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1.\u00a0 General Information
Avantium N.V. (\u2018the Company\u2019) is a company incorporated and domiciled in the Netherlands , with its statutory seat at
Zekeringstraat 29-31, 1014 BV in Amsterdam . The Company is listed on Euronext Amsterdam and Brussels.
The consolidated financial statements of the Company for the year ended 31 December 2023 comprise of the Company
and its subsidiaries (together referred to as 'the group'). The Company is also the ultimate parent of the group.
The Company is primarily involved in developing and commercialising next generation bio-based plastics and chemicals
based on our unique technological capabilities in advanced catalysis research & development. Avantium also provides R&D
solutions in the field of sustainable chemistry and is the leading provider of advanced catalyst testing technology and
services to accelerate catalyst R&D.
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.
This means that the principles of the recognition and measurements of assets and liabilities and determination of the result
(hereafter 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 and the Company\u2019s equity.
These consolidated financial statements were approved for issue by both the Supervisory Board and the Management
Board on 25 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "N.V", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "Zekeringstraat 29-31, 1014 BV", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "developing and commercialising next generation bio-based plastics and chemicals based on our unique technological capabilities in advanced catalysis research & development. Avantium also provides R&D solutions in the field of sustainable chemistry and is the leading provider of advanced catalyst testing technology and services to accelerate catalyst R&D.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
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.
This means that the principles of the recognition and measurements of assets and liabilities and determination of the result
(hereafter 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 and the Company\u2019s equity.
The consolidated financial statements of Avantium N.V. have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. The consolidated financial statements have been prepared
under the historical cost convention unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
These consolidated financial statements were approved for issue by both the Supervisory Board and the Management
Board on 25 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
2.\u00a0 Summary of Material Accounting Policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1.\u00a0 Basis of Preparation
The consolidated financial statements of Avantium N.V. have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. The consolidated financial statements have been prepared
under the historical cost convention unless otherwise stated.
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
Due to its nature as a technology development company, with significant R&D expenses and negative cash flow used in
operating activities over the year ended on 31 December 2023 of \u20ac-31.7 million (31 December 2022: \u20ac-22.4 million),
Avantium remains dependent on additional external funding. Fundamental to Avantium\u2019s continuity are:
\u25a0 the completion and successful start-up of the FDCA Flagship Plant for Avantium Renewable Polymers, for which
financing was arranged and for which the Financial Close took place in April 2022;
\u25a0 refinancing or extension of the \u20ac105 million Debt Financing facility (plus accrued and capitalised interest) before 31
March 2025; and
\u25a0 the ongoing funding for Avantium as a group, excluding Avantium Renewable Polymers, which includes further
development of Avantium's other technologies.
On 13 December 2023 Avantium announced the intention to raise additional financing of \u20ac64.5m to fund, amongst others,
the anticipated cost increase for Avantium Renewable Polymers\u00a0 which covers the anticipated increase in construction costs
related to the FDCA Flagship Plant, for which Avantium contributes \u20ac42.9m. This financing is fully secured as Avantium
successfully completed a \u20ac70.0 million equity raise on the 8th of February 2024, also being one of the conditions for a \u20ac15.0
million Debt Financing facility increase .
If the Group is unable to refinance or extend its Debt Financing facility for the FDCA Flagship Plant of which repayment is
due on 31 March 2025, the Group may require additional funding or cash resources to provide the Group with sufficient
working capital after the twelve months following the date of the 2023 financial statements.
Failure to achieve sufficient funding in a timely fashion may result in the Company being unable to fulfil its obligations or to
fund working capital, all of which are necessary to execute the Company's strategy, retain contract partners, retain key
employees and meet our payment obligations. Accordingly, without timely funding, the Company's going concern is at risk.
These events indicate the existence of a material uncertainty that may cast significant doubt on Avantium\u2019s ability to
continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the
normal course of business.
In light of the above, management has assessed the going concern assumption, which is the basis on which Avantium\u2019s
consolidated financial statements for the year ended on 31 December 2023 have been prepared.
In this assessment management has considered the following: On 9 December 2021, Avantium announced that it had taken
a positive Final Investment Decision (FID) to construct the FDCA Flagship Plant. On 31 March 2022, Avantium announced
that it entered into a three-year Debt Financing facility of \u20ac90 million with a consortium of lenders for the financing of the
construction and the operational expenses until project completion date of the FDCA Flagship Plant of Avantium Renewable
Polymers. The consortium of lenders comprises four Dutch banks; (ABN AMRO Bank, ASN Bank, ING Bank and Rabobank)
and the government backed Dutch impact investment fund Invest-NL. Each bank had committed \u20ac15.0 million under the
Debt Financing facility, and Invest-NL had committed \u20ac30 million. The interest over this Debt Financing facility is EURIBOR
based and is, at today\u2019s rates, approximately 8% on an annualized basis over the amounts drawn and an annual
commitment fee of 2% over the aggregated committed and undrawn funding is charged to Avantium. With the \u20ac90 million
Debt Financing facility, Avantium Renewable Polymers had secured a total financing package of \u20ac192.5 million which
included \u20ac27.5 million in grants, \u20ac30.0 million in equity by minority shareholders Groningen consortium and Worley, \u20ac90.0
million in debt financing, and an equity investment of \u20ac45.0 million by Avantium in its subsidiary Avantium Renewable
Polymers.
On 13 December 2023, Avantium announced an anticipated increase in the costs for Avantium Renewable Polymers
business unit of \u20ac63.0 million to \u20ac255.0 million compared to the original estimate from December 2021. This anticipated cost
increase is based on a detailed and thorough assessment performed by Avantium and Worley and includes all reasonable
assumptions known to date. Although Avantium is reasonably confident in this assessment, we cannot exclude future
additional cost increases based on unforeseen circumstances materializing. The estimated total cost increase is planned to
be covered by an additional financing package of \u20ac64.5 million, comprising: (i) subordinated shareholder loans by minority
shareholders Groningen consortium and Worley of \u20ac2.5 million and \u20ac4.2 million respectively, (ii) an anticipated \u20ac15 million
increase of the Debt Financing facility by ABN AMRO Bank, ASN Bank, ING Bank and Rabobank, as well as Invest-NL,
adding to the existing \u20ac90.0 million Debt Financing facility (which was fully drawn by Q3 2023), and a \u20ac42.9 million
subordinated shareholder loan by Avantium N.V. The draw down of the additional \u20ac15 million under the Debt Financing
facility is subject to the fulfilment of certain conditions (other than customary conditions for a financing of this nature) that
Avantium and Avantium Renewable Polymers do not yet comply with at the date of this report. These conditions are that
Avantium (i) provides a liquidity forecast evidencing that Avantium has sufficient funds to meet the liquidity needs of
Avantium over the life of the Debt Financing facility, and (ii) has achieved mechanical completion of the Sugar Dehydration
Unit (SDH). If any of the aforementioned conditions are not met, Avantium will not be able to draw down the additional
\u20ac15.0 million.
The bank financing package provided by the lenders \u2013 both the original \u20ac90.0 million and the anticipated increase of \u20ac15.0
million will be non-amortizing and have a final maturity date of 31 March 2025. On this date, the full principal amount due
must be repaid, included all accrued and unpaid interest. Under the terms of the bank financing agreement, Avantium may
request two (2) extension options of up to 1 year each, which is subject to approval by the banks. Although it is likely that
the Company will initiate the process to request these extensions, on the date of this report it has not yet been discussed
with the banks.
Avantium's consolidated cash position was \u20ac35.2 million as at 31 December 2023, however these funds will be required to
fund the payments under the EPC contract to Worley, and the other operating costs of Avantium Renewable Polymers, as
well as the remaining business and support activities of Avantium. Having successfully completed the \u20ac70.0 million equity
raise, it is management's expectation that there is enough cash to fund ongoing operations and future capital expenditure
for a period of at least 15 months as of the balance sheet date of these 2023 financial statements, provided that the above-
mentioned repayment extensions are granted or alternative financing is secured.
Based on management's analyses and assessments, although a material uncertainty remains for the Company's going
concern due to the final maturity date of its Debt Financing facility of 31 March 2025, management believes it is appropriate
to prepare Avantium\u2019s consolidated financial statements for the period ended 31 December 2023 using the going concern
assumption.
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
There were no changes to the financial reporting requirements this year that affected the financial statements of the group.
In May 2021, the IASB issued amendments to IAS 12. The amendments require companies to recognize deferred tax on
transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
For the Company, this applies to transactions such as leases of lessees and decommissioning obligations and required the
recognition of deferred tax assets and liabilities. The amendments were effective for annual periods beginning on or after
January 1, 2023. As a result, the Company has accounted for deferred tax liabilities and deferred tax assets retrospectively
as at January 1, 2022. Since deferred tax assets for deductible temporary differences could only be recognized up to the
amount of available reversing taxable temporary differences, and resulting deferred tax and liabilities are offset for
presentation purposes, the implementation of this amendment did not have an impact on the Company\u2019s balance sheet as
at January 1, 2022, as well as at 31 December 2022 and 31 December 2023, nor the income statement of profit or loss for
2022 and 2023. Details on the deferred tax positions are disclosed in note 27.
In February 2021, the IASB issued amendments to IAS 8. The amendments clarify how companies should distinguish
changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in
accounting estimates are applied prospectively to future transactions and other future events,\u00a0 but changes in accounting
policies are generally applied retrospectively to past transactions and other past events as well as the current period.
The amendments are effective for annual periods beginning on or after 1 January 2023. These amendments had no
significant effect on the consolidated financial statements.\u00a0
New Standards, Amendments and Interpretations not yet Adopted
A number of new standards and amendments to standards and interpretations have been published that are not
mandatory for 31 December 2023 reporting periods and have not been early adopted by the Company. These standards are
not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future
transactions.
Use of Estimates
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.
2.1.3 Corrections of prior period misstatements
Four prior period misstatements were identified for which the comparative figures for the year ended 31 December 2022
have been restated. The nature of the restatements is as follows:
1. All borrowing costs were presented in the Consolidated Statement of Income as finance cost or corporate cost.
However, the Debt Financing facility agreement and certain lease liabilities were specifically entered into for the
construction of the FDCA Flagship Plant, and the FDCA Flagship Plant is a qualifying asset. Avantium has reassessed
the requirements for the capitalisation of borrowing costs and concluded that the borrowing costs are both directly
attributable and related to the qualifying asset and therefore should be capitalised. Additionally, upfront fees were paid
in accordance with the Debt Financing facility agreement. The upfront fee was erroneously recognised as finance
expense, as it related to the Debt Financing facility from which it was expected that these would be drawn in full, in line
with the project plan for the construction of the FDCA Flagship Plant. Management concluded that the upfront fee
should have been recognised as a prepayment and subsequently amortised as part of the effective interest of the loans
drawn from the Debt Financing facility from the point in time when the drawdown was done.
2. The sale of the non-controlling interest to Bio Plastics Investment Groningen BV was presented in the Statement of Cash
Flows as a cash flow from investing activities. As the Company retained control over its subsidiary, Avantium
Renewable Polymers B.V., the cash flow should be presented as a cash flow from financing activities.
3. The Company recognised an in-kind prepayment for services to be delivered under the engineering, procurement and
construction agreement for the FDCA Flagship Plant. The prepayment is set off against the invoices received from the
supplier, resulting in a lower cash out flow because of the net settlement. In the Consolidated Statement of Cash Flows,
the additions to property, plant and equipment have been restated to reflect such net settlements.
4. The Company recognised additions to Property, Plant and Equipment which had not been paid but were accrued for as
at 31 December 2022. However, the Consolidated Statement of Cash Flows showed such additions for which no cash
flow occurred yet in 2022.
These restatements have been reflected in the consolidated financial statements;\u00a0 their combined impact on the
comparatives, including earnings per share, are disclosed in the table below. These restatements did not impact the opening
balance as at 1 January 2022.
The impact of each restatement is disclosed in the table below:
Consolidated Statement of Financial Position
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
ASSETS
Non-current assets
Property, Plant and Equipment
60,394
511
511
60,906
Total non-current assets
87,561
511
511
88,073
Current assets
Trade and other receivables (prepayment)
8,035
1,040
1,040
9,075
Total current assets
74,472
1,040
1,040
75,512
Total assets
162,033
1,551
1,551
163,584
EQUITY
Equity attributable to owners of the parent
Accumulated losses
(206,748)
1,456
1,456
(205,291)
Non-controlling interest
10,042
395
395
10,437
Total equity
91,171
1,851
1,851
93,022
LIABILITIES
Non-current liabilities
Borrowings
12,856
(207)
(207)
12,649
Total non-current liabilities
36,993
(207)
(207)
36,786
Current liabilities
Trade and other payables
31,738
(93)
(93)
31,645
Total current liabilities
33,870
(93)
(93)
33,777
Total liabilities
70,863
(300)
(300)
70,563
Total equity and liabilities
162,033
1,551
1,551
163,585
Consolidated Statement of Profit or Loss and Comprehensive Income
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Patent, licenses, legal and advisory expenses
(6,766)
1,380
1,380
(5,386)
Net operating expenses
(43,138)
1,380
1,380
(41,758)
EBITDA
(17,687)
1,380
1,380
(16,307)
Operating loss
(26,265)
1,380
1,380
(24,885)
Net finance costs
(2,448)
471
471
(1,976)
Loss before income tax
(31,554)
1,851
1,851
(29,702)
Loss before for the year
(31,554)
1,851
1,851
(29,702)
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Loss attributable to:
Owners of the parent
(29,583)
1,456
1,456
(28,127)
Owners of Non-controlling interest
(1,970)
395
395
(1,575)
(31,554)
1,851
1,851
(29,702)
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Loss per share attributable to the ordinary equity
holders of the Company
Basic earnings per share
(0.80)
0.09
0.09
(0.71)
Diluted earnings per share
(0.80)
0.09
0.09
(0.71)
Consolidated Statement of Cash Flows
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
2. Sale of NCI
3. In-Kind
payments
4. Non-cash PPE
Restatement Total
31 December2022
(restated)
Cash flows from operating activities
Loss for the year
(31,554)
1,851
\u2014
\u2014
\u2014
1,851
(29,702)
Adjustment for:
\u25a0 Finance costs - net
2,448
(471)
\u2014
\u2014
\u2014
(471)
1,976
Changes in working capital (excluding exchange
differences on consolidation):
\u25a0 (Increase)/decrease in trade and other receivables
(1,422)
(1,340)
\u2014
\u2014
\u2014
(1,340)
(2,762)
\u25a0 Increase in trade and other payables
18,728
\u2014
\u2014
(3,750)
(5,921)
(9,671)
9,058
Other interest and bank charges
(1,554)
90
\u2014
\u2014
\u2014
90
(1,464)
Net cash used in operating activities
(1,404)
130
\u2014
(3,750)
(5,921)
(9,541)
(10,944)
Cash flows from investing activities
Purchases of property, plant and equipment (PPE)
(43,226)
(130)
\u2014
3,750
5,921
9,541
(33,686)
Transaction with non-controlling interest
20,002
\u2014
(20,002)
\u2014
\u2014
(20,002)
\u2014
Net cash used in investing activities
(23,399)
(130)
(20,002)
3,750
5,921
(10,461)
(33,860)
Cash flows from financing activities
Transaction with non-controlling interest
\u2014
\u2014
20,002
\u2014
\u2014
20,002
20,002
Net cash generated from financing activities
54,762
\u2014
20,002
\u2014
\u2014
20,002
74,764
2.2\u00a0 Consolidation
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.
They are de-consolidated from the date that control ceases.
The consolidated companies are listed below (indicating the consolidation percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V. Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Furanix Technologies B.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (100%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (100%)
\u25a0 Avantium Japan K.K., Tokyo (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to
the group\u2019s accounting policies.
2.2.2\u00a0 Changes in Ownership Interests in Subsidiaries Without
Change of Control
Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded
in equity. 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. The change
in shareholding did not result in Avantium N.V. losing control over the subsidiary Avantium Renewable Polymers B.V.
This resulted in an amount of \u20ac18.0 million to be presented as a movement in the Consolidated Statement of Changes
in Equity.
The details of the transactions between the equity participants are as follows:
(In Euro x 1,000)
31 March 2022
Consideration received
30,000
Increase in the non-controlling interest
(12,013)
Adjustment to equity attributable to owners of the parents
17,987
2.2.3\u00a0 Disposal of Subsidiaries
When the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when
control is lost with the change in carrying amount recognised in profit or loss. The fair value is 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
comprehensive other income are reclassified to profit or loss.
2.2.4\u00a0 Non-Controlling interest
Non-controlling interest are measured at their proportionate share of the acquiree's identifiable net assets at the date of
acquisition.
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.
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.
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 c omprehensive 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:
\u25a0 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance
sheet.
\u25a0 Income and expenses for each statement of comprehensive income are translated at the average exchange rates.
\u25a0 All resulting exchange differences are recognised as a separate component of other comprehensive income.
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.
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 pilot plant sites and FDCA Flagship Plant. 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 and includes capitalisation of decommissioning and restoration costs associated
with provisions for asset retirement (refer 2.19 Provisions).
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:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Machinery, laboratory equipment and vehicles
5 -10 years
\u25a0 Computer hardware
3 years
\u25a0 Office furniture and equipment
3-5 years
Management performed the yearly review of the useful life estimate and concluded the useful life of some the machinery,
laboratory equipment and vehicles should be increased to 10 years. The change in useful life will be applied prospectively
and it is not expected to have a material impact on subsequent periods.
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.
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:
\u25a0 It is technically feasible to complete the intangible asset so that it will be available for use or sale.
\u25a0 Management intends to complete the intangible asset and use or sell it.
\u25a0 There is an ability to use or sell the intangible asset.
\u25a0 It can be demonstrated how the intangible asset will generate probable future economic benefits.
\u25a0 Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset
are available.
\u25a0 The 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:
\u25a0 Intellectual property
5-20 years
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 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:
\u25a0 License rights
5-20 years
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.
2.8\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.
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.
2.10\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.
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.
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.
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.
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.
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.
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.
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 c omprehensive 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 and does not give rise to
equal taxable and deductible temporary differences. 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.
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 14. 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 14 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.
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.
A provision for restructuring is recognised after the group has approved a detailed and formal restructuring plan and the
restructuring has either commenced or been announced publicly.
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. A provision for decommissioning and
restoration costs is recognised (together with a corresponding amount as part of the related property, plant and equipment)
for legal or constructive obligations to dismantle an item of property, plant and equipment and to restore the site on which it
is located. Provisions for decommissioning and restoration costs are measured on the basis of the current requirements,
technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the
assets. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision
are reflected on a prospective basis, generally by adjustment to the carrying amount of the related property, plant and
equipment.
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.
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:
\u25a0 System parts
\u25a0 Consumables
\u25a0 Material offtake and collaboration agreements
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.
Deferred revenue is recognised when the the consideration has been received from the customer\u00a0 but the goods/services
have not been delivered and/or ownership has not yet transferred.
Construction Contracts
Revenue and expenses related to Flowrence\u00ae 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\u00ae 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\u00ae 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\u00ae 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 R&D Solutions 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.\u00a0
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.
Sale of Licenses
Avantium issues licenses to its intellectual property to customers in conjunction with design an engineering services.
Generally such licenses are not distinct from these services provided in connection with the licenses and as a consequence
they are accounted for as a single performance obligation. In addition, license contracts may contain additional support
services in the form of technical and SLA support. Such support services are considered as a separate performance
obligation as they are promises that are transferred separately to the customer and which the customer can benefit from
separately. License contract may also include the sale of goods which is recognised as a separate performance obligation.
License contracts typically include a combination of fixed (including upfront non-refundable payments) and variable
consideration. An estimate of variable consideration is included in the transaction price to the extent that it is highly
probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty
associated with the variable consideration is resolved. In addition, license contracts may include sales or usage-based
royalties. Such royalties are considered variable consideration which is recognised at the earlier of when the related
performance obligation is satisfied or when the sales or usage occurs.
The transaction price is allocated to the various performance obligations identified in the agreement based on their relative
stand-alone selling prices.
For the combination of the license and design and engineering services, revenue is generally recognised over time based on
the fact that the Company\u2019s performance does not create an asset with an alternative use and the Company is has an
enforceable right to payment for performance completed to date. Management measures the progress towards the
performance obligation in a way that most faithfully depicts the Company\u2019s performance, typically based on an input
measure of costs incurred compared to total expected costs.
With respect to such support services and the sale of goods, reference is made to the respective sections above which
describe the accounting applied to these performance obligations.
Contact Balances
Timing of payment of consideration by the customer from the supply of goods and services is based on the contractually
identified instalments. This could result, on a contract by contract basis, in the recognition of a contract asset or liability.
A contract asset represents the right to consideration in exchange for goods or services transferred to the customer, before
the customer pays consideration or before payment is due. In such circumstances, a contract asset is recognized for the
earned consideration that is conditional. A contract asset becomes a receivable when the Company\u2019s right to consideration
becomes unconditional, which is the case then only the passage of time is required before payment of the consideration is
due.
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. These amounts are reported as contract liabilities
on the balance sheet under the trade and other payables. Contract liabilities are recognized as revenue when the Company
satisfies the related performance obligation.
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.
2.22\u00a0 Leases
The group leases various offices and a vehicle . 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:
\u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u25a0 variable lease payments are based on an index or a rate - decommissioning costs; and
\u25a0 payments 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:
\u25a0 the amount of the initial measurement of the lease liability;
\u25a0 any lease payments made at or before the commencement date less any lease incentives received - any initial direct
costs; and
\u25a0 onerous 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.
2.23.\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.
2.23.1\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.
2.23.2\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.
2.23.3\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.
Interest income and interest expense is recognised in the income statement using the effective interest rate method, except
if it is accounted for as borrowing cost. Refer to note 2.24
2.24.\u00a0 Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use
or sale.
All interest payments relating to the loan are included in the Cash Flow Statement under Financing activities.
2.25\u00a0 Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing:
\u25a0 The profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares
\u25a0 By the weighted average number of ordinary shares outstanding during the financial year, excluding treasury shares
(note 15).
Diluted Earnings per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
\u25a0 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares
\u25a0 The weighted average number of additional ordinary shares that would have been outstanding assuming the
conversion of all dilutive potential ordinary shares .
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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
2.1.\u00a0 Basis of Preparation
The consolidated financial statements of Avantium N.V. have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. The consolidated financial statements have been prepared
under the historical cost convention unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
Due to its nature as a technology development company, with significant R&D expenses and negative cash flow used in
operating activities over the year ended on 31 December 2023 of \u20ac-31.7 million (31 December 2022: \u20ac-22.4 million),
Avantium remains dependent on additional external funding. Fundamental to Avantium\u2019s continuity are:
\u25a0 the completion and successful start-up of the FDCA Flagship Plant for Avantium Renewable Polymers, for which
financing was arranged and for which the Financial Close took place in April 2022;
\u25a0 refinancing or extension of the \u20ac105 million Debt Financing facility (plus accrued and capitalised interest) before 31
March 2025; and
\u25a0 the ongoing funding for Avantium as a group, excluding Avantium Renewable Polymers, which includes further
development of Avantium's other technologies.
On 13 December 2023 Avantium announced the intention to raise additional financing of \u20ac64.5m to fund, amongst others,
the anticipated cost increase for Avantium Renewable Polymers\u00a0 which covers the anticipated increase in construction costs
related to the FDCA Flagship Plant, for which Avantium contributes \u20ac42.9m. This financing is fully secured as Avantium
successfully completed a \u20ac70.0 million equity raise on the 8th of February 2024, also being one of the conditions for a \u20ac15.0
million Debt Financing facility increase .
If the Group is unable to refinance or extend its Debt Financing facility for the FDCA Flagship Plant of which repayment is
due on 31 March 2025, the Group may require additional funding or cash resources to provide the Group with sufficient
working capital after the twelve months following the date of the 2023 financial statements.
Failure to achieve sufficient funding in a timely fashion may result in the Company being unable to fulfil its obligations or to
fund working capital, all of which are necessary to execute the Company's strategy, retain contract partners, retain key
employees and meet our payment obligations. Accordingly, without timely funding, the Company's going concern is at risk.
These events indicate the existence of a material uncertainty that may cast significant doubt on Avantium\u2019s ability to
continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the
normal course of business.
In light of the above, management has assessed the going concern assumption, which is the basis on which Avantium\u2019s
consolidated financial statements for the year ended on 31 December 2023 have been prepared.
In this assessment management has considered the following: On 9 December 2021, Avantium announced that it had taken
a positive Final Investment Decision (FID) to construct the FDCA Flagship Plant. On 31 March 2022, Avantium announced
that it entered into a three-year Debt Financing facility of \u20ac90 million with a consortium of lenders for the financing of the
construction and the operational expenses until project completion date of the FDCA Flagship Plant of Avantium Renewable
Polymers. The consortium of lenders comprises four Dutch banks; (ABN AMRO Bank, ASN Bank, ING Bank and Rabobank)
and the government backed Dutch impact investment fund Invest-NL. Each bank had committed \u20ac15.0 million under the
Debt Financing facility, and Invest-NL had committed \u20ac30 million. The interest over this Debt Financing facility is EURIBOR
based and is, at today\u2019s rates, approximately 8% on an annualized basis over the amounts drawn and an annual
commitment fee of 2% over the aggregated committed and undrawn funding is charged to Avantium. With the \u20ac90 million
Debt Financing facility, Avantium Renewable Polymers had secured a total financing package of \u20ac192.5 million which
included \u20ac27.5 million in grants, \u20ac30.0 million in equity by minority shareholders Groningen consortium and Worley, \u20ac90.0
million in debt financing, and an equity investment of \u20ac45.0 million by Avantium in its subsidiary Avantium Renewable
Polymers.
On 13 December 2023, Avantium announced an anticipated increase in the costs for Avantium Renewable Polymers
business unit of \u20ac63.0 million to \u20ac255.0 million compared to the original estimate from December 2021. This anticipated cost
increase is based on a detailed and thorough assessment performed by Avantium and Worley and includes all reasonable
assumptions known to date. Although Avantium is reasonably confident in this assessment, we cannot exclude future
additional cost increases based on unforeseen circumstances materializing. The estimated total cost increase is planned to
be covered by an additional financing package of \u20ac64.5 million, comprising: (i) subordinated shareholder loans by minority
shareholders Groningen consortium and Worley of \u20ac2.5 million and \u20ac4.2 million respectively, (ii) an anticipated \u20ac15 million
increase of the Debt Financing facility by ABN AMRO Bank, ASN Bank, ING Bank and Rabobank, as well as Invest-NL,
adding to the existing \u20ac90.0 million Debt Financing facility (which was fully drawn by Q3 2023), and a \u20ac42.9 million
subordinated shareholder loan by Avantium N.V. The draw down of the additional \u20ac15 million under the Debt Financing
facility is subject to the fulfilment of certain conditions (other than customary conditions for a financing of this nature) that
Avantium and Avantium Renewable Polymers do not yet comply with at the date of this report. These conditions are that
Avantium (i) provides a liquidity forecast evidencing that Avantium has sufficient funds to meet the liquidity needs of
Avantium over the life of the Debt Financing facility, and (ii) has achieved mechanical completion of the Sugar Dehydration
Unit (SDH). If any of the aforementioned conditions are not met, Avantium will not be able to draw down the additional
\u20ac15.0 million.
The bank financing package provided by the lenders \u2013 both the original \u20ac90.0 million and the anticipated increase of \u20ac15.0
million will be non-amortizing and have a final maturity date of 31 March 2025. On this date, the full principal amount due
must be repaid, included all accrued and unpaid interest. Under the terms of the bank financing agreement, Avantium may
request two (2) extension options of up to 1 year each, which is subject to approval by the banks. Although it is likely that
the Company will initiate the process to request these extensions, on the date of this report it has not yet been discussed
with the banks.
Avantium's consolidated cash position was \u20ac35.2 million as at 31 December 2023, however these funds will be required to
fund the payments under the EPC contract to Worley, and the other operating costs of Avantium Renewable Polymers, as
well as the remaining business and support activities of Avantium. Having successfully completed the \u20ac70.0 million equity
raise, it is management's expectation that there is enough cash to fund ongoing operations and future capital expenditure
for a period of at least 15 months as of the balance sheet date of these 2023 financial statements, provided that the above-
mentioned repayment extensions are granted or alternative financing is secured.
Based on management's analyses and assessments, although a material uncertainty remains for the Company's going
concern due to the final maturity date of its Debt Financing facility of 31 March 2025, management believes it is appropriate
to prepare Avantium\u2019s consolidated financial statements for the period ended 31 December 2023 using the going concern
assumption.
Going Concern
For the critical accounting judgment with regard to the going concern situation and assumption, see note 2.1.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
There were no changes to the financial reporting requirements this year that affected the financial statements of the group.
In May 2021, the IASB issued amendments to IAS 12. The amendments require companies to recognize deferred tax on
transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
For the Company, this applies to transactions such as leases of lessees and decommissioning obligations and required the
recognition of deferred tax assets and liabilities. The amendments were effective for annual periods beginning on or after
January 1, 2023. As a result, the Company has accounted for deferred tax liabilities and deferred tax assets retrospectively
as at January 1, 2022. Since deferred tax assets for deductible temporary differences could only be recognized up to the
amount of available reversing taxable temporary differences, and resulting deferred tax and liabilities are offset for
presentation purposes, the implementation of this amendment did not have an impact on the Company\u2019s balance sheet as
at January 1, 2022, as well as at 31 December 2022 and 31 December 2023, nor the income statement of profit or loss for
2022 and 2023. Details on the deferred tax positions are disclosed in note 27.
In February 2021, the IASB issued amendments to IAS 8. The amendments clarify how companies should distinguish
changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in
accounting estimates are applied prospectively to future transactions and other future events,\u00a0 but changes in accounting
policies are generally applied retrospectively to past transactions and other past events as well as the current period.
The amendments are effective for annual periods beginning on or after 1 January 2023. These amendments had no
significant effect on the consolidated financial statements.\u00a0
New Standards, Amendments and Interpretations not yet Adopted
A number of new standards and amendments to standards and interpretations have been published that are not
mandatory for 31 December 2023 reporting periods and have not been early adopted by the Company. These standards are
not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future
transactions.
Use of Estimates
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
There were no changes to the financial reporting requirements this year that affected the financial statements of the group.
In May 2021, the IASB issued amendments to IAS 12. The amendments require companies to recognize deferred tax on
transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
For the Company, this applies to transactions such as leases of lessees and decommissioning obligations and required the
recognition of deferred tax assets and liabilities. The amendments were effective for annual periods beginning on or after
January 1, 2023. As a result, the Company has accounted for deferred tax liabilities and deferred tax assets retrospectively
as at January 1, 2022. Since deferred tax assets for deductible temporary differences could only be recognized up to the
amount of available reversing taxable temporary differences, and resulting deferred tax and liabilities are offset for
presentation purposes, the implementation of this amendment did not have an impact on the Company\u2019s balance sheet as
at January 1, 2022, as well as at 31 December 2022 and 31 December 2023, nor the income statement of profit or loss for
2022 and 2023. Details on the deferred tax positions are disclosed in note 27.
In February 2021, the IASB issued amendments to IAS 8. The amendments clarify how companies should distinguish
changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in
accounting estimates are applied prospectively to future transactions and other future events,\u00a0 but changes in accounting
policies are generally applied retrospectively to past transactions and other past events as well as the current period.
The amendments are effective for annual periods beginning on or after 1 January 2023. These amendments had no
significant effect on the consolidated financial statements.\u00a0
New Standards, Amendments and Interpretations not yet Adopted
A number of new standards and amendments to standards and interpretations have been published that are not
mandatory for 31 December 2023 reporting periods and have not been early adopted by the Company. These standards are
not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future
transactions.
Use of Estimates
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
2.1.3 Corrections of prior period misstatements
Four prior period misstatements were identified for which the comparative figures for the year ended 31 December 2022
have been restated. The nature of the restatements is as follows:
1. All borrowing costs were presented in the Consolidated Statement of Income as finance cost or corporate cost.
However, the Debt Financing facility agreement and certain lease liabilities were specifically entered into for the
construction of the FDCA Flagship Plant, and the FDCA Flagship Plant is a qualifying asset. Avantium has reassessed
the requirements for the capitalisation of borrowing costs and concluded that the borrowing costs are both directly
attributable and related to the qualifying asset and therefore should be capitalised. Additionally, upfront fees were paid
in accordance with the Debt Financing facility agreement. The upfront fee was erroneously recognised as finance
expense, as it related to the Debt Financing facility from which it was expected that these would be drawn in full, in line
with the project plan for the construction of the FDCA Flagship Plant. Management concluded that the upfront fee
should have been recognised as a prepayment and subsequently amortised as part of the effective interest of the loans
drawn from the Debt Financing facility from the point in time when the drawdown was done.
2. The sale of the non-controlling interest to Bio Plastics Investment Groningen BV was presented in the Statement of Cash
Flows as a cash flow from investing activities. As the Company retained control over its subsidiary, Avantium
Renewable Polymers B.V., the cash flow should be presented as a cash flow from financing activities.
3. The Company recognised an in-kind prepayment for services to be delivered under the engineering, procurement and
construction agreement for the FDCA Flagship Plant. The prepayment is set off against the invoices received from the
supplier, resulting in a lower cash out flow because of the net settlement. In the Consolidated Statement of Cash Flows,
the additions to property, plant and equipment have been restated to reflect such net settlements.
4. The Company recognised additions to Property, Plant and Equipment which had not been paid but were accrued for as
at 31 December 2022. However, the Consolidated Statement of Cash Flows showed such additions for which no cash
flow occurred yet in 2022.
These restatements have been reflected in the consolidated financial statements;\u00a0 their combined impact on the
comparatives, including earnings per share, are disclosed in the table below. These restatements did not impact the opening
balance as at 1 January 2022.
The impact of each restatement is disclosed in the table below:
Consolidated Statement of Financial Position
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
ASSETS
Non-current assets
Property, Plant and Equipment
60,394
511
511
60,906
Total non-current assets
87,561
511
511
88,073
Current assets
Trade and other receivables (prepayment)
8,035
1,040
1,040
9,075
Total current assets
74,472
1,040
1,040
75,512
Total assets
162,033
1,551
1,551
163,584
EQUITY
Equity attributable to owners of the parent
Accumulated losses
(206,748)
1,456
1,456
(205,291)
Non-controlling interest
10,042
395
395
10,437
Total equity
91,171
1,851
1,851
93,022
LIABILITIES
Non-current liabilities
Borrowings
12,856
(207)
(207)
12,649
Total non-current liabilities
36,993
(207)
(207)
36,786
Current liabilities
Trade and other payables
31,738
(93)
(93)
31,645
Total current liabilities
33,870
(93)
(93)
33,777
Total liabilities
70,863
(300)
(300)
70,563
Total equity and liabilities
162,033
1,551
1,551
163,585
Consolidated Statement of Profit or Loss and Comprehensive Income
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Patent, licenses, legal and advisory expenses
(6,766)
1,380
1,380
(5,386)
Net operating expenses
(43,138)
1,380
1,380
(41,758)
EBITDA
(17,687)
1,380
1,380
(16,307)
Operating loss
(26,265)
1,380
1,380
(24,885)
Net finance costs
(2,448)
471
471
(1,976)
Loss before income tax
(31,554)
1,851
1,851
(29,702)
Loss before for the year
(31,554)
1,851
1,851
(29,702)
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Loss attributable to:
Owners of the parent
(29,583)
1,456
1,456
(28,127)
Owners of Non-controlling interest
(1,970)
395
395
(1,575)
(31,554)
1,851
1,851
(29,702)
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
Restatement Total
31 December2022
(restated)
Loss per share attributable to the ordinary equity
holders of the Company
Basic earnings per share
(0.80)
0.09
0.09
(0.71)
Diluted earnings per share
(0.80)
0.09
0.09
(0.71)
Consolidated Statement of Cash Flows
(In Euro x 1,000)
As previously
reported at 31
December 2022
1 .Borrowing Cost
2. Sale of NCI
3. In-Kind
payments
4. Non-cash PPE
Restatement Total
31 December2022
(restated)
Cash flows from operating activities
Loss for the year
(31,554)
1,851
\u2014
\u2014
\u2014
1,851
(29,702)
Adjustment for:
\u25a0 Finance costs - net
2,448
(471)
\u2014
\u2014
\u2014
(471)
1,976
Changes in working capital (excluding exchange
differences on consolidation):
\u25a0 (Increase)/decrease in trade and other receivables
(1,422)
(1,340)
\u2014
\u2014
\u2014
(1,340)
(2,762)
\u25a0 Increase in trade and other payables
18,728
\u2014
\u2014
(3,750)
(5,921)
(9,671)
9,058
Other interest and bank charges
(1,554)
90
\u2014
\u2014
\u2014
90
(1,464)
Net cash used in operating activities
(1,404)
130
\u2014
(3,750)
(5,921)
(9,541)
(10,944)
Cash flows from investing activities
Purchases of property, plant and equipment (PPE)
(43,226)
(130)
\u2014
3,750
5,921
9,541
(33,686)
Transaction with non-controlling interest
20,002
\u2014
(20,002)
\u2014
\u2014
(20,002)
\u2014
Net cash used in investing activities
(23,399)
(130)
(20,002)
3,750
5,921
(10,461)
(33,860)
Cash flows from financing activities
Transaction with non-controlling interest
\u2014
\u2014
20,002
\u2014
\u2014
20,002
20,002
Net cash generated from financing activities
54,762
\u2014
20,002
\u2014
\u2014
20,002
74,764
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.
They are de-consolidated from the date that control ceases.
The consolidated companies are listed below (indicating the consolidation percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V. Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Furanix Technologies B.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (100%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (100%)
\u25a0 Avantium Japan K.K., Tokyo (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to
the group\u2019s accounting policies.
2.2.2\u00a0 Changes in Ownership Interests in Subsidiaries Without
Change of Control
Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded
in equity. 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. The change
in shareholding did not result in Avantium N.V. losing control over the subsidiary Avantium Renewable Polymers B.V.
This resulted in an amount of \u20ac18.0 million to be presented as a movement in the Consolidated Statement of Changes
in Equity.
The details of the transactions between the equity participants are as follows:
(In Euro x 1,000)
31 March 2022
Consideration received
30,000
Increase in the non-controlling interest
(12,013)
Adjustment to equity attributable to owners of the parents
17,987
2.2.3\u00a0 Disposal of Subsidiaries
When the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when
control is lost with the change in carrying amount recognised in profit or loss. The fair value is 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
comprehensive other income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.
They are de-consolidated from the date that control ceases.
The consolidated companies are listed below (indicating the consolidation percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V. Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Furanix Technologies B.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (100%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (100%)
\u25a0 Avantium Japan K.K., Tokyo (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to
the group\u2019s accounting policies.
2.2.2\u00a0 Changes in Ownership Interests in Subsidiaries Without
Change of Control
Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded
in equity. 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. The change
in shareholding did not result in Avantium N.V. losing control over the subsidiary Avantium Renewable Polymers B.V.
This resulted in an amount of \u20ac18.0 million to be presented as a movement in the Consolidated Statement of Changes
in Equity.
The details of the transactions between the equity participants are as follows:
(In Euro x 1,000)
31 March 2022
Consideration received
30,000
Increase in the non-controlling interest
(12,013)
Adjustment to equity attributable to owners of the parents
17,987
2.2.3\u00a0 Disposal of Subsidiaries
When the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when
control is lost with the change in carrying amount recognised in profit or loss. The fair value is 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
comprehensive other income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.
They are de-consolidated from the date that control ceases.
The consolidated companies are listed below (indicating the consolidation percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V. Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Furanix Technologies B.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (100%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (100%)
\u25a0 Avantium Japan K.K., Tokyo (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to
the group\u2019s accounting policies.
2.2.2\u00a0 Changes in Ownership Interests in Subsidiaries Without
Change of Control
Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded
in equity. 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. The change
in shareholding did not result in Avantium N.V. losing control over the subsidiary Avantium Renewable Polymers B.V.
This resulted in an amount of \u20ac18.0 million to be presented as a movement in the Consolidated Statement of Changes
in Equity.
The details of the transactions between the equity participants are as follows:
(In Euro x 1,000)
31 March 2022
Consideration received
30,000
Increase in the non-controlling interest
(12,013)
Adjustment to equity attributable to owners of the parents
17,987
2.2.3\u00a0 Disposal of Subsidiaries
When the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when
control is lost with the change in carrying amount recognised in profit or loss. The fair value is 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
comprehensive other income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
2.2.4\u00a0 Non-Controlling interest
Non-controlling interest are measured at their proportionate share of the acquiree's identifiable net assets at the date of
acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 c omprehensive 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:
\u25a0 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance
sheet.
\u25a0 Income and expenses for each statement of comprehensive income are translated at the average exchange rates.
\u25a0 All resulting exchange differences are recognised as a separate component of other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 14 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.
The group recognised license revenue over time. The group measures it performance towards completion of the
performance obligation based on an output measure of surveys of work performed compared to the overall project timeline.
This measures is deemed to represent the patter of transfer of control to the customer since the work performed is of a
technical nature. The group assesses on an ongoing basis whether the estimated project timeline is still in line with
expectations and will make adjustments should there be a delay or faster progression than initially estimated.
Going Concern
For the critical accounting judgment with regard to the going concern situation and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 pilot plant sites and FDCA Flagship Plant. 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 and includes capitalisation of decommissioning and restoration costs associated
with provisions for asset retirement (refer 2.19 Provisions).
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:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Machinery, laboratory equipment and vehicles
5 -10 years
\u25a0 Computer hardware
3 years
\u25a0 Office furniture and equipment
3-5 years
Management performed the yearly review of the useful life estimate and concluded the useful life of some the machinery,
laboratory equipment and vehicles should be increased to 10 years. The change in useful life will be applied prospectively
and it is not expected to have a material impact on subsequent periods.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Machinery, laboratory equipment and vehicles
5 -10 years
\u25a0 Computer hardware
3 years
\u25a0 Office furniture and equipment
3-5 years
Management performed the yearly review of the useful life estimate and concluded the useful life of some the machinery,
laboratory equipment and vehicles should be increased to 10 years. The change in useful life will be applied prospectively
and it is not expected to have a material impact on subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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:
\u25a0 It is technically feasible to complete the intangible asset so that it will be available for use or sale.
\u25a0 Management intends to complete the intangible asset and use or sell it.
\u25a0 There is an ability to use or sell the intangible asset.
\u25a0 It can be demonstrated how the intangible asset will generate probable future economic benefits.
\u25a0 Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset
are available.
\u25a0 The 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:
\u25a0 Intellectual property
5-20 years
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 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:
\u25a0 License rights
5-20 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
2.23.\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.
2.23.1\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.
2.23.2\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 c omprehensive 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 and does not give rise to
equal taxable and deductible temporary differences. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 and does not give rise to
equal taxable and deductible temporary differences. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 14. 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 14 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
A provision for restructuring is recognised after the group has approved a detailed and formal restructuring plan and the
restructuring has either commenced or been announced publicly.
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. A provision for decommissioning and
restoration costs is recognised (together with a corresponding amount as part of the related property, plant and equipment)
for legal or constructive obligations to dismantle an item of property, plant and equipment and to restore the site on which it
is located. Provisions for decommissioning and restoration costs are measured on the basis of the current requirements,
technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the
assets. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision
are reflected on a prospective basis, generally by adjustment to the carrying amount of the related property, plant and
equipment.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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:
\u25a0 System parts
\u25a0 Consumables
\u25a0 Material offtake and collaboration agreements
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.
Deferred revenue is recognised when the the consideration has been received from the customer\u00a0 but the goods/services
have not been delivered and/or ownership has not yet transferred.
Construction Contracts
Revenue and expenses related to Flowrence\u00ae 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\u00ae 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\u00ae 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\u00ae 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 R&D Solutions 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.\u00a0
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.
Sale of Licenses
Avantium issues licenses to its intellectual property to customers in conjunction with design an engineering services.
Generally such licenses are not distinct from these services provided in connection with the licenses and as a consequence
they are accounted for as a single performance obligation. In addition, license contracts may contain additional support
services in the form of technical and SLA support. Such support services are considered as a separate performance
obligation as they are promises that are transferred separately to the customer and which the customer can benefit from
separately. License contract may also include the sale of goods which is recognised as a separate performance obligation.
License contracts typically include a combination of fixed (including upfront non-refundable payments) and variable
consideration. An estimate of variable consideration is included in the transaction price to the extent that it is highly
probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty
associated with the variable consideration is resolved. In addition, license contracts may include sales or usage-based
royalties. Such royalties are considered variable consideration which is recognised at the earlier of when the related
performance obligation is satisfied or when the sales or usage occurs.
The transaction price is allocated to the various performance obligations identified in the agreement based on their relative
stand-alone selling prices.
For the combination of the license and design and engineering services, revenue is generally recognised over time based on
the fact that the Company\u2019s performance does not create an asset with an alternative use and the Company is has an
enforceable right to payment for performance completed to date. Management measures the progress towards the
performance obligation in a way that most faithfully depicts the Company\u2019s performance, typically based on an input
measure of costs incurred compared to total expected costs.
With respect to such support services and the sale of goods, reference is made to the respective sections above which
describe the accounting applied to these performance obligations.
Contact Balances
Timing of payment of consideration by the customer from the supply of goods and services is based on the contractually
identified instalments. This could result, on a contract by contract basis, in the recognition of a contract asset or liability.
A contract asset represents the right to consideration in exchange for goods or services transferred to the customer, before
the customer pays consideration or before payment is due. In such circumstances, a contract asset is recognized for the
earned consideration that is conditional. A contract asset becomes a receivable when the Company\u2019s right to consideration
becomes unconditional, which is the case then only the passage of time is required before payment of the consideration is
due.
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. These amounts are reported as contract liabilities
on the balance sheet under the trade and other payables. Contract liabilities are recognized as revenue when the Company
satisfies the related performance obligation.
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.
The group recognised license revenue over time. The group measures it performance towards completion of the
performance obligation based on an output measure of surveys of work performed compared to the overall project timeline.
This measures is deemed to represent the patter of transfer of control to the customer since the work performed is of a
technical nature. The group assesses on an ongoing basis whether the estimated project timeline is still in line with
expectations and will make adjustments should there be a delay or faster progression than initially estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "value": "
2.22\u00a0 Leases
The group leases various offices and a vehicle . 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:
\u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u25a0 variable lease payments are based on an index or a rate - decommissioning costs; and
\u25a0 payments 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:
\u25a0 the amount of the initial measurement of the lease liability;
\u25a0 any lease payments made at or before the commencement date less any lease incentives received - any initial direct
costs; and
\u25a0 onerous 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "value": "
2.23.\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.
2.23.1\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.
2.23.2\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "value": "
2.23.2\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "
2.23.2\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "
2.23.3\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.
Interest income and interest expense is recognised in the income statement using the effective interest rate method, except
if it is accounted for as borrowing cost. Refer to note 2.24", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "recognised in the income statement using the effective interest rate method, except if it is accounted for as borrowing cost. Refer to note 2.24
2.24.\u00a0 Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use
or sale.
All interest payments relating to the loan are included in the Cash Flow Statement under Financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "
2.25\u00a0 Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing:
\u25a0 The profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares
\u25a0 By the weighted average number of ordinary shares outstanding during the financial year, excluding treasury shares
(note 15).
Diluted Earnings per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
\u25a0 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares
\u25a0 The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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
Non-Current Financial assets as at December 31:
in Euro x 1,000
Notes
2023
2022
(restated)
Prepayment
9
\u2014
15,248
Non-Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2023
2022
(restated)
Borrowings
17
86,602
12,649
Shareholder loan
18
12,603
\u2014
Lease liabilities
7
8,326
10,046
Financial liability
20
13,609
14,091
Current Financial assets as at December 31:
in Euro x 1,000
Notes
2023
2022
(restated)
Trade receivables
9
3,793
2,634
Prepayment
9
1,807
2,219
Other receivables
9
7,018
4,372
Cash and cash equivalents
10
35,216
64,870
Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2023
2022
(restated)
Trade payables
16
12,133
8,628
Other liabilities
16
27,294
14,521
Lease liabilities
7
2,139
1,897
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 16 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 17). As at 31 December 2023 the
borrowings of the Company consisted of five drawdowns on a three-year Debt Financing facility agreement amounting to
\u20ac90.0 million (2022: \u20ac15 million). This Debt Financing facility agreement is based on EURIBOR. The accrued cash and PIK
interest expense at 31 December 2023 amounted to \u20ac4.4 million (2022: \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 2023, with all other variables held
constant, net interest expenses for the year would have been \u20ac306,326 higher (2022: \u20ac8,125). 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 $0 (2022: $3,000). The group had no trade receivables in another
foreign currency. The group had outstanding trade payables in US dollars of $88,000 (2022: $65,000), in British pound of
\u00a37,000 (2022: \u00a313,000) and in Japanese Yen of \u00a5601,000 (2022: \u00a5347,000).
If at 31 December 2023, the euro had weakened by 10% against the US dollar with all other variables held constant, post-
tax loss for the year would have been \u20ac9,000 higher (2022: \u20ac6,000 higher). The US dollar cash position as at 31 December
2023 is $68,134 (2022: $19,039). The Japanese Yen cash position as at 31 December 2023 is \u00a57,572,633 (2022:
\u00a52,907,000). The group had no cash position in other foreign currencies.
Credit Risk
Credit risk is managed on group basis. The group does have a significant concentration of credit risk and is limited to
outstanding trade receivables, cash and cash equivalents. On 31 December 2023, the largest single client exposure
consisted of 61% of the outstanding trade receivables, having received the amount in January 2024. 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 2023, \u20ac150,000 (2022: \u20ac0) of trade or other receivables was written off; \u20ac1,847,000 was past due, of which 88% had
been paid before 4 March 2024.
The amount of trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2023
2022
(restated)
Less than 3 months past due
1,760
1,425
Between 3 and 6 months past due
79
65
More than 6 months past due
7
347
1,846
1,837
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.
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a repayment
plan with the group, and a failure to make contractual payment for a period of greater than 6 months past due.
Management has therefore concluded that a provision of doubtful debt of \u20ac228,000 (2022: \u20ac150,000) on the trade
receivables had to be recognised as at 31 December 2023.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.
The group does not hold any collateral as security. The long-term credit ratings of banks used by the group, as at 31
December 2023 at Moody\u2019s and S&P subsequently, are as follows. Group funds are held at Rabobank with a long-term
credit rating of Aa2 and A+, ABN AMRO Bank with a long-term credit rating of between Aa3 and A, and at ING Bank with a
long-term credit rating between A- and A+.
Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions.
The table below analyses the group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at
the balance sheet to the contractual maturity. The amounts disclosed in the table are the contractual discounted cash flows
for continuing operations. The specific time buckets are not mandated by the standard but are based on a choice of
management. The tables include both interest and principal cash flows:
As at December 31, 2023:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
\u2014
(92,500)
\u2014
\u2014
(92,500)
Shareholder loan
\u2014
(12,603)
\u2014
\u2014
(12,603)
Lease liabilities
(2,404)
(2,945)
(4,997)
(1,188)
(11,534)
Financial liability
(13,609)
\u2014
\u2014
\u2014
(13,609)
Trade payables
(12,133)
\u2014
\u2014
\u2014
(12,133)
Other current liabilities
(27,294)
\u2014
\u2014
\u2014
(27,294)
(55,440)
(108,049)
(4,997)
(1,188)
(169,674)
As at December 31, 2022 (restated):
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
\u2014
\u2014
(15,000)
\u2014
(15,000)
Lease liabilities
(2,200)
(2,049)
(6,877)
(2,072)
(13,198)
Financial liability
(14,091)
\u2014
\u2014
\u2014
(14,091)
Trade payables
(8,628)
\u2014
\u2014
\u2014
(8,628)
Other current liabilities
(14,521)
\u2014
\u2014
\u2014
(14,521)
(39,440)
(2,049)
(21,877)
(2,072)
(65,438)
All financial assets and financial liabilities are measured at amortised cost, except for the financial liability for the warrants
which is carried at Fair Value through Profit or Loss. The carrying amounts of these financial liabilities are assumed to
approximate their fair values.
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:
\u25a0 Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u25a0 Minus 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:
in Euro x 1,000
2023
2022
(restated)
Equity attributable to owners of the parent
46,173
82,584
Intangible assets
(2,323)
(1,974)
Adjusted equity total
43,850
80,610
Adjusted balance sheet total
226,163
161,611
Adjusted solvency ratio
19%
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "
Credit Risk
Credit risk is managed on group basis. The group does have a significant concentration of credit risk and is limited to
outstanding trade receivables, cash and cash equivalents. On 31 December 2023, the largest single client exposure
consisted of 61% of the outstanding trade receivables, having received the amount in January 2024. 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 2023, \u20ac150,000 (2022: \u20ac0) of trade or other receivables was written off; \u20ac1,847,000 was past due, of which 88% had
been paid before 4 March 2024.
The amount of trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2023
2022
(restated)
Less than 3 months past due
1,760
1,425
Between 3 and 6 months past due
79
65
More than 6 months past due
7
347
1,846
1,837
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.
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include, amongst others, the failure of a customer to engage in a repayment
plan with the group, and a failure to make contractual payment for a period of greater than 6 months past due.
Management has therefore concluded that a provision of doubtful debt of \u20ac228,000 (2022: \u20ac150,000) on the trade
receivables had to be recognised as at 31 December 2023.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.
The group does not hold any collateral as security. The long-term credit ratings of banks used by the group, as at 31
December 2023 at Moody\u2019s and S&P subsequently, are as follows. Group funds are held at Rabobank with a long-term
credit rating of Aa2 and A+, ABN AMRO Bank with a long-term credit rating of between Aa3 and A, and at ING Bank with a
long-term credit rating between A- and A+.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-384": { "value": "
Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions.
The table below analyses the group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at
the balance sheet to the contractual maturity. The amounts disclosed in the table are the contractual discounted cash flows
for continuing operations. The specific time buckets are not mandated by the standard but are based on a choice of
management. The tables include both interest and principal cash flows:
As at December 31, 2023:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
\u2014
(92,500)
\u2014
\u2014
(92,500)
Shareholder loan
\u2014
(12,603)
\u2014
\u2014
(12,603)
Lease liabilities
(2,404)
(2,945)
(4,997)
(1,188)
(11,534)
Financial liability
(13,609)
\u2014
\u2014
\u2014
(13,609)
Trade payables
(12,133)
\u2014
\u2014
\u2014
(12,133)
Other current liabilities
(27,294)
\u2014
\u2014
\u2014
(27,294)
(55,440)
(108,049)
(4,997)
(1,188)
(169,674)
As at December 31, 2022 (restated):
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
\u2014
\u2014
(15,000)
\u2014
(15,000)
Lease liabilities
(2,200)
(2,049)
(6,877)
(2,072)
(13,198)
Financial liability
(14,091)
\u2014
\u2014
\u2014
(14,091)
Trade payables
(8,628)
\u2014
\u2014
\u2014
(8,628)
Other current liabilities
(14,521)
\u2014
\u2014
\u2014
(14,521)
(39,440)
(2,049)
(21,877)
(2,072)
(65,438)
All financial assets and financial liabilities are measured at amortised cost, except for the financial liability for the warrants
which is carried at Fair Value through Profit or Loss. The carrying amounts of these financial liabilities are assumed to
approximate their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-386": { "value": "
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:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "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:
\u25a0 Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u25a0 Minus 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:
in Euro x 1,000
2023
2022
(restated)
Equity attributable to owners of the parent
46,173
82,584
Intangible assets
(2,323)
(1,974)
Adjusted equity total
43,850
80,610
Adjusted balance sheet total
226,163
161,611
Adjusted solvency ratio
19%
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "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 14 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-390": { "value": "
5.\u00a0 Property, Plant and Equipment
in Euro x 1,000
Leasehold improvements
Laboratory equipment
Hardware
Office furniture and equipment
Construction in progress
Total
At 1 January 2022
Cost
26,209
34,743
3,229
2,131
6,777
73,089
Accumulated depreciation
(15,682)
(29,094)
(2,893)
(2,096)
\u2014
(49,765)
Net book amount
10,528
5,649
336
34
6,777
23,324
Year ended 31 December 2022
Opening net book amount
10,528
5,649
336
34
6,777
23,324
Additions
48
21
75
76
43,006
43,226
Restated borrowing costs
\u2014
\u2014
\u2014
\u2014
511
511
Transfers
\u2014
107
3
\u2014
(110)
\u2014
Impairment charge
(355)
(66)
(11)
(3)
\u2014
(435)
Depreciation charge
(3,501)
(2,018)
(161)
(42)
\u2014
(5,721)
Closing net book amount
6,720
3,693
242
66
50,184
60,906
At At 31 December 2022 (restated)
Cost
25,902
34,805
3,296
2,204
50,184
116,391
Accumulated depreciation
(19,183)
(31,112)
(3,054)
(2,138)
\u2014
(55,486)
Net book amount
6,719
3,693
242
66
50,184
60,906
Year ended 31 December 2023
Opening net book amount (restated)
6,719
3,693
242
66
50,184
60,906
Additions
208
557
135
\u2014
98,476
99,3761
Borrowing costs
\u2014
\u2014
\u2014
\u2014
11,587
11,5872
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers
360
176
43
\u2014
(578)
\u2014
Accumulated depreciation on disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Impairment charge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation charge
(2,960)
(1,789)
(90)
(20)
\u2014
(4,859)
Reclassification to asset held for sale -cost
(8,930)
(914)
(50)
(12)
(163)
(10,068)
Reclassification to asset held for sale - accumulated depreciation
6,487
658
21
12
\u2014
7,179
Closing net book amount
1,885
2,382
301
47
159,506
164,121
At 31 December 2023
Cost
17,540
34,624
3,424
2,192
159,506
217,286
Accumulated depreciation
(15,655)
(32,242)
(3,123)
(2,145)
\u2014
(53,166)
Net book amount
1,885
2,382
301
47
159,506
164,121
The additions in property plant and equipment during 2023 predominantly related to investments made by the Avantium Renewable Polymers segment in the construction of the FDCA Flagship Plant. 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 leasehold improvements and revenue-generating project machinery. The borrowing cost capitalised includes the interest on leases of the FDCA Flagship Plant, Payment in Kind Interest, Cash interest and Effective interest on the Debt Financing facility, interest on the Fonds Nieuwe Doen Loan and the upfront fee.
In 2023, no impairments were recorded. The property, plant and equipment of \u20ac164,121 ,000 are pledged under the Debt Financing facility (refer to note 17).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-391": { "value": "
6.\u00a0 Intangible Assets
(In Euro x 1,000)
Development costs
Software
Intellectual
Property
License rights
Other
Total
At 1 January 2022
Cost
2,159
7,199
433
1,326
1,064
12,180
Accumulated amortisation and impairment
(2,159)
(7,199)
\u2014
\u2014
(987)
(10,345)
Net book amount
\u2014
\u2014
433
1,326
77
1,835
Year ended 31 December 2022
Opening net book amount
\u2014
\u2014
433
1,326
77
1,835
Additions
\u2014
174
\u2014
\u2014
\u2014
174
Amortisation charge
\u2014
(35)
\u2014
\u2014
\u2014
(35)
Closing net book amount
\u2014
216
433
1,326
\u2014
1,974
At 31 December 2022
Cost
2,159
7,450
433
1,326
987
12,355
Accumulated amortisation and impairment
(2,159)
(7,234)
\u2014
\u2014
(987)
(10,380)
Net book amount
\u2014
216
433
1,326
\u2014
1,974
Year ended 31 December 2023
Opening net book amount
\u2014
216
433
1,326
\u2014
1,974
Additions
\u2014
298
\u2014
\u2014
151
449
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortization charge
\u2014
(91)
\u2014
\u2014
\u2014
(91)
Reclassification to asset held for sale - cost
\u2014
(33)
\u2014
\u2014
\u2014
(33)
Reclassification to asset held for sale -
accumulated depreciation
\u2014
24
\u2014
\u2014
\u2014
24
Closing net book amount
\u2014
413
433
1,326
151
2,323
At 31 December 2023
Cost
2,159
7,715
433
1,326
1,138
12,771
Accumulated amortisation and impairment
(2,159)
(7,301)
\u2014
\u2014
(987)
(10,448)
Net book amount
\u2014
413
433
1,326
151
2,323
The additions in intangible assets during 2023 predominantly relate to the implementation and maintenance of a new ERP software package for the Company, project that had started in 2022.
The Intellectual Property of \u20ac433,000 i s pledged under the Debt Financing facility (refer to note 17).
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence\u00ae 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 2023, 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 \u20ac1,748,000 (2022: \u20ac1,037,000) 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 cash or 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence\u00ae system and are all fully
amortised.
Total of research expenditures recognised as an expense in the consolidated statement of comprehensive income amounted
to \u20ac1,748,000 (2022: \u20ac1,037,000) and mainly constitute of early stage research trials.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-393": { "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:
in Euro x 1,000
31-12-2023
31-12-2022
Properties
8,085
9,893
Motor vehicles
6
52
Reclassification to asset held for sale
(313)
\u2014
Total right-of-use assets
7,778
9,945
in Euro x 1,000
31-12-2023
31-12-2022
Current lease liabilities
2,139
1,897
Non-current lease liabilities
8,326
10,046
Reclassification to liabilities associated with asset held for sale
(849)
\u2014
Total Lease liabilities
9,616
11,943
Movement schedule for the lease liability
in Euro x 1,000
2023
2022
Balance at 1 January
11,943
10,703
New lease contracts
250
1,183
Repayment of lease liabilities
(2,088)
(1,613)
Modifications
360
1,670
Reclassification to liabilities associated with asset held for sale
(849)
\u2014
Balance at 31 December
9,616
11,943
Additions to the right-of-use assets during the 2023 financial year were \u20ac250,413 (2022 : \u20ac1,183,138). The decrease in the
right-of-use assets are due to lower inflationary increases during 2023. .
Amounts Recognised in the Statement of Comprehensive Income
The statement of comprehensive income shows the following amounts relating to leases:
in Euro x 1,000
2023
2022
Properties
2,396
2,323
Motor vehicles
51
64
Total depreciation charge of right-of-use assets
2,447
2,387
in Euro x 1,000
2023
2022
(restated)
Interest expense included in finance cost
192
223
Total interest charge on lease liabilities
192
223
The cash flow net of VAT related to principal elements of the lease payments amounted to \u20ac2,035 million (2022: \u20ac1,947
million).
Some of the lease agreements contain variable lease elements that are linked to the usage of the lease, which is not
included in the measurement of the lease liability. The variable lease expense for the year not included in the measurement
of the lease liability amounted to \u20ac595,000 (2022: \u20ac810,000). The short term and low value lease expenses for 2023
amounted to \u20ac487,000 (2022: \u20ac67,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "
8.\u00a0 Inventories
(In Euro x 1,000)
31-12-2023
31-12-2022
Raw materials
1,153
1,136
Work in progress
215
431
1,368
1,567
The costs of inventories recognised as an expense and included in raw materials and contract costs, amounted to \u20ac187,000
(2022: \u20ac316, 000).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "
9.\u00a0 Trade and Other Receivables
(In Euro x 1,000)
31-12-2023
31-12-2022
(restated)
Trade receivables
4,243
2,634
Less: Allowance for doubtful debt
(228)
(150)
Social security and other taxes
4,072
997
Prepayments: Non-current
\u2014
15,248
Prepayments: Current (restated)
1,807
2,219
Contract assets
2,509
2,379
Other receivables
2,066
996
Reclassification to asset held for sale
(2,079)
\u2014
Non-current and Current portion
12,390
24,323
Prepayments include 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. issued upfront to Worley for services that will be delivered under the
construction agreement for the FDCA Flagship plant. The prepayment is released equally over 24 months starting from
April 2022. As at 31 December 2023, the remaining balance is \u20ac1.2 million (2022: 6.2 million). In 2022, prepayments also
include a prepayment of \u20ac11.3 million recognised by Avantium N.V. The prepayment relates to the warrants issued, as part
of the Debt Financing facility agreement, to the respective banks and an upfront fee paid to the banks of \u20ac1.8 million.
The prepayments relating to the warrants and the upfront fee will be capitalised as a borrowing cost to the FDCA Flagship
Plant asset at each drawdown of the facility on a pro-rata basis. As at 31 December 2023 the prepaid balance relating to
the warrants and the upfront fee is \u20ac0 (2022: \u20ac10.5 million).
Contract assets relating to systems and services 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.
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 (\u20ac1,728,000) and deposits held at third
parties (\u20ac338,000).
In 2023, \u20ac150,000 (2022: \u20ac0) of trade or other receivables was written off; \u20ac1,847,000 was past due, of which 88% had
been paid before 4 March 2024.
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 2023, concluding the provision for doubtful debt of \u20ac228,000
(2022: \u20ac150,000)(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.
Trade receivables of \u20ac4,243,000 are pledged under the Debt Financing facility agreement (refer to note 17).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "value": "
Prepayments include 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. issued upfront to Worley for services that will be delivered under the
construction agreement for the FDCA Flagship plant. The prepayment is released equally over 24 months starting from
April 2022. As at 31 December 2023, the remaining balance is \u20ac1.2 million (2022: 6.2 million). In 2022, prepayments also
include a prepayment of \u20ac11.3 million recognised by Avantium N.V. The prepayment relates to the warrants issued, as part
of the Debt Financing facility agreement, to the respective banks and an upfront fee paid to the banks of \u20ac1.8 million.
The prepayments relating to the warrants and the upfront fee will be capitalised as a borrowing cost to the FDCA Flagship
Plant asset at each drawdown of the facility on a pro-rata basis. As at 31 December 2023 the prepaid balance relating to
the warrants and the upfront fee is \u20ac0 (2022: \u20ac10.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-397": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "
10.\u00a0 Cash and Cash Equivalents
(In Euro x 1,000)
31-12-2023
31-12-2022
Cash at bank and on hand
33,716
58,370
Restricted cash
1,500
6,500
Cash and cash equivalents for cash flow purposes
35,216
64,870
The carrying amounts of these financial assets are assumed to approximate their fair values. A notional cash pool
agreement is in place for all Rabobank accounts where balances are netted on a daily basis. Within the cash pool, there are
\u20ac0 overdrafts.
The cash and cash equivalents presented in the Consolidated Statement of Financial Position and the Consolidated
Statement of Cash Flow include restricted cash of \u20ac1.5 million. The \u20ac1.5 million relates to a deposit held with Rabobank,
which represents an amount equal to the estimated required guarantee capacity for the short term needs of the Company.
The Company has a guarantee capacity of\u00a0 \u20ac3.0 million. As at 31 December 2023, \u20ac1,701,000 of this guarantee capacity
has utilised for issued bank guarantees to third parties.
For further information on commitments issued to third parties, refer to note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "
The cash and cash equivalents presented in the Consolidated Statement of Financial Position and the Consolidated
Statement of Cash Flow include restricted cash of \u20ac1.5 million. The \u20ac1.5 million relates to a deposit held with Rabobank,
which represents an amount equal to the estimated required guarantee capacity for the short term needs of the Company.
The Company has a guarantee capacity of\u00a0 \u20ac3.0 million. As at 31 December 2023, \u20ac1,701,000 of this guarantee capacity
has utilised for issued bank guarantees to third parties.
For further information on commitments issued to third parties, refer to note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "
11.\u00a0 Entity Held for Sale
On 13 December 2023 Avantium announced that the Company is prioritising the commercialization of its FDCA and PEF
technology and the acceleration of its licensing strategy. As a result, further investments in the Ray Technology\u2122 to produce
the plant-based glycols, plantMEG and plantMPG, have been put on hold and Avantium has initiated a process to secure
appropriate strategic equity partners. A dedicated team has been created with the sole target of entering into a transaction
in 2024. In parallel, an M&A advisor will be retained to support this process.
As the carrying amount of the disposal group encompassing the Ray Technology\u2122 is to be recovered principally through
a transaction in which the Company will lose control over the disposal group and the transaction is considered highly
probable, the Company has classified the assets and liabilities of the Ray Technology\u2122 disposal group held for sale.
The disposal group has been measured at its carrying amount, as this is considerably lower than the fair value less the
cost to sell. The disposal group forms part of the Renewable Chemistries segment.
The major classes of assets and liabilities of the disposal group as at 31 December 2023 are as follows:
(In Euro x 1,000)
31-12-2023
Property, plant and equipment
2,889
Intangible assets
10
Right of use asset
313
Trade receivables
450
Other receivables
1,629
Total assets held for sale
5,291
Lease liabilities
(849)
Trade and other payables
(228)
Other liabilities
(588)
Total liabilities associated with asset held for sale
(1,665)
", "dimensions": { "concept": "avantium:DisclosureOfEntityHeldForSaleTextBlock", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
12.\u00a0 Share Capital and Other Reserves
Avantium N.V. is listed on Euronext Amsterdam and Euronext Brussels.
12.1\u00a0 Ordinary Shares
On 14 April 2022, Avantium successfully raised \u20ac45.0 million by means of a public offering with a priority allocation for its
existing shareholders, a retail offering and a private placement. The Company issued 11,250,000 new shares, which
represented 36% of the issued share capital. Pricing of the capital increase was fixed at \u20ac4.00 per share, a 20% discount
versus the previous closing price.
The authorised share capital at 31 December 2023 amounted to \u20ac10,000,000 consisting of 100,000,000 ordinary shares,
with a nominal value of \u20ac0.10 each. The issued share capital at 31 December 2023 comprises 43,230,036 ordinary shares
(2022: 42,605,893). In 2023, 609,718 options were exercised by employees, from these option exercises, 609,718 resulted in
additional ordinary shares issued. At 31 December 2023, zero (2022: zero) shares were held by the Stichting
Administratiekantoor Avantium (the Foundation) and nil employee shares were repurchased. All 43,230,036 shares issued
are fully paid and stated at its par value of \u20ac0.10 each.
12.2\u00a0 Other Reserves
The costs of equity settled share-based payments to employees are recognised in the statement of comprehensive income,
together with a corresponding increase in equity during the vesting period, taking into account (deferral of) corporate
income taxes. The accumulated expense of the share incentive plan recognised in the statement of comprehensive income is
shown as part of the equity category \u2018other reserves\u2019 in the consolidated statement of changes in equity.
Additionally, included in the \"other reserve \" category is the share-based payment for the Eastman license acquired in 2021.
The settlement of the share-based payment will be in three equal instalments. The first instalment was made in 2022 at 8
months after the Final Investment Decision. The second instalment was paid in 2023, 24 months after the Final Investment
decision. Avantium has the option to settle the outstanding amount in shares or cash.
12.3.\u00a0 Accumulated losses
On 31 March 2022, a direct addition to equity was recognised on the sale of the 22.6% shareholding to the non-controlling
interest parties. Refer to note 2.2.2. for the detail on the change in ownership in Avantium Renewable Polymers B.V.\u00a0
12.4\u00a0 Currency Translation Difference
The group does not hold a company reporting in any other currency than euros and therefore does not hold a currency
translation reserve.
12.5\u00a0 Treasury Shares
The total value of treasury shares outstanding at 31 December 2023 is \u20ac616,000 (2022: \u20ac616,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "
12.1\u00a0 Ordinary Shares
On 14 April 2022, Avantium successfully raised \u20ac45.0 million by means of a public offering with a priority allocation for its
existing shareholders, a retail offering and a private placement. The Company issued 11,250,000 new shares, which
represented 36% of the issued share capital. Pricing of the capital increase was fixed at \u20ac4.00 per share, a 20% discount
versus the previous closing price.
The authorised share capital at 31 December 2023 amounted to \u20ac10,000,000 consisting of 100,000,000 ordinary shares,
with a nominal value of \u20ac0.10 each. The issued share capital at 31 December 2023 comprises 43,230,036 ordinary shares
(2022: 42,605,893). In 2023, 609,718 options were exercised by employees, from these option exercises, 609,718 resulted in
additional ordinary shares issued. At 31 December 2023, zero (2022: zero) shares were held by the Stichting
Administratiekantoor Avantium (the Foundation) and nil employee shares were repurchased. All 43,230,036 shares issued
are fully paid and stated at its par value of \u20ac0.10 each.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "
12.1\u00a0 Ordinary Shares
On 14 April 2022, Avantium successfully raised \u20ac45.0 million by means of a public offering with a priority allocation for its
existing shareholders, a retail offering and a private placement. The Company issued 11,250,000 new shares, which
represented 36% of the issued share capital. Pricing of the capital increase was fixed at \u20ac4.00 per share, a 20% discount
versus the previous closing price.
The authorised share capital at 31 December 2023 amounted to \u20ac10,000,000 consisting of 100,000,000 ordinary shares,
with a nominal value of \u20ac0.10 each. The issued share capital at 31 December 2023 comprises 43,230,036 ordinary shares
(2022: 42,605,893). In 2023, 609,718 options were exercised by employees, from these option exercises, 609,718 resulted in
additional ordinary shares issued. At 31 December 2023, zero (2022: zero) shares were held by the Stichting
Administratiekantoor Avantium (the Foundation) and nil employee shares were repurchased. All 43,230,036 shares issued
are fully paid and stated at its par value of \u20ac0.10 each.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "value": "
12.2\u00a0 Other Reserves
The costs of equity settled share-based payments to employees are recognised in the statement of comprehensive income,
together with a corresponding increase in equity during the vesting period, taking into account (deferral of) corporate
income taxes. The accumulated expense of the share incentive plan recognised in the statement of comprehensive income is
shown as part of the equity category \u2018other reserves\u2019 in the consolidated statement of changes in equity.
Additionally, included in the \"other reserve \" category is the share-based payment for the Eastman license acquired in 2021.
The settlement of the share-based payment will be in three equal instalments. The first instalment was made in 2022 at 8
months after the Final Investment Decision. The second instalment was paid in 2023, 24 months after the Final Investment
decision. Avantium has the option to settle the outstanding amount in shares or cash.
12.3.\u00a0 Accumulated losses
On 31 March 2022, a direct addition to equity was recognised on the sale of the 22.6% shareholding to the non-controlling
interest parties. Refer to note 2.2.2. for the detail on the change in ownership in Avantium Renewable Polymers B.V.\u00a0
12.4\u00a0 Currency Translation Difference
The group does not hold a company reporting in any other currency than euros and therefore does not hold a currency
translation reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "value": "
12.5\u00a0 Treasury Shares
The total value of treasury shares outstanding at 31 December 2023 is \u20ac616,000 (2022: \u20ac616,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "value": "
13.\u00a0 Non-Controlling Interest
The table summarises the information relating to the Group's subsidiary, Avantium Renewable 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.
Four prior period misstatements were identified for which the comparative figures for the year ended 31 December 2022
have been restated. The restatements relate to the Avantium Renewable Polymers B.V. segment. Refer to note 2.1.3.
Summarised balance sheet
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
31-12-2023
31-12-2022
(restated)
Non-current assets
164,304
62,505
Non-current liabilities
(125,673)
(17,336)
Net non-current assets
38,631
45,169
Current assets
15,265
23,335
Current liabilities
(25,880)
(22,103)
Net current assets/(liabilities)
(10,615)
1,233
Net total assets/(liabilities)
28,016
46,402
Accumulated Non-Controlling interest
7,690
10,437
Summarised Statement of Profit or Loss and Comprehensive Income
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
2023
2022
(restated)
Revenue
5,592
6,056
Other Income
3,673
3,660
Net operating expenses
(18,615)
(14,953)
EBITDA
(9,350)
(5,237)
Loss for the period
(12,207)
(8,981)
Loss allocated to Non-Controlling interest
(2,748)
(1,575)
The loss allocated to Non-Controlling interest constitutes to 22.64% of the loss for the period for Avantium Renewable
Polymers B.V.
Summarised Statement of Cash Flow\u00a0
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
2023
2022
(restated)
Cash flows from operating activities
(19,103)
(7,749)
Cash flows from investing activities
(90,223)
(29,374)
Cash flows from financing activities
101,187
47,930
Net increase in cash and cash equivalents
(8,139)
10,807
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "value": "
14.\u00a0 Share-based Payment
The group operates share-based compensation plans for its employees, which consists of an Employee Share Option Plan
(ESOP) and a Long-term Incentive Plan (LTIP). These plans are classified as equity-settled share-based payment plans.
Long-term Investment Plan (LTIP)
The members of the Management Team are obligated to invest a percentage of their (net) bonus in (depositary receipts for)
shares to be delivered by the Company under the LTIP. Each Investment share relates to one share. The cash component of
the bonus may, at the discretion of the relevant member of the Management Team, also be invested in Investment shares.
The Investment shares are subject to a retention period of five years, during which the investment shares cannot be sold.
After the end of the retention period, the Company will match the (depository receipts for) shares granted under the LTIP at
a 1:1 ratio, i.e. one Matching share is granted for each Investment share.
The entitlement to receive Matching shares will be reduced as follows in the case of termination: 100% if the termination
date is prior to the first anniversary of the date of Award; 66.67% if the termination date is prior to the second anniversary
but after the first anniversary of the date of Award; 33.33% if the termination date is prior to the third anniversary but after
the second anniversary of the date of Award.
In 2023, 111,091 shares were granted under the Long term Investment Plan (LTIP). These awards consist of 59,194
Investment shares and 51,897 Matching shares. The difference between Investment Shares and Matching Shares is
explained by the fact that in view of the resignation date, Investment Shares were granted to Bart Welten without
entitlement to Matching Shares (reference is made to the above paragraph).
The movements in outstanding LTIP awards with the Management Board and senior management can be summarised as
follows:
Long-term Investment Plan
2023
2022
Number of
awards
Weighted
Average
share price at
grant date (in
Euro)
Number of
awards
Weighted
Average
share price at
grant date (in
Euro)
Number of awards outstanding 1 January
313,190
3.88
175,755
4.49
Number of matching shares forfeited
\u2014
\u2014
(7,737)
2.50
Number of awards granted (including matching shares)
111,091
3.50
145,172
3.07
Number of awards outstanding 31 December
424,281
3.78
313,190
3.88
LTIP awards outstanding at the end of the year had the following share price at grant date:
Grant date
Share price at grant date in Euro
Number of awards
1 July 2017
10.50
5,418
16 March 2018
5.36
65,155
21 March 2019
2.64
16,681
14 May 2020
3.59
88,501
18 May 2022
3.07
137,435
10 May 2023
3.50
112,747
At 31 December 2023
425,937
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 2023 was \u20ac3.50 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 2023, 425,500 share options were granted. In 2023, 609,718 options were exercised with a weighted-average share
price of \u20ac3.30 at the date of exercise by the employees.
Further details on the grants in 2023 can be found in the table below.
Grant date
Plan
Number of ESOP options granted
Exercise price in Euro per option
10 May 2023
ESOP
425,500
3.50
The movements in outstanding options with the Management Board, senior management and certain other employees can
be summarised as follows:
Share Option
2023
2022
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of options outstanding 1 January
3,081,008
2.55
2,717,985
2.52
Number of options exercised
(609,718)
3.30
(69,446)
3.57
Number of options forfeited
(23,249)
4.45
(87,531)
4.27
Number of options expired
(218,942)
9.45
\u2014
\u2014
Number of options granted
425,500
3.50
520,000
3.13
Number of options outstanding 31 December
2,654,599
1.94
3,081,008
2.55
Share options outstanding at December 31, 2023, amounted to 2,654,599. The exercise prices range from \u20ac0.10 to \u20ac10.58.
The weighted average remaining contractual term for options outstanding at December 31, 2023, was 4.89 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
1,239,158.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 2023 was \u20ac1.81 per option
(2022: \u20ac1.53).
The significant inputs into this model were as follows:
10 May 2023
Exercise price
\u20ac3.50
Volatility
45%
Risk free interest rate
2.32%
Dividend yield
\u2014
Expected life
7.6 years
Early exercise rate
5%
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 \u20ac615,304, to reflect the
effect of exercised and expired options in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "value": "
15.\u00a0 Earnings per Share
Earnings per Share
Earnings per share for the years 2023 and 2022 are derived below:
In Euro
31-12-2023
31-12-2022
(restated)
Loss for the period - basic
(31,402,314)
(28,127,137)
Loss for the period - diluted
(31,402,314)
(28,127,137)
Weighted average number of ordinary shares -basic
42,852,733
39,390,687
Number
Options per end of the year
2,654,599
3,081,008
LTIP awards per end of the year
424,281
313,190
Effect of anti-dilutive securities
3,078,880
3,394,198
Weighted average number of shares - diluted
42,852,733
39,390,687
In Euro
Earnings per share - basic
(0.73)
(0.71)
Earnings per share - diluted
(0.73)
(0.71)
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. On 31 March 2022, Avantium N.V. issued 2.84 million
warrants to the consortium of banks as part of the Debt Financing facility for the FDCA Flagship Plant. Refer to note 20.\u00a0
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. There is no further anti-dilution protection applicable to these warrants. The warrants are convertible into the
Company's ordinary shares with a 1:1 conversion ratio for an exercise price of \u20ac0.10 per share.\u00a0 A warrant holder may elect
to exercise the warrant option cash less resulting in the number of warrants being variable. The warrants became
exercisable on 30 January 2023, but because Avantium is loss making there is no dilutive impact on the earnings per share.
Since 30 January 2023, there have not been any exercises of the warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "value": "
16.\u00a0 Trade and Other Payables
In Euro x 1,000
31-12-2023
31-12-2022
(restated)
Trade payables
12,133
8,628
Interest payable on borrowings: Current
1,129
89
Social security and other taxes
2,833
776
Holiday pay and holiday days
1,242
1,464
Contract liabilities
7,656
1,623
Deferred government grants
10,014
8,496
Other current liabilities
14,434
10,569
Reclassification of liabilities associated with asset held for sale
(816)
\u2014
48,625
31,645
The other current liabilities comprise primarily of other staff pay related accruals (\u20ac 2,456,000) (2022: \u20ac2,232,000) and
accrued expenses (\u20ac 11,291 ,000) (2022: 7,645,000). 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.
The increase in contract liabilities in 2023 compared to 2022 is mainly related to the contract with Origin Materials.
Refer to note 21.
The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward
contract liabilities:
In Euro x 1,000
2023
2022
Revenue recognized that was included in the contract liability balance at the beginning
of the period
\u2013 Systems contracts
528
287
\u2013 Services contracts
(14)
(14)
514
273
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "
17.\u00a0 Borrowings
In Euro x 1,000
Borrowings
Balance as at 1 January 2022
\u2014
Debt Financing facility drawdowns
12,750
Restatement - drawdown
(300)
Effective Interest and Payment in Kind interest
199
Balance as at 31 December 2022 (restated)
12,649
Debt Financing facility drawdowns
67,000
Effective Interest and Payment in Kind interest
6,953
Repayment of Debt Financing facility
\u2014
Balance as at 31 December 2023
86,602
In Euro x 1,000
31-12-2023
31-12-2022
(restated)
Current Debt Facilities\u00a0
\u2014
\u2014
Non-current Debt Facilities
86,602
12,649
Total Debt Facilities
86,602
12,649
A three-year Debt Financing facility of \u20ac90.0 million was signed with a consortium of lenders on 31 March 2022.
This financing consists of three facilities. Facility A, \u20ac30.0 million, which is borrowed by Avantium N.V. and passed through
to Avantium Renewable Polymers B.V. as an intercompany loan. Facility B1 and Facility B2, amounting to \u20ac45.0 million and
\u20ac15.0 million, respectively, are borrowed directly by Avantium Renewable Polymers B.V. The interest on the Debt Financing
facility consists of three components: cash interest, accrued interest and warrants (refer to note 20). Cash and accrued
interest is EURIBOR based. The repayment of the entire loan amount including accrued interest is due on 31 March 2025.
The cash interest is paid on a quarterly basis and PIK interest is capitalised on the principal balance of the Debt Financing
facility on a quarterly basis. The average effective interest rate on the five drawdowns is 23%
The Debt Financing facility contains customary technical and commercial conditions precedent and a customary security
package including amongst others security on: all material assets, IP rights, receivables of Avantium, Avantium Renewable
Polymers B.V., the holding entity of the FDCA Flagship Plant, and of several other group companies, the shares in Avantium
Renewable Polymers B.V. and these other group entities, the loan(s) of Avantium and Avantium Renewable Polymers B.V.
to Avantium RNP Flagship B.V. and the FDCA Flagship Plant itself and the FDCA pilot plant.
During the period ended on 31 December 2023, commitment fees of \u20ac0.8 million ( 2022: \u20ac1.5 million) were paid to the banks.
During the period ended on 31 December 2023, interest on the loans of \u20ac11.3 million (2022: \u20ac0.3 million) were capitalized.
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. For period ended 31 December 2023 the fair value of the loan
approximates the carrying amount due to the variable interest rates and the absence of an external credit rating.
In February 2023, 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 were received
in February 2023. The interest rate on the loan is 4.75% payable on a monthly basis. The loan has to be repaid in full on
1 February 2026.
During January up to and including September 2023, Avantium complied with the financial and other required covenants as
confirmed on a monthly basis to the lenders. Avantium and the lenders negotiated an amendment and restatement of the
Senior Facility agreement, including an upsizing of the Facilities and (temporary) amendment of the financial covenants,
which amendment and restatement was executed on 19 January 2024. The confirmation regarding compliance with the
financial and other required covenants has now continued to take place on a monthly basis in 2024.
Bank Overdrafts
As at 31 December 2023, the group had no overdraft facilities with any bank.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
18.\u00a0 Shareholder Loan
On 14 December 2023, Avantium Renewable Polymers B.V. entered into a shareholders loan agreement with Avantium N.V.
and the non-controlling shareholders. The non-controlling shareholders have each granted a subordinated shareholder loan
to Avantium Renewable Polymers B.V., which was received in cash during 2023. Each subordinated loan will carry interest
of 6.5% per annum, paid in arrears upon repayment of the loans. The shareholder loans are convertible into shares of
Avantium Renewable Polymers B.V. upon repayment or maturity. This conversion feature met the definition of an equity
instrument as this derivative can be settled only by exchange of a fixed number of cash for a fixed number of shares.
However, the fair value of such equity conversion option was deemed immaterial hence no amount was recognised in
equity.
Additionally, as per the anti-dilution protection agreed in the Shareholders Loan Agreement, the lenders agreed to
compensate one of the non-controlling shareholders that did not contribute to the loans to the extent of its shareholding
percentage. This compensation to that non-controlling shareholder has been recognised as a financial liability with a
corresponding entry in equity. It shall become payable upon repayment of the shareholder loans or conversion into equity.
The total shareholder loan liability can be specified as follows:
In Euro x 1,000
31-12-2023
Shareholder loans
6,683
Accrued interest on shareholder loans
22
Shareholder compensation liability
5,879
Accrued interest on shareholder compensation liability
19
Balance as at 31 December
12,603
", "dimensions": { "concept": "avantium:DisclosureOfShareholderLoanTextBlock", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "value": "
19.\u00a0 Provisions for Other Liabilities and Charges
In Euro x 1,000
Warranty provision
Restructuring
provision
Decommissioning
liability
Total
Balance at 1 January 2022
196
\u2014
\u2014
196
Additional provision
79
\u2014
\u2014
79
Unused amounts reversed
(27)
\u2014
\u2014
(27)
Settlement of provision
\u2014
\u2014
\u2014
\u2014
Used during the year
(12)
\u2014
\u2014
(12)
At Balance at 31 December
2022
236
\u2014
\u2014
236
Balance at 1 January 2023
236
\u2014
\u2014
236
Additional provision
87
113
1,581
1,781
Unused amounts reversed
(76)
\u2014
\u2014
(76)
Used during the year
(37)
\u2014
\u2014
(37)
Balance at 31 December 2023
210
113
1,581
1,904
Restructuring
On 13 December 2023 the group announced it is prioritising the commercialisation of its FDCA and PEF technology and the
acceleration of its licensing strategy. As a result, further investments in Ray Technology\u2122 have been put on hold until
appropriate strategic equity partners have been secured. The decision to halt investments in Ray Technology\u2122 will
regrettably result in workforce reductions. The group raised a provision for the restructuring cost of \u20ac113,000\u00a0 \u00a0
This provision is current (shorter than one year).
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.
Decommissioning Liability
The decommissioning liability consists of the estimated costs for the FDCA Flagship Plant to restore the leased land at the
end of the lease term (expected after 10 years) to the condition agreed in the lease agreement. As at 31 December 2023, the
risk free rate of 2.32% was used to discount the estimated cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "value": "
20.\u00a0 Financial Liability
In Euro x 1,000
Financial
Liability
Balance as at 1 January 2022
\u2014
Warrants issued
11,250
Fair value remeasurement
2,841
Balance as at 31 December 2022
14,091
Warrants issued
\u2014
Fair value remeasurement
(483)
Balance as at 31 December 2023
13,609
On 31 March 2022, Avantium N.V. issued 2.84 million warrants to the consortium of banks as part of the \u20ac90 million Debt
Financing facility package for the FDCA Flagship Plant. The warrants are convertible into the Company's ordinary shares
with a 1:1 conversion ratio for an exercise price of \u20ac0.10 per share.\u00a0 A warrant holder may elect to exercise the warrant
option cash less resulting in the number of warrants being variable. The warrants have an exercise period of up to 6.5 years
after the second utilization date, which was on 30 January 2023, meaning the ultimate date of the exercise period is 30 July
2029.
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 facility with the lenders. There is no further anti-dilution protection applicable to
these warrants.
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 2023 is 13.6 million (2022: 14.1 million). The decrease in the share price of
\u20ac0.13 resulted in the decrease in the fair value of the warrants. The subsequent fair value remeasurement of the warrants
resulted in a gain for the year ended 31 December 2023 of \u20ac0.5 million (2022: 2.8 million loss), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
21.\u00a0 Revenues
Reported consolidated revenue from continuing operations increased by 11% from \u20ac17.8 million in 2022 to \u20ac19.7 million in
2023. All revenue is recognised at a point in time, except for revenues from Systems and Services contracts in R&D solutions,
as well as License contracts in Avantium Renewable Polymers are recognised over time. Other revenues are recognised at a
point in time.
Upon entering into a License contract with Origin Materials in February 2023, Avantium Renewable Polymers received a first
milestone payment of \u20ac7.5 million from Origin Materials. Performance obligation one to four will be recognised over time,
whereas performance obligation five and six will be recognised at a point in time. Upon entering into the agreements with
Origin Materials in February 2023, Avantium Renewable Polymers received the first milestone payment of \u20ac7.5 million from
Origin Materials. Under IFRS 15, the Company has elected to recognise this license payment, together with the next
milestone of \u20ac7.5 million payment (which will become due upon the delivery of the PDP to Origin Materials) straight line over
the time period between the first milestone payment and the PDP milestone payment. This next milestone of \u20ac7.5 million
payment is an unconditional right of payment.\u00a0 Managements assessment is that there will be 2.5 years between these two
milestones. As a result, Avantium Renewable Polymers has recognised licensing revenue for the period ended 30 September
2023 of \u20ac4.6 million relating to performance obligation one and two. To the extent that revenue has not yet been recognised,
the consideration received has been recognised as a contract liability (refer to note 16). The full consideration of the contract
amounts to \u20ac28.5 million. The remaining instalments of \u20ac14.0 million will be due at various stages after delivery of the PDP
by Avantium Renewable Polymers and constitute variable consideration depending on whether Origin will terminate the
contract at any stage. Management assessed this contract and it does not contain a significant financing component.\u00a0
The agreement consists of six performance obligations:
\u25a0 A combined package of promises 1 through 4 (the license to the process technology, the bridge, the operating manual
and the process design package) and the license to produce downstream products;
\u25a0 Inspection services;
\u25a0 Technical support;
\u25a0 Support services;
\u25a0 Goods to be delivered under the Conditional Offtake Agreement; and
\u25a0 Good to be delivered under the Sale and Purchase Agreement
Avantium Renewable Polymers, received a non-refundable payment of \u20ac5.0 million for technical due diligence procedures
performed by Origin Materials during 2022, which was recognised as revenue for the period ended 31 December 2022.
All revenue reported originates in the Netherlands for both years presented.
The following table depicts the disaggregation of revenue from contracts with customers:
2023 (in Euro x 1,000)
R&D
Solutions
services
revenue
R&D
Solutions
systems
revenue
Renewable
Chemistry
development
agreements
Renewable
Polymers
agreements
Un-allocated
revenue
Total
Segment revenue
3,914
9,633
\u2014
5,592
561
19,700
Revenue from external
customers
3,914
9,633
\u2014
5,592
561
19,700
Timing of revenue recognision
\u2013 At a point in time
\u2014
577
\u2014
975
561
2,113
\u2013 Over time
3,914
9,057
\u2014
4,617
\u2014
17,588
Total
3,914
9,633
\u2014
5,592
561
19,700
2022 (in Euro x 1,000)
R&D
Solutions
services
revenue
R&D
Solutions
systems
revenue
Renewable
Chemistry
development
agreements
Renewable
Polymers\u00a0
agreements
Un-allocated
revenue
Total
Segment revenue
2,904
8,397
100
6,056
369
17,826
Revenue from external
customers
2,904
8,397
100
6,056
369
17,826
Timing of revenue recognision
\u2013 At a point in time
\u2014
1,095
100
6,056
369
7,620
\u2013 Over time
2,904
7,302
\u2014
\u2014
\u2014
10,205
Total
2,904
8,397
100
6,056
369
17,826
As of 31 December 2023 , the aggregate amount of the transaction price in R&D Solutions allocated to the remaining
performance obligations is \u20ac11.2 million and in Avantium Renewable Polymers \u20ac9.9 million, totalling \u20ac21.1 million (2022:
\u20ac6.1 million and nil, respectively, totalling \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 1\u201348 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "value": "
22.\u00a0 Other Income
(In Euro x 1,000)
2023
2022
Grants recognised
5,789
7,626
5,789
7,626
The group recognised total government grants of \u20ac 5,789,000 ( 2022: \u20ac7,626,000) to contribute to Avantium\u2019s development
programmes, where efforts are focused on developing a new catalytic process for making plant-based mono-ethylene
glycol and for developing an economical viable chemical process to convert ligno-cellulosic biomass into high quality glucose
as feedstock for bio-based chemicals. In Avantium Renewable Polymers efforts are focussed on its plant-to-plastics YXY\u00ae
Technology and on starting-up the FDCA Flagship Plant and to develop a wide range of FDCA and PEF applications.
EU grants attributable to the Volta Technology, enables Avantium to perform R&D work to accelerate the progress on
converting CO2 to higher value chemicals and eventually syngas.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "value": "
22.\u00a0 Other Income
(In Euro x 1,000)
2023
2022
Grants recognised
5,789
7,626
5,789
7,626
The group recognised total government grants of \u20ac 5,789,000 ( 2022: \u20ac7,626,000) to contribute to Avantium\u2019s development
programmes, where efforts are focused on developing a new catalytic process for making plant-based mono-ethylene
glycol and for developing an economical viable chemical process to convert ligno-cellulosic biomass into high quality glucose
as feedstock for bio-based chemicals. In Avantium Renewable Polymers efforts are focussed on its plant-to-plastics YXY\u00ae
Technology and on starting-up the FDCA Flagship Plant and to develop a wide range of FDCA and PEF applications.
EU grants attributable to the Volta Technology, enables Avantium to perform R&D work to accelerate the progress on
converting CO2 to higher value chemicals and eventually syngas.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "
23.\u00a0 Segment Information
Description of the Segments and Principal Activities
In the Company, the Management Team consists of the Chief Executive Officer, Chief Financial Officer, Chief Technology
Officer, Group Legal Counsel, and the Managing Directors of Avantium Renewable Chemistries, Avantium R&D Solutions,
and Avantium Renewable Polymers. It has identified three separate business segments:
\u25a0 In October 2022, our Avantium Catalysis business unit launched a new strategy and a new name \u2013 Avantium R&D
Solutions \u2013 marking a decisive sh ift towards R&D in sustainable chemistry. This decision is not only a response to
changing industry demand, but also a means of better aligning this business unit with Avantium\u2019s overall strategic
direction and purpose: to help transition industry to more sustainable and circular solutions. Avantium R&D Solutions
Avantium also provides R&D solutions in the field of sustainable chemistry and is the leading provider of advanced
catalyst testing technology and services to accelerate catalyst R&D. With the scalable catalyst testing system,
Flowrence\u00ae, Avantium R&D Solutions helps customers reach their sustainability, profit and growth targets.
\u25a0 Avantium Renewable Chemistries develops and commercialises plantMEG\u2122. PlantMEG\u2122 is a plant-based and
competitive alternative for fossil-based MEG \u2013 an important chemical building block for PET and PEF resin, both of which
are used in bottles and packaging; fibres for clothing, furniture and the automotive industry; and solvents and coolants.
The common basis, on which each activity rests, is formed by Avantium\u2019s unique technological capabilities that have
been validated through the execution of millions of experiments, covering a broad range of chemistries, including highly
complex and challenging R&D projects. In 2022 the portfolio of programmes under Avantium Renewable Chemistries
included Ray Technology\u2122, Volta Technology, and Dawn Technology\u2122. In 2023 the portfolio of programmes were
amended.\u00a0 Avantium Renewable Chemistries is still home to Ray Technology\u2122\u00a0 and is classified as held for sale under
IFRS. Volta Technology and Dawn Technology\u2122 are in 2023 disclosed under the unallocated.
\u25a0 Avantium Renewable Polymers aims to commercialise our YXY\u00ae plants-to-plastics Technology. This technology
catalytically converts plant-based sugars into FDCA (furandicarboxylic acid) and materials such as the new plant-based
packaging material PEF (polyethylene furanoate). PEF is a 100% plant-based, 100% recyclable plastic with superior
performance properties compared to today\u2019s widely used petroleum-based packaging materials.
Avantium has two employees employed in Japan, all other employees of Avantium are employed in the Netherlands.
The average number of full time equivalent employees of the group per business segment and other departments is as
follows:
(in full time equivalent employees)
2023
2022
R&D Solutions
58
48
Renewable Chemistries
59
69
Renewable Polymers
81
63
Unallocated
64
46
Total average number of FTE during the year
262
226
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.
(In Euro x 1,000)
2023
2022
(restated)
R&D Solutions
1,134
2,326
Renewable Chemistries
(7,592)
(3,624)
Renewable Polymers
(9,351)
(5,527)
Total EBITDA of business segments
(15,809)
(6,825)
Revenues per Segment
(In Euro x 1,000)
2023
2022
R&D Solutions
13,546
11,301
Renewable Chemistries
\u2014
100
Renewable Polymers
5,592
6,056
Unallocated items
562
369
Total segment revenue
19,700
17,826
Revenue is only generated from external customers and no transactions with other segments have taken place.
Other Income per Segment
(In Euro x 1,000)
2023
2022
R&D Solutions
87
279
Renewable Chemistries
821
3,536
Renewable Polymers
3,673
3,660
Unallocated items
1,209
150
Total segment other income
5,789
7,625
Reconciliation
(In Euro x 1,000)
2023
2022
(restated)
Total EBITDA of business segments
(15,809)
(6,825)
Amortisation
(90)
(35)
Depreciation of property, plant and equipment
(4,859)
(6,156)
Depreciation of right of use assets
(2,447)
(2,387)
Impairment of property, plant and equipment
0
(435)
Finance costs - net
221
(1,976)
Share based compensation
(1,109)
(1,113)
Rent
(714)
(984)
Fair value remeasurement
483
(2,841)
Company overheads/other
(9,826)
(6,949)
Loss before income tax from continuing operations
(34,150)
(29,702)
The \u2018Other\u2019 costs category comprises mainly of Company overhead costs.
Depreciation and Amortisation
(In Euro x 1,000)
2023
2022
R&D Solutions
(230)
(368)
Renewable Chemistries
(2,776)
(3,994)
Renewable Polymers
(2,450)
(2,223)
Unallocated items
(1,938)
(1,993)
Total depreciation and amortisation
(7,394)
(8,578)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "Avantium Renewable Chemistries is still home to Ray Technology\u2122\u00a0 and is classified as held for sale under IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "value": "
24.\u00a0 Expenses by Nature
Net operating expenses in 2023 amounted to \u20ac52.9 million (2022 (restated): \u20ac41.8 million). The increase is predominantly
the result of higher employee benefit expenses and purchase of raw materials.
Employee benefit expenses in 2023 amounted to \u20ac 28,629 ,000 (2022: \u20ac 23,401,000) 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 year-on-year. 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.
Raw materials and contract costs in 2023 amounted to \u20ac7,064,000 (2022: \u20ac3,770,000 ) 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 the result of increased activities during the year in the R&D Solutions business segment.
Patent, license, legal and advisory costs in 2023 amounted to \u20ac4,979,000 (2022 (restated): \u20ac5,386,000). The decrease
predominantly related to the professional services and bank and advisory fees incurred in 2022 for the Debt Financing
facility agreement obtained in relation to the construction of the FDCA Flagship Plant.
Office and housing expenses in 2023 amounted to \u20ac3,336,000 (2022: \u20ac3,062,000) 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.
Laboratory expenses in 2023 amounted to \u20ac4,329,000 (2022: \u20ac3,272,000) 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 the result of the restart of the Ray pilot plant in Delfzijl in the second quarter of 2022.
Other operating expenses in 2023 amounted to \u20ac2,628,000 (2022: \u20ac1,538,000) and comprises of external development
costs, such as trials, and other general costs including Company insurances. The increase is mainly related to the
compliance assessments of PEF and FDCA needed for the use as food contact material; and its registration in jurisdictions of
interest.
Advertising and representation expenses in 2023 amounted to \u20ac1,983,000 (2022: \u20ac1,329,000) 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 increased
marketing and business development activities in Avantium Renewable Polymers, Avantium Renewable Chemistries and
Volta.
Depreciation, amortisation and impairment charges decreased to \u20ac7,396,000 (2022: \u20ac8,578,000). The depreciation of fixed
assets decreased in 2023 due to assets being fully depreciated in 2023 or impaired in 2022. The depreciation of right of use
assets increased in 2023 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:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "
Other operating expenses in 2023 amounted to \u20ac2,628,000 (2022: \u20ac1,538,000) and comprises of external development
costs, such as trials, and other general costs including Company insurances. The increase is mainly related to the
compliance assessments of PEF and FDCA needed for the use as food contact material; and its registration in jurisdictions of
interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "
Depreciation, amortisation and impairment charges decreased to \u20ac7,396,000 (2022: \u20ac8,578,000). The depreciation of fixed
assets decreased in 2023 due to assets being fully depreciated in 2023 or impaired in 2022. The depreciation of right of use
assets increased in 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "
25.\u00a0 Employee Benefit Expenses
(In Euro x 1,000)
2023
2022
Wages and salaries
24,668
22,574
Government grants R&D (WBSO)
(1,453)
(3,791)
Social security costs
3,013
2,405
ESOP expense (note 13)
933
808
LTIP awards expense (note 13)
174
306
Pension costs - defined contribution plans
1,294
1,099
28,629
23,401
Number of full time equivalent employees at the end of the year
288
249
The average number of FTEs during 2023 was 262 (2022 : 226).
In 2023, \u20ac1,453,000 ( 2022 : \u20ac3,791,000) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "
26.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2023
2022
(restated)
Finance costs:
Net foreign exchange (gains) loss
(1)
20
Interest current accounts
\u2014
\u2014
Financing component of lease payments
99
223
Interest on borrowings
41
\u2014
Other bank and commitment fees
834
1,547
Effective interest
\u2014
\u2014
Other finance costs
1
198
Finance costs
973
1,988
Finance income:
Interest current accounts
(1,194)
(12)
Finance income
(1,194)
(12)
Finance costs - net
(221)
1,976
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "
27.\u00a0 Income Tax Expense
The Company forms a tax group with its subsidiaries for corporate income and value added 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).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V. fiscal unit as of
31 December 2023 is approximately EUR 177.5 million. The total tax losses carry-forward for the Avantium Renewable
Polymers B.V fiscal unity as of 31 December 2023 is approximately EUR 80.0 million. The carry-forward tax losses up to
31 December 2021 (EUR 163.1 million) have been confirmed by the Dutch tax authorities.
No tax charge or tax income were recognized in 2023, since both the Avantium N.V. fiscal unity and the Avantium
Renewable Polymers B.V. fiscal unity recorded an estimated net loss (approximately EUR 20.6 million for Avantium N.V.
fiscal unity and approximately EUR 18.1 million for the Avantium Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to the new tax loss utilization rules which apply 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 (previously 9 years) whilst the
carry-back period 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 EUR 1 million of
taxable profit per year. In the case of a profit which is higher than EUR 1 million, the amount above EUR 1 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. The calculation of the tax charge
for 2022 with Tax Authorities are based on the non-restated figures. The calculation for 2023 is not based an an official Tax filing.
(In Euro x 1,000)
2023
2022
(restated)
Consolidated loss before tax
(34,150)
(29,702)
Tax at applicable tax rate in the Netherlands of 25.8% (2021: 25%)
8,811
7,426
Non-deductable expenses
2,410
748
Subtotal
11,221
8,174
Derecognition of deferred tax assets
(11,221)
(8,174)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilisation of previously unrecognised deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rates and amount in 2023 are 19% up to \u20ac200.000 and 25.8% over \u20ac200.000 (2022 are 15% up to
\u20ac395.000 and 25.8% over \u20ac395.000).
Deferred taxes
(In Euro x 1,000)
2023
2022
Category of temporary differences
Lease liabilities
2,087
2,566
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
2,087
2,566
Offset against deferred tax liabilities
(2,087)
(2,566)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(2,087)
(2,566)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(2,087)
(2,566)
Offset against deferred tax assets
2,087
2,566
Total net deferred tax liabilities
\u2014
\u2014
Total deferred tax positions (net)
\u2014
\u2014
Deferred tax assets related to temporary differences have been recognized only to the extent that there are reversing
deferred tax liabilities. 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).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "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).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V. fiscal unit as of
31 December 2023 is approximately EUR 177.5 million. The total tax losses carry-forward for the Avantium Renewable
Polymers B.V fiscal unity as of 31 December 2023 is approximately EUR 80.0 million. The carry-forward tax losses up to
31 December 2021 (EUR 163.1 million) have been confirmed by the Dutch tax authorities.
No tax charge or tax income were recognized in 2023, since both the Avantium N.V. fiscal unity and the Avantium
Renewable Polymers B.V. fiscal unity recorded an estimated net loss (approximately EUR 20.6 million for Avantium N.V.
fiscal unity and approximately EUR 18.1 million for the Avantium Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to the new tax loss utilization rules which apply 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 (previously 9 years) whilst the
carry-back period 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 EUR 1 million of
taxable profit per year. In the case of a profit which is higher than EUR 1 million, the amount above EUR 1 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. The calculation of the tax charge
for 2022 with Tax Authorities are based on the non-restated figures. The calculation for 2023 is not based an an official Tax filing.
(In Euro x 1,000)
2023
2022
(restated)
Consolidated loss before tax
(34,150)
(29,702)
Tax at applicable tax rate in the Netherlands of 25.8% (2021: 25%)
8,811
7,426
Non-deductable expenses
2,410
748
Subtotal
11,221
8,174
Derecognition of deferred tax assets
(11,221)
(8,174)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilisation of previously unrecognised deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rates and amount in 2023 are 19% up to \u20ac200.000 and 25.8% over \u20ac200.000 (2022 are 15% up to
\u20ac395.000 and 25.8% over \u20ac395.000).
Deferred taxes
(In Euro x 1,000)
2023
2022
Category of temporary differences
Lease liabilities
2,087
2,566
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
2,087
2,566
Offset against deferred tax liabilities
(2,087)
(2,566)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(2,087)
(2,566)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(2,087)
(2,566)
Offset against deferred tax assets
2,087
2,566
Total net deferred tax liabilities
\u2014
\u2014
Total deferred tax positions (net)
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "
28.\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "value": "
29.\u00a0 Contingencies
During 2023, the Company had no contingencies to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "value": "
30.\u00a0 Commitments & Guarantees
Commitments
Purchase commitments for property, plant and equipment aggregated \u20ac24,119,000 (2022: \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 \u20ac1,701,000. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "value": "
31.\u00a0 Related-party Transactions
Related party transactions entered into at arm's length are conducted in a fair and unbiased manner, ensuring equitable
terms and conditions comparable to those of transactions with unrelated parties, thereby upholding transparency, integrity,
and the best interests of all involved stakeholders.
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 2023
On 10 May 2023, the Annual General Meeting appointed Dirk Van Meirvenne and Peter Williams as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on 31 December 2023:
\u25a0 Edwin Moses, Chairperson
\u25a0 Nils Bj\u00f6rkman
\u25a0 Michelle Jou
\u25a0 Margret Kleinsman
\u25a0 Dirk Van Meirvenne
\u25a0 Peter Williams
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance payments. For further
information on the Remuneration Policy refer to the Remuneration Report.
Key Management Remuneration 2023
The total remuneration paid to members of the Management Board and independent members of the Supervisory Board
amounted to \u20ac1,258,000 (2022: \u20ac970,000) and \u20ac442,000 (2022: \u20ac353,000) respectively.
The following table provides a breakdown of the remuneration in 2023 of the members of the Management Board:
(In Euro x 1,000)
Management Board
Salary
Other benefits 3
Cash bonus
Investment share bonus
Share-based payments
Post-employee benefits
Severance payments
Total
Remuneration
T.B. van Aken
2023
300
28
106
106
134
21
\u2014
695
2022
273
24
82
82
115
20
\u2014
596
B.W. van Scha\u00edk
2023
251
69
63
63
72
14
\u2014
532
2022
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
B.J.J.V. Welten
2023
0
0
\u2014
\u2014
31
0
\u2014
31
2022
240
24
51
\u2014
31
28
\u2014
374
Total - 2023
551
97
169
169
237
35
\u2014
1,258
Total - 2022
513
48
133
82
146
48
\u2014
970
The following table provides a breakdown of the remuneration in 2023 of the members of the Supervisory Board:
(In Euro x 1,000)
Annual fee2
Share-based payments
Travel expenses
Total
Supervisory Board member
2023
2022
2023
2022
2023
2022
2023
2022
E. Moses
90
90
65
22
1
\u2014
156
112
M.G. Kleinsman
50
50
\u2014
\u2014
\u2014
\u2014
50
50
M.B.B. Jou
50
55
2
8
3
\u2014
55
63
N. Bj\u00f6rkman
55
55
21
22
4
\u2014
80
77
D. Van Meirvenne
29
\u2014
21
\u2014
1
\u2014
51
\u2014
P.S. Williams
29
\u2014
21
\u2014
\u2014
\u2014
50
\u2014
Total Supervisory Board members
303
250
130
52
9
\u2014
442
302
Former Supervisory Board members
CA. Arnold
\u2014
14
\u2014
9
\u2014
3
\u2014
26
G.E. Schoolenberg
\u2014
25
\u2014
\u2014
\u2014
\u2014
\u2014
25
Total former Supervisory Board members
\u2014
39
\u2014
9
\u2014
3
\u2014
51
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "value": "
Key Management Changes 2023
On 10 May 2023, the Annual General Meeting appointed Dirk Van Meirvenne and Peter Williams as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on 31 December 2023:
\u25a0 Edwin Moses, Chairperson
\u25a0 Nils Bj\u00f6rkman
\u25a0 Michelle Jou
\u25a0 Margret Kleinsman
\u25a0 Dirk Van Meirvenne
\u25a0 Peter Williams
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance payments. For further
information on the Remuneration Policy refer to the Remuneration Report.
Key Management Remuneration 2023
The total remuneration paid to members of the Management Board and independent members of the Supervisory Board
amounted to \u20ac1,258,000 (2022: \u20ac970,000) and \u20ac442,000 (2022: \u20ac353,000) respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "value": "
32.\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 \u20ac 31,402,314
has been added to accumulated losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "
33.\u00a0 Events After the Balance Sheet Date
At an Extraordinary General Meeting of Shareholders on 24 January 2024, shareholders granted approval for the
authorisation to the Management Board to issue up to \u20ac50 million in ordinary shares in connection with an equity raise,
which could be increased by up to \u20ac20 million.
On 26 January 2024, Avantium announced the launch of a fully underwritten rights offering. On 9 February 2024, Avantium
announced that the Company successfully raised \u20ac50.5 million by means of a rights offering, corresponding to the issuance
of 27,018,772 new ordinary shares at an issue price per share of \u20ac1.87. In light of the high take-up rate by existing
shareholders of Avantium, the rump was not sufficient to cover the guaranteed allocation to cornerstone investors. As a
result, Avantium placed additional offer shares to cornerstone investors as well as to the pre-committed shareholders for an
amount of \u20ac9.1 million at the issue price. Furthermore, given the interest in the transaction of both existing shareholders as
well as new investors, Avantium decided to use its full authorisation of \u20ac70 million. A private placement offering of \u20ac10.4
million was completed after close of market on 8 February 2024 in order to accommodate the excess demand from
institutional investors. These offer shares were placed at a price of \u20ac2.30 per offer share. The price represents a discount of
3.2% to the closing price on 8 February 2024 and a premium of 23.0% to the issue price under the rights offering. In line with
the agreed delayed settlement, a cornerstone placement to investor Pieter Kooi, which consisted of 4,010,695 new ordinary
shares and reflected an investment in Avantium of \u20ac7.5 million, was finalised on 15 March 2024. As of 15 March 2024,
Avantium's issued share capital comprises 79,675,789 ordinary shares. The net proceeds of the equity raise are primarily
used to remain well capitalised until the FDCA Flagship Plant is commercially operational, in addition to general corporate
purposes. It also enables the Company to further enhance its balance sheet and to accelerate its technology licensing
strategy.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fn-4": { "value": "Refer to note 2.1.3 for detail on the restatements of the balances as at 31 December 2022", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-1": { "value": "Refer to note 2.1.3 for detail on the restatements of the balances as at 31 December 2022", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-5": { "value": "Refer to note 2.1.3 for detail on the restatements of the balances as at 31 December 2022", "dimensions": { "concept": "xbrl:note", "noteId": "fn-5", "language": "en" } }, "fn-2": { "value": "Refer to note 2.1.3 for detail on the restatements of the balances as at 31 December 2022", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-3": { "value": "Refer to note 2.1.3 for detail on the restatements of the balances as at 31 December 2022", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } } } }