sold in the period which had previously been written down to net realisable value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-473": {
"value": "22. Trade and other receivables 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Trade receivables 14,398 13,162 Other receivables 1,154 736 VAT receivable 1,472 2,203 Prepayments 1,051 833 18,075 16,934 The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. Trade and other receivables in the above table are stated net of provision for doubtful debts. The majority of trade and other receivables is denominated in Euros, with \u20ac1,633,000 of the trade and other receivables denominated in US Dollars (2022: \u20ac3,342,000). The age of receivables past due but not impaired is as follows: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Up to 30 days overdue 1,361 1,248 Over 30 days and up to 60 days overdue 290 \u2013 Over 60 days and up to 90 days overdue \u2013 \u2013 Over 90 days overdue 14 24 1,665 1,272 In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. Included in the provision are trade receivables and accrued income with a balance of \u20ac25,002,000 (2022: \u20ac25,002,000). Movement in provision for doubtful debts: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Balance at the beginning of the year 25,002 25,002 Net (decrease)/increase of impairment \u2013 \u2013 Balance at the end of the year 25,002 25,002 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-474": {
"value": "24. Trade and other payables 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Trade payables 17,942 16,655 Other taxes and social security payable 1,083 1,754 Accruals and deferred income 6,871 11,471 25,896 29,880 The decrease in trade and other payables primarily relates to the timing of accruals associated with the construction of the Hull plant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-495": {
"value": "25. Share capital 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Allotted\u2013Equity share capital 219,381,693 Ordinary shares of \u20ac0.05 each (2022: 192,761,322 Ordinary shares of \u20ac0.05 each) 10,963 9,638 10,963 9,638 All ordinary shares are called up, allotted and fully paid. In the year ended 31 March 2022: In May 2021, 20,005,325 Placing Shares and 2,418,918 Open Offer Shares were issued as part of the capital raise to fund the Company\u2019s investment in expanding its Accoya business into North America through the construction of a new Accoya plant in the USA through its joint venture, Accoya USA LLC, with Eastman Chemical Company (see note 29), as well as to provide additional capital to support the Company\u2019s continued growth. The Shares were issued at a price of \u20ac1.65 (\u00a31.40) per ordinary share, raising gross proceeds of \u20ac36.7 million (before expenses). Between June and September 2021, a total of 629,460 shares were issued following the exercise of nil cost options, granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019). In February 2022, following the subscription by employees in the prior year for shares under the Employee Share Participation Plan (the \u2018Plan\u2019), 189,931 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan. In addition, various employees newly subscribed under the Plan for 193,424 Shares at an acquisition price of \u20ac2.015 per share, with these shares issued to a trust, to be released to the employees after one year, together with an additional share on a matched basis (subject to continuing employment within the Group). In the year ended 31 March 2023: In May 2022, 13,793,103 Placing and Subscription Shares were issued as part of the capital raise to strengthen the Company\u2019s balance sheet, increase liquidity headroom and fund additional costs to complete the Arnhem Plant Reactor 4 capacity expansion. The Shares were issued at a price of \u20ac1.45 (\u00a31.23) per ordinary share, raising gross proceeds of \u20ac20 million (before expenses). Between August and December 2022, 435,774 Shares were issued following the exercise of nil cost options, granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019). In July 2022, 137,665 shares were issued to an Employee Benefit Trust (EBT) at nominal value, as part of the annual bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2021 to 31 March 2022. These shares will vest in July 2023, subject to the employees continuing employment within the Group. In November 2022, 11,875,801 shares were issued to the Tricoya Consortium Partners (INEOS, MEDITE, BGF & Volantis) at a price of \u20ac0.80 (\u00a30.71) per share. This formed part of a Sales Purchase Agreement with the Tricoya Consortium Partners whereby Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5% holding in TTL that it did not already own. See note 28. In January 2023, following the subscription by employees in the prior year for shares under the Employee Share Participation Plan (the \u2018Plan\u2019), 174,144 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan. In addition, various employees newly subscribed under the Plan for 203,906 Shares at an acquisition price of \u20ac0.81 per share, with these shares issued to a trust, to be released to the employees after one year, together with an additional share on a matched basis (subject to continuing employment within the Group). 26. Other reserves Capital redemption reserve \u20ac000 Merger reserve \u20ac000 Hedging Effectiveness reserve \u20ac000 Other reserve \u20ac000 Total Other reserves \u20ac000 Balance at 01 April 2021 148 106,707 229 7,551 114,635 Total comprehensive income for the period \u2013 \u2013 66 \u2013 66 Balance at 01 March 2022 148 106,707 295 7,551 114,701 Total comprehensive income for the period \u2013 \u2013 42 \u2013 42 Balance at 31 March 2023 148 106,707 337 7,551 114,743 The closing balance of the capital redemption reserve represents the amounts transferred from share capital on redemption of deferred shares in a previous year. The merger reserve arose prior to transition to IFRS when merger accounting was adopted. The hedging effectiveness reserve reflects the total accounted for under IFRS 9 in relation to the Tricoya segment (see note 1). The other reserve represents the amounts received for subsidiary share capital from non-controlling interests net with the carrying amount of non-controlling interests issued (see note 27). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-475": {
"value": "25. Share capital 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Allotted\u2013Equity share capital 219,381,693 Ordinary shares of \u20ac0.05 each (2022: 192,761,322 Ordinary shares of \u20ac0.05 each) 10,963 9,638 10,963 9,638 All ordinary shares are called up, allotted and fully paid. In the year ended 31 March 2022: In May 2021, 20,005,325 Placing Shares and 2,418,918 Open Offer Shares were issued as part of the capital raise to fund the Company\u2019s investment in expanding its Accoya business into North America through the construction of a new Accoya plant in the USA through its joint venture, Accoya USA LLC, with Eastman Chemical Company (see note 29), as well as to provide additional capital to support the Company\u2019s continued growth. The Shares were issued at a price of \u20ac1.65 (\u00a31.40) per ordinary share, raising gross proceeds of \u20ac36.7 million (before expenses). Between June and September 2021, a total of 629,460 shares were issued following the exercise of nil cost options, granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019). In February 2022, following the subscription by employees in the prior year for shares under the Employee Share Participation Plan (the \u2018Plan\u2019), 189,931 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan. In addition, various employees newly subscribed under the Plan for 193,424 Shares at an acquisition price of \u20ac2.015 per share, with these shares issued to a trust, to be released to the employees after one year, together with an additional share on a matched basis (subject to continuing employment within the Group). In the year ended 31 March 2023: In May 2022, 13,793,103 Placing and Subscription Shares were issued as part of the capital raise to strengthen the Company\u2019s balance sheet, increase liquidity headroom and fund additional costs to complete the Arnhem Plant Reactor 4 capacity expansion. The Shares were issued at a price of \u20ac1.45 (\u00a31.23) per ordinary share, raising gross proceeds of \u20ac20 million (before expenses). Between August and December 2022, 435,774 Shares were issued following the exercise of nil cost options, granted
under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019).
In July 2022, 137,665 shares were issued to an Employee Benefit Trust (EBT) at nominal value, as part of the annual
bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April
2021 to 31 March 2022. These shares will vest in July 2023, subject to the employees continuing employment within
the Group.
In November 2022, 11,875,801 shares were issued to the Tricoya Consortium Partners (INEOS, MEDITE, BGF & Volantis)
at a price of \u20ac0.80 (\u00a30.71) per share. This formed part of a Sales Purchase Agreement with the Tricoya Consortium
Partners whereby Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5%
holding in TTL that it did not already own. See note 28.
In January 2023, following the subscription by employees in the prior year for shares under the Employee Share
Participation Plan (the \u2018Plan\u2019), 174,144 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan.
In addition, various employees newly subscribed under the Plan for 203,906 Shares at an acquisition price of \u20ac0.81 per
share, with these shares issued to a trust, to be released to the employees after one year, together with an additional
share on a matched basis (subject to continuing employment within the Group).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-476": {
"value": "26. Other reserves Capital redemption reserve \u20ac000 Merger reserve \u20ac000 Hedging Effectiveness reserve \u20ac000 Other reserve \u20ac000 Total Other reserves \u20ac000 Balance at 01 April 2021 148 106,707 229 7,551 114,635 Total comprehensive income for the period \u2013 \u2013 66 \u2013 66 Balance at 01 March 2022 148 106,707 295 7,551 114,701 Total comprehensive income for the period \u2013 \u2013 42 \u2013 42 Balance at 31 March 2023 148 106,707 337 7,551 114,743 The closing balance of the capital redemption reserve represents the amounts transferred from share capital on redemption of deferred shares in a previous year. The merger reserve arose prior to transition to IFRS when merger accounting was adopted. The hedging effectiveness reserve reflects the total accounted for under IFRS 9 in relation to the Tricoya segment (see note 1). The other reserve represents the amounts received for subsidiary share capital from non-controlling interests net with the carrying amount of non-controlling interests issued (see note 27). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-477": {
"value": "27. Transactions with non-controlling interests In the year ended 31 March 2022: No shares were issued in the year ended 31 March 2022. The total carrying amount of the non-controlling interests in TTL and Tricoya UK at 31 March 2022 was \u20ac35.5m (2021: \u20ac37.2m). In November 2021, Accsys agreed a new \u20ac17m loan to Tricoya UK to be used towards the Hull plant construction project alongside existing funding in place for Tricoya UK. The loan accrues interest, which is rolled up, at a rate between 5.25 and 6.75% above EURIBOR. The loan is secured and is repayable by 30 September 2023. At 31 March 2022, the Group had lent to Tricoya UK \u20ac8.8m under the facility. In the year ended 31 March 2023: In November 2022, Accsys purchased the remaining ownership of TTL and Tricoya UK which it did not previously own via a Sales Purchase Agreement (\u2018SPA\u2019) with the Tricoya consortium partners. See note 28 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-478": {
"value": "28. Business combinations In November 2022, Accsys reached agreement to acquire full ownership of TUK (Tricoya UK Limited) and TTL (Tricoya Technologies Limited), from its Consortium Partners (INEOS, MEDITE, BGF & Volantis). Under the agreement Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5% holding in TTL that it did not already own. Consideration of 11.9 million new ordinary Accsys shares was provided to the other Tricoya Consortium Partners valued at \u20ac9.5m (\u20ac0.81 per share). INEOS and Medite\u2019s respective supply and offtake agreements for the Hull plant will continue on their current terms. Tricoya UK and TTL were consolidated in the Group results in the prior year and continue to be consolidated following this purchase. The below table reflects the accounting for this acquisition, whereby the difference between the consideration paid and the Non-controlling interest balance at the end of October 2022 has been allocated to accumulated loss. 2023 \u20ac\u2019000 Non controlling interest balance as at 31 March 2022 35,526 NCI share of losses during the year ended 31 March 2023 (30,824) Accsys Technologies PLC share issue as consideration (9,545) Difference recognised as attributable to the Accsys Technologies PLC 4,843 Non controlling interest balance as at 31 March 2023 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-479": {
"value": "29. Investment in Joint Venture In August 2020, Accsys together with Eastman Chemical Company formed a new Company, Accoya USA LLC, 60% owned by Accsys and 40% owned by Eastman. Accoya USA LLC is constructing and will operate an Accoya plant in Kingsport, Tennessee (USA) to serve the North American market. The plant is designed to initially produce approximately 43,000 cubic metres of Accoya per annum and to allow for cost-effective expansion. Under IFRS 11 \u2013 Joint arrangements, the two parties are assessed to jointly control the entity and Accoya USA is accounted for as a joint venture and equity accounted for within the financial statements. At 31 March 2023, Accsys and Eastman have contributed equity of $61m to Accoya USA LLC, with a further $5m committed to be contributed. An eight-year term loan of $70 million has been provided by First Horizon Bank (\u2018FHB\u2019) of Tennessee, USA. FHB are also providing a further $10 million revolving line of credit to be utilised to fund working capital. The FHB term loan is secured on the assets of Accoya USA and will be supported by Accoya USA\u2019s shareholders, including $50 million through a limited guarantee provided on a pro-rata basis, with Accsys\u2019 60% share representing $30 million (see note 32). The interest rate varies between 1.3% to 2.1% over USD LIBOR. Principal repayments commence one year following the completion and start-up of the facility, and are calculated on a ten-year amortisation period. The carrying amount of the equity-accounted investment is as follows: 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Opening balance 3,216 326 Investment in Accoya USA 28,979 3,751 Less: Accsys proportion (60%) of Licence fee received (300) (600) Loss for the year (1,036) (261) Closing balance 30,859 3,216 The Group has equity accounted for the joint venture in these consolidated accounts. The income statement, balance sheet and cashflows for Accoya USA LLC, are set out below: Accoya USA LLC recorded a loss from operations of \u20ac1,727,000 for the year ended 31 March 2023, (\u20ac435,000 for the period ended 31 March 2022). The loss attributable to Accsys Technologies PLC was \u20ac1,036,000 for the year ended 31 March 2023, (\u20ac261,000 for the period ended 31 March 2022). Balance Sheet 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Non-current assets Property, plant and equipment 69,327 17,589 Right of use assets 6,242 6,403 75,569 23,992 Current assets Trade and other receivables 236 \u2013 Cash and cash equivalents 8,701 235 8,937 235 Current liabilities Trade and other payables (14,682) (10,412) Obligation under lease liabilities (455) (345) Net current liabilities (6,200) (10,522) Non-current liabilities Obligation under lease liabilities (5,875) (5,993) Other long term borrowing (9,781) 243 (15,656) (5,750) Net assets 53,713 7,720 Cash flows 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Cash flows from operating activities (1,147) (209) Cash flows from investing activities (49,568) (7,310) Cash flows from financing activities 59,181 7,753 Net increase in cash and cash equivalents 8,466 234 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-508": {
"value": "30. Commitments under loan agreements
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Loan obligations:
Within one year 9,500 11,654
In the second to fifth years inclusive 50,288 52,335
In greater than five years 6,132 \u2013
Present value of loan obligations 65,920 63,989
Amounts payable under loan agreements \u2013 undiscounted cashflows:
Within one year 10,312 12,973
In the second to fifth years inclusive 52,976 59,506
After five years 9,962 \u2013
Less future finance charges (7,330) (8,490)
Present value of loan obligations 65,920 63,989
ABN Debt Facilities In October 2021, Accsys completed the refinance of its Group debt facilities through a new bilateral agreement with ABN Amro. The new \u20ac60m 3-year bilateral facilities agreement with ABN Amro comprised a \u2022 \u20ac45m Term Loan Facility and, \u2022 \u20ac15m Revolving Credit Facility (\u2018RCF\u2019). \u2022 The Term Loan is partially amortising, with 5% of the principal repayable per annum after 18 months. \u2022 The applicable interest rate for the Term Loan varies between an all in cost of 1.75% and 3.25% depending on net leverage. \u2022 The RCF interest rate varies between 2.0% and 3.5% above EURIBOR. The RCF was subsequently increased to \u20ac25 million as part of the Accoya USA financing referred to below, with approximately \u20ac20 million utilised for the Letter of Credit provided by ABN Amro to FHB in support of the Accoya USA JV funding arrangements, the remaining \u20ac5million was drawn at 31 March 2023. The new facilities are secured against the assets of the Group which are 100% owned by the Company and include customary covenants such as net leverage and interest cover which are based upon the results and assets which are 100% owned by the Company. Tricoya NatWest facility In March 2017, the Company\u2019s subsidiary, Tricoya UK Limited entered into a six-year \u20ac17.2 million finance facility agreement with Natwest Bank plc in respect of the construction and operation of the Hull Plant. The facility is secured by fixed and floating charges over all assets of Tricoya UK Limited. In November 2022, as part of the Tricoya consortium restructure (see note 28) NatWest agreed to restructure its TUK debt facility, reducing the principal amount by \u20ac9.4m to total \u20ac6m, under a new 7-year term. Interest will accrue and be rolled up at Euribor plus a margin, with the margin ranging from 325 to 475 basis points. No repayments are due until the facility maturity date. At 31 March 2023, the Group had \u20ac6.0m (2022: \u20ac9.9m) borrowed under the facility. Separate to, and in addition to the amended \u20ac6m loan, NatWest will be entitled to obtain recovery, via the Value Recovery Instrument (\u2018VRI\u2019) agreement, of up to approximately \u20ac9.4m, on a contingent basis, depending on profitability of the Tricoya Hull plant once operational. (See note 23) Accoya USA facility & De Engh facility In March 2022, the Company\u2019s joint venture, Accoya USA, agreed an eight-year $70 million loan from First Horizon Bank (\u2018FHB\u2019) of Tennessee, USA in respect of the construction and operation of the Accoya USA plant. FHB are also providing a further $10 million revolving line of credit to be utilised to fund working capital. The FHB term loan is secured on the assets of Accoya USA and is supported by Accoya USA\u2019s shareholders, including $50 million through a limited guarantee provided on a pro-rata basis, with Accsys\u2019 60% share representing $30 million (see note 29 & 32). The interest rate varies between 1.3% to 2.1% over USD LIBOR. Principal repayments commence one year following the completion and start-up of the facility, and are calculated on a ten-year amortisation period. Accoya USA is equity accounted for in these financial statements, therefore this Borrowing is not included in the Group\u2019s borrowings. (See note 29) To support Accsys\u2019 limited guarantee, Accsys provided a $20 million Letter of Credit (\u2018LC\u2019) to FHB. The LC is issued by ABN Amro, utilising part of the revolving credit facility agreed in October 2021. To further support the LC, Accsys agreed a \u20ac10 million convertible loan with De Engh BV Limited (\u2018De Engh\u2019) in March 2022, an investment Company based in the Netherlands (the \u2018Convertible Loan\u2019). The Convertible Loan proceeds were placed with ABN Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB. The Convertible Loan is unsecured and carries an interest margin of 6.25% above Euribor. If the Convertible Loan is not repaid within two years, De Engh has an option (from the end of year two) to convert the outstanding loan balance to ordinary shares in Accsys at \u20ac2.30 per share, otherwise the interest rate increases by 2% in year three and by a further 2% the following year if the loan has not been repaid or converted after 3 years. The maximum term of the Convertible Loan is 3.5 years from March 2022.Reconciliation to net debt
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Cash and cash equivalents 26,593 42,054
Less:
Amounts payable under loan agreements (65,920) (63,989)
Amounts payable under lease liabilities (note 18) (4,735) (5,217)
Net debt (44,062) (27,152)
Restricted cash
The cash and cash equivalents disclosed above and in the Consolidated statement of cash flow includes $10 million
which is pledged to ABN Amro as collateral for the $20 million Letter of Credit provided to FHB (see note 29 & 32).
Reconciliation to adjusted cash
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Cash and cash equivalents 26,593 42,054
Less: Remaining cash raised through May 2021 equity raise to be contributed to Accoya USA \u2013 (27,857)
Less: Cash pledged to ABN for Letter of Credit (9,828) (9,852)
Adjusted Cash 16,765 4,345
Liabilities from financing activities Other assets
Total
\u20ac\u2019000
Borrowings
\u20ac\u2019000
Leases
\u20ac\u2019000
Sub-total
\u20ac\u2019000
Cash
\u20ac\u2019000
Net debt as at 01 April 2021 (54,290) (5,532) (59,822) 47,598 (12,224)
Cash flows (7,561) 1,089 (6,472) (7,879) (14,351)
New leases \u2013 (801) (801) \u2013 (801)
Foreign exchange adjustments 231 (7) 224 2,335 2,559
Other changes (2,369) 34 (2,335) \u2013 (2,335)
Net debt as at 31 March 2022 (63,989) (5,217) (69,206) 42,054 (27,152)
Cash flows (8,445) 940 (7,505) (16,984) (24,489)
New leases \u2013 (590) (590) \u2013 (590)
Foreign exchange adjustments \u2013 67 67 1,523 1,590
Other changes 6,514 65 6,579 \u2013 6,579
Net debt as at 31 March 2023 (65,920) (4,735) (70,655) 26,593 (44,062)
34. Capital Commitments
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Contracted but not provided for in respect of property, plant and equipment \u2013 8,327
Included in the above, are amounts relating to the Tricoya plant under construction in Hull and committed items related
to the Reactor 4 expansion project in Arnhem.
The above table excludes the remaining cash committed to be contributed to Accoya USA. See note 29 & 30.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-496": {
"value": "The Convertible Loan proceeds were placed with ABN Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB. The cash and cash equivalents disclosed above and in the Consolidated statement of cash flow includes $10 million which is pledged to ABN Amro as collateral for the $20 million Letter of Credit provided to FHB (see note 29 & 32). The Convertible Loan proceeds were placed with ABN Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "Restricted cash The cash and cash equivalents disclosed above and in the Consolidated statement of cash flow includes $10 million which is pledged to ABN Amro as collateral for the $20 million Letter of Credit provided to FHB (see note 29 & 32). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-480": {
"value": "33. Financial instruments Financial instruments Lease liabilities Lease creditors of \u20ac4,735,000 as at 31 March 2023 (2022: \u20ac5,217,000) relates to various offices, land, equipment and cars that the Group leases (see note 17). Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders. The capital structure of the Group consists of cash and cash equivalents and equity attributable to owners of the parent Company, comprising share capital, reserves and accumulated losses. The Board reviews the capital structure on a regular basis. As part of that review, the Board considers the cost of capital and the risks associated with each class of capital. Based on the review, the Group will balance its overall capital structure through new share issues and the raising of debt if required. The Group\u2019s strategy is to maintain a Net Debt/EBITDA ratio of below 2.5x over the longer term while remaining within covenant levels set in its ABN Amro facility. One of the key covenants under the ABN Amro facility is the Net Debt/ EBITDA ratio based upon the results and assets which are 100% owned by the Company, with the covenant test reducing over time from an initial maximum of 4x to 2.5x. On this basis, Net Debt/EBITDA ratio was calculated at 1.3 for the year ending 31 March 2023. No final dividend is proposed in 2023 (2022: \u20acnil). The Board deems it prudent for the Company to protect as strong a statement of financial position as possible during the current phase of the Company\u2019s growth strategy. Financial Instruments by category 2023/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial assets Trade and other receivables 15,552 \u2013 \u2013 15,552 Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013 Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 26,593 \u2013 \u2013 26,593 Total 42,145 \u2013 \u2013 42,145 2022/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial assets Trade and other receivables 13,898 \u2013 \u2013 13,898 Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013 Derivative financial instruments (FX forward) Level 2 \u2013 3 \u2013 3 Cash and cash equivalents 42,054 \u2013 \u2013 42,054 Total 55,952 3 \u2013 55,955 2023/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial liabilities Borrowings\u2013loans (65,920) \u2013 \u2013 (65,920) Lease liabilities (4,735) \u2013 \u2013 (4,735) Trade and other payables (17,942) \u2013 \u2013 (17,942) Value Recovery Instrument (\u2018VRI\u2019) Level 2 (1,383) \u2013 \u2013 (1,383) Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Total (89,980) \u2013 \u2013 (89,980) 2022/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial liabilities Borrowings\u2013loans (63,989) \u2013 \u2013 (63,989) Lease liabilities (5,217) \u2013 \u2013 (5,217) Trade and other payables (16,655) \u2013 \u2013 (16,655) Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Total (85,861) \u2013 \u2013 (85,861) Money market deposits are held at financial institutions with high credit ratings (Standard & Poor\u2019s rating of A). All assets and liabilities mature within one year except for the lease liabilities, for which details are given in note 17 and loans, for which details are given in note 30. Trade payables are payable on various terms, typically not longer than 30 to 60 days with the exception of some major capex items. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Financial risk management objectives The Group\u2019s treasury policy is structured to ensure that adequate financial resources are available for the development of its business whilst managing its currency, interest rate, counterparty credit and liquidity risks. The Group\u2019s treasury strategy and policy are developed centrally and approved by the Board. Foreign currency risk management The Group\u2019s functional currency is the Euro with the majority of operating costs and balances denominated in Euros. An increasing proportion of costs will be incurred in pounds sterling as the Group\u2019s activities associated with the Tricoya plant in Hull increase, although future revenues will be in Euros or other currencies. Equity contributions into Accoya USA and a smaller proportion of revenue and expenditure are incurred in US dollars and expenditure is also incurred in pounds sterling. In addition some raw materials, while priced in Euros, are sourced from countries which are not within the Eurozone. The Group monitors any potential underlying exposure to other exchange rates. If exchange rates changed by 5% from exchange rates at 31 March 2023, the effect on the P&L from the revaluation of: \u2022 Trade Receivables \u2013 P&L impact would not be material. The details of the Trade receivables per Currency is disclosed in note 22 with the US Dollar receivables held in Titan Wood Inc, which has a US Dollar reporting currency. \u2022 Trade payables \u2013 P&L impact would be approximately \u20ac211,000. Interest rate risk management Some of the Group\u2019s borrowings have variable interest rates based on a relevant benchmark (ie. EURIBOR) plus an agreed margin. Surplus funds are invested in short term interest rate deposits to reduce exposure to changes in interest rates. The Group does not currently enter into any interest rate hedging arrangements, although will review the need to do so in respect of the variable interest rate loan facilities. Credit risk management
The Group is exposed to credit risk due to its trade receivables from customers and cash deposits with financial
institutions. The Group\u2019s maximum exposure to credit risk is limited to their carrying amount recognised at the balance
sheet date.
The Group ensures that sales are made to customers with an appropriate credit history to reduce the risk where this is
considered necessary. The Directors consider the trade receivables at year end to be of good credit quality including
those that are past due (see note 22). The Group is not exposed to any significant credit risk exposure in respect of
any single counterparty or any Group of counterparties with similar characteristics other than the balances which are
provided for as described in note 22.
The Group has credit risk from financial institutions. Cash deposits are placed with a Group of financial institutions with
suitable credit ratings in order to manage credit risk with any one financial institution. All Financial institutions utilised
by the Group, and with which the Group holds cash balances have investment grade credit ratings.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity
risk management framework for the management of the Group\u2019s short, medium and long term funding and liquidity
management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities
by continuously monitoring forecast and actual cash flows and matching the maturity profile of financial assets and
liabilities. See note 17 & 30.
Fair value of financial instruments
In the opinion of the Directors, there is no material difference between the book value and the fair value of all financial
assets and financial liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-497": {
"value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders. The capital structure of the Group consists of cash and cash equivalents and equity attributable to owners of the parent Company, comprising share capital, reserves and accumulated losses. The Board reviews the capital structure on a regular basis. As part of that review, the Board considers the cost of capital and the risks associated with each class of capital. Based on the review, the Group will balance its overall capital structure through new share issues and the raising of debt if required. The Group\u2019s strategy is to maintain a Net Debt/EBITDA ratio of below 2.5x over the longer term while remaining within covenant levels set in its ABN Amro facility. One of the key covenants under the ABN Amro facility is the Net Debt/ EBITDA ratio based upon the results and assets which are 100% owned by the Company, with the covenant test reducing over time from an initial maximum of 4x to 2.5x. On this basis, Net Debt/EBITDA ratio was calculated at 1.3 for the year ending 31 March 2023. No final dividend is proposed in 2023 (2022: \u20acnil). The Board deems it prudent for the Company to protect as strong a statement of financial position as possible during the current phase of the Company\u2019s growth strategy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-498": {
"value": "Financial Instruments by category 2023/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial assets Trade and other receivables 15,552 \u2013 \u2013 15,552 Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013 Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 26,593 \u2013 \u2013 26,593 Total 42,145 \u2013 \u2013 42,145 2022/ \u20ac\u2018000 Fair value hierarchy At amortised cost At fair value though profit or loss At fair value through OCI Total Financial assets Trade and other receivables 13,898 \u2013 \u2013 13,898 Financial asset investments Level 2 \u2013 \u2013 \u2013 \u2013 Derivative financial instruments (FX forward) Level 2 \u2013 3 \u2013 3 Cash and cash equivalents 42,054 \u2013 \u2013 42,054 Total 55,952 3 \u2013 55,955 2023/ \u20ac\u2018000
Fair value
hierarchy
At amortised
cost
At fair value
though profit
or loss
At fair value
through OCI Total
Financial liabilities
Borrowings\u2013loans (65,920) \u2013 \u2013 (65,920)
Lease liabilities (4,735) \u2013 \u2013 (4,735)
Trade and other payables (17,942) \u2013 \u2013 (17,942)
Value Recovery Instrument (\u2018VRI\u2019) Level 2 (1,383) \u2013 \u2013 (1,383)
Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013
Total (89,980) \u2013 \u2013 (89,980)
2022/ \u20ac\u2018000
Fair value
hierarchy
At amortised
cost
At fair value
though profit
or loss
At fair value
through OCI Total
Financial liabilities
Borrowings\u2013loans (63,989) \u2013 \u2013 (63,989)
Lease liabilities (5,217) \u2013 \u2013 (5,217)
Trade and other payables (16,655) \u2013 \u2013 (16,655)
Derivative financial instruments (FX forward) Level 2 \u2013 \u2013 \u2013 \u2013
Total (85,861) \u2013 \u2013 (85,861)
Money market deposits are held at financial institutions with high credit ratings (Standard & Poor\u2019s rating of A).
All assets and liabilities mature within one year except for the lease liabilities, for which details are given in note 17 and
loans, for which details are given in note 30.
Trade payables are payable on various terms, typically not longer than 30 to 60 days with the exception of some major
capex items.
Fair value of financial instruments In the opinion of the Directors, there is no material difference between the book value and the fair value of all financial assets and financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-499": {
"value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-509": {
"value": "Financial risk management objectives
The Group\u2019s treasury policy is structured to ensure that adequate financial resources are available for the development
of its business whilst managing its currency, interest rate, counterparty credit and liquidity risks. The Group\u2019s treasury
strategy and policy are developed centrally and approved by the Board.
Foreign currency risk management
The Group\u2019s functional currency is the Euro with the majority of operating costs and balances denominated in Euros.
An increasing proportion of costs will be incurred in pounds sterling as the Group\u2019s activities associated with the
Tricoya plant in Hull increase, although future revenues will be in Euros or other currencies. Equity contributions into
Accoya USA and a smaller proportion of revenue and expenditure are incurred in US dollars and expenditure is also
incurred in pounds sterling. In addition some raw materials, while priced in Euros, are sourced from countries which
are not within the Eurozone. The Group monitors any potential underlying exposure to other exchange rates.
If exchange rates changed by 5% from exchange rates at 31 March 2023, the effect on the P&L from the revaluation of:
\u2022 Trade Receivables \u2013 P&L impact would not be material. The details of the Trade receivables per Currency is disclosed
in note 22 with the US Dollar receivables held in Titan Wood Inc, which has a US Dollar reporting currency.
\u2022 Trade payables \u2013 P&L impact would be approximately \u20ac211,000.
Interest rate risk management
Some of the Group\u2019s borrowings have variable interest rates based on a relevant benchmark (ie. EURIBOR) plus an
agreed margin. Surplus funds are invested in short term interest rate deposits to reduce exposure to changes in
interest rates. The Group does not currently enter into any interest rate hedging arrangements, although will review
the need to do so in respect of the variable interest rate loan facilities.
Credit risk management The Group is exposed to credit risk due to its trade receivables from customers and cash deposits with financial institutions. The Group\u2019s maximum exposure to credit risk is limited to their carrying amount recognised at the balance sheet date. The Group ensures that sales are made to customers with an appropriate credit history to reduce the risk where this is considered necessary. The Directors consider the trade receivables at year end to be of good credit quality including those that are past due (see note 22). The Group is not exposed to any significant credit risk exposure in respect of any single counterparty or any Group of counterparties with similar characteristics other than the balances which are provided for as described in note 22. The Group has credit risk from financial institutions. Cash deposits are placed with a Group of financial institutions with suitable credit ratings in order to manage credit risk with any one financial institution. All Financial institutions utilised by the Group, and with which the Group holds cash balances have investment grade credit ratings. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and matching the maturity profile of financial assets and liabilities. See note 17 & 30. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-500": {
"value": "Credit risk management The Group is exposed to credit risk due to its trade receivables from customers and cash deposits with financial institutions. The Group\u2019s maximum exposure to credit risk is limited to their carrying amount recognised at the balance sheet date. The Group ensures that sales are made to customers with an appropriate credit history to reduce the risk where this is considered necessary. The Directors consider the trade receivables at year end to be of good credit quality including those that are past due (see note 22). The Group is not exposed to any significant credit risk exposure in respect of any single counterparty or any Group of counterparties with similar characteristics other than the balances which are provided for as described in note 22. The Group has credit risk from financial institutions. Cash deposits are placed with a Group of financial institutions with suitable credit ratings in order to manage credit risk with any one financial institution. All Financial institutions utilised by the Group, and with which the Group holds cash balances have investment grade credit ratings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-501": {
"value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and matching the maturity profile of financial assets and liabilities. See note 17 & 30. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-510": {
"value": "35. Related party transactions
Loan from De Engh BV Limited
As part of the Accoya USA JV funding arrangements, Accsys provided a $20 million Letter of Credit (\u2018LC\u2019) to FHB
(see note 30 & 32). To support the LC, Accsys agreed a \u20ac10 million convertible loan with De Engh BV Limited (\u2018De Engh\u2019)
in March 2022, an investment Company based in the Netherlands (the \u2018Convertible Loan\u2019) and a Accsys shareholder
holding 10.57% of Accsys\u2019 issued share capital at 31 March 2023. The Convertible Loan proceeds were placed with ABN
Amro solely as cash collateral to enable ABN Amro to grant the $20 million LC to FHB.
The Convertible Loan is unsecured and carries an interest margin of 6.75% above Euribor. If the Convertible Loan is not
repaid within two years, De Engh has an option (from the end of year two) to convert the outstanding loan balance to
ordinary shares in Accsys at \u20ac2.30 per share, otherwise the interest rate increases by 2% in year three and by a further
2% the following year if the loan has not been repaid or converted after 3 years. The maximum term of the Convertible
Loan is 3.5 years from March 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-481": {
"value": "36. Events occurring after 31 March 2023 There have been no material reportable events since 31 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HKRFK8PNUNV581",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-511": {
"value": "Company Statement of Financial Position as at 31 March 2023 Note 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Non-current assets Investments in subsidiaries 4 17,384 17,018 Right of use assets 3 26 Financial asset at fair value through profit or loss 5 \u2013 \u2013 17,387 17,044 Current assets Debtors 6 287,481 261,139 Cash at bank and in hand 12,062 9,841 299,543 270,980 Creditors: amounts falling due within one year 7 (22,485) (14,113) Net current assets 277,058 256,867 Creditors: amounts falling due after more than one year 8/9 (50,288) (52,340) Net assets 244,157 221,571 Capital and reserves Called up Share capital 10 10,963 9,638 Share premium account 250,717 223,326 Reserve for own shares (8) (6) Capital redemption reserve 148 148 Profit and loss account (17,663) (11,535) Total shareholders\u2019 funds 244,157 221,571 The financial statements were approved by the Board and authorised for issue on 26 June 2023 and signed on its behalf by: Stephen Odell Steven Salo Director Director The notes on pages 168 to 174 form an integral part of the parent Company financial statements Company Statement of Changes in Equity
for the year ended 31 March 2023
Called up
Share capital
\u20ac000
Share
premium
account
\u20ac000
Capital
redemption
Reserve
\u20ac000
Own Shares
\u20ac000
Profit and loss
account
\u20ac000
Total
Shareholders
Funds
\u20ac000
Balance at 1 April 2021 8,466 189,598 148 (36) (6,863) 191,313
Loss for the financial year \u2013 \u2013 \u2013 \u2013 (5,092) (5,092)
Share based payments \u2013 \u2013 \u2013 \u2013 463 463
Shares issued 1,172 \u2013 \u2013 30 (43) 1,159
Premium on shares issued \u2013 35,922 \u2013 \u2013 \u2013 35,922
Share issue costs \u2013 (2,194) \u2013 \u2013 \u2013 (2,194)
Balance at 31 March 2022 9,638 223,326 148 (6) (11,535) 221,571
Loss for the financial year \u2013 \u2013 \u2013 \u2013 (6,472) (6,472)
Share based payments \u2013 \u2013 \u2013 \u2013 366 366
Shares issued 1,325 \u2013 \u2013 (2) (22) 1,301
Premium on shares issued \u2013 28,477 \u2013 \u2013 \u2013 28,477
Share issue costs \u2013 (1,086) \u2013 \u2013 \u2013 (1,086)
Balance at 31 March 2023 10,963 250,717 148 (8) (17,663) 244,157
The profit and loss account includes \u20ac8,010,000 of non-distributable reserves arising from the liquidation of Accsys
Chemicals Limited in the year ended 31 March 2007. The profit and loss account also includes \u20ac10,871,000 of non-
distributable reserves relating to share based payments.
1. Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The separate financial statements of Accsys Technologies PLC (\u2018the Company\u2019) have been prepared in accordance with
Financial Reporting Standard 101, \u2018Reduced Disclosure Framework\u2019 (FRS 101) for the year ended 31 March 2023. The
financial statements have been prepared under the historical cost convention, as modified by the revaluation of land
and buildings and derivative financial assets and financial liabilities measured at fair value through profit or loss, and in
accordance with the Companies Act 2006.
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements are disclosed in note 2 of the Group financial statements.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial
statements, in accordance with FRS 101:
\u2022 The Company has taken advantage of the exemption in FRS 101, and has not disclosed information required by the
standard as the consolidated financial statements, in which the Company is included, provide equivalent disclosures
for the Group under IFRS 7 \u2018Financial instruments: disclosures\u2019.
\u2022 The Company has taken advantage of the exemption available under FRS 101 and not disclosed related party
transactions with wholly owned subsidiary undertakings.
\u2022 The Company has taken advantage of the exemption available under FRS 101 and the requirements of IAS 7 to not
disclose a Statement of Cash Flows.
As permitted under section 408 of the Act the Company has elected not to present its own profit and loss account for
the year. The loss for the financial year was \u20ac6,472,000 (2022: \u20ac5,092,000).
Going concern
The Company from a going concern perspective is inextricably linked to the Group. As explained in note 1 to the
Group\u2019s consolidated financial statements, the Directors have concluded that it is appropriate to prepare the Group\u2019s
consolidated financial statements on a going concern basis. This conclusion also applies to the preparation of the
Company\u2019s financial statements for the reasons set out in that note.
Investments
Except where a reliable fair value cannot be obtained, unlisted shares held by the Company are stated at historical cost
less any provision for impairment.
Share based payments
When the parent entity grants options over equity instruments directly to the employees of a subsidiary undertaking,
then in the parent Company financial statements the effect of the share based payment is capitalised as part of the
investment in the subsidiary as a capital contribution, with a corresponding increase in equity.
The fair value of the options granted is measured using a modified Black Scholes model, taking into account the terms
and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect
the actual number of share options that vest only where vesting is dependent upon the satisfaction of service and
non-market vesting conditions.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest
at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on
the number of options which eventually vest. Market vesting conditions are factored into the fair value of the options
granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment
of certain items for taxation and accounting purposes except for deferred tax assets which are only recognised to
the extent that the Company anticipates making sufficient taxable profits in the future to absorb the reversal of the
underlying timing differences. Deferred tax balances are not discounted.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Financial assets
Debtors & Cash at bank and in hand
The Company follows the Group\u2019s accounting policies for Debtors and Cash. See note 1 to the Group financial
statements.
Financial liabilities
Other financial liabilities
Trade payables and other financial liabilities are initially recognised at fair value and subsequently carried at amortised
cost using the effective interest method.
Accounting judgements
In preparing the Financial Statements, management has to make judgments on how to apply the accounting policies and
make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in
the Financial Statements and the key sources of uncertainty that have a significant risk of causing a material adjustment
to the carrying value of assets and liabilities in the next financial year are discussed below:
Financial asset at fair value through profit or loss
The Company has an investment in listed equity shares carried at nil fair value as a reliable fair value cannot be obtained
since there is no active market for the shares and there is currently uncertainty around the future funding of the
business. The Company makes appropriate enquiries and considers all of the information available to it in order to
determine the fair value.
Carrying value of interCompany receivables and investments in subsidiaries
The recoverable amounts of these balances have been determined based on value in use calculations. These
calculations require the use of judgements in relation to discount rates and future forecasts. The recoverability of these
balances is dependent upon the level of future licence fees and manufacturing revenues relating to Group companies.
While the scope and timing of the production facilities to be built under the Group\u2019s existing and future agreements
remains uncertain, the Directors remain confident that revenue from own manufacturing, existing licensees, new
licence or consortium agreements will be generated, demonstrating the recoverability of these balances.
2. Profit and loss account
A loss of \u20ac6,472,000 (2022: \u20ac5,092,000) is dealt with in the Company financial statements of Accsys Technologies PLC.
The Directors have taken advantage of the exemption available under section 408 of the Companies Act 2006 and
not presented a profit and loss account for the Company. Fees payable to the Company\u2019s auditors for the audit of the
Group\u2019s annual financial statements was \u20ac183,000 (2022: \u20ac145,000). Fees payable to the Company\u2019s auditors for the
audit of the Company\u2019s subsidiaries was \u20ac205,000 (2022: \u20ac110,000), fees payable to Component auditors for audit
of subsidiaries was \u20ac182,000 (2022: 117,000), fees payable for audit related assurance services and was \u20acnil (2022:
\u20ac36,000). Additional audit fees were agreed for the 2022 audit of \u20ac170,000 which are not included in the numbers
above, including \u20ac80,000 for fees payable for the audit of the Group\u2019s annual financial statements and \u20ac90,000 for
fees payable for the audit of subsidiaries.
The information disclosed in the Group\u2019s consolidated financial statements under IFRS2 \u2018Share-based payment\u2019 is within
note 14, providing further information regarding the Company\u2019s equity settled share based payment arrangements.
3. Employees The Company had no employees other than Executive Directors (2023: 2 and 2022: 2) during the current or prior year. Non-executive Directors received emoluments in respect of their services to the Company of \u20ac442,000 (2022: \u20ac375,000). Details have been included in the Remuneration Report. The Company did not operate any pension schemes during the current or preceding year. 4. Investments in subsidiaries \u20ac\u2019000 Cost At 1 April 2021 21,235 Share based payments 463 At 31 March 2022 21,698 Share based payments 366 At 31 March 2023 22,064 Impairment At 1 April 2021 and 1 April 2022 and 31 March 2023 4,680 Net book value At 31 March 2023 17,384 At 31 March 2022 17,018 At 31 March 2021 16,555 The Directors have considered the recoverability of the carrying values, taking into account the net assets as well as the long term expected performance of the subsidiaries and do not consider that any impairment is currently required. The recoverable amount is determined based on a value in use calculation which uses cash flow projections based on Board approved financial budgets. Cash flows have been projected for a period of 5 to 7 years plus a terminal value discounted at a pre-tax discount rate of 13.5% per annum (2022: 10.5%) and a 1.8% to 2.5% growth rate to determine their present value. The key assumption used in the value in use calculations is the level of manufacturing revenues and future licence fees estimated by management over the budget period. These have been based on past experience and expected future revenues but are limited to existing assets and those under construction. The following were the principal subsidiary undertakings at the end of the year and have all been included in the financial statements: Subsidiary undertakings Class 2023 % shares and voting rights held 2022 % shares and voting rights held Titan Wood Technology BV (Netherlands) Ordinary 100 100 Titan Wood BV (Netherlands) Ordinary 100 100 Titan Wood Limited (UK) Ordinary 100 100 Titan Wood Inc (USA) Ordinary 100 100 Accsys (Accoya USA) Holdings LLC (USA) Ordinary 100 100 Accsys USA Holdings Inc (USA) Ordinary 100 100 Tricoya Technologies Limited (UK) Ordinary 100 77 Tricoya UK Limited (UK) Ordinary 100 47 Accoya Color UK Limited (UK) Ordinary 100 100 Joint venture undertakings Accoya USA LLC (USA) Ordinary 60 60 The shares in Titan Wood BV, Titan Wood Inc, Accsys (Accoya USA) Holdings LLC, Accsys USA Holdings Inc, Accoya USA LLC, Accoya Color UK Limited, Tricoya Technologies Ltd and Tricoya UK Ltd are held indirectly by the Company The principal activities of these companies were as follows: Titan Wood Technology B.V. * The provision of technical and engineering services to licensees, and the technical development of acetylation opportunities. Titan Wood B.V. * The manufacture and sale of Accoya acetylated wood. Titan Wood Limited ** Establishing global market penetration of Accoya and Tricoya as the premium wood and wood elements brands respectively for external applications requiring durability, stability and reliability through the licensing of the Group\u2019s proprietary process for wood acetylation. Titan Wood Inc. *** Provision of Sales, Marketing and Technical services. Accsys (Accoya USA) Holdings LLC *** Holdings Company Accsys USA Holdings Inc *** Holdings Company Tricoya Technologies Limited ** Engaged in the commercialisation of technology for the production of Tricoya Wood Elements around the world. Tricoya UK Limited ** The construction and operation of manufacturing plant for Tricoya wood chips as the premium wood elements brand for external applications requiring durability, stability and reliability. Accoya Color UK Limited (UK) ** The manufacture of colored acetylated wood. Accoya USA LLC *** The construction and operation of a manufacturing plant for Accoya acetylated wood to serve the North American market. Registered office of subsidiaries: * P.O. Box 2147, 6802 CC, Arnhem, The Netherlands ** 4th Floor, 3 Moorgate Place, London, EC2R 6EA, United Kingdom *** 5000 Quorum Drive, Suite 620, Dallas, Texas 75254, U.S.A 5. Financial asset at fair value through profit or loss 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Shares held in Cleantech Building Materials PLC \u2013 \u2013 Accsys Technologies PLC has previously purchased a total of 21,666,734 unlisted ordinary shares in Diamond Wood China. On 23 December 2016, Cleantech Building Materials PLC acquired Diamond Wood China. On 19 April 2017 Cleantech Building Materials acquired the 21,666,734 shares previously owned by the Company and in return the Company has been issued with 520,001 shares in Cleantech Building Materials PLC, a listed Company trading on the Nasdaq First North market in Copenhagen. There continues to be no active market for these shares as at 31 March 2023. As such a reliable fair value cannot be calculated and the investment is carried at a nil fair value (2022: nil). A total of 498,522 shares were held at 31 March 2023. 6. Debtors 2023 \u20ac\u2019000 2022 \u20ac\u2019000 Amounts owed by Group undertakings 286,862 260,994 Prepayments and accrued income 619 145 287,481 261,139 The amounts owed by Group undertakings currently have no repayment plans in place, however the intention is for the Group\u2019s subsidiaries to repay this balance in the future. A repayment plan will be determined and commence for the loan when the subsidiaries have surplus cash and the Group requires the cash for other purposes. The Directors have considered the recoverability of the balances, taking into account the net assets as well as the long term expected performance of the subsidiaries and do not consider that any impairment is currently required. The recoverable amount is determined based on a value in use calculation which uses cash flow projections based on latest board approved financial budgets. Cash flows have been projected for a period of 5 to 7 years plus a terminal value discounted at a pre-tax discount rate of 13.5% (2022: 10.5%) and a 1.8% to 2.5% growth rate to determine their present value. Refer to note 16 of the Group financial statements for the key assumptions and sensitivity analysis for this calculation7. Creditors: amounts falling due within one year
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Trade creditors 908 228
Amounts owed to Group undertakings 11,695 11,708
Obligation under lease liabilities 3 10
Short term borrowings 9,500 1,869
Accruals and deferred income 379 298
22,485 14,113
The amounts owed to Group undertakings are payable upon demand and are unsecured.
8. Commitments under lease liabilities
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Amounts payable under lease liabilities:
Within one year 3 10
In the second to fifth years inclusive \u2013 4
After five years \u2013 \u2013
Less: future finance charges \u2013 \u2013
Present value of lease obligations 3 14
9. Commitments under loan agreements
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Amounts payable under loan agreements:
Within one year 10,311 1,935
In the second to fifth years inclusive 52,977 59,506
After five years \u2013 \u2013
Less future finance charges (3,500) (7,236)
Present value of loan obligations 59,788 54,205
The balance relates to loans with ABN and DeEngh. Further details can be found in note 30 of the Group financial
statements.
10. Called up Share capital
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Allotted\u2013Equity share capital
219,381,693 Ordinary shares of \u20ac0.05 each (2022: 192,761,322 Ordinary shares of \u20ac0.05 each) 10,963 9,638
10,963 9,638
All ordinary shares are called up, allotted and fully paid.
In the year ended 31 March 2022:
In May 2021, 20,005,325 Placing Shares and 2,418,918 Open Offer Shares were issued as part of the capital raise to
fund the Company\u2019s investment in expanding its Accoya business into North America through the construction of a
new Accoya plant in the USA through its joint venture, Accoya USA LLC, with Eastman Chemical Company (see note
29 to the Group financial statements), as well as to provide additional capital to support the Company\u2019s continued
growth. The Shares were issued at a price of \u20ac1.65 (\u00a31.40) per ordinary share, raising gross proceeds of \u20ac36.7 million
(before expenses).
Between June and September 2021, a total of 629,460 shares were issued following the exercise of nil cost options,
granted under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019).
In February 2022, following the subscription by employees in the prior year for shares under the Employee Share
Participation Plan (the \u2018Plan\u2019), 189,931 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan.
In addition, various employees newly subscribed under the Plan for 193,424 Shares at an acquisition price of \u20ac2.015 per
share, with these shares issued to a trust, to be released to the employees after one year, together with an additional
share on a matched basis (subject to continuing employment within the Group).
In the year ended 31 March 2023:
In May 2022, 13,793,103 Placing and Subscription Shares were issued as part of the capital raise to strengthen the
Company\u2019s balance sheet, increase liquidity headroom and fund additional costs to complete the Arnhem Plant Reactor
4 capacity expansion. The Shares were issued at a price of \u20ac1.45 (\u00a31.23) per ordinary share, raising gross proceeds of
\u20ac20 million (before expenses).
Between August and December 2022, 435,774 Shares were issued following the exercise of nil cost options, granted
under the Company\u2019s 2013 Long Term Incentive Plan (\u2018LTIP\u2019).
In November 2022, 11,875,801 shares were issued to the Tricoya Consortium Partners (INEOS, MEDITE, BGF & Volantis)
at a price of \u20ac0.80 (\u00a30.71) per share. This formed part of a Sales Purchase Agreement with the Tricoya Consortium
Partners whereby Accsys acquired the remaining 38.2% holding in TUK that TTL did not already own and the 23.5%
holding in TTL that it did not already own.
In July 2022, 137,665 shares were issued to an Employee Benefit Trust (EBT) at nominal value, as part of the annual
bonus, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April
2021 to 31 March 2022. These shares will vest in July 2023, subject to the employees continuing employment within
the Group.
In January 2023, following the subscription by employees in the prior year for shares under the Employee Share
Participation Plan (the \u2018Plan\u2019), 174,144 shares were issued as \u201cMatching Shares\u201d at nominal value under the Plan.
In addition, various employees newly subscribed under the Plan for 203,906 Shares at an acquisition price of \u20ac0.81 per
share, with these shares issued to a trust, to be released to the employees after one year, together with an additional
share on a matched basis (subject to continuing employment within the Group).
11. Reconciliation of movements in shareholders\u2019 funds
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Loss for the financial year (6,472) (5,092)
Share based payments charged to subsidiaries 366 463
Proceeds from issue of shares 29,802 37,094
Share issue costs (1,086) (2,194)
Shares issued related to Employee share plans (22) (43)
Own shares (2) 30
Net increase in shareholders\u2019 funds 22,586 30,258
Opening shareholders\u2019 funds 221,571 191,313
Closing shareholders\u2019 funds 244,157 221,571
12. Dividends Paid
2023
\u20ac\u2019000
2022
\u20ac\u2019000
Final Dividend \u20acNil (2022: \u20acNil) per Ordinary share proposed and paid during year relating to the previous
year\u2019s results \u2013 \u2013
13. Deferred taxation
The Company has an unrecognised deferred tax asset of \u20ac6.7m (2022: \u20ac6.4m) which is largely in respect of trading
losses and has been calculated using the tax rate which is expected to be applicable when the tax losses are expected
to be utilised. The deferred asset has not been recognised due to the uncertainty of the timing of future expected
profits of the fellow subsidiary (in which the Company is in the same tax Group) attributable to licensing activities.
14. Guarantee provided to FHB
In March 2022, the Company\u2019s joint venture, Accoya USA agreed an eight-year $70million loan from First Horizon
Bank (\u2018FHB\u2019) of Tennessee, USA in respect of the construction and operation of the Accoya USA plant and a further
$10 million revolving line of credit to be utilised to fund working capital (see note 29 & 30 in the Group financial
statements). The FHB term loan is supported by Accoya USA\u2019s shareholders, including US$50 million through a limited
guarantee provided on a pro-rata basis, with Accsys\u2019 60% share representing $30 million (see note 29 in the Group
financial statements).
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