| | |
| | |
| Fair value of the consideration received | |
| Increase in the non-controlling interest | |
| Adjustment to equity attributable to owners of the parents | |
assets at the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-343": {
"value": "
2.2.5\u00a0 Principles of Consolidation and Equity Accounting
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. This fair value becomes the initial
carrying amount for the purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive
income in respect of that entity are accounted for as if the group had directly disposed of the related
assets or liabilities. This may mean that amounts previously recognised in other comprehensive income
are reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant
influence is retained, only a proportionate share of the amounts previously recognised in other
comprehensive income are reclassified to profit or loss where appropriate.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-344": {
"value": "
2.2.5\u00a0 Principles of Consolidation and Equity Accounting
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. This fair value becomes the initial
carrying amount for the purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive
income in respect of that entity are accounted for as if the group had directly disposed of the related
assets or liabilities. This may mean that amounts previously recognised in other comprehensive income
are reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant
influence is retained, only a proportionate share of the amounts previously recognised in other
comprehensive income are reclassified to profit or loss where appropriate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-345": {
"value": "
2.2.6\u00a0 Segment Reporting
Operating segments are reported in a manner consistent with the business responsibilities and
internal reporting. The Management Board has appointed the management team which assesses the
financial performance and position of the group, and makes strategic decisions. The management
team, consists of the Chief Executive officer, the Chief Financial Officer, the Chief Technology Officer,
the Group Legal Counsel, the Managing Director of Avantium Renewable Chemistries, the Managing
Director of Avantium R&D Solutions and the Managing Director of Avantium Renewable Polymers.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-346": {
"value": "
2.3\u00a0 Foreign Currency Translation
Functional and Presentation Currency
Items included in the financial statements of each of the group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in euros, which is the company\u2019s functional
currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuations where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the statement of comprehensive income within \u2018finance income or cost\u2019.
Group Companies
The results and financial position of all the group entities (none of which has the currency of a hyper-
inflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
\u2022Assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet.
\u2022Income and expenses for each statement of comprehensive income are translated at the average
exchange rates.
\u2022All resulting exchange differences are recognised as a separate component of other
comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-347": {
"value": "
Functional and Presentation Currency
Items included in the financial statements of each of the group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in euros, which is the company\u2019s functional
currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-348": {
"value": "
2.4\u00a0 Use of Estimates
The preparation of consolidated financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingencies at
the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. The use of estimates is or could be a significant factor affecting the reported carrying
values of property, plant and equipment, intangibles, trade and other receivables and trade and other
payables. Despite management\u2019s best efforts to accurately estimate such amounts, future results
could materially differ from those estimates.
4.\u00a0 Critical Accounting Estimates and Judgments
The preparation of financial statements in accordance with IFRS requires the use of certain accounting
estimates. It also requires management to exercise its judgement in the process of applying the
group's accounting policies. Estimates and judgments 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.
The resulting accounting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are addressed below.
Income Taxes
The group, which has a history of recent tax losses, recognises deferred tax assets arising from unused
tax losses or tax credits only to the extent that the relevant fiscal unity has sufficient taxable
temporary differences or there is convincing other evidence that sufficient taxable profit will be
available against which the unused tax losses or unused tax credits can be utilised by the fiscal unity.
Management\u2019s judgment is that there is not a high degree of certainty that sufficient profits will be
earned to utilise the losses. Consequently, based on management\u2019s judgment, sufficient convincing
other evidence is not available, and a deferred tax asset is therefore not recognised.
Share-based Payments
Share options granted to employees are measured at the fair value of the options granted (indirect
method of measurement). For the company\u2019s share option plan, management\u2019s judgment is that the
Black-Scholes valuation method is most appropriate for determining fair values. The assumptions and
estimates used in the valuation are further discussed in note 13 to the consolidated financial
statements.
The result of the share option valuations and the related compensation expense is dependent on the
model and input parameters used. Even though management considers the fair values reasonable and
defensible based on the methodologies applied and the information available, others might derive at a
different fair value for the options granted under the company\u2019s share option plan.
Research and Development Expenditures
The project stage forms the basis in the decision of whether costs made for the group\u2019s product
development programmes should be capitalised or not. Management judgment is required in
determining when the group should start capitalising development costs as intangible assets.
Management determined that for a system, commercial feasibility is, in general, probable when the
group has built a successful prototype and has interested customers for the commercial product.
Management determined that for product development, (note 2.6) commercial feasibility is, in general,
probable when the group has successfully completed essential testing phases and are in a late stage
of discussions with potential partners for commercialisation opportunities.
Revenue Recognition
The group recognises revenue over time or at point in time depending on the agreed contract
performance obligations. For Flowrence\u00ae systems and services contracts the group recognises
revenue over time as performance of the contract progresses. The performance on a contract relates
to fixed-price contracts to construct tailor-made Flowrence\u00ae systems which the customers control and
cannot be of alternative use to the company. For the Flowrence\u00ae systems, the stage of completion is
measured by reference to the total contract costs incurred up to the end of the reporting period as a
percentage of total estimated costs for each contract. Value is delivered to customers up to each of
these points. For services, in order to recognise revenue over time, the group is required to estimate the
series of distinct services performed to date as a proportion of the total services to be performed,
where also stage gates are present, and value is added up to that point. To define the recognised
revenues, the group estimates the required total costs (Flowrence\u00ae) or man-hours (services) to
complete each project. On a regular basis a review of the total costs or man-hours is performed.
Going Concern
For the critical accounting judgment with regard to the going concern assumption, see note 2.1.1.
Government Grants
The group uses the percentage-of-completion (POC) method in accounting for its government grants it
has been awarded. For grant programmes, use of the POC method requires the group to estimate the
services/actions performed to date as a proportion of the total services or actions to be performed. For
further considerations and assumptions with regard to the critical accounting estimate in relation to
government grants, see note 2.21.
Impairment
Judgments and estimates are required, not only to determine whether there is an indication that an
asset may be impaired, but also whether indications exist that impairment losses previously
recognized may no longer exist or may have decreased (impairment reversal). After indications of
impairment have been identified, judgments and estimates are also involved in the determination of
the recoverable amount of a non-current asset. The recoverable amount is determined based on the
higher of the fair value less cost to sell and the value-in-use. These involve estimates of expected
future cash flows (based on future growth rates and remaining useful life) and residual value
assumptions, as well as discount rates to calculate the present value of the future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-349": {
"value": "
2.5\u00a0 Property, Plant and Equipment
Property, plant and equipment comprise mainly of laboratory equipment, hardware and leasehold
improvements. Leasehold improvements include machinery that is located in at the various Pilot Plant
sites. All property, plant and equipment is stated at historical cost less accumulated depreciation.
Historical cost includes expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably. All other repairs and maintenance
charges are expensed in the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives as follows:
| |
\u2022Leasehold improvements | |
\u2022Machinery, laboratory equipment and vehicles | |
| |
\u2022Office furniture and equipment | |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.
Gains and losses are included in the consolidated statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-350": {
"value": "
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably. All other repairs and maintenance
charges are expensed in the financial period in which they are incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-351": {
"value": "
Depreciation is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives as follows:
| |
\u2022Leasehold improvements | |
\u2022Machinery, laboratory equipment and vehicles | |
| |
\u2022Office furniture and equipment | |
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-352": {
"value": "
2.6\u00a0 Intangible Assets
Research and Development
Research expenditures are recognised as expenses as incurred. Development costs that are directly
attributable to the design and testing of identifiable and unique products controlled by the group are
recognised as intangible assets when the following criteria are fulfilled:
\u2022It is technically feasible to complete the intangible asset so that it will be available for use or sale.
\u2022Management intends to complete the intangible asset and use or sell it.
\u2022There is an ability to use or sell the intangible asset.
\u2022It can be demonstrated how the intangible asset will generate probable future economic benefits.
\u2022Adequate technical, financial and other resources to complete the development and to use or sell
the intangible asset are available.
\u2022The expenditure attributable to the intangible asset during its development can be reliably
measured.
Other development expenditures that do not meet these criteria are recognised as an expense as
incurred. Development costs previously recognised as an expense are not recognised as an asset in a
subsequent period. Capitalised development costs are recorded as intangible assets and amortised
from the point at which the asset is ready for use on a straight-line basis over its estimated useful life
of five years. Intangible assets not ready for use are tested for impairment at least on an annual basis.
Amortisation of development costs is included in depreciation, amortisation and impairment charge in
the statement of comprehensive income. All development costs arose from internal development.
Computer Software and Other Intangibles
Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and
use the specific software. These costs are amortised straight-line over their estimated useful lives of
three years.
Costs associated with developing or maintaining computer software programmes are recognised as
expenses as incurred. Development costs that are directly attributable to the design and testing of
identifiable and unique software products controlled by the group, that will probably generate
economic benefits exceeding costs beyond one year, are recognised as intangible assets.
Other intangibles consisting of an in-kind contribution of a shareholder for their software at the
foundation of the group and compensation paid to a third party to exclusively use parts of their
technology. Amortisation is calculated using the straight-line method over the estimated useful life of
three years.
Intellectual Property
Following the acquisition of Liquid Light on 30 December 2016, the company records intellectual
property (patent portfolio acquired) on its consolidated balance sheet. The intellectual property is
stated at historical cost, which will subsequently be lowered with accumulated amortisation in the
following years, when the technology on which the intellectual property is filed is ready to deploy
commercially.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably.
Amortisation is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of patent portfolio) as follows:
| |
\u2022Intellectual property | |
License rights
Acquired licenses that grants the company the right to use technologies not owned/developed by the
company are recorded on its consolidated balance sheet. The license rights are stated at historical
cost, which will subsequently be lowered with accumulated amortisation in the following years.
License rights contain variable royalty fee payment terms that are linked to production of the License
Products once the FDCA Flagship Plant is constructed and starts production. The fees will equal to $20
USD per metric ton of Licensed Products produced from the FDCA Flagship Plant. Variable royalty fee
payments that depend on the volume of production of the Licensed Products will be recognised in
profit or loss in the period in which the condition that triggers those payments.
Amortisation is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of license rights) as follows:
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-353": {
"value": "
2.7\u00a0 Impairment of Non-Financial Assets
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill
that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
2.11\u00a0 Impairment of Financial Assets
Assets Carried at Amortised Cost
Impairment provisions for trade receivables are recognised based on the simplified approach within
IFRS 9 to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be
related objectively to an event occurring after the impairment was recognised (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognised impairment loss is
recognised in the consolidated statement of comprehensive income.
Other assets are tested for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value less costs of disposal. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets (cash-generating units).
Impairment
Judgments and estimates are required, not only to determine whether there is an indication that an
asset may be impaired, but also whether indications exist that impairment losses previously
recognized may no longer exist or may have decreased (impairment reversal). After indications of
impairment have been identified, judgments and estimates are also involved in the determination of
the recoverable amount of a non-current asset. The recoverable amount is determined based on the
higher of the fair value less cost to sell and the value-in-use. These involve estimates of expected
future cash flows (based on future growth rates and remaining useful life) and residual value
assumptions, as well as discount rates to calculate the present value of the future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-354": {
"value": "
2.7\u00a0 Impairment of Non-Financial Assets
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill
that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-355": {
"value": "
2.8\u00a0 Non-Current Assets (or Disposal Groups) Held for Sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. They are stated at the lower of carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-356": {
"value": "2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The group classifies its financial assets in assets to be measured at amortised cost.
The classification depends on the company\u2019s business model for managing the financial assets and
the contractual terms of the cash flows. Management determines the classification of its financial
assets at initial recognition. The group classifies its financial assets as assets held for collection of
contractual cash flows.
2.9.2\u00a0 Recognition and Measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to
receive cash flows from the financial assets expire or if the company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset. Financial
liabilities are derecognised when the company\u2019s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest income
from these financial assets is included in finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognised directly in the statement of comprehensive income
and presented in other gains/ (losses). Impairment losses are presented as separate line item in the
statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-357": {
"value": "2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The group classifies its financial assets in assets to be measured at amortised cost.
The classification depends on the company\u2019s business model for managing the financial assets and
the contractual terms of the cash flows. Management determines the classification of its financial
assets at initial recognition. The group classifies its financial assets as assets held for collection of
contractual cash flows.
2.9.2\u00a0 Recognition and Measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to
receive cash flows from the financial assets expire or if the company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset. Financial
liabilities are derecognised when the company\u2019s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest income
from these financial assets is included in finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognised directly in the statement of comprehensive income
and presented in other gains/ (losses). Impairment losses are presented as separate line item in the
statement of comprehensive income.
2.24.\u00a0 Financial Liability
Financial liabilities are recognised when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are derecognised when the group's obligations specified in the
contract expire or are discharged or cancelled.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net
of directly attributable transaction costs.
2.24.1\u00a0 Classification
The Group classifies all financial liabilities as subsequently measured at amortised cost, except for
derivatives. Any difference between the proceeds and redemption value is recognised in the income
statement over the period of the loans and short-term borrowings using the effective interest method.
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to
defer settlement of the liability for at least 12 months after the balance sheet date.
2.24.2\u00a0 Recognition and Measurement
The derivatives are measured initially and subsequently at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognised in the
income statement as fair value gains(losses) on financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-358": {
"value": "
Regular purchases and sales of financial assets are recognised on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to
receive cash flows from the financial assets expire or if the company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset. Financial
liabilities are derecognised when the company\u2019s obligations specified in the contract expire or are
discharged or cancelled.
Financial liabilities are recognised when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are derecognised when the group's obligations specified in the
contract expire or are discharged or cancelled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-359": {
"value": "
2.10\u00a0 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a
net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must
not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the company or the counterparty.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-360": {
"value": "
2.11\u00a0 Impairment of Financial Assets
Assets Carried at Amortised Cost
Impairment provisions for trade receivables are recognised based on the simplified approach within
IFRS 9 to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be
related objectively to an event occurring after the impairment was recognised (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognised impairment loss is
recognised in the consolidated statement of comprehensive income.
Other assets are tested for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value less costs of disposal. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets (cash-generating units).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-361": {
"value": "
2.12\u00a0 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-
in, first-out (FIFO) method. The cost of raw materials, finished goods and work in progress comprises
all purchase costs including charges incurred to bring inventories to their current location and into their
current state. It excludes borrowing costs. Net realisable value is the estimated selling price in the
ordinary course of business, less applicable variable selling expenses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-362": {
"value": "
2.13\u00a0 Trade Receivables
Trade receivables are amounts due from customers for products sold or services performed in the
ordinary course of business. If collection is expected in one year or less (or in the normal operating
cycle of the business if longer), they are classified as current assets. If not, they are presented as non-
current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less provision for impairment. Refer to note 2.11 for further
information about the group\u2019s impairment policy on financial assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-363": {
"value": "
2.14\u00a0 Cash and Cash Equivalents
In the consolidated statement of cash flows, cash and cash equivalents includes cash in hand,
deposits held at call with banks, other short-term highly liquid investments with original maturities of
three months or less and bank overdrafts. In the consolidated statement of financial position, bank
overdrafts are shown within borrowings in current liabilities.
Restricted Cash
The restricted cash includes cash deposits, which is measured at an amount equal to the current
outstanding bank guarantees issued to third parties and/or cash deposits held in designated accounts
for an equity reserve as agreed with lenders. The restricted cash is not available for use by the
company to meet the short-term cash obligations. In the consolidated statement of financial position
the restricted cash is shown within cash and cash equivalents as current assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-364": {
"value": "
2.15\u00a0 Share Capital
Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Treasury Shares
Where any group company or liquidity provider appointed by the group, purchases the company\u2019s
equity share capital (treasury shares), the consideration paid, including any directly attributable
incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s equity
holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently
reissued, any consideration received, net of any directly attributable incremental transaction costs and
the related income tax effects, is included in equity attributable to the company\u2019s equity holders. No
gain or loss is recognised in the statement of comprehensive income on the purchase, sale, issuance or
cancellation of the company\u2019s own equity instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-365": {
"value": "
Treasury Shares
Where any group company or liquidity provider appointed by the group, purchases the company\u2019s
equity share capital (treasury shares), the consideration paid, including any directly attributable
incremental costs (net of income taxes), is deducted from equity attributable to the company\u2019s equity
holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently
reissued, any consideration received, net of any directly attributable incremental transaction costs and
the related income tax effects, is included in equity attributable to the company\u2019s equity holders. No
gain or loss is recognised in the statement of comprehensive income on the purchase, sale, issuance or
cancellation of the company\u2019s own equity instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-366": {
"value": "
2.16\u00a0 Trade and Other Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less (or in the normal operating cycle of the business if longer). If not, they are
presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-367": {
"value": "
2.17\u00a0 Current and Deferred Income Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of
comprehensive income, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates
operate and generate taxable income. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, the deferred income tax is not accounted for if it arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined
using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date
and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
Income Taxes
The group, which has a history of recent tax losses, recognises deferred tax assets arising from unused
tax losses or tax credits only to the extent that the relevant fiscal unity has sufficient taxable
temporary differences or there is convincing other evidence that sufficient taxable profit will be
available against which the unused tax losses or unused tax credits can be utilised by the fiscal unity.
Management\u2019s judgment is that there is not a high degree of certainty that sufficient profits will be
earned to utilise the losses. Consequently, based on management\u2019s judgment, sufficient convincing
other evidence is not available, and a deferred tax asset is therefore not recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-368": {
"value": "
Deferred income tax is recognised, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, the deferred income tax is not accounted for if it arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined
using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date
and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-369": {
"value": "
2.18\u00a0 Employee Benefits
Pension Obligations
The group operates a defined contribution pension plan for all employees funded through payments to
an insurance company. The group has no legal or constructive obligations to pay further contributions
if the plan does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior years. The contributions are recognised as employee benefit expense
when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund
or a reduction in the future payments is available.
Share-Based Payments
The group operates a share-based compensation plans for its employees, which consist of an
Employee Stock Option Plan (ESOP) and a Long-term Incentive Plan (LTIP), also refer to note 13. These
plans are classified as an equity-settled share-based payment plans.
Share options granted to employees are measured at the fair value of the equity instruments granted
under the indirect method of measurement. Fair value is determined through the use of an option-
pricing model considering, amongst others, the following variables:
a)The exercise price of the option
b)The expected life of the option
c)The current value of the underlying shares
d)The expected volatility of the share price
e)The dividends expected on the shares
f)The risk-free interest rate for the life of the option
For the company\u2019s share option plan, management\u2019s judgment is that the Black-Scholes valuation
model is most appropriate for determining fair values as this model allows accounting for non-
transferability and early exercise. Since the company became listed in March 2017, there is published
share price information available to determine the fair value of its shares and the expected volatility of
that value. These assumptions and estimates are further discussed in note 13 to the IFRS consolidated
financial statements. The result of the share option valuations and the related compensation expense
is dependent on the model and input parameters used.
For the equity-settled Avantium ESOP, the fair value of the grant is determined at the grant date. For
the LTIP, the fair value is determined by the share price of the award at the grant date.
The fair value of the employee services received in exchange for the grant of the awards is recognised
as an expense. For share-based payments that do not vest until the employees have completed a
specified period of service, the group recognises the cost of services received as the employees render
service during that period.
At each balance sheet date, the company revises its estimates of the number of awards that are
expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in
the statement of comprehensive income and a corresponding adjustment to equity.
The proceeds received from exercised options net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium.
Profit-sharing and Bonus Plans
The group recognises a liability and an expense for bonuses and profit-sharing where contractually
obliged or where there is a past practice that has created a constructive obligation.
Termination Benefits
Termination benefits are payable when employment is terminated by the group before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The group recognises termination benefits at the earlier of the following dates: (a) when the group can
no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a
restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In
the case of an offer made to encourage voluntary redundancy, the termination benefits are measured
based on the number of employees expected to accept the offer. Benefits falling due more than 12
months after the end of the reporting period are discounted to present value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-370": {
"value": "
Termination Benefits
Termination benefits are payable when employment is terminated by the group before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The group recognises termination benefits at the earlier of the following dates: (a) when the group can
no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a
restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In
the case of an offer made to encourage voluntary redundancy, the termination benefits are measured
based on the number of employees expected to accept the offer. Benefits falling due more than 12
months after the end of the reporting period are discounted to present value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-371": {
"value": "
2.19\u00a0 Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of
past events; it is probable that an outflow of resources will be required to settle the obligation; and the
amount can be reliably estimated.
The group provides for the estimated cost of product warranties at the time revenue is recognised and
the group has a constructive obligation. Warranty provision is established based on the group\u2019s best
estimates of the amounts necessary to settle future and existing claims on products sold as of the
balance sheet date.
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money
and the risks specific to the obligation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-372": {
"value": "
2.20\u00a0 Revenue Recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and
services in the ordinary course of the group\u2019s activities. Revenue is shown net of value-added tax,
returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when specific criteria have been met for each of the group\u2019s activities as
described below. The group bases its estimates on historical results, taking into consideration the type
of customer, the type of transaction and the specifics of each arrangement.
Sales of Goods
For the supply of goods, revenue is recognised at a point in time, as soon as the control relating to the
title of the goods have been transferred to the customer and the entity has a present right to payment.
In practice, this is at the shipment date or after installation (if applicable). Contracts related to sale of
goods are typically the following:
\u2013System parts
\u2013Consumables
\u2013Material offtake and collaboration agreements originating from Avantium Renewable Polymers,
Avantium Renewable Chemistries and other early stage technologies.
A receivable is recognised when the goods are shipped as this is the point in time that the
consideration is unconditional because only the passage of time is required before the payment is due.
Construction Contracts
Revenue and expenses related to Flowrence systems are accounted over time, which recognises
revenue as performance of the contract progresses. The company satisfies the criteria prescribed
under IFRS 15 for recognising revenue over time, since each sales contract agreed with a customer
relates to the creation of a Flowrence system, a tailor-made machine, with varying components for the
various chemistries which cannot be used for alternative purposes by the company and the company
has an enforceable right to payment for the performance completed to date. The customer has full
control over the Flowrence as it is being created. The customer can direct the specifics of how the
asset is to be used and has input on the varying components of the Flowrence being created. The
stage of completion is measured by referring to the contract costs incurred up to the end of the
reporting period as a percentage of total estimated costs for each contract. Costs incurred in the year
in connection with future activity on a contract are excluded from contract costs in determining the
stage of completion.
On the balance sheet, the group reports the net contract position for each contract as either a contract
asset or a contract liability. A contract represents a contract asset where costs incurred plus
recognised profits (less recognised losses) exceed progress billings; a contract represents a contract
liability where the opposite is the case.
Variations in contract work, claims and incentive payments are included in contract revenue to the
extent that may have been agreed with the customer and can be reliably measured.
Where the income of a revenue contract cannot be estimated reliably, contract revenue that is likely to
be recovered is recognised to the extent of contract costs incurred. Contract costs are recognised as
expenses in the period in which they are incurred.
Multiple Element Arrangements
In certain circumstances, it is necessary to apply the recognition criteria to the separately identifiable
components of a single transaction in order to reflect the substance of the transaction. Conversely, the
recognition criteria are applied to two or more transactions together when they are linked in such a
way that the commercial effect cannot be understood without reference to the series of transactions
as a whole.
The group offers arrangements whereby a customer purchases systems and installations services
under one arrangement. When such multiple element arrangements exist, an element is accounted for
as a separable element if it has value to the customer on a standalone basis and the fair value can be
determined objectively and reliably. The transaction price is allocated to each separate element based
on the stand-alone selling prices.
When Catalysis systems revenues and installation service revenues are identified as separable
elements in a multiple element transaction, the systems revenue recognised is determined based on
the standalone selling price of the systems in relation to the transaction price of the arrangement
taken as a whole and is recognised as discussed above. The revenue relating to the installation service
element, which represents the standalone selling price of the installation services in relation to the
transaction price of the arrangement, is recognised on completion of the installation services.
This separation is justified due to the fact that the supply and installation of the goods are offered to
the customer separately as the installation can also be executed by an independent third party.
Timing of payment by the customer from the supply of goods is based on the contractual identified
instalments. This could result, on a product by product basis, in advanced payments. These amounts
are reported as contract liabilities on the balance sheet under other current liabilities.
Sales of Services
Revenue from the sales of services is recognised over time recognising revenue based on the actual
services provided to the end of the accounting period as a proportion of the total services to be
performed.
Timing of payment by the customer from sale of services is based on the contractual identified
technical milestones. This could result, on a project by project basis, in contract assets or contract
liabilities. These amounts are reported on the balance sheet under other receivables or other current
liabilities.
As part of the Renewable Chemistries business development agreements, which constitute solely a
step-in, management identified this as one-off revenue recognition at moment of signing the
agreements, in accordance with IFRS 15, since it is deemed that once the agreement is signed, no
future obligation is to be fulfilled.
As part of the Renewable Polymers business non-refundable technical due diligence procedures were
performed. At the completion of the technical due diligence procedures revenue was recognised.
If circumstances arise that may change the original estimates of revenues, costs or extent of progress
toward completion, estimates are revised. These revisions may result in increases or decreases in
estimated revenues or costs and are reflected in income in the period in which the circumstances that
give rise to the revision become known by management.
Revenue Recognition
The group recognises revenue over time or at point in time depending on the agreed contract
performance obligations. For Flowrence\u00ae systems and services contracts the group recognises
revenue over time as performance of the contract progresses. The performance on a contract relates
to fixed-price contracts to construct tailor-made Flowrence\u00ae systems which the customers control and
cannot be of alternative use to the company. For the Flowrence\u00ae systems, the stage of completion is
measured by reference to the total contract costs incurred up to the end of the reporting period as a
percentage of total estimated costs for each contract. Value is delivered to customers up to each of
these points. For services, in order to recognise revenue over time, the group is required to estimate the
series of distinct services performed to date as a proportion of the total services to be performed,
where also stage gates are present, and value is added up to that point. To define the recognised
revenues, the group estimates the required total costs (Flowrence\u00ae) or man-hours (services) to
complete each project. On a regular basis a review of the total costs or man-hours is performed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-373": {
"value": "
2.21\u00a0 Grants
Grants and subsidies from third parties are recognised at their fair value when there is a reasonable
assurance that the grant will be received, and the group will comply with all attached conditions. Any
outstanding receivables related to these grants are recorded as other receivables under current
receivables.
Government grants pre-financed amounts received are deferred and recognised in the income
statement over the period necessary to match them with the costs that they are intended to
compensate.
Government grants relating to property, plant and equipment are included in non-current liabilities as
deferred government grants and are credited to the income statement on a straight-line basis over the
expected lives of the related assets.
Government Grants
The group uses the percentage-of-completion (POC) method in accounting for its government grants it
has been awarded. For grant programmes, use of the POC method requires the group to estimate the
services/actions performed to date as a proportion of the total services or actions to be performed. For
further considerations and assumptions with regard to the critical accounting estimate in relation to
government grants, see note 2.21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-374": {
"value": "
2.22\u00a0 Interest Income and Expense
Interest income and interest expense is recognised using the effective interest method. When a loan or
receivable is impaired, the group reduces the carrying amount to its recoverable amount, being the
estimated future cash flow discounted at the original effective interest rate of the instrument and
continues unwinding the discount as interest income. Interest income on impaired loan and receivables
is recognised using the original effective interest rate.
All borrowing costs are recognised in the income statement using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-375": {
"value": "All borrowing costs are recognised in the income statement using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-376": {
"value": "
2.23\u00a0 Leases
The group leases various offices and a number of vehicles. Rental contracts are generally made for
fixed periods of 3 to 10 years but may have extension options. 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.
Contracts may contain both lease and non-lease components. The group allocates the consideration in
the contract to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognised as right-of-use asset and a corresponding liability at the date at which the
leased asset is available for use by the group. Each lease payment is allocated between the lease
liability and finance cost. The finance cost is charged to the statement of comprehensive income over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. Right-of-use asset are depreciated on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset, if this is judged to be shorter than
the lease term.
Assets and liabilities arising from a lease are initially measured on a present value basis.
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 other than the security deposits in the
leased assets that are held by the lessor. Leased assets may not be used as security for borrowing
purposes.
Lease Liability
Lease liabilities include the net present value of the following lease payments:
\u2013fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2013variable lease payments are based on an index or a rate - decommissioning costs; and
\u2013payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that
option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have
to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
The group is exposed to potential future increases in variable lease payments based on an index or
rate, which are not included in the lease liability until they take effect. When adjustments to lease
payments based on an index or rate take effect, the lease liability is reassessed and adjusted against
the right-of-use asset.
Right-of-Use Assets
Right-of-use assets are measured at cost comprising the following:
\u2013the amount of the initial measurement of the lease liability;
\u2013any lease payments made at or before the commencement date less any lease incentives received
- any initial direct costs; and
\u2013onerous contract provisions.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease
term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-
of-use asset is depreciated over the underlying asset's useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a
straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12
months or less. Low-value assets comprise IT-equipment and small items of office furniture.
The group has no financial lease obligations.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-377": {
"value": "
2.24.\u00a0 Financial Liability
Financial liabilities are recognised when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are derecognised when the group's obligations specified in the
contract expire or are discharged or cancelled.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net
of directly attributable transaction costs.
2.24.1\u00a0 Classification
The Group classifies all financial liabilities as subsequently measured at amortised cost, except for
derivatives. Any difference between the proceeds and redemption value is recognised in the income
statement over the period of the loans and short-term borrowings using the effective interest method.
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to
defer settlement of the liability for at least 12 months after the balance sheet date.
2.24.2\u00a0 Recognition and Measurement
The derivatives are measured initially and subsequently at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognised in the
income statement as fair value gains(losses) on financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-379": {
"value": "
2.24.2\u00a0 Recognition and Measurement
The derivatives are measured initially and subsequently at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognised in the
income statement as fair value gains(losses) on financial instruments.
Fair value
The group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Changes in the fair value of the financial instruments measured at fair value are recognised in the
Income Statement.
Trade and Other Receivables, Payables to Suppliers, Other liabilities due to expire within one year are
included in the financial statements at amortized cost. The amortized cost is considered to be a
reflection of fair value due to the short duration.
The fair value measurement for borrowings are categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-378": {
"value": "
2.24.2\u00a0 Recognition and Measurement
The derivatives are measured initially and subsequently at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognised in the
income statement as fair value gains(losses) on financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-380": {
"value": "
2.25\u00a0 Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing:
\u2013The profit attributable to owners of the company, excluding any costs of servicing equity other
than ordinary shares
\u2013By the weighted average number of ordinary shares outstanding during the financial year,
excluding treasury shares (note 14).
Diluted Earnings per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account:
\u2013The after-income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares
\u2013The weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-381": {
"value": "
2.26\u00a0 Cash Flow Statement
The cash flow statement is presented using the indirect method. Cash flow in foreign currencies are
converted at the exchange rate on the date of the cash flow, or based on the average rate. A
distinction is made in the cash flow statement between the cash flows from operating, investment and
financing activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-382": {
"value": "3.\u00a0 Financial Risk Management
3.1\u00a0 Financial Risk Factors
The group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk,
interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group\u2019s
risk management programme focuses on the unpredictable nature of financial markets and seeks to
limit any potential adverse effects on financial performance.
Risk management is carried out by the central Finance & Accounting department (Group F&A) under
policies approved by the Management Board. Group F&A identifies, evaluates and covers financial
risks in close cooperation with the group\u2019s operating units. The board provides principles for overall
risk management, as well as written policies covering specific areas such as foreign-exchange risk,
interest rate risk, credit risk, use of non-derivative financial instruments, and investment of excess
liquidity.
Financial instrument by category
Non-Current Financial assets as at December 31:
Non-Current Financial liabilities as at December 31:
Current Financial assets as at December 31:
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Cash and cash equivalents | | | | |
Current Financial liabilities as at December 31:
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Deferred government grant | | | | |
| | | | | |
The carrying amounts of these financial assets and liabilities are assumed to approximate their fair
values due to their short-term nature. Also refer to note 15 for an overview of trade and other
payables.
Interest Rate Risk
The most significant interest rate risk for the company relates to borrowings (refer to note 16). As at 31
December 2022 the borrowings of the company consisted of a first drawdown on a three-year Debt
Facilities Agreement amounting to \u20ac15.0 million. This Debt Facilities Agreement is based on EURIBOR.
The accrued cash and PIK interest expense at 31 December 2022 amounted to \u20ac182,000.
Interest rate risk is the risk that changes in the market interest rates affect the fair value or cash flows
of a financial instrument. If market interest rates had been 50 basis points higher on average during
2022, with all other variables held constant, net interest expenses for the year would have been
\u20ac8,125 higher (2021: nil). The opposite applies in the case of a 50 basis points decrease in the interest
rates.
Currency Risk
The group operates internationally and is exposed to foreign exchange risk primarily in relation to the
US dollar. Foreign exchange risk arises from future commercial transactions, recognised assets and
liabilities. Management has set up a policy that requires group companies to manage their foreign
exchange risk against their functional currency. The group companies are required to close commercial
transactions in euros. Certain US-based customers negotiate US-dollar contracts. There are a limited
number of these contracts, and the group companies can only close these with management\u2019s written
approval. The group\u2019s operations are therefore not subject to significant foreign exchange rate risks.
Foreign exchange risk arises when future commercial transactions or recognised assets and liabilities
are denominated in a currency that is not the entity\u2019s functional currency.
The group outstanding trade receivables in US dollars of $3,000 (2021: $nil). The group had no trade
receivables in another foreign currency. The group had outstanding trade payables in US dollars of
$65,000 (2021: $1,545,000), in British pound of \u00a313,000 (2021: \u00a313,000) and in Japanese Yen of
\u00a5347,000 (2021: \u00a58,404,000).
If at 31 December 2022, the euro had weakened by 10% against the US dollar with all other variables
held constant, post-tax result for the year would have been \u20ac6,000 higher (2021: \u20ac132,000 higher).
The US dollar cash position as at 31 December 2022 is $19,039 (2021: $26,069). The Japanese Yen
cash position as at 31 December 2022 is \u00a52,907,000 (2021: \u00a55,134,000). the group had no cash
position in other foreign currencies.
Credit Risk
Credit risk is managed on group basis. The group does not have any significant concentrations of
credit risk and is limited to outstanding trade receivables, cash and cash equivalents. On 31 December
2022, the largest single client exposure consisted of 24% of the outstanding trade receivables. The
group clients are subject to creditworthiness tests. Sales are subject to payment conditions varying
between payments in advance and 30 days after invoice date. For certain projects, deviations to this
rule may apply only after approval of group F&A, in which case additional security, including
guarantees and documentary credits, may be required. Management does not expect any losses from
non-performance by its clients nor from concentration of this risk.
In 2022, \u20ac0 (2021: \u20ac0) of trade or other receivables was written off; \u20ac1,837,000 was past due, of
which 58% had been paid before 4 March 2023.
The amount of trade and other receivables past due as at December 31, were as follows:
| | | | |
| | | | |
| More than 1 month past due | | | |
| More than 3 months past due | | | |
| More than 6 months past due | | | |
| | | | |
As at December 31, 2021:
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Deferred government grant | | | | | | |
| Other current liabilities | | | | | | |
| | | | | | | |
The carrying amounts of these financial liabilities are assumed to approximate their fair values due to
their short-term nature.
Fair value
The group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Changes in the fair value of the financial instruments measured at fair value are recognised in the
Income Statement.
Trade and Other Receivables, Payables to Suppliers, Other liabilities due to expire within one year are
included in the financial statements at amortized cost. The amortized cost is considered to be a
reflection of fair value due to the short duration.
The fair value measurement for borrowings are categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.
3.2\u00a0 Capital Management
The group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern
(also refer to 2.1.1) in order to provide returns for shareholders and benefits for other stakeholders, and
to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital
structure, the group monitors capital on the basis of its adjusted solvency ratio. This ratio is calculated
as adjusted equity divided by the adjusted balance sheet total.
The adjusted equity is calculated as equity:
\u2013Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u2013Minus the intangible assets, participating interest, receivables from shareholders and shares held
in the own company
The adjusted solvency ratios as at December 31, were as follows:
| | | | |
| | | | |
| Equity attributable to owners of the parent | | | |
| | | | |
| | | | |
| Adjusted balance sheet total | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-383": {
"value": "
Credit Risk
Credit risk is managed on group basis. The group does not have any significant concentrations of
credit risk and is limited to outstanding trade receivables, cash and cash equivalents. On 31 December
2022, the largest single client exposure consisted of 24% of the outstanding trade receivables. The
group clients are subject to creditworthiness tests. Sales are subject to payment conditions varying
between payments in advance and 30 days after invoice date. For certain projects, deviations to this
rule may apply only after approval of group F&A, in which case additional security, including
guarantees and documentary credits, may be required. Management does not expect any losses from
non-performance by its clients nor from concentration of this risk.
In 2022, \u20ac0 (2021: \u20ac0) of trade or other receivables was written off; \u20ac1,837,000 was past due, of
which 58% had been paid before 4 March 2023.
The amount of trade and other receivables past due as at December 31, were as follows:
| | | | |
| | | | |
| More than 1 month past due | | | |
| More than 3 months past due | | | |
| More than 6 months past due | | | |
| | | | |
As at December 31, 2021:
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Deferred government grant | | | | | | |
| Other current liabilities | | | | | | |
| | | | | | | |
The carrying amounts of these financial liabilities are assumed to approximate their fair values due to
their short-term nature.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-385": {
"value": "
Fair value
The group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Changes in the fair value of the financial instruments measured at fair value are recognised in the
Income Statement.
Trade and Other Receivables, Payables to Suppliers, Other liabilities due to expire within one year are
included in the financial statements at amortized cost. The amortized cost is considered to be a
reflection of fair value due to the short duration.
The fair value measurement for borrowings are categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-386": {
"value": "
3.2\u00a0 Capital Management
The group\u2019s objective when managing capital is to safeguard its ability to continue as a going concern
(also refer to 2.1.1) in order to provide returns for shareholders and benefits for other stakeholders, and
to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital
structure, the group monitors capital on the basis of its adjusted solvency ratio. This ratio is calculated
as adjusted equity divided by the adjusted balance sheet total.
The adjusted equity is calculated as equity:
\u2013Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u2013Minus the intangible assets, participating interest, receivables from shareholders and shares held
in the own company
The adjusted solvency ratios as at December 31, were as follows:
| | | | |
| | | | |
| Equity attributable to owners of the parent | | | |
| | | | |
| | | | |
| Adjusted balance sheet total | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-387": {
"value": "
Share-based Payments
Share options granted to employees are measured at the fair value of the options granted (indirect
method of measurement). For the company\u2019s share option plan, management\u2019s judgment is that the
Black-Scholes valuation method is most appropriate for determining fair values. The assumptions and
estimates used in the valuation are further discussed in note 13 to the consolidated financial
statements.
The result of the share option valuations and the related compensation expense is dependent on the
model and input parameters used. Even though management considers the fair values reasonable and
defensible based on the methodologies applied and the information available, others might derive at a
different fair value for the options granted under the company\u2019s share option plan.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-388": {
"value": "
Research and Development Expenditures
The project stage forms the basis in the decision of whether costs made for the group\u2019s product
development programmes should be capitalised or not. Management judgment is required in
determining when the group should start capitalising development costs as intangible assets.
Management determined that for a system, commercial feasibility is, in general, probable when the
group has built a successful prototype and has interested customers for the commercial product.
Management determined that for product development, (note 2.6) commercial feasibility is, in general,
probable when the group has successfully completed essential testing phases and are in a late stage
of discussions with potential partners for commercialisation opportunities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-389": {
"value": "
5.\u00a0 Property, Plant and Equipment
| | | | | | | | |
| | | | | Office furniture and equipment | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Year ended 31 December 2021 | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accumulated depreciation on disposals | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Year ended 31 December 2022 | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accumulated depreciation on disposals | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
The additions in property plant and equipment during 2022 predominantly related to investments made by the Avantium Renewable Polymers segment as the construction of the FDCA Flagship Plant started in April 2022. The Avantium
Renewable Chemistries segment invested mainly in safety related upgrades for the Pilot Plant in Delfzijl and the Avantium R&D Solutions segment invested in product innovation and equipment upgrades. On 31 December 2022 an impairment
loss was recognised which predominantly related to an impairment of leasehold improvements in the Pilot Plant in Delfzijl. The leasehold improvement was no longer operating as intended by management.\u00a0
The property, plant and equipment of \u20ac60,394,000 are pledged under the Debt Facilities Agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-390": {
"value": "
6.\u00a0 Intangible Assets
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accumulated amortization and impairment | | | | | | | |
| | | | | | | | |
| Year ended 31 December 2021 | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accumulated amortization and impairment | | | | | | | |
| | | | | | | | |
| Year ended 31 December 2022 | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accumulated amortization and impairment | | | | | | | |
| | | | | | | | |
The additions in intangible assets during 2022 predominantly relate to the implementation of a new ERP software package for the company.
The Intellectual Property of \u20ac433,000 is pledged under the Debt Facilities Agreement.
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence system
and are all fully amortised.
Software and Other Intangibles
Software mainly comprises purchased general laboratory and office-related software.
Other intangibles are the in-kind contribution of a shareholder relating to software at the foundation of
the group and compensation paid to a third party to exclusively use parts of their technology.
Intellectual Property
Following the Liquid Light acquisition in 2016, the company records intellectual property (patent
portfolio acquired) on its consolidated balance sheet, which will subsequently be lowered with
accumulated amortisation the following years, when the technology on which the intellectual property
is filed, is ready to deploy commercially. As at 31 December 2022, the recoverable amount of the
intellectual property exceeds the carrying amount.
Total of research expenditures recognised as an expense in the consolidated statement of
comprehensive income amounted to \u20ac1,037,000 (2021: \u20ac1,011,000) and mainly constitute of early
stage research trials.
License Rights
The license rights consists of the licenses acquired for technologies not owned or developed by the
company.
Included in the license rights is the Eastman license acquired by Avantium Renewable Polymers during
2021. As part of the license agreement, royalty fees will be payable to Eastman. The fees will equal to
$20 USD per metric ton of Licensed Products produced from the FDCA Flagship Plant. The
commencement of the operations will be in 2024. The foregoing running royalty will be payable by
Avantium in shares of Avantium N.V. (in equivalent value) on a semi-annual basis for the first two
years of operation of the FDCA Flagship Plant, after which all such payments will be paid in cash.
Avantium may decide how it proposes to settle the royalty fees for the first two years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-391": {
"value": "
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence system
and are all fully amortised.
Total of research expenditures recognised as an expense in the consolidated statement of
comprehensive income amounted to \u20ac1,037,000 (2021: \u20ac1,011,000) and mainly constitute of early
stage research trials.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-392": {
"value": "
7.\u00a0 Leases
This note provides information for leases where the group is a lessee.
Amounts Recognised in the Balance Sheet
The balance sheet shows the following amounts relating to leases:
| | | | |
| | | | |
| | | | |
| | | | |
| Total right-of-use assets | | | |
Prepayments includes a contribution in kind recognised by Avantium RNP Flagship B.V. on 31 March
2022, which consists of shares in Avantium Renewable Polymers B.V. paid upfront to Worley for
services that will delivered under the contraction agreement for the FDCA Flagship plant. The
prepayment is released equally over 24 months starting from April 2022. As at 31 December 2022, the
remaining balance is \u20ac6.2 million. Prepayments also includes a prepaid expense of \u20ac11.3 million
recognised by Avantium N.V. The prepaid expense relates to the warrants issued, as part of the debt
financing agreement, to the respective banks. The prepayment will be expensed as a finance cost at
each drawdown of the facility on a pro-rata basis. As at 31 December 2022 the prepaid expense
balance relating to the warrants is \u20ac9.0 million. Refer to note 3.1 for the split between the non-current
and current prepayments.
Contract assets relating to systems contracts are unbilled revenues, where the company has
recognised revenue to date under the percentage-of completion method, however is not yet in the
position to bill these revenues to customers as the invoicing milestone has not yet been reached.\u00a0
Contract assets relating to services are unbilled revenues, where the company has rendered particular
services over time for which the invoicing milestone has not yet been reached.
The other receivables comprise primarily of funding to be received in relation to government grants
where the company has already complied with the attached conditions under the specific grant
program (\u20ac576,000) and deposits held at third parties (\u20ac336,000).
In 2022, \u20ac0 (2021: \u20ac0) of trade receivables was written off and \u20ac1,837,000 (30 days or more after
invoice date) was past due, of which 58% was paid before 4 March 2023 and of the remaining 42%,
19% is for a customer for which a provision for doubtful debt was recognised.\u00a0
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. The company assessed the trade receivables balance as at 31 December 2022 and
concluded that the provision for doubtful debt of \u20ac150,000 recognised during 2020 still represents the
expectation of recovery (see also note 3.1). The carrying amounts of these financial assets are
assumed to approximate their fair values.
Impairment provisions for trade receivables are recognised based on the simplified approach within
IFRS 9 to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The group has therefore concluded no provision for credit losses is
required on trade receivables and contract assets, since after careful consideration of each customer\u2019s
payment profile and likelihood to default on payments, the credit losses was deemed to be immaterial.
Trade receivables of \u20ac2,634,000 are pledged under the Debt Facilities Agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-395": {
"value": "
Impairment provisions for trade receivables are recognised based on the simplified approach within
IFRS 9 to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The group has therefore concluded no provision for credit losses is
required on trade receivables and contract assets, since after careful consideration of each customer\u2019s
payment profile and likelihood to default on payments, the credit losses was deemed to be immaterial.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-396": {
"value": "
Impairment provisions for trade receivables are recognised based on the simplified approach within
IFRS 9 to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The group has therefore concluded no provision for credit losses is
required on trade receivables and contract assets, since after careful consideration of each customer\u2019s
payment profile and likelihood to default on payments, the credit losses was deemed to be immaterial.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-397": {
"value": "
10.\u00a0 Cash and Cash Equivalents
| | | | |
| | | | |
| | | | |
| | | | |
| Cash and cash equivalents for cash flow purposes | | | |
Polymers B.V., that has a Non-Controlling Interest amounting to 22.64%.
On 31 March 2022, there was a change in ownership of Avantium Renewable Polymers B.V., a
subsidiary of Avantium N.V. Worley Nederland B.V. and Bio Plastics Investment Groningen B.V.
together have acquired a 22.6% shareholding in Avantium Renewable Polymers B.V., while Avantium
continues to hold 77.4% of the equity.
Summarised balance sheet
Avantium Renewable Polymers B.V.
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Accumulated Non-Controlling interest | |
LTIP awards outstanding at the end of the year had the following share price at grant date:
| | | | |
| | Share price at grant date in Euro | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The fair value of LTIP awards under the Long-term Investment Plan is determined by the share price at
grant date and the weighted average fair value of LTIP awards granted during 2022 was \u20ac3.07 per
award.
Employee Share Option Plan (ESOP)
On an annual basis and on certain other occasions set out in the plan rules, options under the
Employee Share Option Plan (ESOP) may be conditionally granted to eligible employees of the
company. The options will vest yearly over a three-year vesting period. The vested options have an
exercise period of five years after vesting, after which the option expires.
In 2022, 520,000 share options were granted. In 2022, 69,446 options were exercised with a
weighted-average share price of \u20ac3.57 at the date of exercise by the employees.
Further details on the grants in 2022 can be found in the table below.
| | | | | |
| | | Number of ESOP options granted | Exercise price in Euro per option | |
| | | | | |
| | | | | |
The movements in outstanding options with the Management Board, senior management and certain
other employees can be summarised as follows:
| | | | | | |
| | | | |
| | | Weighted Average exercise\u00a0 price (in Euro) | | Weighted Average exercise\u00a0 price (in Euro) | |
| Number of options outstanding 1 January | | | | | |
| Number of options exercised | | | | | |
| Number of options forfeited | | | | | |
| Number of options granted | | | | | |
| Number of options outstanding 31 December | | | | | |
Share options outstanding at December 31, 2022, amounted to 3,081,008. The exercise prices range
from \u20ac0.10 to \u20ac10.58. The weighted average remaining contractual term for options outstanding at
December 31, 2022, was 4.1 years.
Avantium N.V. has issued shares resulting from the exercise of options to the Stichting
Administratiekantoor Avantium (the Foundation).
The Foundation has issued depository receipts to members of the Management Board, senior
management and certain other employees. The Foundation is a consolidated special purpose entity set
up by Avantium N.V. The shares held by the Foundation, however, only represent the voting rights
associated with the issued shares and depository receipts representing all economic benefits issued by
the Foundation to members of the Management Board, senior management and certain other
employees, and consequently the shares held by the Foundation are not considered treasury shares.
The number of options which are exercisable at the end of the period (i.e. vested, but not yet exercised)
amounted to 1,647,835.
The fair value of options under the equity-settled share-based payment plans is determined using the
Black-Scholes valuation model and the weighted average fair value of options granted during 2022
was \u20ac1.53 per option (2021: \u20ac1.98).
The significant inputs into this model were as follows:
The historical volatility used is based on the volatility of the company\u2019s own shares in combination
with the historical volatility of a peer group (five companies in total which are considered to be
comparable listed companies), of which the daily stock returns over a period equal to the maturities of
each plan related to the valuation dates was used.
During the year, a reclassification was made from other reserves to retained earnings, totalling
\u20ac139,147, to reflect the effect of exercised and expired options in 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-406": {
"value": "
14.\u00a0 Earnings per Share
Earnings per Share
Earnings per share for the years 2022 and 2021 are derived below:
| | | | |
| | | | |
| | | | |
| Loss from continuing operations | | | |
| Loss for the period - basic | | | |
| | | | |
| | | | |
| Loss for the period - diluted | | | |
| | | | |
| Weighted average number of ordinary shares -basic | | | |
| | | | |
| Options per end of the year | | | |
| LTIP awards per end of the year | | | |
| Effect of anti-dilutive securities | | | |
| | | | |
| Weighted average number of shares - diluted | | | |
| | | | |
| Earnings per share - basic | | | |
| Earnings per share - diluted | | | |
Basic earnings per share are calculated by dividing the net result for the period by the weighted
average number of ordinary shares. Diluted earnings per share are calculated by dividing the net
results for the period on a diluted basis by the weighted average number of shares on a diluted basis.
As the company is in a loss-making position, the options and LTIP awards have an antidilutive impact
on the diluted earnings per share, for this reason the options and LTIP awards for the year are not
considered in the calculation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-407": {
"value": "
15.\u00a0 Trade and Other payables
| | | | |
| | | | |
| | | | |
| Interest payable on borrowings | | | |
| Social security and other taxes | | | |
| Holiday pay and holiday days | | | |
| | | | |
| Deferred government grants | | | |
| Other current liabilities | | | |
| | | | |
The other current liabilities comprise primarily of other staff pay related accruals (\u20ac2,232,000) and
accrued expenses (\u20ac7,654,000). Deferred government grants comprise of advances received in relation
to government grants. The carrying amounts of these financial liabilities are assumed to approximate
their fair values.
Contract liabilities relating to systems contracts are balances due to customers under construction
contracts. These arise if a particular milestone payment exceeds the revenue recognised to date under
the percentage-of-completion method. Contract liabilities relating to services are balances due to
customers under services contracts. These arise if particular services are to be rendered over time for
which a prepayment has been received.
The following table shows how much of the revenue recognised in the current reporting period relates
to carried-forward contract liabilities:
| | | | |
| | | | |
| Revenue recognized that was included in the contract liability balance at the beginning of the period | | | |
| | | | |
| | | | |
| \u2013Renewable chemistries | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-408": {
"value": "
16.\u00a0 Borrowings
| | |
| | |
| Balance as at 1 January 2022 | |
| | |
| | |
| Repayment of Debt Facilities | |
| Balance as at 31 December 2022 | |
| | |
| | |
| Current Debt Facilities\u00a0 | |
| Non-current Debt Facilities | |
| | |
Warranty
The provision for warranty consists of estimated costs for repairs of installed products during the
warranty period of one year. This estimate is based on historical experience of broken or repaired units
and the costs associated with that. This provision is current (shorter than one year). Unused amounts
are reversed after expiration of the warranty period.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-410": {
"value": "
18.\u00a0 Financial Liability
| | |
| | |
| Balance as at 1 January 2022 | |
| | |
| | |
| Balance as at 31 December 2022 | |
The warrants had an anti-dilution protection for the equity raise that took place in April 2022. As a
result, on 14 April 2022, 1.02 million additional warrants were issued to the warrant holders, to
compensate for the dilutive effect of the equity offering according to the debt financing agreement
with the lenders.
The warrants will become exercisable when the FDCA Flagship Plant is operational or when other
additional conditions included in the warrant Agreement have been met. Such additional conditions
include, a change of control, certain joint ventures, permitted acquisitions, disposals and certain other
events.
The initial recognition of the warrants amounted to \u20ac11.3 million. The warrants are recognised under
IFRS 9 Financial Instruments as a Financial Liability. The warrants are measured subsequently at fair
value through profit or loss at each reporting date.
The fair value of the warrants on 31 December 2022 is \u20ac14.1 million. The increase in the share price of
\u20ac0.74 resulted in the increase in the fair value of the warrants. The subsequent fair value
remeasurement of the warrants resulted in a loss for the year ended 31 December 2022 of \u20ac2.8
million, recognised under fair value remeasurement in the Statement of Comprehensive Income. Refer
to note 3.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-411": {
"value": "
19.\u00a0 Revenues
Reported consolidated revenue from continuing operations increased by 63% from \u20ac10.9 million in
2021 to \u20ac17.8 million in 2022. All revenue is recognised at a point in time, except for revenues from
Systems and Services contracts in R&D solutions were revenue is generated over time (see note 2.20
for further information). Revenues per segment are reported under note 21.
All revenue reported originates in the Netherlands.
Avantium Renewable Polymers, received a non-refundable payment of \u20ac5.0 million for technical due
diligence procedures performed during 2022.
The following table depicts the disaggregation of revenue from contracts with customers:
| | | | | | | | |
| | R&D Solutions services revenue | R&D Solutions systems revenue | Renewable Chemistry development agreements | Renewable Polymers agreements | | | |
| | | | | | | | |
| Revenue from external customers | | | | | | | |
| Timing of revenue recog- nision | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | R&D Solutions services revenue | R&D Solutions systems revenue | Renewable Chemistry development agreements | Renewable Polymers\u00a0 agreements | | | |
| | | | | | | | |
| Revenue from external customers | | | | | | | |
| Timing of revenue recog- nision | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
As of 31 December 2022, the aggregate amount of the transaction price in R&D Solutions allocated to
the remaining performance obligations is \u20ac6.2 million (2021: \u20ac6.1 million) and the group will recognise
this revenue as the progress on each contract is completed, which is estimated to occur over the next
9\u201324 months.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-412": {
"value": "
20.\u00a0 Other Income
EBITDA
The main KPI of the company within the profit & loss account is EBITDA. Note that the EBITDA figure
excludes company overheads and shared service activities.
The EBITDA is calculated in the following manner: Profit/loss for the period plus Finance costs-net plus
depreciation, amortisation and impairment charge.
The EBITDA figures of the business segments are as follows.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total EBITDA of business segments | | | |
Revenues per Segment
Revenue is only generated from external customers and no transactions with other segments have
taken place.
Other Income per Segment
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total segment other income | | | |
Reconciliation
| | | | |
| | | | |
| Total EBITDA of business segments | | | |
| | | | |
| Depreciation of property, plant and equipment | | | |
| Depreciation of right of use assets | | | |
| Impairment of property, plant and equipment (PPE) | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Loss before income tax from continuing operations | | | |
The \u2018Other\u2019 costs category comprises mainly of company overhead costs.
Depreciation and Amortisation
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total Depreciation and amortisation | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-415": {
"value": "
22.\u00a0 Expenses by Nature
Net operating expenses in 2022 amounted to \u20ac43.1 million (2021: \u20ac33.7 million). The increase is
predominantly the result of higher employee benefit expenses, increased spend on patent, license,
legal and advisory expenses and higher office and housing expenses.
Employee benefit expenses in 2022 amounted to \u20ac23,401,000 (2021: \u20ac19,226,000) and includes
wages and salaries, social security costs, share options granted to directors and employees, pension
costs, and government grants received. The increase is mainly as a result of the planned increase in
staffing as the average FTE count during the year increased with approximately 13 FTE YoY.
Furthermore, there was a substantial increase in temporary staffing and external recruitment services
as a result of the scale up of the FDCA Flagship Plant activities.
Patent, license, legal and advisory costs in 2022 amounted to \u20ac6,766,000 (2021: \u20ac4,312,000). The
increase predominantly related to the professional services and bank and advisory fees incurred for
Debt Facilities Agreement obtained in relation to the construction of the FDCA Flagship Plant.
Office and housing expenses in 2022 amounted to \u20ac3,062,000 (2021: \u20ac1,968,000) and comprises of
short-term rental agreements, other facility related costs, telephony and other IT related office
materials and costs. The increase in office and housing expenses is predominantly related to an
increase in short-term leases and an increase in utilities as a result of rising gas and electricity prices
during 2022.
Laboratory expenses in 2022 amounted to \u20ac3,272,000 (2021: \u20ac2,864,000) and comprises of
laboratory consumables, spare parts, maintenance and repair work in the laboratory, and small
laboratory projects. The increase in laboratory expenses is mainly a result of the restart of the Pilot
Plant in Delfzijl in the second quarter of 2022, after the Pilot Plant was shut down due to the accident
that took place in the first quarter of 2021.
Other operating expenses in 2022 amounted to \u20ac1,538,000 (2021: \u20ac1,568,000) and comprises of
external development costs, such as trials, and other general costs including company insurances. The
decrease is mainly related to lower cost for insurances, as the prior year included a number of one-off
settlements.
Advertising and representation expenses in 2022 amounted to \u20ac1,329,000 (2021: \u20ac707,000) and
comprises of external and internal marketing, communications, and business development efforts,
including travel. Wages for internal business development staff is excluded, as this is included under
employee benefit expenses. The increase is due to travel again possible to most countries after the
relaxation of travel restrictions in relation to COVID-19.
Depreciation, amortisation and impairment charges increased to \u20ac8,578,000 (2021: \u20ac7,837,000).
During 2022, the company impaired Property, Plant and equipment, which resulted in a net
impairment loss of \u20ac435,000. The depreciation of right of use assets increased in 2022 and is mainly
the result of an increase and/or modification in the lease portfolio of the company during the year.
Raw materials and contract costs in 2022 amounted to \u20ac3,770,000 (2021: \u20ac3,042,000 ) and comprises
of cost of goods sold, costs of laboratory consumables directly attributable to revenue projects, and
other specific costs related to revenues. The increase is mainly as a result of the higher revenues
recorded for the year in the R&D solutions business segment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-416": {
"value": "
Other operating expenses in 2022 amounted to \u20ac1,538,000 (2021: \u20ac1,568,000) and comprises of
external development costs, such as trials, and other general costs including company insurances. The
decrease is mainly related to lower cost for insurances, as the prior year included a number of one-off
settlements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-417": {
"value": "
Depreciation, amortisation and impairment charges increased to \u20ac8,578,000 (2021: \u20ac7,837,000).
During 2022, the company impaired Property, Plant and equipment, which resulted in a net
impairment loss of \u20ac435,000. The depreciation of right of use assets increased in 2022 and is mainly
the result of an increase and/or modification in the lease portfolio of the company during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-418": {
"value": "
23.\u00a0 Employee Benefit Expenses
| | | | |
| | | | |
| | | | |
| Government grants R&D (WBSO) | | | |
| | | | |
| | | | |
| LTIP awards expense (note 13) | | | |
| Pension costs - defined contribution plans | | | |
| | | | |
| | | | |
| Number of full time equivalent employees at the end of the year | | | |
The average number of FTEs during 2022 was 226 (2021: 213).
In 2022, \u20ac3,791,000 (2021: \u20ac3,316,000) government grants in the form of WBSO were recognised
directly as an offset of employee benefit expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-419": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-420": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-421": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-422": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-423": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-424": {
"value": "
24.\u00a0 Finance Income and Costs
| | | | |
| | | | |
| | | | |
| Net foreign exchange (gains) loss | | | |
| Interest current accounts | | | |
| Financing component of lease payments | | | |
| | | | |
| Other bank and commitment fees | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Interest current accounts | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-425": {
"value": "
25.\u00a0 Income Tax Expense
The company forms a tax group with its subsidiaries for corporate income tax purposes (fiscal unity).
Under the standard conditions, the members of the tax group are jointly and severally liable for income
taxes payable by the group.
The company does not recognise any deferred tax asset in relation to the losses carried forward as it is
not considered probable that there will be sufficient taxable profit against which the unused tax losses
can be utilised in the following year(s).
No tax charge or tax income were recognised in 2022, since the company recorded a net loss of \u20ac29.6
million. The company did record a taxable profit in 2021, which amounted to \u20ac32.2 million. The 2021
taxable profit was the consequence of Avantium Renewable Polymers B.V. and Furanix Technologies
B.V. leaving the Avantium N.V. fiscal unity, resulting in a taxable revaluation of certain assets within
the Avantium N.V. fiscal unity. This tax profit was fully compensated by existing carry forward tax
losses of the Avantium N.V. fiscal unity.
Avantium Renewable Polymers B.V., Furanix Technologies B.V. and Avantium RNP Flagship Plant B.V.
formed a new fiscal unity starting 1 January 2022 (the Avantium Renewable Polymers B.V. fiscal
unity). The Avantium N.V. fiscal unity transferred \u20ac40.6 million of its carry forward tax losses to
Avantium Renewable Polymers B.V. and Furanix Technologies B.V. who left the Avantium N.V. fiscal
unity on 31 December 2021. The total tax losses carry forward for the Avantium Renewable Polymers
B.V. fiscal unity as of 31 December 2022 is approximately \u20ac51.6 million.
Total remaining amount of tax losses carry forward for the Avantium N.V. fiscal unity as of 31
December 2022 is approximately \u20ac126.1 million (2021: \u20ac146.2 million).
These losses are subject to the new tax loss utilisation rules which applied as of 1 January 2022. As
part of the new rules, an indefinite carry forward loss set-off will apply as of 1 January 2022 (the
current carry- forward period is six years, the carry-back period is and will remain one year). However,
tax losses will only be fully available for carry-forward and carry-back set off up to an amount of \u20ac1
million of taxable profit per year. In the case of a profit which is higher than \u20ac1 million, the amount
above \u20ac1 million can only be set off up to 50% of that higher taxable profit.
The company does not use contrived or abnormal tax structures that are intended for tax avoidance.
| | | | |
| | | | |
| | | | |
| | | | |
| Tax at applicable tax rate in the Netherlands of 25.8% (2021: 25%) | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Derecognition of deferred tax assets | | | |
| Tax profit as a result from revaluation of certain assets | | | |
| Utilisation of previously unrecognised deferred tax assets | | | |
| | | | |
The nominal tax rates and amount in 2022 are 15% up to \u20ac395,000 and 25.8% over \u20ac395,000.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-426": {
"value": "
The company does not recognise any deferred tax asset in relation to the losses carried forward as it is
not considered probable that there will be sufficient taxable profit against which the unused tax losses
can be utilised in the following year(s).
The company does not use contrived or abnormal tax structures that are intended for tax avoidance.
| | | | |
| | | | |
| | | | |
| | | | |
| Tax at applicable tax rate in the Netherlands of 25.8% (2021: 25%) | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Derecognition of deferred tax assets | | | |
| Tax profit as a result from revaluation of certain assets | | | |
| Utilisation of previously unrecognised deferred tax assets | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-427": {
"value": "
26.\u00a0 Dividends
The company declared no dividends for any of the years presented in these consolidated financial
statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-428": {
"value": "
27.\u00a0 Contingencies
During 2022, the company had no contingencies to report.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-429": {
"value": "
28.\u00a0 Commitments & Guarantees
Commitments
Purchase commitments for property, plant and equipment aggregated \u20ac47,519,000.
Guarantees
The company has a \u20ac3.0 million cash-collateralised guarantee facility in place.
This guarantee facility is also disclosed as part of the cash equivalents in note 10, which represents an
amount equal to the current guarantees issued to third parties totalling \u20ac772,000. These guarantees
are predominantly issued in relation to payments from customers following a systems deal for which a
bank guarantee had to be issued.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-430": {
"value": "
29.\u00a0 Related-party Transactions
Identification of Related Parties
Key management is defined as those persons having legal authority and responsibility for planning,
directing and controlling the activities of the entity, directly or indirectly, including any director (whether
executive or otherwise) of that entity. Our key management comprises the members of the
Management Board and the Supervisory Board.
Key Management Changes 2022
At the Extraordinary General Meeting of Shareholders (EGM) held on 25 January 2022, Nils Bj\u00f6rkman
was appointed as a member of the supervisory board for a term of four years.
Cynthia Arnold resigned as Supervisory Board member per end of March 2022.
Trudy Schoolenberg resigned as Supervisory Board member per September 2022.
The following persons were members of the Supervisory Board on 31 December 2022:
\u2022Edwin Moses, Chairperson
\u2022Margret Kleinsman, Vice Chairperson
\u2022Michelle Jou
\u2022Nils Bj\u00f6rkman
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance
Key Management Remuneration 2022
The total remuneration paid to members of the Management Board and independent members of the
Supervisory Board amounted to \u20ac971,000 (2021: \u20ac1,023,000) and \u20ac354,000 (2021: \u20ac403,000)
respectively.
The following table provides a breakdown of the remuneration in 2022 of the members of the
Management Board:
| | | | | | | | | | |
| (In Euro x 1,000) Management Board | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
The following table provides a breakdown of the remuneration in 2022 of the members of the Supervisory Board:
| | | | | | | | | | |
| | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Total Supervisory Board members | | | | | | | | | |
| | | | | | | | | | |
| Former Supervisory Board members | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Total former Supervisory Board members | | | | | | | | | |
2 The membership fee included within the annual fee excludes the fee covering the onboarding period prior to the respective appointments, being equal to the prorated base membership fee (\u20ac40,000 on pro rate
basis)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-431": {
"value": "
Key Management Changes 2022
At the Extraordinary General Meeting of Shareholders (EGM) held on 25 January 2022, Nils Bj\u00f6rkman
was appointed as a member of the supervisory board for a term of four years.
Cynthia Arnold resigned as Supervisory Board member per end of March 2022.
Trudy Schoolenberg resigned as Supervisory Board member per September 2022.
The following persons were members of the Supervisory Board on 31 December 2022:
\u2022Edwin Moses, Chairperson
\u2022Margret Kleinsman, Vice Chairperson
\u2022Michelle Jou
\u2022Nils Bj\u00f6rkman
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance
Key Management Remuneration 2022
The total remuneration paid to members of the Management Board and independent members of the
Supervisory Board amounted to \u20ac971,000 (2021: \u20ac1,023,000) and \u20ac354,000 (2021: \u20ac403,000)
respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-432": {
"value": "
30.\u00a0 Proposed Appropriation of Result
In anticipation of the Annual General Meeting\u2019s adoption of the annual accounts, the net loss for the
year of \u20ac29,583,197 has been added to accumulated losses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-433": {
"value": "
31.\u00a0 Events After the Balance Sheet Date
On 21 February 2023, Avantium Renewable Polymers and Origin Materials Inc. entered into a
technology partnership, which includes a non exclusive industrial technology license agreement, a
conditional offtake agreement, as well as certain ancillary arrangements to accelerate the mass
production of FDCA and PEF for use in advanced chemicals and plastics. Under the terms of the
transaction, Avantium received an upfront payment of \u20ac5.0 million in 2022. As a result of signing the
industrial technology license agreement, Origin Materials has paid Avantium a milestone fee of \u20ac7.5
million.
An additional loan of \u20ac2.5 million was provided by Stichting Fonds Leefbaarheid, Zorg en Energie
Groningen (Fonds Nieuwe Doen) to Avantium RNP Flagship Plant B.V. The proceeds from the
borrowing was received in February 2023. The interest rate on the loan is 4.75% payable on monthly
basis. The maturity of the loan is 36 months.
On 30 January 2023, Avantium N.V. and Avantium Renewable Polymers fulfilled all conditions
precedent to execute the second drawdown of \u20ac15.0 million under the Debt Facilities Agreement and
subsequently received the proceeds from the borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-434": {
"value": "
Company Balance Sheet
As at December 31
The balance sheet has been prepared after appropriation of current year result.
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Receivables from group companies | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Cash and cash equivalents | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Equity attributable to owners of the parent | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Payables to group companies | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total Non-current liabilities | | | | |
| | | | | |
| | | | | |
| | | | | |
| Other current liabilities | | | | |
| Total current liabilities | | | | |
| | | | | |
| | | | | |
| Total equity and liabilities | | | | |
| | | | | |
Company Income Statement
For the financial year ended December 31
| | | | |
| | | | |
| | | | |
| | | | |
| Employee benefit expenses | | | |
| Office and housing expenses | | | |
| Patent, license, legal and advisory expenses | | | |
| Reversal due for onerous contract | | | |
| | | | |
| Depreciation, amortisation and impairment charge | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
32.\u00a0 General Information
The company statements are part of the 2022 financial statements of Avantium N.V.
The financial statements of the company are prepared in accordance with the provision of Part 9, Book
2 of the Dutch Civil Code. For setting the principles for the recognition and measurement of assets and
liabilities and determination of the result of its company financial statements, Avantium N.V. makes
use of the option provided in Section 2:362 (8) of the Dutch Civil Code. These principles also include the
classification and presentation of financial instruments, being equity instruments or financial liabilities.
This means that the principles of the recognition and measurements of assets and liabilities and
determination of the result (hereinafter referred to as accounting policies) of the company financial
statements of Avantium N.V. are the same as those applied for the consolidated financial statements
under IFRS (refer to note 2). By applying this option, reconciliation is maintained between the group\u2019s
equity and the company\u2019s equity.
In the company financial statements, investments in group companies are stated as net asset value, in
accordance with the equity method, if the company effectively exercises influence of significance over
the operational and financial activities of these investments. The net asset value is determined on the
basis of the accounting principles applied by the company. In case the net asset value of an
investment in a group company is negative, any existing loans to group companies considered as net
investment are impaired. A provision for any remaining equity deficit is recognised when an outflow of
resources is probable and can be reliably estimated.
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. Please refer to the notes to the
consolidated financial statements for a description of these principles.
33.\u00a0 Equity Attributable to Equity Holders of the Company
For details of the movements in and components of equity, reference is made to the consolidated
statement of changes in equity of the consolidated financial statements and the notes to these.
34.\u00a0 Financial Fixed Assets
The company directly held interests in the following subsidiaries on 31 December 2022:
\u2013Avantium Technologies B.V., Amsterdam (100%)
\u2013Renewable Technologies B.V., Amsterdam (100%)
\u2013Avantium Support B.V., Amsterdam (100%)
\u2013Avantium Knowledge Centre B.V., Amsterdam (100%)
\u2013Feedstock Technologies B.V., Amsterdam (100%)
\u2013Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u2013Synvina C.V., Amsterdam (100%)
On 31 March 2022, there was a change in ownership of Avantium Renewable Polymers B.V., a
subsidiary of Avantium N.V. Worley Nederland B.V. and Bio Plastics Investment Groningen B.V.
together have acquired a 22.6% shareholding in Avantium Renewable Polymers B.V., while Avantium
continued to hold 77.4% of the equity. The change in shareholding did not result in Avantium N.V.
losing control over the subsidiary, Avantium Renewable Polymers B.V.
At Financial Close on 31 March 2022, Avantium N.V. fulfilled the total committed equity investment
into Avantium Renewable Polymers B.V. of \u20ac45.0 million.
The movements in financial fixed assets can be summarised as follows:
| | |
| | |
| | |
| Share of loss in group companies | |
| Other equity movements in subsidiaries | |
| | |
35.\u00a0 Receivables from group companies
| | | | |
| | | | |
| Group receivables outstanding 1 January | | | |
| Movements in receivables from group companies | | | |
| Group receivables outstanding 31 December | | | |
The fair value of the intercompany amounts in Avantium N.V. to group companies approximates their
book values.
The movement in group receivables includes the loan of \u20ac15.0 million to Avantium Renewable
Polymers B.V. The loan is repayable to Avantium N.V. on 31 March 2025. Refer to note 39 for
Borrowings.
At Financial Close on 31 March 2022, Avantium N.V. fulfilled the total committed equity investment
into Avantium Renewable Polymers B.V. of \u20ac45.0 million. With this also a number of group receivables
between the group entities and Avantium Renewable Polymers B.V. where distributed and assigned to
Avantium N.V.
36.\u00a0 Cash and Cash equivalents
| | | | |
| | | | |
| | | | |
| | | | |
| Cash and cash equivalents for cash flow purposes | | | |
The fair value of the intercompany amounts in Avantium N.V. to group companies approximates their
book values.
38.\u00a0 Provisions
a) Provisions for the year were as follows:
| | | |
| | | |
| | | |
| Share of loss in group companies | | |
| | | |
| | | |
43.\u00a0 Remuneration of the Management Board and the
Supervisory Board
The remuneration of the Supervisory Board amounted to \u20ac354,000 (2021: \u20ac403,000). The total
remuneration paid to or for the benefit of members of the Management Board in 2022 amounted to
\u20ac971,000 (2021: \u20ac1,023,000). For further details, refer to note 29 of the consolidated financial
statements.
44.\u00a0 Employee Information
The company had no employees in 2022 (2021: nil).
Signing
Amsterdam, 21 March 2023
Avantium N.V. (Chamber of Commerce number: 34138918)
Management Board
Tom van Aken, Chief Executive Officer
Bart Welten, Chief Financial Officer (resigned per 31 December 2022)
Boudewijn van Scha\u00efk (appointed per 1 January 2023)
Supervisory Board
Edwin Moses, Chairperson
Nils Bjorkman
Margret Kleinsman
Michelle Jou
The financial statements are authorised for issue by the Management Board on 21 March 2023.
T.B. van AkenB.W. van Scha\u00efk
Chief Executive Officer",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500E5WW4731JJ4G46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fn-2": {
"value": "
EBIT: Earnings Before Interest and Taxes is used in the annual report as a measure, since it provides a view on the core operations of the company alone without the capital structure and tax expenses.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "fn-2",
"language": "en"
}
},
"fn-1": {
"value": "EBITDA is an important measurement of the company's financial performance before taking the cost of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational efficiency and enable a more accurate and relevant comparison between peer companies.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "fn-1",
"language": "en"
}
}
}
}