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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 December 31, 2024
comprise 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 commercializing 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.
These consolidated financial statements were approved for issue by both the Supervisory Board and
the Management Board on March 18, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "Avantium N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "N.V", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "Zekeringstraat 29-31, 1014 BV", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "developing and commercializing 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
These consolidated financial statements were approved for issue by both the Supervisory Board and
the Management Board on March 18, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "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 IFRS
Accounting Standards 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.
As Avantium continues to transition from a company focused on technology development to an
operational company, the focus is on the start-up of the FDCA Flagship Plant, with significant cash
continuing to be committed to capital expenditure over the period ended on December 31, 2024 of
\u20ac58.6 million (December 31\u00a0 2023: \u20ac89.8 million), and cash used in operating activities increased as
expected over the period ended on December 31, 2024 to \u20ac37.4 million (December 31, 2023: \u20ac18.8
million). During this transition, Avantium will continue to depend on external sources of funding.
Fundamental to Avantium\u2019s continuity are:
\u25a0 The successful start-up of the FDCA Flagship Plant for Avantium Renewable Polymers and achieving
the Commercial Operations Date;
\u25a0 The sale of technology licenses based on the proven technology following the achievement of the
Commercial Operations Date of the FDCA Flagship Plant
\u25a0 Refinancing or extension of the Debt Financing Facilities (plus accrued and capitalized interest)
before March 31, 2026; and
\u25a0 Additional funding for the start-up and ramp-up of production from the FDCA Flagship Plant and for
Avantium Renewable Polymers, as well as for all support activities and the further development of
Avantium's other technologies.
Avantium completed the construction of its FDCA Flagship Plant in Delfzijl (the Netherlands) in
October 2024. After the official opening of the FDCA Flagship Plant, the construction team handed
over the site to the Avantium operations team, where testing and commissioning activities were
already ongoing\u00a0 to prepare the FDCA Flagship Plant for a safe start-up. During the start-up phase,
unforeseen events could occur that might lead to additional costs and/or a longer period for the
achievement of Commercial Operations Date. Any delay in achieving the Commercial Operations
Date may have a significant impact on the ability of the Company to generate revenues from the sale
of FDCA and PEF and related cash flow.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of the
Company will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae Technology, which
will enable the large-scale production of FDCA and PEF. Without a timely and successful start-up of
the FDCA Flagship Plant, Avantium may not be successful in selling sufficient technology licenses,
within the anticipated timelines, to secure the necessary liquidity for the Company. As a result, any
delays or deviations in relation to the sale of technology licenses, and their related income, will have a
significant impact on the ability of the Company to generate cash flow in the future.
The debt financing of \u20ac105 million (excluding capitalized and accrued interest) provided under the
Debt Financing Facilities agreement with ABN AMRO Bank, ASN Bank, ING Bank, Rabobank, and
Invest-NL had a final maturity date of March 31, 2025. On this date, the full principal amount was to be
repaid, including all accrued interest of approximately \u20ac10 million. Under the terms of the Debt
Financing Facilities agreement, Avantium has the opportunity to request two extension options of up
to one year each, which are subject to approval by the banks. The Company has been in ongoing
discussions with the lenders and, on December 5, 2024, obtained commitments from its lenders to
extend the Debt Financing Facilities agreement until March 31, 2026, as well as to a further extension
to March 31, 2027, subject to meeting certain conditions. The \u20ac2.5 million loan provided by Fonds
Nieuwe Doen must be repaid in February 2026.
If Avantium is unable to refinance or meet the conditions for the further extension of its Debt
Financing Facilities for the FDCA Flagship Plant, for which repayment is now due on March 31, 2026,
following the extension agreed upon on March 18, 2025, Avantium will require additional funding or
cash resources to provide sufficient working capital for at least 15 months as of the date of these
financial statements for the period ended December 31, 2024. Failure to achieve new funding in a
timely fashion may result in Avantium 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 its payment obligations; thereby bringing the Company's going concern at risk.
Avantium's consolidated cash position was \u20ac23 million as of December 31, 2024. These funds will be
required to fund the start-up of the FDCA Flagship Plant and the ongoing operating costs of Avantium
Renewable Polymers, as well as the remaining business and support activities of Avantium. Despite
having successfully secured an additional \u20ac46 million funding package in December 2024, which
includes a \u20ac20.1 million increase of the existing Debt Financing Facilities, dependent on certain
conditions precedent, it is management\u2019s expectation that there is currently not sufficient committed
cash to fund the start-up and ramp-up of the FDCA Flagship Plant and the ongoing operations for a
period of at least 15 months as of the date of these financial statements for the period ended
December 31, 2024. If Avantium is not able to meet the required conditions to draw down the \u20ac20.1
million from the lenders, or when there is a significant delay in obtaining these funds, this will have an
impact on the ability of the Company to continue as a going concern.
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 realize its
assets and discharge its liabilities in the normal course of business. In light of the above, management
has taken the following measures to address the material uncertainties:
Commercial Operations Date
The successful start-up of the FDCA Flagship Plant and subsequently achieving the Commercial
Operations Date are key milestones for the Company. Once commercial operations have
commenced, Avantium Renewable Polymers will be producing FDCA from the FDCA Flagship Plant
that can be converted to PEF and delivered to its customers under the agreements already in place.
This will result in the Company starting to generate revenues from the FDCA Flagship Plant. The start-
up of the FDCA Flagship Plant is an essential part of the strategy of the Company to successfully
license the YXY\u00ae Technology and is expected to result in future profitability and cash flow. In order to
manage the start-up of the FDCA Flagship Plant and to achieve the Commercial Operations Date, the
Company has a detailed start-up plan whereby the safe start-up of the FDCA Flagship Plant is the key
priority. As part of this plan, the Company anticipates producing the first FDCA in the coming months
as it progresses with the staged start-up of the plant.
License Revenue
In addition to the revenues and cash flow from the sale of FDCA from the FDCA Flagship Plant
production and the subsequent sale of PEF the Company is dependent on the sale of technology
licenses (based on the proven technology following the start-up of the FDCA Flagship Plant) in order
to become profitable and cash flow positive. The Company has developed a licensing strategy, and is
building a pipeline of potential licensees. The Company has expanded its commercial team to help
secure technology licenses as well as capacity reservations for future licensed plants. The licensing
strategy includes expectations of certain upfront payments, and the timing of these payments remains
unpredictable and dependent on factors that are not in the control of Avantium.\u00a0
Refinancing or Extension
On December 5, 2024, the lenders under the Debt Financing Facilities, ABN AMRO Bank, ASN Bank,
ING Bank, Rabobank, and Invest-NL, committed to extend the maturity date of the Debt Financing
Facilities by one year to March 31, 2026, with an additional one year extension to March 31, 2027 ,
subject to meeting certain conditions prior to March 31, 2026. On March 18, 2025, Avantium and the
lenders executed the final documentation reflecting this extension. The Company continues to
explore the possibility of refinancing the existing Debt Financing Facilities, and continues to work on
meeting the conditions for the additional one year debt extension to March 31, 2027.
Additional Funding
On December 5, 2024, Avantium announced a further \u20ac46 million in additional funding including \u20ac11
million in gross proceeds from an accelerated bookbuild equity offering, a \u20ac5 million convertible loan
from Pieter Kooi, an intention to provide up to \u20ac10 million subordinated loan from the Province of
Groningen, and an additional \u20ac20.1 million commitment from the existing lenders under the \u20ac105
million Debt Financing Facilities (excluding accrued and capitalized interest). Furthermore, in the first
quarter of 2025, minority shareholder Worley provided a \u20ac3.1 million subordinated shareholder loan
to Avantium Renewable Polymers B.V. On March 18, 2025, Avantium and the Province of Groningen
executed the documentation reflecting the \u20ac9.9 million subordinated loan. This loan from the
Province of Groningen will become available in two tranches in in the first and second quarter of
2025, contingent on the parties meeting certain conditions, including as per a Memorandum of
Understanding exploring steps towards Avantium\u2019s further future commitment to the Groningen
region. The additional \u20ac20.1 million commitment from the existing lenders is expected to become
available in the fourth quarter of 2025 upon meeting certain conditions, including those related to the
production of FDCA from the FDCA Flagship Plant and\u00a0 raising additional equity funding by issuing
new ordinary shares in the Company. The Company continues to explore various forms of additional
financing including raising new equity, additional debt instruments, subsidies, as well as investigating
strategic alternatives for its various business activities.
In light of all of the above, management has assessed the going concern assumption, which is the
basis on which Avantium's consolidated financial statements for the period ended on December 31,
2024 have been prepared.
Based on management's analyses and assessments, although a material uncertainty remains for the
Company's going concern, management believes that it is appropriate to prepare Avantium's
consolidated financial statements for the period ended December 31, 2024 using the going concern
assumption.
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
The following amendments apply for annual reporting periods beginning on or after January 1, 2024:
\u25a0 IAS 7 and IFRS 7 - Disclosures: Supplier Finance Arrangements, now require both qualitative and
quantitative disclosures to enhance the transparency of supplier finance arrangements and their
effects on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
\u25a0 IFRS 16 - Lease: Lease liability in a Sale and Leaseback,\u00a0 includes requirements for sale and
leaseback transactions to explain how a seller-lessee accounts for a sale and leaseback after the
date of the transaction.
The amendments to IAS7, IFRS 7 and IFRS 16 had no effect on the consolidated financial statements
for the year ended December 31, 2024.
The amendments to - and new requirements in - IAS 1 - Presentation of Financial Statements, as it
relates to the classification of liabilities as current or non-current, are effective for annual reporting
periods beginning on or after January 1, 2024. The amendments to IAS 1 clarify how covenants with
which an entity must comply within 12 months after the reporting date might affect the classification of
a liability as current versus non-current. These amendments also aim to improve disclosures an entity
provides in relation to liabilities subject to these covenants and conditions. The Debt Financing
Facilities has a maturity date of March 31, 2025 and has therefore been classified as current at year
end December 31, 2024. Given the fact that all liabilities which are subject to covenants have been
classified as current the amendments to IAS 1 does not have any implications for the classification and
disclosure of liabilities at year end 2024. Refer to note 17.
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 December 31, 2024 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, with the exception of IFRS
18, Presentation and Disclosure in Financial Statements. This new standard will impact the Company's
presentation in the income statement and disclosures around management performance measures. It
is expected to become effective for annual reporting periods beginning on or after January 1, 2027, at
which point the Company plans to apply the standard, subject to endorsement by the EU. The
Company has yet to determine the full impact of this new standard.
Changes in presentation
In order to ensure that information is presented in a relevant and reliable manner expense have been
reclassified between between line items in the Consolidated Statement of Profit or Loss and
Comprehensive Income (refer to note 25).\u00a0 As a result an amount of \u20ac4.2 million (2023: \u20ac2.9 million)
has been reclassified from Employee benefit expenses to Raw materials and contract costs.\u00a0
Employee benefit expenses have increased from \u20ac31.7 million (2023:\u20ac28.6 million) to \u20ac35.9 million
(2023:\u20ac31.5 million) and Raw materials and contract costs has decreased from \u20ac8.9 million (2023:\u20ac7.1
million) to \u20ac4.7 million (2023:\u20ac4.2 million).
Management has revised the presentation of cash flows related to interest expenses of \u20ac1.4 million
(2023:\u20ac1.8 million) in the Consolidated Statement of Cash Flows.\u00a0 As a result of the reclassification the
Net cash used in operating activities has decreased from -\u20ac37.4 million (2023:-\u20ac18.8 million) to -\u20ac36
million (2023:-\u20ac17 million) and Net cash generated from financing activities has decreased from \u20ac84.8
million (2023:\u20ac78.9 million) to \u20ac83.4 million (2023:\u20ac77.1 million)
.Prior period numbers have been restated accordingly.
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 unrealized gains on transactions between group companies
are eliminated. Unrealized 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 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 recognized 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 recognized 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 recognized in comprehensive other income are reclassified to
profit or loss.
2.2.3\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.
2.2.4\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 recognized 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 recognized 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 recognized 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 recognized in other
comprehensive income are reclassified to profit or loss where appropriate.
2.2.5\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. For the 2024 financial year the
Management Team, consists of the Chief Executive Officer, the Chief Financial Officer, the Chief
Technology Officer, the Chief Commercial Officer, the Group Legal Counsel, the Managing Director of
Volta and the Managing Director of Avantium R&D Solutions.
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
recognized in the statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the statement of comprehensive income within \u2018finance income or cost\u2019.
Group Companies
The results and financial position of all the group entities (none of which has the currency of a hyper-
inflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
\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 recognized 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. Refer to note 4 for Critical Accounting Estimates
and Judgements as applied in the preparation of the financial statements.
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 and any accumulated impairment losses. Historical cost includes
expenditures that are directly attributable to the acquisition of the items and includes capitalization of
decommissioning and restoration costs associated with provisions decommissioning and restoration
costs\u00a0 (refer 2.19 Provisions). Where an item of property, plant and equipment has been obtained by
exchange for a non-monetary asset, and the exchange lacks commercial substance, the acquired
item is not measured at fair value, but at the carrying amount of the asset given up.
Subsequent costs are included in the asset\u2019s carrying amount or recognized 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
3-5 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
certain items of computer hardware should be increased to 5 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 Profit or Loss and Comprehensive
Income.
Property, plant and equipment under construction expenditures incurred for purchasing and
constructing property, plant and equipment are initially recorded as \u2018under construction\u2019 until the asset
is completed and ready for use. Upon the completion of the assets, the recognized costs are
reclassified from \u2018under construction\u2019 to the relevant category of property, plant and equipment.
Assets under construction are not depreciated and are measured at cost less any impairment losses.
2.6\u00a0 Intangible Assets
Research and Development
Research expenditures are recognized 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
recognized 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 recognized as an expense as
incurred. Development costs previously recognized as an expense are not recognized as an asset in
a subsequent period.
Amortization of development costs is included in depreciation, amortization and impairment charge in
the statement of comprehensive income. All development costs arose from internal development.\u00a0
Intangible assets not ready for use are tested for impairment at least on an annual basis.
Capitalized development costs are recorded as intangible assets and amortized from the point at
which the asset is ready for use on a straight-line basis over its estimated useful life of:
\u25a0 Research and Development
5 years
Computer Software and Other Intangibles
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and
use the specific software. These costs are amortized straight-line over their estimated useful lives of
three years.
Costs associated with developing or maintaining computer software programs are recognized 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 recognized 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.
Amortization is calculated using the straight-line method over the estimated useful life of:
\u25a0 Computer software and other intangibles
3 years
Intellectual Property
Intellectual property is stated at historical cost; less accumulated amortization and any accumulated
impairment losses. Intellectual property is amortized over the period until the moment that 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 recognized 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
Amortization 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 amortization 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 recognized in profit or loss in
the period in which the condition that triggers those payments.
Where an intangible asset is obtained in exchange for consideration payable on deferred credit
terms, the asset will initially be recognized at its cost price equivalent, being the present value of the
consideration payable over the credit term.
Where an intangible asset is obtained in exchange for variable consideration, such variable
consideration is not included in the carrying amount of the asset at acquisition and no liability is
recognized for the variable consideration. Subsequent payments of variable consideration is
recognized in profit and loss as and when incurred.
Amortization 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
Non-financial assets are reviewed for possible impairment whenever an impairment trigger is
identified. Any events or changes in circumstances which could indicate that the carrying amount of
the assets may not be recoverable are considered impairment triggers. If any such impairment
triggers are identified, the assets' recoverable amount is estimated. The recoverable amount is
determined to be the higher of an asset\u2019s fair value less costs to sell and value in use. An impairment
loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
amount. Impairment losses are recognized in profit or loss. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets, which are impaired, are tested periodically to determine whether the
recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on
goodwill are not reversed. For other assets, an impairment loss is reversed only to the extent that the
asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
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 amortized 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 recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognized 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 derecognized 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 amortized 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 recognized 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 recognized amounts and there is an intention to settle on a
net basis or realize 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 Amortized Cost
Impairment provisions for trade receivables are recognized 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 recognized (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognized impairment loss is
recognized in the consolidated statement of comprehensive income.
2.12\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable 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 realizable 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 recognized initially at fair value and subsequently measured at amortized 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 recognized 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 recognized initially at fair value and subsequently measured at amortized 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 recognized in the statement
of comprehensive income, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized 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 recognized, 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 realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
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 recognized as employee
benefit expense when they are due. Prepaid contributions are recognized 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. During the year 2024, the
group has introduced a new Long-Term Incentive Plan (New LTIP), which grants Performance Share
Units (PSUs) to members of the Management Board and a new equity-based incentive plan in the
Restricted Share Units (RSUs) to Supervisory Board members. These PSUs and RSUs are settled in
ordinary shares upon vesting, through the issuance of new shares. 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 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, RSUs and PSUs,\u00a0 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
recognized as an expense. For share-based payments that do not vest until the employees have
completed a specified period of service, the group recognizes 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 recognizes 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. While PSUs are settled in ordinary shares
upon vesting, hence the reserve attributable to the allocated shares is transferred to share capital and
share premium.
Profit-sharing and Bonus Plans
The group recognizes 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 recognizes 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 recognizes costs for a
restructuring that 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 recognized 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 recognized 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 that do not represent a separate
performance obligation under contracts with customers at the time revenue is recognized and the
group has a constructive obligation. The 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 recognized (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 discount 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 from contracts with customer is recognized in accordance with the five step process
outlined in IFRS 15. For all contracts that fall within the scope of 'IFRS 15 Contracts with Customers'
Avantium recognizes revenue at the transaction price to which it expects to be entitled.
The transaction price is generally stipulated in the contracts and are typically determined based on
the contractual terms. For contracts that contain separate performance obligations, the transaction
price is allocated to those separate performance obligations by reference to their relative stand-alone
selling prices.
Revenue is recognized by Avantium as and when the group satisfies a performance obligation by
transferring control over a promised good or service to a customer. Control can transfer to a customer
either \u201cat a point in time\u201d or \u201cover time\u201d. Revenue is shown net of value-added tax, returns, rebates,
and discounts, and after eliminating sales within the group. As the group does not extend credit terms
to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant
financing components.
Where incremental costs of obtaining a contract with a customer are incurred, an asset shall be
recognized for these costs if it is expected that these costs shall be recovered. Such costs will be
recognized directly within profit and loss in the case that no expectation to recover such costs exists.
Discounts or credits provided to customers are considered consideration payable to a customer for
goods/services which are not distinct and therefore are deducted from the transaction price in
determining the amount of revenue to be recognized.
Main Revenue Streams
\u25a0 Work in Progress Projects
\u25a0 Services
\u25a0 Sale of Goods
\u25a0 Sale of Licenses
The information provided below reflects additional details over the groups revenue streams.
Work in Progress Projects
The group specializes in engineering and constructing various mechanical systems for customers
used in R&D, as well as providing contractual R&D services. Given the custom and individually
engineered nature of these contracts, customers are consulted on the input of varying components
and actively involved in directing the specifics of expected results. Therefore, at contract inception, it
is determined that the group's performance does not create an asset with an alternative use outside
of the contracted purpose.
As work over the project progresses, control is transferred to the customer incrementally based on
the stage of completion. The stage of completion is measured by comparing the proportion of costs
incurred to the total expected costs, ensuring that the costs incurred accurately reflect the progress
made in transferring goods and services to the customer.
Services
Revenue from the provision of services, primarily servicing and maintenance activities, is recognized
based on the stage of completion of the work performed. This method is used because the client
receives the benefits from and has use of the services at the same rate as the work is performed.
There are two primary types of servicing and maintenance contracts, stand-ready agreements and
maintenance work in progress projects. Where such services are provided as part of a larger contract,
they are considered separate performance obligations.
\u25a0 Stand-ready : Service level agreements for the provision of maintenance and support services
within a specified timeframe. The stage of completion is determined by the percentage of the
period within the stand-ready agreement that has been fulfilled, over the contracted period of time.
\u25a0 Maintenance Work in Progress : Servicing and maintenance projects conducted over a period of
time to the customers specifications. Refer to \u2018Work in Progress Projects\u2019 for more information on
the determination of the stage of completion.
Sale of Goods
Avantium sells customized spare parts and research & development samples to its customers.
Revenue from these sales is recognized at a point in time when control of the goods is transferred to
the customer, and the entity has a present right to receive payment.
This transfer of control is measured using the commercial shipment terms specified within each
contract, assessed on a contract-by-contract basis.
Sale of Licenses
Avantium issues licenses to its intellectual property in conjunction with design and engineering
services. Generally, these licenses are not distinct from the associated services and are therefore
accounted for as a single 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 recognized will not occur when the
uncertainty associated with the variable consideration is resolved.
Revenue is generally recognized over time, as the company's performance does not create an asset
with an alternative use and the company has an enforceable right to payment for performance
completed to date. Management measures progress towards the performance obligation in a manner
that most faithfully depicts the company's performance, typically using an input measure of costs
incurred compared to total expected costs.
License contracts may also include additional elements such as usage/sale-based royalties, support
services, and/or the sale of goods. Usage/sale-based royalties are considered variable consideration
and recognized at the earlier of when the related performance obligation is satisfied or when the
sales or usage occurs. Support services and the sale of goods are treated as separate performance
obligations, as they are distinct promises that the customer can benefit from independently. Refer to
the respective sections above, which describe the accounting treatment applied to these
performance obligations.
Contract Balances
The timing of payment of consideration for the supply of goods and services to the customer is based
on contractually agreed installment terms.
Contract assets are unbilled revenues, where the company has recognized revenue to date in line
with satisfaction over performance obligations as detailed above. Contract assets are reported on the
balance sheet under trade and other receivables and are reclassified to trade receivables when the
contractually identified installment term is met.
Contract liability is the obligation to transfer goods or services to a customer for which the company
has received consideration or has recognized a receivable asset in line with the contractually
identified installment term. These amounts are reported as contract liabilities on the balance sheet
under trade and other payables. Contract liabilities are recognized as revenue as performance
obligations are satisfied per detail above.
2.21\u00a0 Grants
Grants and subsidies from third parties are recognized 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.
Advances received for grants related to income are deferred and recognized in the income
statement over the period necessary to match them with the costs that they are intended to
compensate. Grants relating to costs are deducted from the relevant costs to be compensated in the
same period.
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.
Subsidies are recognized as a reduction in Employee benefit expenses over time.
2.22\u00a0 Leases
The group leases various offices and a vehicle . Short-term leases (less than 12 months) or low-value
leases (less than EUR 5,000) are expensed through the statement of profit or loss as incurred. Lease
contracts are generally entered into 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 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.
Management considers extension options and the reasonable certainty with which such options might
be exercised in determining the non-cancellable lease period over which the value of the lease
liability and related right-of-use asset is to be calculated. Management reassesses extension options
on an annual basis and revises the lease terms accordingly.
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 recognized 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.
Lease Liability
Lease liabilities are initially measured at 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;
\u25a0 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 initially 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 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. 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 recognized 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.
If the lease transfers ownership of the underlying asset to Avantium by the end of the lease term or if
the cost of the right-of-use asset reflects that Avantium will exercise a purchase option, the right-of-
use asset is depreciate from the commencement date to the end of the useful life of the underlying
asset.
2.23.\u00a0 Financial Liability
Financial liabilities are recognized when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are recognized when the group's obligations specified in the
contract expire or are discharged or cancelled.
All financial liabilities are recognized 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 amortized cost, except for
derivatives. 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.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
At initial recognition, financial liabilities are measured at fair value.
Subsequent to initial recognition, the group applies the effective interest method to financial liabilities
measured at amortized cost. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings.
Derivative s (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized 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 recognized 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 recognized using the original effective interest rate.
Interest income and interest expense is recognized in the income statement using the effective
interest rate method, except if it is accounted for as borrowing cost. Refer to note 2.24.
General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalized as part of the cost of the asset. Borrowing costs
include interest expenses calculated as based on the effective interest method as well as interest in
respect of lease liabilities. Qualifying assets are assets that necessarily take a substantial period of
time to get ready for their intended use or sale.
The commencement date for capitalization is the date at which both expenditures for the qualifying
asset and borrowing costs are incurred and the activities necessary to prepare the asset have been
undertaken. The capitalization of borrowing costs will cease when substantially all activities necessary
to prepare the qualifying asset for its intended use or sale is complete. An asset is normally ready for
its intended use or sale when the physical construction of the asset is complete even though routine
administrative work or minor modifications might still continue. Management applies judgement in
determining whether any activities required post completion of physical construction constitutes
administrative work or minor modifications based on the nature of these activities and the associated
cost in proportion to total cost of acquisition, construction or production.
All interest payments relating to the loan are included in the Cash Flow Statement under Financing
activities.
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.
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. Any interest paid (including interest on lease liabilities and interest capitalized
as borrowing cost) during the financial year is presented as cash flows from financing activities.
Management has disclosed climate related targets and progress made during the 2024 financial year
in the Sustainability performance section of this report. Transformational risk related to the
achievement of such climate related targets have been disclosed in the Governance section of this
report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "
2.1.\u00a0 Basis of Preparation
The consolidated financial statements of Avantium N.V. have been prepared in accordance with IFRS
Accounting Standards 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
The consolidated financial statements of Avantium N.V. have been prepared in accordance with IFRS
Accounting Standards 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
As Avantium continues to transition from a company focused on technology development to an
operational company, the focus is on the start-up of the FDCA Flagship Plant, with significant cash
continuing to be committed to capital expenditure over the period ended on December 31, 2024 of
\u20ac58.6 million (December 31\u00a0 2023: \u20ac89.8 million), and cash used in operating activities increased as
expected over the period ended on December 31, 2024 to \u20ac37.4 million (December 31, 2023: \u20ac18.8
million). During this transition, Avantium will continue to depend on external sources of funding.
Fundamental to Avantium\u2019s continuity are:
\u25a0 The successful start-up of the FDCA Flagship Plant for Avantium Renewable Polymers and achieving
the Commercial Operations Date;
\u25a0 The sale of technology licenses based on the proven technology following the achievement of the
Commercial Operations Date of the FDCA Flagship Plant
\u25a0 Refinancing or extension of the Debt Financing Facilities (plus accrued and capitalized interest)
before March 31, 2026; and
\u25a0 Additional funding for the start-up and ramp-up of production from the FDCA Flagship Plant and for
Avantium Renewable Polymers, as well as for all support activities and the further development of
Avantium's other technologies.
Avantium completed the construction of its FDCA Flagship Plant in Delfzijl (the Netherlands) in
October 2024. After the official opening of the FDCA Flagship Plant, the construction team handed
over the site to the Avantium operations team, where testing and commissioning activities were
already ongoing\u00a0 to prepare the FDCA Flagship Plant for a safe start-up. During the start-up phase,
unforeseen events could occur that might lead to additional costs and/or a longer period for the
achievement of Commercial Operations Date. Any delay in achieving the Commercial Operations
Date may have a significant impact on the ability of the Company to generate revenues from the sale
of FDCA and PEF and related cash flow.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of the
Company will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae Technology, which
will enable the large-scale production of FDCA and PEF. Without a timely and successful start-up of
the FDCA Flagship Plant, Avantium may not be successful in selling sufficient technology licenses,
within the anticipated timelines, to secure the necessary liquidity for the Company. As a result, any
delays or deviations in relation to the sale of technology licenses, and their related income, will have a
significant impact on the ability of the Company to generate cash flow in the future.
The debt financing of \u20ac105 million (excluding capitalized and accrued interest) provided under the
Debt Financing Facilities agreement with ABN AMRO Bank, ASN Bank, ING Bank, Rabobank, and
Invest-NL had a final maturity date of March 31, 2025. On this date, the full principal amount was to be
repaid, including all accrued interest of approximately \u20ac10 million. Under the terms of the Debt
Financing Facilities agreement, Avantium has the opportunity to request two extension options of up
to one year each, which are subject to approval by the banks. The Company has been in ongoing
discussions with the lenders and, on December 5, 2024, obtained commitments from its lenders to
extend the Debt Financing Facilities agreement until March 31, 2026, as well as to a further extension
to March 31, 2027, subject to meeting certain conditions. The \u20ac2.5 million loan provided by Fonds
Nieuwe Doen must be repaid in February 2026.
If Avantium is unable to refinance or meet the conditions for the further extension of its Debt
Financing Facilities for the FDCA Flagship Plant, for which repayment is now due on March 31, 2026,
following the extension agreed upon on March 18, 2025, Avantium will require additional funding or
cash resources to provide sufficient working capital for at least 15 months as of the date of these
financial statements for the period ended December 31, 2024. Failure to achieve new funding in a
timely fashion may result in Avantium 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 its payment obligations; thereby bringing the Company's going concern at risk.
Avantium's consolidated cash position was \u20ac23 million as of December 31, 2024. These funds will be
required to fund the start-up of the FDCA Flagship Plant and the ongoing operating costs of Avantium
Renewable Polymers, as well as the remaining business and support activities of Avantium. Despite
having successfully secured an additional \u20ac46 million funding package in December 2024, which
includes a \u20ac20.1 million increase of the existing Debt Financing Facilities, dependent on certain
conditions precedent, it is management\u2019s expectation that there is currently not sufficient committed
cash to fund the start-up and ramp-up of the FDCA Flagship Plant and the ongoing operations for a
period of at least 15 months as of the date of these financial statements for the period ended
December 31, 2024. If Avantium is not able to meet the required conditions to draw down the \u20ac20.1
million from the lenders, or when there is a significant delay in obtaining these funds, this will have an
impact on the ability of the Company to continue as a going concern.
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 realize its
assets and discharge its liabilities in the normal course of business. In light of the above, management
has taken the following measures to address the material uncertainties:
Commercial Operations Date
The successful start-up of the FDCA Flagship Plant and subsequently achieving the Commercial
Operations Date are key milestones for the Company. Once commercial operations have
commenced, Avantium Renewable Polymers will be producing FDCA from the FDCA Flagship Plant
that can be converted to PEF and delivered to its customers under the agreements already in place.
This will result in the Company starting to generate revenues from the FDCA Flagship Plant. The start-
up of the FDCA Flagship Plant is an essential part of the strategy of the Company to successfully
license the YXY\u00ae Technology and is expected to result in future profitability and cash flow. In order to
manage the start-up of the FDCA Flagship Plant and to achieve the Commercial Operations Date, the
Company has a detailed start-up plan whereby the safe start-up of the FDCA Flagship Plant is the key
priority. As part of this plan, the Company anticipates producing the first FDCA in the coming months
as it progresses with the staged start-up of the plant.
License Revenue
In addition to the revenues and cash flow from the sale of FDCA from the FDCA Flagship Plant
production and the subsequent sale of PEF the Company is dependent on the sale of technology
licenses (based on the proven technology following the start-up of the FDCA Flagship Plant) in order
to become profitable and cash flow positive. The Company has developed a licensing strategy, and is
building a pipeline of potential licensees. The Company has expanded its commercial team to help
secure technology licenses as well as capacity reservations for future licensed plants. The licensing
strategy includes expectations of certain upfront payments, and the timing of these payments remains
unpredictable and dependent on factors that are not in the control of Avantium.\u00a0
Refinancing or Extension
On December 5, 2024, the lenders under the Debt Financing Facilities, ABN AMRO Bank, ASN Bank,
ING Bank, Rabobank, and Invest-NL, committed to extend the maturity date of the Debt Financing
Facilities by one year to March 31, 2026, with an additional one year extension to March 31, 2027 ,
subject to meeting certain conditions prior to March 31, 2026. On March 18, 2025, Avantium and the
lenders executed the final documentation reflecting this extension. The Company continues to
explore the possibility of refinancing the existing Debt Financing Facilities, and continues to work on
meeting the conditions for the additional one year debt extension to March 31, 2027.
Additional Funding
On December 5, 2024, Avantium announced a further \u20ac46 million in additional funding including \u20ac11
million in gross proceeds from an accelerated bookbuild equity offering, a \u20ac5 million convertible loan
from Pieter Kooi, an intention to provide up to \u20ac10 million subordinated loan from the Province of
Groningen, and an additional \u20ac20.1 million commitment from the existing lenders under the \u20ac105
million Debt Financing Facilities (excluding accrued and capitalized interest). Furthermore, in the first
quarter of 2025, minority shareholder Worley provided a \u20ac3.1 million subordinated shareholder loan
to Avantium Renewable Polymers B.V. On March 18, 2025, Avantium and the Province of Groningen
executed the documentation reflecting the \u20ac9.9 million subordinated loan. This loan from the
Province of Groningen will become available in two tranches in in the first and second quarter of
2025, contingent on the parties meeting certain conditions, including as per a Memorandum of
Understanding exploring steps towards Avantium\u2019s further future commitment to the Groningen
region. The additional \u20ac20.1 million commitment from the existing lenders is expected to become
available in the fourth quarter of 2025 upon meeting certain conditions, including those related to the
production of FDCA from the FDCA Flagship Plant and\u00a0 raising additional equity funding by issuing
new ordinary shares in the Company. The Company continues to explore various forms of additional
financing including raising new equity, additional debt instruments, subsidies, as well as investigating
strategic alternatives for its various business activities.
In light of all of the above, management has assessed the going concern assumption, which is the
basis on which Avantium's consolidated financial statements for the period ended on December 31,
2024 have been prepared.
Based on management's analyses and assessments, although a material uncertainty remains for the
Company's going concern, management believes that it is appropriate to prepare Avantium's
consolidated financial statements for the period ended December 31, 2024 using the going concern
assumption.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
As Avantium continues to transition from a company focused on technology development to an
operational company, the focus is on the start-up of the FDCA Flagship Plant, with significant cash
continuing to be committed to capital expenditure over the period ended on December 31, 2024 of
\u20ac58.6 million (December 31\u00a0 2023: \u20ac89.8 million), and cash used in operating activities increased as
expected over the period ended on December 31, 2024 to \u20ac37.4 million (December 31, 2023: \u20ac18.8
million). During this transition, Avantium will continue to depend on external sources of funding.
Fundamental to Avantium\u2019s continuity are:
\u25a0 The successful start-up of the FDCA Flagship Plant for Avantium Renewable Polymers and achieving
the Commercial Operations Date;
\u25a0 The sale of technology licenses based on the proven technology following the achievement of the
Commercial Operations Date of the FDCA Flagship Plant
\u25a0 Refinancing or extension of the Debt Financing Facilities (plus accrued and capitalized interest)
before March 31, 2026; and
\u25a0 Additional funding for the start-up and ramp-up of production from the FDCA Flagship Plant and for
Avantium Renewable Polymers, as well as for all support activities and the further development of
Avantium's other technologies.
Avantium completed the construction of its FDCA Flagship Plant in Delfzijl (the Netherlands) in
October 2024. After the official opening of the FDCA Flagship Plant, the construction team handed
over the site to the Avantium operations team, where testing and commissioning activities were
already ongoing\u00a0 to prepare the FDCA Flagship Plant for a safe start-up. During the start-up phase,
unforeseen events could occur that might lead to additional costs and/or a longer period for the
achievement of Commercial Operations Date. Any delay in achieving the Commercial Operations
Date may have a significant impact on the ability of the Company to generate revenues from the sale
of FDCA and PEF and related cash flow.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of the
Company will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae Technology, which
will enable the large-scale production of FDCA and PEF. Without a timely and successful start-up of
the FDCA Flagship Plant, Avantium may not be successful in selling sufficient technology licenses,
within the anticipated timelines, to secure the necessary liquidity for the Company. As a result, any
delays or deviations in relation to the sale of technology licenses, and their related income, will have a
significant impact on the ability of the Company to generate cash flow in the future.
The debt financing of \u20ac105 million (excluding capitalized and accrued interest) provided under the
Debt Financing Facilities agreement with ABN AMRO Bank, ASN Bank, ING Bank, Rabobank, and
Invest-NL had a final maturity date of March 31, 2025. On this date, the full principal amount was to be
repaid, including all accrued interest of approximately \u20ac10 million. Under the terms of the Debt
Financing Facilities agreement, Avantium has the opportunity to request two extension options of up
to one year each, which are subject to approval by the banks. The Company has been in ongoing
discussions with the lenders and, on December 5, 2024, obtained commitments from its lenders to
extend the Debt Financing Facilities agreement until March 31, 2026, as well as to a further extension
to March 31, 2027, subject to meeting certain conditions. The \u20ac2.5 million loan provided by Fonds
Nieuwe Doen must be repaid in February 2026.
If Avantium is unable to refinance or meet the conditions for the further extension of its Debt
Financing Facilities for the FDCA Flagship Plant, for which repayment is now due on March 31, 2026,
following the extension agreed upon on March 18, 2025, Avantium will require additional funding or
cash resources to provide sufficient working capital for at least 15 months as of the date of these
financial statements for the period ended December 31, 2024. Failure to achieve new funding in a
timely fashion may result in Avantium 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 its payment obligations; thereby bringing the Company's going concern at risk.
Avantium's consolidated cash position was \u20ac23 million as of December 31, 2024. These funds will be
required to fund the start-up of the FDCA Flagship Plant and the ongoing operating costs of Avantium
Renewable Polymers, as well as the remaining business and support activities of Avantium. Despite
having successfully secured an additional \u20ac46 million funding package in December 2024, which
includes a \u20ac20.1 million increase of the existing Debt Financing Facilities, dependent on certain
conditions precedent, it is management\u2019s expectation that there is currently not sufficient committed
cash to fund the start-up and ramp-up of the FDCA Flagship Plant and the ongoing operations for a
period of at least 15 months as of the date of these financial statements for the period ended
December 31, 2024. If Avantium is not able to meet the required conditions to draw down the \u20ac20.1
million from the lenders, or when there is a significant delay in obtaining these funds, this will have an
impact on the ability of the Company to continue as a going concern.
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 realize its
assets and discharge its liabilities in the normal course of business. In light of the above, management
has taken the following measures to address the material uncertainties:
Commercial Operations Date
The successful start-up of the FDCA Flagship Plant and subsequently achieving the Commercial
Operations Date are key milestones for the Company. Once commercial operations have
commenced, Avantium Renewable Polymers will be producing FDCA from the FDCA Flagship Plant
that can be converted to PEF and delivered to its customers under the agreements already in place.
This will result in the Company starting to generate revenues from the FDCA Flagship Plant. The start-
up of the FDCA Flagship Plant is an essential part of the strategy of the Company to successfully
license the YXY\u00ae Technology and is expected to result in future profitability and cash flow. In order to
manage the start-up of the FDCA Flagship Plant and to achieve the Commercial Operations Date, the
Company has a detailed start-up plan whereby the safe start-up of the FDCA Flagship Plant is the key
priority. As part of this plan, the Company anticipates producing the first FDCA in the coming months
as it progresses with the staged start-up of the plant.
License Revenue
In addition to the revenues and cash flow from the sale of FDCA from the FDCA Flagship Plant
production and the subsequent sale of PEF the Company is dependent on the sale of technology
licenses (based on the proven technology following the start-up of the FDCA Flagship Plant) in order
to become profitable and cash flow positive. The Company has developed a licensing strategy, and is
building a pipeline of potential licensees. The Company has expanded its commercial team to help
secure technology licenses as well as capacity reservations for future licensed plants. The licensing
strategy includes expectations of certain upfront payments, and the timing of these payments remains
unpredictable and dependent on factors that are not in the control of Avantium.\u00a0
Refinancing or Extension
On December 5, 2024, the lenders under the Debt Financing Facilities, ABN AMRO Bank, ASN Bank,
ING Bank, Rabobank, and Invest-NL, committed to extend the maturity date of the Debt Financing
Facilities by one year to March 31, 2026, with an additional one year extension to March 31, 2027 ,
subject to meeting certain conditions prior to March 31, 2026. On March 18, 2025, Avantium and the
lenders executed the final documentation reflecting this extension. The Company continues to
explore the possibility of refinancing the existing Debt Financing Facilities, and continues to work on
meeting the conditions for the additional one year debt extension to March 31, 2027.
Additional Funding
On December 5, 2024, Avantium announced a further \u20ac46 million in additional funding including \u20ac11
million in gross proceeds from an accelerated bookbuild equity offering, a \u20ac5 million convertible loan
from Pieter Kooi, an intention to provide up to \u20ac10 million subordinated loan from the Province of
Groningen, and an additional \u20ac20.1 million commitment from the existing lenders under the \u20ac105
million Debt Financing Facilities (excluding accrued and capitalized interest). Furthermore, in the first
quarter of 2025, minority shareholder Worley provided a \u20ac3.1 million subordinated shareholder loan
to Avantium Renewable Polymers B.V. On March 18, 2025, Avantium and the Province of Groningen
executed the documentation reflecting the \u20ac9.9 million subordinated loan. This loan from the
Province of Groningen will become available in two tranches in in the first and second quarter of
2025, contingent on the parties meeting certain conditions, including as per a Memorandum of
Understanding exploring steps towards Avantium\u2019s further future commitment to the Groningen
region. The additional \u20ac20.1 million commitment from the existing lenders is expected to become
available in the fourth quarter of 2025 upon meeting certain conditions, including those related to the
production of FDCA from the FDCA Flagship Plant and\u00a0 raising additional equity funding by issuing
new ordinary shares in the Company. The Company continues to explore various forms of additional
financing including raising new equity, additional debt instruments, subsidies, as well as investigating
strategic alternatives for its various business activities.
In light of all of the above, management has assessed the going concern assumption, which is the
basis on which Avantium's consolidated financial statements for the period ended on December 31,
2024 have been prepared.
Based on management's analyses and assessments, although a material uncertainty remains for the
Company's going concern, management believes that it is appropriate to prepare Avantium's
consolidated financial statements for the period ended December 31, 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
The following amendments apply for annual reporting periods beginning on or after January 1, 2024:
\u25a0 IAS 7 and IFRS 7 - Disclosures: Supplier Finance Arrangements, now require both qualitative and
quantitative disclosures to enhance the transparency of supplier finance arrangements and their
effects on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
\u25a0 IFRS 16 - Lease: Lease liability in a Sale and Leaseback,\u00a0 includes requirements for sale and
leaseback transactions to explain how a seller-lessee accounts for a sale and leaseback after the
date of the transaction.
The amendments to IAS7, IFRS 7 and IFRS 16 had no effect on the consolidated financial statements
for the year ended December 31, 2024.
The amendments to - and new requirements in - IAS 1 - Presentation of Financial Statements, as it
relates to the classification of liabilities as current or non-current, are effective for annual reporting
periods beginning on or after January 1, 2024. The amendments to IAS 1 clarify how covenants with
which an entity must comply within 12 months after the reporting date might affect the classification of
a liability as current versus non-current. These amendments also aim to improve disclosures an entity
provides in relation to liabilities subject to these covenants and conditions. The Debt Financing
Facilities has a maturity date of March 31, 2025 and has therefore been classified as current at year
end December 31, 2024. Given the fact that all liabilities which are subject to covenants have been
classified as current the amendments to IAS 1 does not have any implications for the classification and
disclosure of liabilities at year end 2024. Refer to note 17.
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 December 31, 2024 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, with the exception of IFRS
18, Presentation and Disclosure in Financial Statements. This new standard will impact the Company's
presentation in the income statement and disclosures around management performance measures. It
is expected to become effective for annual reporting periods beginning on or after January 1, 2027, at
which point the Company plans to apply the standard, subject to endorsement by the EU. The
Company has yet to determine the full impact of this new standard.
Changes in presentation
In order to ensure that information is presented in a relevant and reliable manner expense have been
reclassified between between line items in the Consolidated Statement of Profit or Loss and
Comprehensive Income (refer to note 25).\u00a0 As a result an amount of \u20ac4.2 million (2023: \u20ac2.9 million)
has been reclassified from Employee benefit expenses to Raw materials and contract costs.\u00a0
Employee benefit expenses have increased from \u20ac31.7 million (2023:\u20ac28.6 million) to \u20ac35.9 million
(2023:\u20ac31.5 million) and Raw materials and contract costs has decreased from \u20ac8.9 million (2023:\u20ac7.1
million) to \u20ac4.7 million (2023:\u20ac4.2 million).
Management has revised the presentation of cash flows related to interest expenses of \u20ac1.4 million
(2023:\u20ac1.8 million) in the Consolidated Statement of Cash Flows.\u00a0 As a result of the reclassification the
Net cash used in operating activities has decreased from -\u20ac37.4 million (2023:-\u20ac18.8 million) to -\u20ac36
million (2023:-\u20ac17 million) and Net cash generated from financing activities has decreased from \u20ac84.8
million (2023:\u20ac78.9 million) to \u20ac83.4 million (2023:\u20ac77.1 million)
.Prior period numbers have been restated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
The following amendments apply for annual reporting periods beginning on or after January 1, 2024:
\u25a0 IAS 7 and IFRS 7 - Disclosures: Supplier Finance Arrangements, now require both qualitative and
quantitative disclosures to enhance the transparency of supplier finance arrangements and their
effects on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
\u25a0 IFRS 16 - Lease: Lease liability in a Sale and Leaseback,\u00a0 includes requirements for sale and
leaseback transactions to explain how a seller-lessee accounts for a sale and leaseback after the
date of the transaction.
The amendments to IAS7, IFRS 7 and IFRS 16 had no effect on the consolidated financial statements
for the year ended December 31, 2024.
The amendments to - and new requirements in - IAS 1 - Presentation of Financial Statements, as it
relates to the classification of liabilities as current or non-current, are effective for annual reporting
periods beginning on or after January 1, 2024. The amendments to IAS 1 clarify how covenants with
which an entity must comply within 12 months after the reporting date might affect the classification of
a liability as current versus non-current. These amendments also aim to improve disclosures an entity
provides in relation to liabilities subject to these covenants and conditions. The Debt Financing
Facilities has a maturity date of March 31, 2025 and has therefore been classified as current at year
end December 31, 2024. Given the fact that all liabilities which are subject to covenants have been
classified as current the amendments to IAS 1 does not have any implications for the classification and
disclosure of liabilities at year end 2024. Refer to note 17.
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 December 31, 2024 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, with the exception of IFRS
18, Presentation and Disclosure in Financial Statements. This new standard will impact the Company's
presentation in the income statement and disclosures around management performance measures. It
is expected to become effective for annual reporting periods beginning on or after January 1, 2027, at
which point the Company plans to apply the standard, subject to endorsement by the EU. The
Company has yet to determine the full impact of this new standard.
Changes in presentation
In order to ensure that information is presented in a relevant and reliable manner expense have been
reclassified between between line items in the Consolidated Statement of Profit or Loss and
Comprehensive Income (refer to note 25).\u00a0 As a result an amount of \u20ac4.2 million (2023: \u20ac2.9 million)
has been reclassified from Employee benefit expenses to Raw materials and contract costs.\u00a0
Employee benefit expenses have increased from \u20ac31.7 million (2023:\u20ac28.6 million) to \u20ac35.9 million
(2023:\u20ac31.5 million) and Raw materials and contract costs has decreased from \u20ac8.9 million (2023:\u20ac7.1
million) to \u20ac4.7 million (2023:\u20ac4.2 million).
Management has revised the presentation of cash flows related to interest expenses of \u20ac1.4 million
(2023:\u20ac1.8 million) in the Consolidated Statement of Cash Flows.\u00a0 As a result of the reclassification the
Net cash used in operating activities has decreased from -\u20ac37.4 million (2023:-\u20ac18.8 million) to -\u20ac36
million (2023:-\u20ac17 million) and Net cash generated from financing activities has decreased from \u20ac84.8
million (2023:\u20ac78.9 million) to \u20ac83.4 million (2023:\u20ac77.1 million)
.Prior period numbers have been restated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
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 unrealized gains on transactions between group companies
are eliminated. Unrealized 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 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 recognized 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 recognized 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 recognized in comprehensive other income are reclassified to
profit or loss.
2.2.3\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.
2.2.4\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 recognized 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 recognized 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 recognized 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 recognized in other
comprehensive income are reclassified to profit or loss where appropriate.
2.2.5\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. For the 2024 financial year the
Management Team, consists of the Chief Executive Officer, the Chief Financial Officer, the Chief
Technology Officer, the Chief Commercial Officer, the Group Legal Counsel, the Managing Director of
Volta and the Managing Director of Avantium R&D Solutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "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 unrealized gains on transactions between group companies
are eliminated. Unrealized 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 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 recognized 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 recognized 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 recognized in comprehensive other income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "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 unrealized gains on transactions between group companies
are eliminated. Unrealized 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 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 recognized 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 recognized 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 recognized in comprehensive other income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "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 unrealized gains on transactions between group companies
are eliminated. Unrealized 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 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 recognized 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 recognized 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 recognized in comprehensive other income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
2.2.3\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
2.2.4\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 recognized 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 recognized 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 recognized 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 recognized in other
comprehensive income are reclassified to profit or loss where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
2.2.5\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. For the 2024 financial year the
Management Team, consists of the Chief Executive Officer, the Chief Financial Officer, the Chief
Technology Officer, the Chief Commercial Officer, the Group Legal Counsel, the Managing Director of
Volta and the Managing Director of Avantium R&D Solutions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "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
recognized in the statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the statement of comprehensive income within \u2018finance income or cost\u2019.
Group Companies
The results and financial position of all the group entities (none of which has the currency of a hyper-
inflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
\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 recognized as a separate component of other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "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. Refer to note 4 for Critical Accounting Estimates
and Judgements as applied in the preparation of the financial statements.
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, recognizes 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 utilized by the fiscal unity.
Management\u2019s judgment is that there is not a high degree of certainty that sufficient profits will be
earned to utilize the losses. Consequently, based on management\u2019s judgment, sufficient convincing
other evidence is not available, and a deferred tax asset is therefore not recognized.
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 programs should be capitalized or not. Management judgment is required in
determining when the group should start capitalizing 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 commercialization opportunities.
Revenue Recognition
The group recognizes revenue over time or at point in time depending on the agreed contract
performance obligations.
For Flowrence\u00ae systems and services contracts the group recognizes 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 recognize 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 recognized 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 recognized license revenue over time. The group measures its 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 pattern 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 accounts for income government grants over time .The group accounts for asset
government grants by deducting the grant amount from the carrying value of the related asset.
For grant programs, this 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. For
more information on managements key assumptions and estimates in relation to impairment
assessments performed for the financial year, see note 5.
Ceasing of capitalization of borrowing costs and activation of flagship plant
In determining the date at which the FDCA Flagship Plant is to be activated and the capitalization of
borrowing costs is to be ceased, management is required to identify the date on which the FDCA
Flagship Plant is ready for intended use. As the process of preparing the plant for startup is dynamic in
nature, determining the exact moment at which the plant would be ready for intended use requires
both estimation and judgements to be made by management. Management has considered the
possible implication of the completion of physical construction, performance testing and regulatory
approval in estimating the date at which the plant is expected to be ready for intended use.\u00a0
Management has determined this to be the date of commercial operations of the plant, which is
expected to occur in 2025. This is the date at which the plant is able to commence with commercial
production of FDCA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "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 and any accumulated impairment losses. Historical cost includes
expenditures that are directly attributable to the acquisition of the items and includes capitalization of
decommissioning and restoration costs associated with provisions decommissioning and restoration
costs\u00a0 (refer 2.19 Provisions). Where an item of property, plant and equipment has been obtained by
exchange for a non-monetary asset, and the exchange lacks commercial substance, the acquired
item is not measured at fair value, but at the carrying amount of the asset given up.
Subsequent costs are included in the asset\u2019s carrying amount or recognized 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
3-5 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
certain items of computer hardware should be increased to 5 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 Profit or Loss and Comprehensive
Income.
Property, plant and equipment under construction expenditures incurred for purchasing and
constructing property, plant and equipment are initially recorded as \u2018under construction\u2019 until the asset
is completed and ready for use. Upon the completion of the assets, the recognized costs are
reclassified from \u2018under construction\u2019 to the relevant category of property, plant and equipment.
Assets under construction are not depreciated and are measured at cost less any impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "
Subsequent costs are included in the asset\u2019s carrying amount or recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "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
3-5 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
certain items of computer hardware should be increased to 5 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
2.6\u00a0 Intangible Assets
Research and Development
Research expenditures are recognized 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
recognized 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 recognized as an expense as
incurred. Development costs previously recognized as an expense are not recognized as an asset in
a subsequent period.
Amortization of development costs is included in depreciation, amortization and impairment charge in
the statement of comprehensive income. All development costs arose from internal development.\u00a0
Intangible assets not ready for use are tested for impairment at least on an annual basis.
Capitalized development costs are recorded as intangible assets and amortized from the point at
which the asset is ready for use on a straight-line basis over its estimated useful life of:
\u25a0 Research and Development
5 years
Computer Software and Other Intangibles
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and
use the specific software. These costs are amortized straight-line over their estimated useful lives of
three years.
Costs associated with developing or maintaining computer software programs are recognized 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 recognized 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.
Amortization is calculated using the straight-line method over the estimated useful life of:
\u25a0 Computer software and other intangibles
3 years
Intellectual Property
Intellectual property is stated at historical cost; less accumulated amortization and any accumulated
impairment losses. Intellectual property is amortized over the period until the moment that 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 recognized 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
Amortization 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 amortization 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 recognized in profit or loss in
the period in which the condition that triggers those payments.
Where an intangible asset is obtained in exchange for consideration payable on deferred credit
terms, the asset will initially be recognized at its cost price equivalent, being the present value of the
consideration payable over the credit term.
Where an intangible asset is obtained in exchange for variable consideration, such variable
consideration is not included in the carrying amount of the asset at acquisition and no liability is
recognized for the variable consideration. Subsequent payments of variable consideration is
recognized in profit and loss as and when incurred.
Amortization 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
2.7\u00a0 Impairment of Non-Financial Assets
Non-financial assets are reviewed for possible impairment whenever an impairment trigger is
identified. Any events or changes in circumstances which could indicate that the carrying amount of
the assets may not be recoverable are considered impairment triggers. If any such impairment
triggers are identified, the assets' recoverable amount is estimated. The recoverable amount is
determined to be the higher of an asset\u2019s fair value less costs to sell and value in use. An impairment
loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
amount. Impairment losses are recognized in profit or loss. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets, which are impaired, are tested periodically to determine whether the
recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on
goodwill are not reversed. For other assets, an impairment loss is reversed only to the extent that the
asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
2.11\u00a0 Impairment of Financial Assets
Assets Carried at Amortized Cost
Impairment provisions for trade receivables are recognized 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 recognized (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognized impairment loss is
recognized 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. For
more information on managements key assumptions and estimates in relation to impairment
assessments performed for the financial year, see note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
2.7\u00a0 Impairment of Non-Financial Assets
Non-financial assets are reviewed for possible impairment whenever an impairment trigger is
identified. Any events or changes in circumstances which could indicate that the carrying amount of
the assets may not be recoverable are considered impairment triggers. If any such impairment
triggers are identified, the assets' recoverable amount is estimated. The recoverable amount is
determined to be the higher of an asset\u2019s fair value less costs to sell and value in use. An impairment
loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
amount. Impairment losses are recognized in profit or loss. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets, which are impaired, are tested periodically to determine whether the
recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on
goodwill are not reversed. For other assets, an impairment loss is reversed only to the extent that the
asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "
2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The group classifies its financial assets in assets to be measured at amortized 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 recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognized 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 derecognized 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 amortized 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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The group classifies its financial assets in assets to be measured at amortized 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 recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognized 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 derecognized 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 amortized 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 recognized 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 recognized amounts and there is an intention to settle on a
net basis or realize 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 Amortized Cost
Impairment provisions for trade receivables are recognized 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 recognized (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognized impairment loss is
recognized in the consolidated statement of comprehensive income.
2.23.\u00a0 Financial Liability
Financial liabilities are recognized when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are recognized when the group's obligations specified in the
contract expire or are discharged or cancelled.
All financial liabilities are recognized 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 amortized cost, except for
derivatives. 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.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
At initial recognition, financial liabilities are measured at fair value.
Subsequent to initial recognition, the group applies the effective interest method to financial liabilities
measured at amortized cost. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings.
Derivative s (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains(losses) on financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "
Regular purchases and sales of financial assets are recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are derecognized 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 derecognized when the Company\u2019s obligations specified in the contract expire or are
discharged or cancelled.
Financial liabilities are recognized when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "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 recognized amounts and there is an intention to settle on a
net basis or realize 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "
2.11\u00a0 Impairment of Financial Assets
Assets Carried at Amortized Cost
Impairment provisions for trade receivables are recognized 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 recognized (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognized impairment loss is
recognized in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
2.12\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable 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 realizable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "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 recognized initially at fair value and subsequently measured at amortized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "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 recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "
2.17\u00a0 Current and Deferred Income Tax
The tax expense for the year comprises current and deferred tax. Tax is recognized in the statement
of comprehensive income, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized 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 recognized, 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 realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
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, recognizes 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 utilized by the fiscal unity.
Management\u2019s judgment is that there is not a high degree of certainty that sufficient profits will be
earned to utilize the losses. Consequently, based on management\u2019s judgment, sufficient convincing
other evidence is not available, and a deferred tax asset is therefore not recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
Deferred income tax is recognized, 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 realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "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 recognized as employee
benefit expense when they are due. Prepaid contributions are recognized 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. During the year 2024, the
group has introduced a new Long-Term Incentive Plan (New LTIP), which grants Performance Share
Units (PSUs) to members of the Management Board and a new equity-based incentive plan in the
Restricted Share Units (RSUs) to Supervisory Board members. These PSUs and RSUs are settled in
ordinary shares upon vesting, through the issuance of new shares. 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 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, RSUs and PSUs,\u00a0 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
recognized as an expense. For share-based payments that do not vest until the employees have
completed a specified period of service, the group recognizes 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 recognizes 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. While PSUs are settled in ordinary shares
upon vesting, hence the reserve attributable to the allocated shares is transferred to share capital and
share premium.
Profit-sharing and Bonus Plans
The group recognizes 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 recognizes 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 recognizes costs for a
restructuring that 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "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 recognizes 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 recognizes costs for a
restructuring that 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "
2.19\u00a0 Provisions
Provisions are recognized 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 recognized 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 that do not represent a separate
performance obligation under contracts with customers at the time revenue is recognized and the
group has a constructive obligation. The 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 recognized (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 discount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
2.20\u00a0 Revenue Recognition
Revenue from contracts with customer is recognized in accordance with the five step process
outlined in IFRS 15. For all contracts that fall within the scope of 'IFRS 15 Contracts with Customers'
Avantium recognizes revenue at the transaction price to which it expects to be entitled.
The transaction price is generally stipulated in the contracts and are typically determined based on
the contractual terms. For contracts that contain separate performance obligations, the transaction
price is allocated to those separate performance obligations by reference to their relative stand-alone
selling prices.
Revenue is recognized by Avantium as and when the group satisfies a performance obligation by
transferring control over a promised good or service to a customer. Control can transfer to a customer
either \u201cat a point in time\u201d or \u201cover time\u201d. Revenue is shown net of value-added tax, returns, rebates,
and discounts, and after eliminating sales within the group. As the group does not extend credit terms
to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant
financing components.
Where incremental costs of obtaining a contract with a customer are incurred, an asset shall be
recognized for these costs if it is expected that these costs shall be recovered. Such costs will be
recognized directly within profit and loss in the case that no expectation to recover such costs exists.
Discounts or credits provided to customers are considered consideration payable to a customer for
goods/services which are not distinct and therefore are deducted from the transaction price in
determining the amount of revenue to be recognized.
Main Revenue Streams
\u25a0 Work in Progress Projects
\u25a0 Services
\u25a0 Sale of Goods
\u25a0 Sale of Licenses
The information provided below reflects additional details over the groups revenue streams.
Work in Progress Projects
The group specializes in engineering and constructing various mechanical systems for customers
used in R&D, as well as providing contractual R&D services. Given the custom and individually
engineered nature of these contracts, customers are consulted on the input of varying components
and actively involved in directing the specifics of expected results. Therefore, at contract inception, it
is determined that the group's performance does not create an asset with an alternative use outside
of the contracted purpose.
As work over the project progresses, control is transferred to the customer incrementally based on
the stage of completion. The stage of completion is measured by comparing the proportion of costs
incurred to the total expected costs, ensuring that the costs incurred accurately reflect the progress
made in transferring goods and services to the customer.
Services
Revenue from the provision of services, primarily servicing and maintenance activities, is recognized
based on the stage of completion of the work performed. This method is used because the client
receives the benefits from and has use of the services at the same rate as the work is performed.
There are two primary types of servicing and maintenance contracts, stand-ready agreements and
maintenance work in progress projects. Where such services are provided as part of a larger contract,
they are considered separate performance obligations.
\u25a0 Stand-ready : Service level agreements for the provision of maintenance and support services
within a specified timeframe. The stage of completion is determined by the percentage of the
period within the stand-ready agreement that has been fulfilled, over the contracted period of time.
\u25a0 Maintenance Work in Progress : Servicing and maintenance projects conducted over a period of
time to the customers specifications. Refer to \u2018Work in Progress Projects\u2019 for more information on
the determination of the stage of completion.
Sale of Goods
Avantium sells customized spare parts and research & development samples to its customers.
Revenue from these sales is recognized at a point in time when control of the goods is transferred to
the customer, and the entity has a present right to receive payment.
This transfer of control is measured using the commercial shipment terms specified within each
contract, assessed on a contract-by-contract basis.
Sale of Licenses
Avantium issues licenses to its intellectual property in conjunction with design and engineering
services. Generally, these licenses are not distinct from the associated services and are therefore
accounted for as a single 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 recognized will not occur when the
uncertainty associated with the variable consideration is resolved.
Revenue is generally recognized over time, as the company's performance does not create an asset
with an alternative use and the company has an enforceable right to payment for performance
completed to date. Management measures progress towards the performance obligation in a manner
that most faithfully depicts the company's performance, typically using an input measure of costs
incurred compared to total expected costs.
License contracts may also include additional elements such as usage/sale-based royalties, support
services, and/or the sale of goods. Usage/sale-based royalties are considered variable consideration
and recognized at the earlier of when the related performance obligation is satisfied or when the
sales or usage occurs. Support services and the sale of goods are treated as separate performance
obligations, as they are distinct promises that the customer can benefit from independently. Refer to
the respective sections above, which describe the accounting treatment applied to these
performance obligations.
Contract Balances
The timing of payment of consideration for the supply of goods and services to the customer is based
on contractually agreed installment terms.
Contract assets are unbilled revenues, where the company has recognized revenue to date in line
with satisfaction over performance obligations as detailed above. Contract assets are reported on the
balance sheet under trade and other receivables and are reclassified to trade receivables when the
contractually identified installment term is met.
Contract liability is the obligation to transfer goods or services to a customer for which the company
has received consideration or has recognized a receivable asset in line with the contractually
identified installment term. These amounts are reported as contract liabilities on the balance sheet
under trade and other payables. Contract liabilities are recognized as revenue as performance
obligations are satisfied per detail above.
Revenue Recognition
The group recognizes revenue over time or at point in time depending on the agreed contract
performance obligations.
For Flowrence\u00ae systems and services contracts the group recognizes 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 recognize 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 recognized 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 recognized license revenue over time. The group measures its 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 pattern 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
2.21\u00a0 Grants
Grants and subsidies from third parties are recognized 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.
Advances received for grants related to income are deferred and recognized in the income
statement over the period necessary to match them with the costs that they are intended to
compensate. Grants relating to costs are deducted from the relevant costs to be compensated in the
same period.
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.
Subsidies are recognized as a reduction in Employee benefit expenses over time.
Government Grants
The group accounts for income government grants over time .The group accounts for asset
government grants by deducting the grant amount from the carrying value of the related asset.
For grant programs, this 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
2.22\u00a0 Leases
The group leases various offices and a vehicle . Short-term leases (less than 12 months) or low-value
leases (less than EUR 5,000) are expensed through the statement of profit or loss as incurred. Lease
contracts are generally entered into 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 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.
Management considers extension options and the reasonable certainty with which such options might
be exercised in determining the non-cancellable lease period over which the value of the lease
liability and related right-of-use asset is to be calculated. Management reassesses extension options
on an annual basis and revises the lease terms accordingly.
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 recognized 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.
Lease Liability
Lease liabilities are initially measured at 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;
\u25a0 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 initially 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 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. 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 recognized 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.
If the lease transfers ownership of the underlying asset to Avantium by the end of the lease term or if
the cost of the right-of-use asset reflects that Avantium will exercise a purchase option, the right-of-
use asset is depreciate from the commencement date to the end of the useful life of the underlying
asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
2.23.\u00a0 Financial Liability
Financial liabilities are recognized when the group becomes a party to the contractual provision of a
financial instrument. Financial liabilities are recognized when the group's obligations specified in the
contract expire or are discharged or cancelled.
All financial liabilities are recognized 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 amortized cost, except for
derivatives. 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.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
At initial recognition, financial liabilities are measured at fair value.
Subsequent to initial recognition, the group applies the effective interest method to financial liabilities
measured at amortized cost. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings.
Derivative s (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains(losses) on financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
2.23.2\u00a0 Recognition and Measurement
At initial recognition, financial liabilities are measured at fair value.
Subsequent to initial recognition, the group applies the effective interest method to financial liabilities
measured at amortized cost. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings.
Derivative s (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized 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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
2.23.2\u00a0 Recognition and Measurement
At initial recognition, financial liabilities are measured at fair value.
Subsequent to initial recognition, the group applies the effective interest method to financial liabilities
measured at amortized cost. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings.
Derivative s (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains(losses) on financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
2.23.3\u00a0 Interest Income and Expense
Interest income and interest expense is recognized 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 recognized using the original effective interest rate.
Interest income and interest expense is recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "
Interest income and interest expense is recognized 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 capitalized as part of the cost of the asset. Borrowing costs
include interest expenses calculated as based on the effective interest method as well as interest in
respect of lease liabilities. Qualifying assets are assets that necessarily take a substantial period of
time to get ready for their intended use or sale.
The commencement date for capitalization is the date at which both expenditures for the qualifying
asset and borrowing costs are incurred and the activities necessary to prepare the asset have been
undertaken. The capitalization of borrowing costs will cease when substantially all activities necessary
to prepare the qualifying asset for its intended use or sale is complete. An asset is normally ready for
its intended use or sale when the physical construction of the asset is complete even though routine
administrative work or minor modifications might still continue. Management applies judgement in
determining whether any activities required post completion of physical construction constitutes
administrative work or minor modifications based on the nature of these activities and the associated
cost in proportion to total cost of acquisition, construction or production.
All interest payments relating to the loan are included in the Cash Flow Statement under Financing
activities.
Ceasing of capitalization of borrowing costs and activation of flagship plant
In determining the date at which the FDCA Flagship Plant is to be activated and the capitalization of
borrowing costs is to be ceased, management is required to identify the date on which the FDCA
Flagship Plant is ready for intended use. As the process of preparing the plant for startup is dynamic in
nature, determining the exact moment at which the plant would be ready for intended use requires
both estimation and judgements to be made by management. Management has considered the
possible implication of the completion of physical construction, performance testing and regulatory
approval in estimating the date at which the plant is expected to be ready for intended use.\u00a0
Management has determined this to be the date of commercial operations of the plant, which is
expected to occur in 2025. This is the date at which the plant is able to commence with commercial
production of FDCA.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "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. Any interest paid (including interest on lease liabilities and interest capitalized
as borrowing cost) during the financial year is presented as cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
2.27.\u00a0 Climate Risk
Management has disclosed climate related targets and progress made during the 2024 financial year
in the Sustainability performance section of this report. Transformational risk related to the
achievement of such climate related targets have been disclosed in the Governance section of this
report.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "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 and other price risk, credit risk and liquidity risk). The group\u2019s risk management
program 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 instruments
Non-Current Financial assets as at December 31:
in Euro x 1,000
Notes
2024
2023
Other non-current assets
9
189
\u2014
Non-Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2024
2023
Borrowings
17
7,523
86,602
Shareholder loan
18
\u2014
12,603
Lease liabilities
7
7,708
8,326
Financial liability
20
\u2014
13,609
Other Non-Current Liabilities
21
859
\u2014
Non-current Pre-payment liabilities
16
600
\u2014
Current Financial assets as at December 31:
in Euro x 1,000
Notes
2024
2023
Trade receivables
9
5,124
3,793
Prepayment
9
459
1,807
Other receivables
9
8,866
7,018
Cash and cash equivalents
10
23,898
35,216
Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2024
2023
Borrowings
17
110,511
\u2014
Financial liability
20
7,593
\u2014
Shareholder loan
18
13,436
\u2014
Trade payables
16
14,767
12,133
Other liabilities
16
13,309
27,294
Lease liabilities
7
2,409
2,139
All financial assets and liabilities are classified as measured at amortized cost, except for the financial
liability related to the warrants, which is classified as measured at fair value through profit or loss.
The carrying amounts of these financial assets and the current financial 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. The carrying amount of the borrowings approximates their fair value since
they carry a floating rate of interest. The financial liability related to the warrants which is carried at fair
value.
Interest Rate Risk
The most significant interest rate risk for the Company relates to borrowings (refer to note 17).
As at December 31, 2024 the borrowings of the Company consisted of seven drawdowns on a three-
year Debt Financing facility agreement amounting to \u20ac105.0 million (2023: \u20ac90.0 million). This Debt
Financing facility agreement is based on EURIBOR. The accrued cash and PIK interest expense at
December 31, 2024 amounted to \u20ac9.4 million (2023: \u20ac4.4 million).
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
2024, with all other variables held constant, net interest expenses for the year would have been
\u20ac0.6 million higher (2023: \u20ac0.3 million). 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, recognized 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
recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional
currency.
The group has outstanding trade receivables in US dollars of $0.1 million (2023: $0). The group had
no trade receivables in another foreign currency. The group had outstanding trade payables in US
dollars of $43,637.31 (2023: $88,000), in British pound of \u00a30 (2023: \u00a37,000) and in Japanese Yen of
\u00a52.4 million (2023: \u00a50.6 million).
If at December 31, 2024, 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 \u20ac0.01 million higher (2023: \u20ac0.01 million
higher). The US dollar cash position as at December 31, 2024 is $0.01 million (2023: $0.01 million).
The Japanese Yen cash position as at December 31, 2024 is \u00a52.7 million (2023: \u00a57.6 million). The
group had no cash position in other foreign currencies.
Exchange rates :
Currency (from EUR):
Average rate for 2024 financial
year
Closing rate as at December 31,
2024
CHF
0.95
0.94
CNY
7.84
7.59
GBP
0.85
0.83
JPY
163.74
162.69
NOK
11.52
11.79
USD
4.38
1.04
Credit Risk
Credit risk is managed on group basis. The group does have a significant concentration of credit risk.
On December 31, 2024, the largest single client exposure consisted of 41% of the outstanding trade
receivables, having received the amount in January 2025. The group's 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 2024, \u20ac0 (2023: \u20ac0.2 million) of trade or other receivables was written off; \u20ac2.0 million (2023: \u20ac1.8
million) was past due, of which 62% had been paid before January 31, 2025 (as at March 4, 2024:
88%).
The amount of trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2024
2023
Less than 3 months past due
1,119
1,760
Between 3 and 6 months past due
812
79
More than 6 months past due
59
7
1,990
1,846
The group determines any significant increase in credit risk since initial recognition in accordance with
the aging profile of receivables (typically when a contractual payment is more than 30 days past due,
which is also considered to be a default). Expected credit losses on trade receivables are recognized
based on the simplified approach within IFRS 9, measuring expected credit losses based on the
lifetime expected loss allowance for all trade receivables and contract assets. This is determined in
accordance with the aging profile of receivables.
At year end 2024 management has applied the following rates the calculation of the Expected credit
loss provision :
Aging bucket
2024
0 - 30 days post due
2%
31 - 90 days post due
9%
> 91 days post due
30%
Management monitors any extended default (instances where a debtor continues to not meet its
payment obligations) and determines on an individual basis whether such receivables are considered
credit-impaired. 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
recognized allowances for expected credit losses in the amount of \u20ac0.2 million (2023: \u20ac0.2 million)
on the trade receivables as at December 31, 2024.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial asset mentioned above. The group does not hold any collateral as security. The long-term
credit ratings of banks used by the group, as at December 31, 2024 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 A1 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 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 includes only the principal
cash flows:
As at December 31, 2024:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(114,384)
(2,500)
(5,998)
\u2014
(122,882)
Shareholder loan
(13,877)
\u2014
\u2014
\u2014
(13,877)
Interest payable
(2,124)
(10)
\u2014
\u2014
(2,134)
Lease liabilities
(2,893)
(3,234)
(4,476)
(1,196)
(11,799)
Financial liability
(7,593)
\u2014
\u2014
\u2014
(7,593)
Trade payables
(14,767)
\u2014
\u2014
\u2014
(14,767)
Other current liabilities
(13,309)
\u2014
\u2014
\u2014
(13,309)
Other Non-Current Liabilities
(100)
(100)
(300)
(500)
(1,000)
(169,047)
(5,844)
(10,774)
(1,696)
(187,361)
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)
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 recognized 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
2024
2023
Equity attributable to owners of the parent
95,854
46,173
Intangible assets
(3,271)
(2,323)
Adjusted equity total
92,583
43,850
Total assets
288,625
228,486
Intangible assets
(3,271)
(2,323)
Adjusted balance sheet total 1
285,354
226,163
Adjusted solvency ratio
32%
19%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
Credit Risk
Credit risk is managed on group basis. The group does have a significant concentration of credit risk.
On December 31, 2024, the largest single client exposure consisted of 41% of the outstanding trade
receivables, having received the amount in January 2025. The group's 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 2024, \u20ac0 (2023: \u20ac0.2 million) of trade or other receivables was written off; \u20ac2.0 million (2023: \u20ac1.8
million) was past due, of which 62% had been paid before January 31, 2025 (as at March 4, 2024:
88%).
The amount of trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2024
2023
Less than 3 months past due
1,119
1,760
Between 3 and 6 months past due
812
79
More than 6 months past due
59
7
1,990
1,846
The group determines any significant increase in credit risk since initial recognition in accordance with
the aging profile of receivables (typically when a contractual payment is more than 30 days past due,
which is also considered to be a default). Expected credit losses on trade receivables are recognized
based on the simplified approach within IFRS 9, measuring expected credit losses based on the
lifetime expected loss allowance for all trade receivables and contract assets. This is determined in
accordance with the aging profile of receivables.
At year end 2024 management has applied the following rates the calculation of the Expected credit
loss provision :
Aging bucket
2024
0 - 30 days post due
2%
31 - 90 days post due
9%
> 91 days post due
30%
Management monitors any extended default (instances where a debtor continues to not meet its
payment obligations) and determines on an individual basis whether such receivables are considered
credit-impaired. 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
recognized allowances for expected credit losses in the amount of \u20ac0.2 million (2023: \u20ac0.2 million)
on the trade receivables as at December 31, 2024.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial asset mentioned above. The group does not hold any collateral as security. The long-term
credit ratings of banks used by the group, as at December 31, 2024 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 A1 and A+.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "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 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 includes only the principal
cash flows:
As at December 31, 2024:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(114,384)
(2,500)
(5,998)
\u2014
(122,882)
Shareholder loan
(13,877)
\u2014
\u2014
\u2014
(13,877)
Interest payable
(2,124)
(10)
\u2014
\u2014
(2,134)
Lease liabilities
(2,893)
(3,234)
(4,476)
(1,196)
(11,799)
Financial liability
(7,593)
\u2014
\u2014
\u2014
(7,593)
Trade payables
(14,767)
\u2014
\u2014
\u2014
(14,767)
Other current liabilities
(13,309)
\u2014
\u2014
\u2014
(13,309)
Other Non-Current Liabilities
(100)
(100)
(300)
(500)
(1,000)
(169,047)
(5,844)
(10,774)
(1,696)
(187,361)
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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "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 recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "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
2024
2023
Equity attributable to owners of the parent
95,854
46,173
Intangible assets
(3,271)
(2,323)
Adjusted equity total
92,583
43,850
Total assets
288,625
228,486
Intangible assets
(3,271)
(2,323)
Adjusted balance sheet total 1
285,354
226,163
Adjusted solvency ratio
32%
19%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
Research and Development Expenditures
The project stage forms the basis in the decision of whether costs made for the group\u2019s product
development programs should be capitalized or not. Management judgment is required in
determining when the group should start capitalizing 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 commercialization opportunities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
2 In the Statement of Cash flows the additions paid in 2024 amounted to \u20ac58.3 million. To reconcile this to the additions above of\u00a0 \u20ac73.2 million (additions and borrowing cost) the following needs to be excluded: the additions reduction of \u20ac 7.0 million invoice accruals, \u20ac1.2 million
contribution in kind (see note 9 for detail on the prepayment), \u20ac1.1 million capitalized estimated decommissioning costs increase (see note 19 ), and non-cash borrowing cost\u00a0 as mentioned below of \u20ac12.0 million.
3 The borrowing cost includes non-cash borrowing costs amounting to \u20ac12.0 million and cash borrowing cost paid of \u20ac7.6 million
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 At January 1, 2023
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 December 31, 2023
Opening net book amount
6,719
3,693
242
66
50,184
60,906
Additions
208
557
135
\u2014
98,476
99,376
Borrowing costs
\u2014
\u2014
\u2014
\u2014
11,587
11,587
Transfers
360
176
43
\u2014
(578)
\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 At December 31, 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
Year ended December 31, 2024
Opening net book amount
1,885
2,382
301
47
159,506
164,121
Additions
22
(10)
49
\u2014
53,645
53,7062
Borrowing costs
\u2014
\u2014
\u2014
\u2014
19,538
19,5383
Transfers
123
2,297
10
\u2014
(2,430)
\u2014
Impairment charge
\u2014
(26)
(1)
\u2014
\u2014
(27)
Depreciation charge
(536)
(1,739)
(105)
(15)
\u2014
(2,395)
Reclassification from asset held for sale - book value
\u2014
\u2014
28
\u2014
\u2014
28
Closing net book amount
1,494
2,904
282
32
230,259
234,971
At December 31, 2024
Cost
17,685
36,885
3,483
2,192
230,259
290,503
Accumulated depreciation
(16,191)
(33,981)
(3,201)
(2,160)
\u2014
(55,532)
Net book amount
1,494
2,904
282
32
230,259
234,971
The additions in property plant and equipment during 2024 predominantly related to investments
made by the Avantium Renewable Polymers segment in the construction of the FDCA Flagship Plant.
The Avantium R&D Solutions segment invested mainly in revenue-generating project machinery.
The borrowing cost capitalized 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. All of these borrowings are related specifically to the FDCA
Flagship Plant. In 2024, an impairment of \u20ac0.03 million relating to assets (2023: \u20ac0 million) was
recorded in R&D Solutions.
The property, plant and equipment of \u20ac235.0 million are pledged under the Debt Financing facility
(refer to note 17).
Impairment Renewable Polymers
At the end of each reporting period Avantium assesses its property, plant and equipment for whether
there are potential indicators for impairment. In October 2024 mechanical completion of the FDCA
Flagship Plant was realized. By December 31, 2024 total cost was at\u00a0 \u20ac 230 million, which was\u00a0 \u20ac40
million higher than the previously communicated forecast that we provided in December 2023.
Furthermore, the commissioning, testing, start-up phase and thereby the sale of commercial product
of the plant will commence later than communicated in December 2023.
In line with the IAS 36 guidance, management has identified the following cash generating units
(CGUs) for both internal and external reporting\u00a0 requirements:
\u25a0 Renewable Polymers Group (\"RNP\")
\u25a0 Renewable Chemistries (\"RNC\")
\u25a0 R & D Solutions (\"RDS\")
To assess the need for an impairment, the carrying amount of a CGU is compared to the recoverable
amount of the CGU. The recoverable amount of the CGU is based on the higher of the fair value less
costs of disposal (FVLCD) and value in use (VIU) calculation. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The carrying amount of the CGU includes the FDCA Flagship Plant, related leases, working capital
and allocation of the relevant corporate assets amounting to a total of \u20ac213.3 million.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of the
Group will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae technology that enables
the large-scale production of FDCA and PEF. Without a timely and successful start-up of the FDCA
Flagship Plant, Avantium may not be successful in selling sufficient technology licenses, in a timely
fashion, to secure the necessary liquidity for the Company. As a result, any material delays or
deviations in relation to the sale of technology licenses and their related income would have a
significant negative impact on the Company\u2019s future cash flows and potentially its viability.
In view of the above and the FDCA Flagship Plant being the first of its kind and the vast majority of the
sale of expected future licenses still needs to occur, management opted for a VIU calculation based
on finite forecast period (i.e. without a terminal value).\u00a0 The VIU is prepared based on the 5 year
forecast for the output of the Flagship plant, extrapolated to the end of the life of the Flagship plant in
2034 and the forecasted license income from the expected sale of licenses in the coming 6 years,
extrapolated to the end date of these licenses (which is forecasted to be 2048). The potential sale of
licenses after the 6 year forecast are not taken into consideration.
The key drivers in the model are the timing of the start of commercial product sales, license income
expected to be generated through the sale of licenses and the Weighted Average Cost of Capital
(WACC).
Key estimates and assumptions 2024
2024
Timing of the start of commercial product sales
H2 2025
License income expected to be generated through the sale of
licenses
The license income from the licenses
to be sold during the first 6 years and
related future income
WACC
12%
Pre-tax WACC calculated from the model is 15.1%, while sales prices are not indexed and costs are
expected to increase by 2% / year.
In 2024, no impairment was recognized in relation to the trigger based impairment test.
As part of the impairment test, sensitivity tests were performed to assess the impact in changes of the
key assumptions:
\u25a0 Sale of commercial product: in case of a 1 year delay there would be no need for impairment ;
\u25a0 License income: a reduction in license income of 16.1% would result in the\u00a0 VIU to be at the same
level as the carrying value;
\u25a0 WACC: in case of a change of 3.0% (i.e. by use of a 15.0% post-tax WACC / 18.4% pre-tax WACC) the
VIU would be at the same level as the carrying value
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
6.\u00a0 Intangible Assets
(In Euro x 1,000)
Development costs
Software
Intellectual Property
License rights
Other
Total
At January 1, 2023
Cost
2,159
7,450
433
1,326
987
12,355
Accumulated amortization and impairment
(2,159)
(7,234)
\u2014
\u2014
(987)
(10,380)
Net book amount
\u2014
216
433
1,326
\u2014
1,974
Year ended December 31, 2023
Opening net book amount
\u2014
216
433
1,326
\u2014
1,974
Additions
\u2014
298
\u2014
\u2014
151
449
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 December 31, 2023
Cost
2,159
7,715
433
1,326
1,138
12,771
Accumulated amortization and impairment
(2,159)
(7,301)
\u2014
\u2014
(987)
(10,448)
Net book amount
\u2014
413
433
1,326
151
2,323
Y
e
a
r
e
n
d
e
d
3
1
D
e
c
e
m
b
e
r
2
0
2
4
Year ended December 31, 2024
Opening net book amount
\u2014
413
433
1,326
151
2,323
Additions
\u2014
\u2014
\u2014
841
337
1,1784
Amortization charge
\u2014
(173)
\u2014
(57)
\u2014
(230)
Reclassification to asset held for sale - cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification to asset held for sale - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing net book amount
\u2014
240
433
2,110
488
3,271
At December 31, 2024
Cost
2,159
7,715
433
2,167
1,475
13,948
Accumulated amortization and impairment
(2,159)
(7,475)
\u2014
(57)
(987)
(10,678)
Net book amount
\u2014
240
433
2,110
488
3,271
The additions to intangible assets during 2024 predominantly relates to the TNO License acquired by Avantium R&D Solutions (refer to note 21) and the development and implementation of a new ERP software
package for the Company, project that had started in 2022. The Intellectual Property of \u20ac0.4 million is 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 amortized.
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 amortization the following years, when the technology on which the intellectual property
is filed, is ready to deploy commercially. As at December 31, 2024, the recoverable amount of the
intellectual property exceeds the carrying amount.
Total of research expenditures recognized as an expense in the consolidated statement of
comprehensive income amounted to \u20ac1.2 million (2023: \u20ac1.7 million) 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 2025. Avantium may decide how it
proposes to settle the royalty fees for the first two years.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.
Effective April 2024, Avantium Chemicals B.V has entered into a non-transferrable, exclusive, non-
sublicensable license with Nederlandse Oragnisatie voor toepast- natuurwetenschappelijk onderzoek
TNO. The license provides Avantium Chemicals B.V. with the right to manufacture, sell , market and
further develop Proton Exchange Membrane (PEM) electrolyser test units. The initial agreement is
valid for a period of seven years, with a possible extension of another three years. Avantium has
obtained the license in exchange for a fixed consideration of \u20ac 100,000 per year and variable
consideration in the form of royalties when Avantium realizes future sales under this license.
In accordance with the applicable accounting policy, a liability was recognized for the fixed
consideration (refer to note 21), and any variable consideration payable will be recognized in profit or
loss as and when incurred. An intangible asset has been recognized for the License obtained under
the agreement (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence \u00ae
system and are all fully amortized.
Total of research expenditures recognized as an expense in the consolidated statement of
comprehensive income amounted to \u20ac1.2 million (2023: \u20ac1.7 million) and mainly constitute of early
stage research trials.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
7.\u00a0 Leases
This note provides information for leases where the group is a lessee.
Amounts Recognized in the Balance Sheet
The balance sheet shows the following amounts relating to leases:
in Euro x 1,000
December
31, 2024
December
31, 2023
Properties
7,819
8,085
Motor vehicles
1
6
Reclassification to asset held for sale
\u2014
(313)
Total right-of-use assets
7,820
7,778
in Euro x 1,000
December
31, 2024
December
31, 2023
Non-current lease liabilities
7,708
8,326
Current lease liabilities
2,409
2,139
Reclassification (to)/from liabilities associated with asset held for sale
\u2014
(849)
Total Lease liabilities
10,117
9,616
Movement schedule for the lease liability
in Euro x 1,000
2024
2023
Balance at January 1
9,616
11,943
New lease contracts
1,771
250
Repayment of lease liabilities
(2,405)
(2,088)
Modifications
286
360
Reclassification (to)/from liabilities associated with asset held for sale
849
(849)
Balance at December 31
10,117
9,616
Additions to the right-of-use assets during the 2024 financial year were \u20ac2.1 million (2023: \u20ac0.3
million). These additions pertain to new lease agreements for temporary offices and laboratory spaces
installed at the related to new lease agreements signed for temporary office and lab spaces installed
at the FDCA Flagship Plant, which will be rented for their useful life of 10 years upon activation.
Amounts Recognized in the Statement of Comprehensive Income
The statement of comprehensive income shows the following amounts relating to leases:
in Euro x 1,000
2024
2023
Properties
2,567
2,396
Motor vehicles
11
51
Total depreciation charge of right-of-use assets
2,578
2,447
in Euro x 1,000
2024
2023
Interest expense included in finance cost
220
192
Total interest charge on lease liabilities
220
192
The cash flow net of VAT related to principal elements of the lease payments amounted to \u20ac2.4
million (2023: \u20ac2.0 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 \u20ac0.4 million ( 2023: \u20ac0.6
million). The short term and low value lease expenses for 2024 amounted to \u20ac0.5 million (2023: \u20ac0.5
million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "
8.\u00a0 Inventories
(In Euro x 1,000)
December
31, 2024
December
31, 2023
Raw materials
1,317
1,153
Work in progress
\u2014
215
1,317
1,368
The costs of inventories recognized as an expense and included in raw materials and contract costs,
amounted to \u20ac0.3 million ( 2023 : \u20ac0.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
9.\u00a0 Trade and Other Receivables
(In Euro x 1,000)
December
31, 2024
December
31, 2023
Non-Current
Other Non-Current assets
189
\u2014
Total other non-current assets
189
\u2014
Current
Trade receivables
5,124
4,243
Less: Allowance for doubtful debt
(205)
(228)
Social security and other taxes
1,426
4,072
Prepayments
459
1,807
Contract assets
3,808
2,509
Other receivables
3,677
2,066
Reclassification to asset held for sale
(45)
(2,079)
Total current trade and other receivables
14,244
12,390
Total trade and other receivables
14,433
12,390
An other non-current asset has been recognized of \u20ac0.2 million by Avantium RNP Flagship B.V. in
relation to refundable deposits paid on two leases. These leases commenced in April 2024 and
October 2024 and have respectively been entered into for terms of 65 - and 61 - months.
Prepayments include a contribution in kind recognized by Avantium RNP Flagship B.V. on March 31,
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 December 31, 2024,
the remaining balance is \u20ac0 (2023: \u20ac1.2 million).
Contract assets relating to systems and services contracts are unbilled revenues, where the Company
has recognized revenue to date in accordance with its progress towards completion of its
performance obligations, 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 amounting to\u00a0 \u20ac3.3 million (2023: \u20ac1.7 million) and deposits held at third parties amounting to
\u20ac0.3 million (2023: \u20ac0.3 million).
In 2024, \u20ac0 (2023: \u20ac0.2 million) of trade or other receivables was written off; \u20ac2.0 million was past
due, of which 62% had been paid before January 31 2025.
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 December 31, 2024, including
an allowance for expected credit losses of \u20ac0.2 million (2023: \u20ac0.2 million) (refer to\u00a0 note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
Trade receivables of \u20ac5.1 million (2023: \u20ac4.2 million) are pledged under the Debt Financing facility
agreement (refer to note 17).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
Prepayments include a contribution in kind recognized by Avantium RNP Flagship B.V. on March 31,
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 December 31, 2024,
the remaining balance is \u20ac0 (2023: \u20ac1.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
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 December 31, 2024, including
an allowance for expected credit losses of \u20ac0.2 million (2023: \u20ac0.2 million) (refer to\u00a0 note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
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 December 31, 2024, including
an allowance for expected credit losses of \u20ac0.2 million (2023: \u20ac0.2 million) (refer to\u00a0 note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
10.\u00a0 Cash and Cash Equivalents
(In Euro x 1,000)
December
31, 2024
December
31, 2023
Cash at bank and on hand
20,699
33,716
Restricted cash
3,199
1,500
Cash and cash equivalents for cash flow purposes
23,898
35,216
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 \u20ac3.2 million. The restricted cash
represents short term cash-collateralised guarantee facilities. At year end 2023 the Company had a
maximum guarantee capacity of \u20ac3.0 million with Rabobank. During the 2024 financial year the
company obtained an additional guarantee facility with ABN AMRO. The ABN AMRO guarantee facility
does not have a maximum capacity. As at December 31, 2024, \u20ac3.2 million (2023: \u20ac1.7 million), of
which \u20ac3.0 million relates to Rabobank, of the guarantee capacity has been utilized as a result of
guarantees issued to third parties.
For further information on commitments issued to third parties, refer to note 31.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "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 \u20ac3.2 million. The restricted cash
represents short term cash-collateralised guarantee facilities. At year end 2023 the Company had a
maximum guarantee capacity of \u20ac3.0 million with Rabobank. During the 2024 financial year the
company obtained an additional guarantee facility with ABN AMRO. The ABN AMRO guarantee facility
does not have a maximum capacity. As at December 31, 2024, \u20ac3.2 million (2023: \u20ac1.7 million), of
which \u20ac3.0 million relates to Rabobank, of the guarantee capacity has been utilized as a result of
guarantees issued to third parties.
For further information on commitments issued to third parties, refer to note 31.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
11.\u00a0 Asset Held for Sale
On December 13, 2023 Avantium announced that the Company is prioritizing 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,
were put on hold. At year end 2023 the related assets and liabilities were classified as held for sale.
Despite significant progress in seeking investors to continue the development of the technology,
management concluded that a transaction was not feasible. In September 2024 Management
reconsidered the strategy in relation to the Ray Technology\u2122 . As a result management engaged the
expertise of an external consultant in November 2024 to sell the Ray Technology\u2122 . The scope of the
sale has been reduced from that of a business to purely IP assets and the related pilot plant .The price
at which it is marketed have been adjusted to reflect the change in the sale scope and strategy.
The right-of-use assets and lease liabilities have been reclassified out of assets held for sale and
liabilities associated with assets held for sale, respectively. The use of the leased asset has been
transferred to another business unit within the group. Depreciation of the asset has been reinstated
upon transfer and return to normal use and the asset has been assessed for a possible impairment
trigger as a part of the cash-generating unit to which it has been allocated. As the carrying amount of
the disposal group encompassing the Ray Technology\u2122 continues 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 carrying value of the major classes of assets and liabilities of the disposal group as at December
31, 2024 are as follows:
(In Euro x 1,000)
December
31, 2024
December
31, 2023
Property, plant and equipment
2,861
2,889
Intangible assets
10
10
Right of use asset
\u2014
313
Trade receivables
\u2014
450
Other receivables
45
1,629
Total assets held for sale
2,916
5,291
Lease liabilities
\u2014
(849)
Trade and other payables
(7)
(228)
Other liabilities
(30)
(588)
Total liabilities associated with asset held for sale
(37)
(1,665)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
12.\u00a0 Share Capital and Other Reserves
Avantium N.V. is listed on Euronext Amsterdam and Euronext Brussels.
12.1\u00a0 Ordinary Shares
At an Extraordinary General Meeting of Shareholders on January 24, 2024, shareholders granted
approval for the authorization to the Management Board to issue up to \u20ac50.0 million in ordinary
shares in connection with an equity raise, which could be increased by up to \u20ac20.0 million.
On February 9, 2024, Avantium announced that the Company successfully raised \u20ac50.5 million by
means of a rights offering, resulting in the issue of 27,018,772 new ordinary shares. In light of the high
take-up rate by existing shareholders of Avantium, and given the interest in the transaction of both
existing shareholders as well as new investors, Avantium decided to use its full authorization of \u20ac70.0
million with an additional upsize offering of \u20ac19.5 million, resulting in the issue of 9,376,981 new
ordinary shares.
On December 5, 2024 Avantium announced that it has successfully raised \u20ac11.2 million through an
accelerated book build offering of 6,380,223 new ordinary shares in the Company, representing
approximately 8% of the Company\u2019s existing issued share capital.
In February and in December Avantium successfully secured net cash amounting to \u20ac64.5 million and
\u20ac10.6 million, respectively, from equity raises. The total net cash proceeds from Avantium in 2024
amounted to \u20ac75.0 million.
The authorized share capital at December 31, 2024 amounted to \u20ac10.0 million consisting of
100,000,000 ordinary shares, with a nominal value of \u20ac0.10 each. The issued share capital at
December 31, 2024 comprises 86,133,012 ordinary shares (2023: 43,230,036). In 2024, no options
were exercised by employees . At December 31, 2024, zero (2023: zero) shares were held by the
Stichting Administratiekantoor Avantium (the Foundation) and nil employee shares were repurchased.
All 86,133,012 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 recognized 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 recognized 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 \u2018other reserves\u2019 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
installments. The first installment was made in 2022 at 8 months after the Final Investment Decision.
The second installment was paid in 2023, 24 months after the Final Investment decision. The third
installment is payable and awaiting transaction details to execute. Avantium has the option to settle
the outstanding amount in shares or cash.
12.3\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:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
12.1\u00a0 Ordinary Shares
At an Extraordinary General Meeting of Shareholders on January 24, 2024, shareholders granted
approval for the authorization to the Management Board to issue up to \u20ac50.0 million in ordinary
shares in connection with an equity raise, which could be increased by up to \u20ac20.0 million.
On February 9, 2024, Avantium announced that the Company successfully raised \u20ac50.5 million by
means of a rights offering, resulting in the issue of 27,018,772 new ordinary shares. In light of the high
take-up rate by existing shareholders of Avantium, and given the interest in the transaction of both
existing shareholders as well as new investors, Avantium decided to use its full authorization of \u20ac70.0
million with an additional upsize offering of \u20ac19.5 million, resulting in the issue of 9,376,981 new
ordinary shares.
On December 5, 2024 Avantium announced that it has successfully raised \u20ac11.2 million through an
accelerated book build offering of 6,380,223 new ordinary shares in the Company, representing
approximately 8% of the Company\u2019s existing issued share capital.
In February and in December Avantium successfully secured net cash amounting to \u20ac64.5 million and
\u20ac10.6 million, respectively, from equity raises. The total net cash proceeds from Avantium in 2024
amounted to \u20ac75.0 million.
The authorized share capital at December 31, 2024 amounted to \u20ac10.0 million consisting of
100,000,000 ordinary shares, with a nominal value of \u20ac0.10 each. The issued share capital at
December 31, 2024 comprises 86,133,012 ordinary shares (2023: 43,230,036). In 2024, no options
were exercised by employees . At December 31, 2024, zero (2023: zero) shares were held by the
Stichting Administratiekantoor Avantium (the Foundation) and nil employee shares were repurchased.
All 86,133,012 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
12.2\u00a0 Other Reserves
The costs of equity settled share-based payments to employees are recognized 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 recognized 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 \u2018other reserves\u2019 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
installments. The first installment was made in 2022 at 8 months after the Final Investment Decision.
The second installment was paid in 2023, 24 months after the Final Investment decision. The third
installment is payable and awaiting transaction details to execute. Avantium has the option to settle
the outstanding amount in shares or cash.
12.3\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
13.\u00a0 Non-Controlling Interest
The table summarizes the information relating to the Group's subsidiary, Avantium Renewable
Polymers B.V., that has a Non-Controlling Interest amounting to 22.64%.
On March 31, 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.
Summarized balance sheet
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
December
31, 2024
December
31, 2023
Non-current assets
236,992
164,304
Non-current liabilities
(50,556)
(125,673)
Net non-current assets/(liabilities)
186,436
38,632
Current assets
4,539
28,597
Current liabilities
(188,338)
(38,913)
Net current assets/(liabilities)
(183,799)
(10,316)
Net total assets/(liabilities)
2,637
28,316
Accumulated Non-Controlling interest
1,931
7,690
Summarized Statement of Profit or Loss and Comprehensive Income\u00a0
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
2024
2023
Revenue
6,478
5,592
Other Income
2,654
3,673
Net operating expenses
(26,316)
(18,615)
EBITDA 5
(17,184)
(9,350)
Loss for the period
(25,436)
(12,207)
Loss allocated to Non-Controlling interest
(5,759)
(2,748)
The loss allocated to Non-Controlling interest constitutes to 22.64% (2023: 22.64%) of the loss for the
period for Avantium Renewable Polymers B.V.
Summarized Statement of Cash Flow\u00a0
Avantium Renewable Polymers B.V.
(In Euro x 1,000)
2024
2023
Cash flows from operating activities
(4,435)
(18,769)
Cash flows from investing activities
(57,810)
(90,223)
Cash flows from financing activities
53,761
100,853
Net increase/(decrease) in cash and cash equivalents
(8,484)
(8,139)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "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
(depository 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 2024, 87,967 shares were granted under the Long term Investment Plan (LTIP). These awards
consist of 51,827 Investment shares and 36,140 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 two Management Team members 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 summarized as follows:
Long-term Investment Plan
2024
2023
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 January 1
424,281
3.78
313,190
3.88
Number of matching shares forfeited
\u2014
\u2014
\u2014
\u2014
Number of awards granted (including matching
shares)
87,967
2.81
111,091
3.50
Modification
71,899
2.81
\u2014
\u2014
Number of awards outstanding December 31
584,147
3.51
424,281
3.78
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
July 1, 2017
10.50
5,418
March 16, 2018
5.36
72,357
March 21, 2019
2.64
19,667
May 14, 2020
3.59
104,344
May 18, 2022
3.07
163,421
May 10, 2023
3.50
132,629
May 15, 2024
2.81
87,967
At December 31, 2024
585,803
At the Annual General Meeting held on May 15, 2024 the shareholders approved the increase of the
number of Long Term Incentive Plan shares by 17.9%. There is no change in the vesting period.
The fair value of the additional shares is the determined as the share price on date of approval, being
\u20ac2.81. The number of additional shares amount to \u20ac72,000. The expense recognized during 2024
due to the modification amounted to \u20ac0.2 million, with the remaining amount to be expensed over the
remaining vesting periods. The number of awards reflected in the table above includes the modified
number of awards.
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 2024 was \u20ac2.81 per
award.
Performance share units
In the Annual General Meeting held on May 15, 2024 an update to the Management Board
Remuneration Policy, which included the introduction of the New LTIP was approved. Effective as of
January 1, 2024, a new equity-based long-term incentive plan (the New LTIP) was put in place which
allows for the granting of Performance Share Units (\u201cPSUs\u201d) to Management Board members based on
long-term stakeholder value creation. The PSU provides the participant with a conditional right to
receive a share, following vesting and settlement in accordance with the provisions of this PSU Plan.
Under the New LTIP members of the Management Board will be granted PSUs annually, for a value
equal to a predefined percentage of their fixed annual gross base salary. The number of PSUs
granted each year is determined with reference to the share price. In 2024, 135,231 PSUs were
granted under the plan.
PSUs will vest after a three-year cliff vesting period at which point all the granted PSUs will vest in full
or in part subject to the satisfaction of the performance conditions. The vesting of PSUs is contingent
on an underpin assessment which evaluates the long-term value creation by the management board
and considers specific financial and non-financial events that could threaten the company\u2019s long-term
continuity and value. The underpin assessment is conducted by the Supervisory Board at vesting.
Therefore at year end 2024 the grant date has not yet been achieved and accordingly the grant date
fair value has been estimated using the closing share price as at the reporting date.
At year end 2024 management assumes 100% of retention and the achievement of performance
targets in determining the value of the new LTIP PSUs.
The movements in outstanding PSUs with the Management Board\u00a0 can be summarized as follows:
Long-term Investment Plan (PSU)
2024
2023
Number of
awards
Share price
at December
31, 2024\u00a0 (in
Euro)
Number of
awards
Share price
at grant date\u00a0
(in Euro)
Number of awards outstanding January 1
\u2014
\u2014
\u2014
\u2014
Number of awards granted
135,231
1.82
\u2014
\u2014
Number of awards outstanding December 31
135,231
1.82
\u2014
\u2014
Restricted share units
In the Annual General Meeting held on May 15, 2024 an update to the Supervisory Board
Remuneration Policy, which included the introduction of a new equity-based incentive plan for the
Supervisory Board members was approved. Effective as of January 1, 2024, the new plan allows for
the granting of Restricted Share Units (\u201cRSUs\u201d) to Supervisory Board members based on their
appointment and re-appointment. RSUs provide participants with conditional rights to receive ordinary
shares in the capital of the Company. Based on an appointment or re-appointment term of four (4)
years, the number of RSUs to be granted to Supervisory Board members is:
\u25a0 A fixed grant of 55,000 shares upon re-appointment of the Chair of the Supervisory Board; and
\u25a0 A fixed grant of 20,000 shares upon re-appointment of other members of the Supervisory Board.
In 2024, 20,000 RSUs were granted under the plan. These RSUs are non-performance-based
instruments.
At year end 2024 management assumes 100% of retention in determining the value of the RSUs.
Based on the Supervisory Board Remuneration Policy the grant date is established as May 15, 2024
and therefore the fair value or the RSU's are estimated based on the share price as at this date.
The movements in outstanding RSUs with the Supervisory Board\u00a0 can be summarized as follows:
Long-term Investment Plan (RSU)
2024
2023
Number of
awards
Share price
at grant date
(in Euro)
Number of
awards
Share price
at grant date
(in Euro)
Number of awards outstanding January 1
\u2014
\u2014
\u2014
\u2014
Number of awards granted
20,000
2.81
\u2014
\u2014
Number of awards outstanding December 31
20,000
2.81
\u2014
\u2014
RSUs 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 RSUs
December 31, 2024
2.81
20,000
At December 31, 2024
2.81
20,000
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 2024, 371,250 share options were granted.\u00a0
Further details on the grants in 2024 can be found in the table below.
Grant date
Plan
Number of ESOP options granted
Exercise price in Euro per option
December 31,
2023
ESOP
11,000
2.89
May 15, 2024
ESOP
325,250
2.81
November 1, 2024
ESOP
35,000
2.41
The movements in outstanding options with the Management Board, senior management and certain
other employees can be summarized as follows:
Share Option
2024
2023
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of options outstanding January 1
2,654,599
1.94
3,081,008
2.55
Number of options exercised
\u2014
\u2014
(609,718)
3.30
Number of options forfeited
(75,746)
3.28
(23,249)
4.45
Number of options expired
\u2014
\u2014
(218,942)
9.45
Number of options granted
371,250
2.79
425,500
3.50
Modification
\u2014
0.13
\u2014
\u2014
Number of options outstanding December 31
2,950,103
2.02
2,654,599
1.94
At the Annual General Meeting held on May 15, 2024 the shareholders approved the decrease of the
strike price of the options granted under the Employee Stock Option Plan by 17.9%. There is no
change in the vesting period. The fair value is determined based on the Black-Scholes valuation
model as at May 15, 2024 using the strike price grant date and the new strike price. The expense
recognized during 2024 due to the modification amounted to \u20ac0.3 million, with the remaining amount
to be expensed over the remaining vesting periods.
Share options outstanding at December 31, 2024 , amounted to 2,950,103. The exercise prices range
from \u20ac0.10 to \u20ac10.58. The weighted average remaining contractual term for options outstanding at
December 31, 2024, was 4.43 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 1,641,456.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 2024 was \u20ac2.02 per option (2023: \u20ac1.81).
The significant inputs into this model were as follows:
May 15, 2024
November 1, 2024
December 31,
2023
Exercise price
\u20ac2.81
\u20ac2.41
\u20ac2.89
Volatility
51%
52%
55%
Risk free interest rate
2.43%
2.38%
1.97%
Dividend yield
\u2014
\u2014
\u2014
Expected life
7.6 years
7.6 years
7.6 years
Early exercise rate
5%
5%
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
15.\u00a0 Earnings per Share
Earnings per Share
Earnings per share for the years 2024 and 2023 are derived below:
In Euro
December
31, 2024
December
31, 2023
Loss for the period - basic
(26,868,173)
(31,402,314)
Loss for the period - diluted
(26,868,173)
(31,402,314)
Weighted average number of ordinary shares -basic
75,493,818
42,852,733
Number
Options per end of the year
2,950,103
2,654,599
LTIP awards per end of the year
584,147
424,281
Effect of anti-dilutive securities
3,534,250
3,078,880
Weighted average number of shares - diluted
75,493,818
42,852,733
In Euro
Earnings per share - basic
(0.36)
(0.73)
Earnings per share - diluted
(0.36)
(0.73)
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 March 31, 2022, Avantium N.V. issued
2.84 million warrants to the consortium of banks as part of the Debt Financing Facilities for the FDCA
Flagship Plant. Refer to note 20. The warrants issued on March 31, 2022 had an anti-dilution
protection for the equity raise that took place in April 2022. As a result, on April 14, 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. 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 January 30, 2023, but
because Avantium is loss making there is no dilutive impact on the earnings per share. Since January
30, 2023, there have not been any exercises of the warrants.
Effective July 31, 2024, the Management Board has resolved to grant 559,085 additional warrants to
the consortium of banks upon the receipt of an additional \u20ac15.0 million based on an amendment\u00a0 to
the original Debt Financing Facilities Agreement. 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. 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 October 12, 2024,\u00a0 but because Avantium is loss making there is
no dilutive impact on the earnings per share. Since October 12,2024, there have not been any
exercises of the warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "
16.\u00a0 Trade and Other Payables
In Euro x 1,000
December
31, 2024
December
31, 2023
Non-Current
Prepayment liabilities
600
\u2014
Total Non-Current Prepayment Liabilities
600
\u2014
Current
Trade payables
14,767
12,133
Interest payable on borrowings
1,295
1,129
Social security and other taxes
\u2014
2,833
Holiday pay and holiday days
1,805
1,242
Contract liabilities
1,910
7,656
Deferred government grants
8,981
10,014
Other current liabilities
8,299
14,434
Reclassification of liabilities associated with asset held for sale
(37)
(816)
Total Current Trade and other payables
37,020
48,625
Total Trade and other payables
37,620
48,625
Non-current Prepayment liabilities include advance amounts received for costs to be incurred under a
collaboration agreement.
The other current liabilities comprise primarily of other staff pay related accruals of \u20ac1.6 million
(2023: \u20ac2.5 million) and accrued expenses of \u20ac6.1 million (2023: \u20ac11.3 million). 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 decrease in contract liabilities in 2024 compared to 2023 is mainly related to the contract with
Origin Materials (Refer to note 22).
The following table shows how much of the revenue recognized in the current reporting period
relates to carried-forward contract liabilities:
In Euro x 1,000
2024
2023
Revenue recognized that was included in the contract liability balance at the
beginning of the period
- Systems contracts
1,108
528
- Services contracts
3,292
(14)
- Other
3,000
\u2014
7,400
514
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
17.\u00a0 Borrowings
In Euro x 1,000
Debt Facility
Convertible
Loan
Borrowings
Balance as at January 1, 2023
12,649
\u2014
12,649
Debt Financing facility drawdowns
67,000
\u2014
67,000
Effective Interest and Payment in Kind interest
6,953
\u2014
6,953
Repayment of Debt Financing facility
\u2014
\u2014
\u2014
Balance as at December 31, 2023
86,602
\u2014
86,602
Drawdowns
13,436
5,000
18,436
Effective Interest and Payment in Kind Interest
12,973
23
12,996
Repayment of Debt Financing facility
\u2014
\u2014
\u2014
Balance as at December 31, 2024
113,011
5,023
118,034
In Euro x 1,000
December
31, 2024
December
31, 2023
Non-current Debt Facilities
7,523
86,602
Current Debt Facilities\u00a0
110,511
\u2014
Total Debt Facilities
118,034
86,602
The changes in the borrowings during the financial year have resulted in the following changes in
financing cash flows:
In Euro x 1,000
2024
2023
Proceeds from Debt Financing facility drawdowns
14,755
77,500
Proceeds from Convertible loan
5,000
\u2014
Proceeds from borrowings
19,755
77,500
In February 2023, a 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 February 1 2026.
A three-year Debt Financing facility of \u20ac90.0 million was signed with a consortium of lenders on
March 31, 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, a mounting to \u20ac45.0 million and \u20ac15.0 million, respectively, are
borrowed directly by Avantium Renewable Polymers B.V. On January 19, 2024 an amendment to the
facility agreement was signed whereby an additional \u20ac12.5 million and \u20ac2.5 million was respectively
extended on facilities A and B2.
On August 6, 2024 \u20ac12.5 million on Facility A and \u20ac2.5 million on Facility B2 were drawn.
The draw downs were effective as of July 31, 2024. The total cash amount resulting from the
drawdowns amounted to \u20ac15.0 million. An upfront fee of \u20ac0.3 million was paid, resulting in a net
amount received of \u20ac14.8 million. Additional warrants have been issued relating to the additional
Facility A draw down (refer to note 20).
The interest on the Debt Financing Facilities consists of cash interest and accrued interest. In addition,
warrants have been issued to the lenders (refer to note 20). Cash and accrued interest is EURIBOR
based. The repayment of the entire loan amount including accrued interest is due on March 31, 2025.
The cash interest is paid on a quarterly basis and PIK interest is capitalized on the principal balance of
the Debt Financing Facilities on a quarterly basis. The average effective interest rate on the six
drawdowns is 26% (2023: 23%). The average PIK rate on the drawdowns is 5% (2023: 5%).
The Debt Financing Facilities 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 December 31, 2024, commitment fees of \u20ac0.2million (2023: \u20ac0.8 million)
were paid to the banks. During the period ended on December 31, 2024, interest on the loans of
\u20ac19.2 million (2023: \u20ac11.3 million) were capitalized.
The total capital and accumulated interest outstanding on the debt facility as at December 31, 2024 is
payable on March 31, 2025 and therefore has been classified as current at year end.
During the period ended on December 31, 2024, interest paid on borrowings amounted to \u20ac7.7
million.
In Euro x 1,000
2024
2023
Cash interest paid capitalized
7,381
3,450
Cash interest paid not capitalized
394
\u2014
Interest paid on borrowings
7,775
3,450
On December 4, 2024 Avantium N.V. entered into a convertible loan agreement of EUR 5.0 million
with Pieter Kooi. The loan becomes fully repayable on December 4, 2027, unless either the lender
has exercised its right to convert the loan into ordinary shares or the company has exercised its right
to early settlement. The loan agreement contains two conversion options. The first being the option of
the lender to convert the loan into ordinary shares of Avantium N.V. at market value under certain
conditions. The second being the option of the lender to convert at a fixed price upon the share price
exceeding a certain conversion ratio. As a result of a prepayment option of the company, the
conversion option is deemed to have no value. Under the terms of the agreement the loan bears
interest of 6% per annum. Interest will be accrued to the principal amount of the loan.
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 December
31, 2024 the fair value of the loan approximates the carrying amount due to the variable interest rates
and the absence of an external credit rating.
Bank Overdrafts
As at December 31, 2024, the group had no overdraft facilities with any bank.
Borrowings as at December 31, 2024:
Borrowing company
Type of loan
Issue date
Principle
amount at
Year End
Interest rate
Date of maturity
Carrying
amount
(EUR)
Long term
(EUR)
Short term
(EUR)
Avantium N.V.
Debt Facility A
2022 and 2024
42,500,000
Euribor + margin
March31, 2025
44,880,295
\u2014
44,880,295
Avantium Renewable Polymers B.V.
Debt Facility B1
2023
45,000,000
Euribor + margin
March31, 2025
47,188,238
\u2014
47,188,238
Avantium Renewable Polymers B.V.
Debt Facility B2
2023 and 2024
17,500,000
Euribor + margin
March31, 2025
18,442,937
\u2014
18,442,937
Avantium RNP Flagship Plant B.V.
Fonds Nieuwe
Doen
2023
2,500,000
4.75% fixed
February 1, 2026
2,500,000
2,500,000
\u2014
Avantium N.V.
Convertible loan
2024
5,000,000
6% fixed
December 4,\u00a0
2027
5,022,500
5,022,500
\u2014
Borrowings as at December 31, 2023:
Borrowing company
Type of loan
Issue date
Principle
amount at
Year End
Interest rate
Date of maturity
Carrying
amount
(EUR)
Long term
(EUR)
Short term
(EUR)
Avantium N.V.
Debt Facility A
2022
30,000,000
Euribor + margin
March 31, 2025
28,571,533
28,571,533
\u2014
Avantium Renewable Polymers B.V.
Debt Facility B1
2023
45,000,000
Euribor + margin
March 31, 2025
40,528,794
40,528,794
\u2014
Avantium Renewable Polymers B.V.
Debt Facility B2
2023
15,000,000
Euribor + margin
March 31, 2025
15,001,271
15,001,271
\u2014
Avantium RNP Flagship Plant B.V.
Fonds Nieuwe
Doen
2023
2,500,000
4.75% fixed
February 1,2026
2,500,000
2,500,000
\u2014
18.\u00a0 Shareholder Loan
On December 14, 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. The amount of shares to
be issued upon conversion is determined by dividing the outstanding loan balance by a fixed agreed
share price as stipulated in the loan agreement. 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 recognized 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 recognized 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
Shareholder Loan
Balance as at January 1, 2023
\u2014
Shareholder loans drawdown
6,683
Accrued interest on shareholder loans
22
Shareholder compensation liability
5,879
Accrued interest on shareholder compensation liability
19
Balance as at December 31, 2023
12,603
Shareholder loans drawdown
\u2014
Accrued interest on shareholder loans
448
Shareholder compensation liability
\u2014
Accrued interest on shareholder compensation liability
385
Balance as at December 31, 2024
13,436
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
19.\u00a0 Provisions for Other Liabilities and Charges
In Euro x 1,000
Warranty
provision
Restructuring
provision
Decom-
missioning
provision
Total
Balance at January 1, 2023
236
\u2014
\u2014
236
Additional provision
87
113
1,581
1,781
Unused amounts reversed
(76)
\u2014
\u2014
(76)
Settlement of provision
\u2014
\u2014
\u2014
\u2014
Used during the year
(37)
\u2014
\u2014
(37)
At Balance at December 31, 2023
210
113
1,581
1,904
Balance at January 1, 2024
210
113
1,581
1,904
Additional provision
61
71
95
227
Unwinding of discount
\u2014
\u2014
62
62
Unused amounts reversed
(57)
(57)
\u2014
(114)
Modifications
\u2014
\u2014
1,133
1,133
Used during the year
(11)
(56)
\u2014
(67)
Balance at December 31, 2024
203
71
2,871
3,145
In Euro x 1,000
December 31, 2024
December 31, 2023
Non-current Provisions for Other Liabilities and
Charges
3,022
1,581
Current Provisions for Other Liabilities and Charges
123
323
Total Provisions for Other Liabilities and Charges
3,145
1,904
Restructuring
On December 13, 2023 the g roup announced it is prioritizing the commercialization of its FDCA
and PEF technology. A decision to halt investments in Ray Technology\u2122 resulted in workforce
reductions, for which the group raised a provision of \u20ac113,000 for the restructuring cost.
The remaining balance recognized as a provision as at December 31, 2024 relates to staff members
who were still employed as at this date. The remaining provision will be settled in 2025 and is
therefore current (shorter than one year).
Warranty
The provision for warranty consists of estimated costs for repairs of installed products which may arise
during the warranty period. This estimate is based on historical experience of warranty claims and the
costs associated with that. Unused amounts are reversed after expiration of the warranty period.
As at December 31, 2024, warranty provisions expected to be settled or expire within one year
(current) is \u20ac0.1 million, and amounts expected to be settled or which expire outside of one year (non-
current) is \u20ac0.2 million.
Decommissioning Liability
The decommissioning liability consists of the estimated costs to restore the leased land for the FDCA
Flagship Plant at the end of the lease term (expected after 10 years) to the condition agreed in the
lease agreement. As at year end 2024 the decommissioning liability has increased. The value of the
expenditure expected to settled the liability in future has increased with both CPI and the impact of
disregarding returns expected to be realized on future sales of scrap materials. As at December 31,
2024, the risk free rate of 2.6% (2023: 2.3%) was used to discount the estimated cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "3022000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermProvisionForDecommissioningRestorationAndRehabilitationCosts", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-421": { "value": "1581000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermProvisionForDecommissioningRestorationAndRehabilitationCosts", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-422": { "value": "123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherProvisions", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-423": { "value": "323000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherProvisions", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-424": { "value": "
20.\u00a0 Financial Liability
In Euro x 1,000
Financial Liability
Balance as at January 1, 2023
14,091
Warrants issued
\u2014
Fair value remeasurement
(483)
Balance as at December 31, 2023
13,609
Warrants issued
1,338
Fair value remeasurement
(7,354)
Balance as at December 31, 2024
7,593
On March 31, 2022, Avantium N.V. issued 2.84 million warrants to the consortium of banks as part of
the \u20ac90.0 million Debt Financing Facilities package for the FDCA Flagship Plant. Effective July 31,
2024, the Management Board has resolved to grant 559,085 additional warrants to the consortium of
banks upon the receipt of an additional \u20ac15.0 million based on an amendment to the original debt
facility.
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. A warrant holder may elect to exercise the warrant option cash less
resulting in the number of warrants being variable. The warrants issued on March 31, 2022 have an
exercise period of up to 6.5 years after the second utilization date, which was on January 30, 2023,
meaning the ultimate date of the exercise period is July 30, 2029. The warrants issued on July 31,
2024\u00a0 have an exercise\u00a0 period of 6.5 years, between the period October 12, 2024, and September
30, 2028.
The warrants issued on March 31, 2022 had an anti-dilution protection for the equity raise that took
place in April 2022. As a result, on April 14, 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 or the warrants issued on July 31, 2024.
The warrants issued 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 issued on March 31, 2022 and July 31, 2024 amounted to
\u20ac11.3 million and \u20ac1.3 million respectively. The warrants are recognized under IFRS 9 Financial
Instruments as a Financial Liability.
The fair value remeasurement calculations are as follows:
\u25a0 For the warrants issued on March 31, 2022, the year end fair value has been adjusted to the share
price as at December 31, 2024 minus a \u20ac0.1 exercise price.\u00a0
\u25a0 For the warrants issued on July 31, 2024, the year end fair value has been adjusted to the share
price\u00a0 as at December 31, 2024 minus a \u20ac0.1 exercise price.
The fair value of the warrants on December 31, 2024 is \u20ac7.6 million (2023: \u20ac13.6 million).
The decrease in the share price of \u20ac1.71 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
December 31, 2024 of \u20ac7.4 million (2023: \u20ac0.5 million gain), recognized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
21.\u00a0 Other Non-Current Liabilities
In Euro x 1,000
Other Non-Current Liabilities
Reconciling items to consolidated equirt attributable to owners of the
company
\u2014
Results from the consolidation of subsidiaries
841
Interest expense
18
Payments
\u2014
Balance as at December 31, 2024
859
Effective April 2024, Avantium R&D Solutions has entered into a non-transferrable, exclusive, non-
sublicensable license with Nederlandse Organisatie voor toepast- natuurwetenschappelijk onderzoek
TNO (TNO). The license provides Avantium R&D Solutions with the right to manufacture, sell, market
and further develop the Proton Exchange Membrane (PEM) electrolyser test units. Avantium R&D
Solutions has obtained the license in exchange for a minimum fixed consideration of \u20ac0.1 million per
year and variable consideration contingent upon future sales. A 'other non-current financial liability'
has been recognized at the cost price equivalent of \u20ac0.8 million. The cost price equivalent has been
calculated as the present value of the annual minimum \u20ac0.1 million payable over the contract term of
10 years. An intangible asset has been recognized for the License obtained under the agreement
(refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "
22.\u00a0 Revenues
Reported consolidated revenue from continuing operations increased by 7% from \u20ac19.7 million in
2023 to \u20ac21.0 million in 2024, largely attributable to increased revenues in the R&D Solutions
business unit, \u20ac0.7 million, and Renewable Polymers Business unit, \u20ac0.9 million, year on year.
All revenue is recognized at either a point in time, or overtime (Refer to note 2.20).
In 2024, Avantium Renewable Polymers recognized \u20ac2.7 million as revenue from the Origin Materials
technology license agreement (over time). Revenue recognition under the technology license
agreement with Origin Materials is related to the first milestone payment of \u20ac7.5 million which was
received in 2023, and the second milestone payment of \u20ac7.0 million which is due upon delivery of
the Process Design Package to Origin Materials.\u00a0
As a result of Origin Materials' announced change in its current strategic focus, Avantium has, as of
July 2024 suspended all activities under the licensing agreement and decided to take a prudent
approach in pausing the recognition of revenues under this technology license agreement. Avantium
continues to work with Origin Materials on the development of the market for FDCA and PEF
applications.
The full consideration of the contract amounts to \u20ac28.5 million. At year end 2024 management has
re-assessed the transaction price and concluded that the second milestone payment of \u20ac7.0 million
remains unconstrained. The remaining installments 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, and is considered constrained
at year end 2024. Management assessed this contract and it does not contain a significant financing
component.\u00a0
To the extent that revenue has not yet been recognized in relation to the Origin Materials' license
consideration received, a contract liability has been recognized (refer to note 16).
All revenue reported originates in the Netherlands for both years presented.
The following table depicts the disaggregation of revenue from contracts with customers:
2024 (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
5,067
9,214
100
6,478
177
21,036
Revenue from external
customers
5,067
9,214
100
6,478
177
21,036
Timing of revenue
recognition
\u2013 At a point in time
\u2014
876
100
3,779
177
4,932
\u2013 Over time
5,067
8,338
\u2014
2,699
\u2014
16,104
Total
5,067
9,214
100
6,478
177
21,036
2023 (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
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
recognition
\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
As of December 31, 2024, the aggregate amount of the transaction price in R&D Solutions allocated to
the remaining performance obligations is \u20ac12.2 million and in Avantium Renewable Polymers \u20ac7.2
million, totaling \u20ac19.4 million (2023: \u20ac11.2 million and \u20ac9.9 million, respectively, totaling \u20ac21.1 million)
and the group will recognize this revenue as the progress on each contract is completed, which is
estimated to occur over the next 1\u201336 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
23.\u00a0 Other Income
(In Euro x 1,000)
2024
2023
Grants recognized
4,596
5,789
4,596
5,789
The group recognized total government grants of \u20ac4.6 million ( 2023 : \u20ac5.8 million) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
23.\u00a0 Other Income
(In Euro x 1,000)
2024
2023
Grants recognized
4,596
5,789
4,596
5,789
The group recognized total government grants of \u20ac4.6 million ( 2023 : \u20ac5.8 million) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
24.\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, Chief Commercial Officer, Group Legal Counsel and the Managing
Directors of Volta Technology and Avantium R&D Solutions.
It has identified three separate business segments:
\u25a0 Avantium R&D Solutions 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 main activity was the development and commercialization of the
Ray Technology and its plantMEG\u2122. In 2023 the portfolio of programs under Avantium Renewable
Chemistries were amended. In 2023 the Ray Technology\u2122\u00a0 was classified as held for sale under
IFRS 5. In 2024 Ray Technology\u2122\u00a0 remains classified as held for sale under IFRS 5,
Volta Technology and Dawn Technology\u2122 are disclosed under unallocated.
\u25a0 Avantium Renewable Polymers aims to commercialize 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)
2024
2023
R&D Solutions
61
58
Renewable Chemistries
17
59
Renewable Polymers
133
81
Unallocated
76
64
Total average number of FTE during the year
287
262
Revenues per Segment
(In Euro x 1,000)
2024
2023
R&D Solutions
14,281
13,546
Renewable Chemistries
100
\u2014
Renewable Polymers
6,478
5,592
Unallocated items
177
562
Total segment revenue
21,036
19,700
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)
2024
2023
R&D Solutions
60
87
Renewable Chemistries
52
821
Renewable Polymers
2,654
3,673
Unallocated items
1,830
1,209
Total segment other income
4,596
5,789
Employee Benefits Expenses
(In Euro x 1,000)
2024
2023
R&D Solutions
(6,267)
(6,060)
Renewable Chemistries
(1,860)
(5,482)
Renewable Polymers
(15,680)
(10,407)
Unallocated items
(12,238)
(9,566)
Total segment other income
(36,045)
(31,515)
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, amortization and impairment charge.
The EBITDA figures of the business segments are as follows.
(In Euro x 1,000)
2024
2023
R&D Solutions
2,192
1,134
Renewable Chemistries
(2,959)
(7,592)
Renewable Polymers
(17,173)
(9,351)
Total EBITDA of business segments 6
(17,940)
(15,809)
Reconciliation
(In Euro x 1,000)
2024
2023
Loss before income tax
(32,627)
(34,150)
Amortization
231
90
Depreciation of property, plant and equipment
2,395
4,859
Depreciation of right of use assets
2,578
2,447
Impairment of property, plant and equipment
27
\u2014
Finance costs - net
1,471
(221)
Share based compensation
1,240
1,109
Rent
621
714
Fair value remeasurement
(7,354)
(483)
Company overheads/other
13,478
9,826
Total EBITDA of business segments 7
(17,940)
(15,809)
Assets per Segment
(In Euro x 1,000)
2024
2023
Renewable Polymers
241,531
192,902
Unallocated items
47,094
35,585
Total segment assets
288,626
228,487
Depreciation and Amortization
(In Euro x 1,000)
2024
2023
R&D Solutions
(274)
(230)
Renewable Chemistries
(451)
(2,776)
Renewable Polymers
(2,884)
(2,450)
Unallocated items
(1,621)
(1,938)
Total depreciation and amortisation
(5,230)
(7,394)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "Ray Technology\u2122\u00a0 was classified as held for sale under IFRS 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "
Avantium has two employees employed in Japan, all other employees of Avantium are employed in
the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "
25.\u00a0 Expenses by Nature
Net operating expenses in 2024 amounted to \u20ac58.9 million (2023: \u20ac 52.9 million). The increase is
predominantly the result of higher employee benefit expenses, partially offset by a decrease in the
purchase of raw materials.
Employee benefit expenses in 2024 amounted to \u20ac35.9 million (2023: \u20ac31.5 million) and includes
wages and salaries, social security costs, share options granted to directors and employees, pension
costs, and government grants received. The increase predominantly relates to an increase in
temporary staffing and external recruitment services employed for the scale up of the FDCA Flagship
Plant activities.
Raw materials and contract costs in 2024 amounted to \u20ac4.7 million (2023: \u20ac4.2 million) and comprises
of cost of goods sold, costs of laboratory consumables directly attributable to revenue projects, and
other costs incurred in relation to revenue generating activities. The increase is mainly the result of
increased business activities in R&D Services.
During 2024 management reassessed the classification of expense accounts with the objective of
ensuring that the classification provides more reliable and relevant information. Management has
achieved this by reconsidering the nature of the various expenses to ensure that this has been
disclosed under the correct function on the Consolidated Statement of Profit or Loss and
Comprehensive Income.This has resulted in a reclassification of \u20ac4.2 million (2023: \u20ac2.9 million) from
Employee benefits expenses to raw materials and contract costs, increasing Employee benefits
expenses and decreasing raw materials and contract costs. Comparatives have been re-stated
accordingly.
Patent, license, legal and advisory costs in 2024 amounted to \u20ac5.9 million ( 2023: \u20ac5.0 million).
The increase is predominantly related to an increase in Intellectual Property fees associated with
FDCA, along with consultancy and audit fees.
Office and housing expenses in 2024 amounted to \u20ac4.0 million (2023: \u20ac3.3 million) and comprises
of short-term rental agreements, other facility related costs, telephony and other IT related office
materials and costs. The increase is predominantly related to utility costs associated with the scale up
of the FDCA Flagship Plant.
Laboratory expenses in 2024 amounted to \u20ac4.2 million (2023: \u20ac4.3 million) and comprises of
laboratory consumables, spare parts, maintenance and repair work in the laboratory, and small
laboratory projects.
Other operating expenses in 2024 amounted to \u20ac2.4 million (2023: \u20ac2.6 million) and comprises of
external development costs, such as trials, and other general costs including Company insurances.
In 2024 the Company has made additional one-off efforts related to higher 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 2024 amounted to \u20ac1.8 million (2023: \u20ac2.0 million) 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.
Depreciation, amortization and impairment charges decreased to \u20ac5.2 million (2023: \u20ac7.4 million).
The depreciation of fixed assets decreased in 2024 mainly due to Renewable Chemistries being held
for sale, and therefore containing no further depreciation. Additionally, there were a number of assets
being fully depreciated and impaired in 2024. The depreciation of right of use assets increased in
2024 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:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "
25.\u00a0 Expenses by Nature
Net operating expenses in 2024 amounted to \u20ac58.9 million (2023: \u20ac 52.9 million). The increase is
predominantly the result of higher employee benefit expenses, partially offset by a decrease in the
purchase of raw materials.
Employee benefit expenses in 2024 amounted to \u20ac35.9 million (2023: \u20ac31.5 million) and includes
wages and salaries, social security costs, share options granted to directors and employees, pension
costs, and government grants received. The increase predominantly relates to an increase in
temporary staffing and external recruitment services employed for the scale up of the FDCA Flagship
Plant activities.
Raw materials and contract costs in 2024 amounted to \u20ac4.7 million (2023: \u20ac4.2 million) and comprises
of cost of goods sold, costs of laboratory consumables directly attributable to revenue projects, and
other costs incurred in relation to revenue generating activities. The increase is mainly the result of
increased business activities in R&D Services.
During 2024 management reassessed the classification of expense accounts with the objective of
ensuring that the classification provides more reliable and relevant information. Management has
achieved this by reconsidering the nature of the various expenses to ensure that this has been
disclosed under the correct function on the Consolidated Statement of Profit or Loss and
Comprehensive Income.This has resulted in a reclassification of \u20ac4.2 million (2023: \u20ac2.9 million) from
Employee benefits expenses to raw materials and contract costs, increasing Employee benefits
expenses and decreasing raw materials and contract costs. Comparatives have been re-stated
accordingly.
Patent, license, legal and advisory costs in 2024 amounted to \u20ac5.9 million ( 2023: \u20ac5.0 million).
The increase is predominantly related to an increase in Intellectual Property fees associated with
FDCA, along with consultancy and audit fees.
Office and housing expenses in 2024 amounted to \u20ac4.0 million (2023: \u20ac3.3 million) and comprises
of short-term rental agreements, other facility related costs, telephony and other IT related office
materials and costs. The increase is predominantly related to utility costs associated with the scale up
of the FDCA Flagship Plant.
Laboratory expenses in 2024 amounted to \u20ac4.2 million (2023: \u20ac4.3 million) and comprises of
laboratory consumables, spare parts, maintenance and repair work in the laboratory, and small
laboratory projects.
Other operating expenses in 2024 amounted to \u20ac2.4 million (2023: \u20ac2.6 million) and comprises of
external development costs, such as trials, and other general costs including Company insurances.
In 2024 the Company has made additional one-off efforts related to higher 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 2024 amounted to \u20ac1.8 million (2023: \u20ac2.0 million) 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.
Depreciation, amortization and impairment charges decreased to \u20ac5.2 million (2023: \u20ac7.4 million).
The depreciation of fixed assets decreased in 2024 mainly due to Renewable Chemistries being held
for sale, and therefore containing no further depreciation. Additionally, there were a number of assets
being fully depreciated and impaired in 2024. The depreciation of right of use assets increased in
2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "
Other operating expenses in 2024 amounted to \u20ac2.4 million (2023: \u20ac2.6 million) and comprises of
external development costs, such as trials, and other general costs including Company insurances.
In 2024 the Company has made additional one-off efforts related to higher 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
Depreciation, amortization and impairment charges decreased to \u20ac5.2 million (2023: \u20ac7.4 million).
The depreciation of fixed assets decreased in 2024 mainly due to Renewable Chemistries being held
for sale, and therefore containing no further depreciation. Additionally, there were a number of assets
being fully depreciated and impaired in 2024. The depreciation of right of use assets increased in
2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
26.\u00a0 Employee Benefit Expenses
(In Euro x 1,000)
2024
2023
Wages and salaries
31,256
27,554
Government grants R&D (WBSO)
(1,617)
(1,453)
Social security costs
3,346
3,013
ESOP expense (note 14)
1,163
933
LTIP awards expense (note 14)
214
174
PSU awards expense (note 14)
59
\u2014
RSU awards expense (note 14)
18
\u2014
Pension costs - defined contribution plans
1,451
1,294
35,890
31,515
Number of full time equivalent employees at the end of the year
284
288
Avantium has two employees employed in Japan, all other employees of Avantium are employed in
the Netherlands. The average number of FTEs during 2024 was 287 (2023: 262).
In 2024 , \u20ac1.6 million (2023 : \u20ac1.5 million ) government grants in the form of WBSO were recognized
directly as an offset of employee benefit expenses.
During the 2024 financial year there was a modification to the exercise price of options granted under
the ESOP plan (refer to note 14).
During the 2024 financial year management has made a reclassification in the Consolidated
Statement of Profit or Loss and Comprehensive Income between the Employee benefits expenses
and Raw materials and contract costs line items (refer to note 25). Comparative figures have been
adjusted accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
27.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2024
2023
Finance costs:
Net foreign exchange (gains) loss
41
(1)
Interest current accounts
\u2014
\u2014
Financing component of lease payments
220
99
Interest on borrowings
2,461
41
Other bank and commitment fees
206
834
Effective interest: Prepaid interest
18
\u2014
Other finance costs
\u2014
1
Finance costs
2,946
973
Finance income:
Interest current accounts
(1,475)
(1,194)
Finance income
(1,475)
(1,194)
Finance costs - net
1,471
(221)
Interest on borrowings includes an amount of \u20ac1.6 million (2023: \u20acnil) relating to the the Debt Facility
(refer to note 17) and an amount of \u20ac0.8 million (2023: \u20ac41.000) which relates to the shareholders loan
(refer to note 18). The year-on-year increase in interest on borrowings is due the interest on the
additional \u20ac15.0 million drawn on the Debt facility in August 2024, which is not capitalized to the asset
under construction for the FDCA Flagship Plant as the proceeds of this draw down have not been
used to fund the construction of the FDCA Flagship Plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
27.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2024
2023
Finance costs:
Net foreign exchange (gains) loss
41
(1)
Interest current accounts
\u2014
\u2014
Financing component of lease payments
220
99
Interest on borrowings
2,461
41
Other bank and commitment fees
206
834
Effective interest: Prepaid interest
18
\u2014
Other finance costs
\u2014
1
Finance costs
2,946
973
Finance income:
Interest current accounts
(1,475)
(1,194)
Finance income
(1,475)
(1,194)
Finance costs - net
1,471
(221)
Interest on borrowings includes an amount of \u20ac1.6 million (2023: \u20acnil) relating to the the Debt Facility
(refer to note 17) and an amount of \u20ac0.8 million (2023: \u20ac41.000) which relates to the shareholders loan
(refer to note 18). The year-on-year increase in interest on borrowings is due the interest on the
additional \u20ac15.0 million drawn on the Debt facility in August 2024, which is not capitalized to the asset
under construction for the FDCA Flagship Plant as the proceeds of this draw down have not been
used to fund the construction of the FDCA Flagship Plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
27.\u00a0 Finance Income and Costs
(In Euro x 1,000)
2024
2023
Finance costs:
Net foreign exchange (gains) loss
41
(1)
Interest current accounts
\u2014
\u2014
Financing component of lease payments
220
99
Interest on borrowings
2,461
41
Other bank and commitment fees
206
834
Effective interest: Prepaid interest
18
\u2014
Other finance costs
\u2014
1
Finance costs
2,946
973
Finance income:
Interest current accounts
(1,475)
(1,194)
Finance income
(1,475)
(1,194)
Finance costs - net
1,471
(221)
Interest on borrowings includes an amount of \u20ac1.6 million (2023: \u20acnil) relating to the the Debt Facility
(refer to note 17) and an amount of \u20ac0.8 million (2023: \u20ac41.000) which relates to the shareholders loan
(refer to note 18). The year-on-year increase in interest on borrowings is due the interest on the
additional \u20ac15.0 million drawn on the Debt facility in August 2024, which is not capitalized to the asset
under construction for the FDCA Flagship Plant as the proceeds of this draw down have not been
used to fund the construction of the FDCA Flagship Plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
28.\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 recognize 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 utilized in the following year(s).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V.
fiscal unity as of December 31, 2024 is approximately \u20ac164.3 million (December 31, 2023: \u20ac177.5
million). The total tax losses carry-forward for the Avantium Renewable Polymers B.V fiscal unity as of
December 31, 2024 is approximately \u20ac111.0 million (December 31, 2023:\u00a0 \u20ac80.0 million). The carry-
forward tax losses up to December 31, 2021 \u20ac163.1 million have been confirmed by the Dutch tax
authorities.
No tax charge or tax income were recognized in 2024, since both the Avantium N.V. fiscal unity and
the Avantium Renewable Polymers B.V. fiscal unity recorded an estimated net loss (approximately\u00a0
\u20ac5.6 million for Avantium N.V. fiscal unity and approximately \u20ac32.0 million for the Avantium
Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to\u00a0 tax loss utilization rules under which they can be
carried forward indefinitely and can be carried back one year. However, tax losses will only be fully
available for carry-forward and carry-back set off up to an amount of \u20ac1.0 million of taxable profit per
year. In the case of a profit which is higher than \u20ac1.0 million, the amount above \u20ac1.0 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.\u00a0
The calculation for 2024 is not based on an official Tax filing.
(In Euro x 1,000)
2024
2023
Consolidated loss before tax
(32,627)
(34,150)
Tax at applicable tax rate in the Netherlands of 25.8% (2023: 25.8%)
8,418
8,811
Non-deductable expenses
715
2,410
Subtotal
9,133
11,221
Unrecognized of deferred tax assets
(9,133)
(11,221)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilization of previously unrecognized deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rates and amount in 2024 are 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million
(2023: 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million).
Deferred taxes
(In Euro x 1,000)
2024
2023
Category of temporary differences
Lease liabilities
2,018
2,087
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
2,018
2,087
Offset against deferred tax liabilities
(2,018)
(2,087)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(2,018)
(2,087)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(2,018)
(2,087)
Offset against deferred tax assets
2,018
2,087
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 recognize 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 utilized in the following year(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
The Company does not recognize 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 utilized in the following year(s).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V.
fiscal unity as of December 31, 2024 is approximately \u20ac164.3 million (December 31, 2023: \u20ac177.5
million). The total tax losses carry-forward for the Avantium Renewable Polymers B.V fiscal unity as of
December 31, 2024 is approximately \u20ac111.0 million (December 31, 2023:\u00a0 \u20ac80.0 million). The carry-
forward tax losses up to December 31, 2021 \u20ac163.1 million have been confirmed by the Dutch tax
authorities.
No tax charge or tax income were recognized in 2024, since both the Avantium N.V. fiscal unity and
the Avantium Renewable Polymers B.V. fiscal unity recorded an estimated net loss (approximately\u00a0
\u20ac5.6 million for Avantium N.V. fiscal unity and approximately \u20ac32.0 million for the Avantium
Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to\u00a0 tax loss utilization rules under which they can be
carried forward indefinitely and can be carried back one year. However, tax losses will only be fully
available for carry-forward and carry-back set off up to an amount of \u20ac1.0 million of taxable profit per
year. In the case of a profit which is higher than \u20ac1.0 million, the amount above \u20ac1.0 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.\u00a0
The calculation for 2024 is not based on an official Tax filing.
(In Euro x 1,000)
2024
2023
Consolidated loss before tax
(32,627)
(34,150)
Tax at applicable tax rate in the Netherlands of 25.8% (2023: 25.8%)
8,418
8,811
Non-deductable expenses
715
2,410
Subtotal
9,133
11,221
Unrecognized of deferred tax assets
(9,133)
(11,221)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilization of previously unrecognized deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rates and amount in 2024 are 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million
(2023: 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million).
Deferred taxes
(In Euro x 1,000)
2024
2023
Category of temporary differences
Lease liabilities
2,018
2,087
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
2,018
2,087
Offset against deferred tax liabilities
(2,018)
(2,087)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(2,018)
(2,087)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(2,018)
(2,087)
Offset against deferred tax assets
2,018
2,087
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 recognize 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 utilized in the following year(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
29.\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
30.\u00a0 Contingencies
During 2024, the Company had no contingencies to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "
31.\u00a0 Commitments & Guarantees
Commitments
Purchase commitments for property, plant and equipment aggregated \u20ac3.3 million (2023: \u20ac24.1
million).
Guarantees
The Company has a cash-collateralised guarantee facility in place. These guarantees are
predominantly issued in relation to payments from customers following a systems deal for which a
bank guarantee had to be issued.\u00a0 As at December 31, 2024, \u20ac3.2 million of the existing guarantee
capacity has been utilized as a result of guarantees issued to third parties.
This guarantee facility is also disclosed as part of the cash equivalents in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "
32.\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 2024
On May 15, 2024, the Annual General Meeting re-appointed Michelle Jou as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on December 31, 2024:
\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 2024
The total remuneration paid to members of the Management Board and independent members of the
Supervisory Board amounted to \u20ac1.2 million (2023: \u20ac1.3 million) and \u20ac0.6 million (2023: \u20ac0.4 million)
respectively.
The following table provides a breakdown of the remuneration in 2024 of the members of the Management Board:
(In Euro x 1,000)
Management Board
Salary
Other benefits 8
Cash bonus
Investment share
bonus
Share-based
payments
Post-employee
benefits
Severance payments
Total
Remuneration
T.B. van Aken
2024
343
28
82
\u2014
216
30
\u2014
699
2023
300
28
106
106
134
21
\u2014
695
B.W. van Scha\u00edk
2024
255
88
46
\u2014
70
18
\u2014
478
2023
251
69
63
63
72
14
\u2014
532
B.J.J.V. Welten
2024
\u2014
\u2014
\u2014
\u2014
18
\u2014
\u2014
18
2023
\u2014
\u2014
\u2014
\u2014
31
\u2014
\u2014
31
Total - 2024
598
116
128
\u2014
304
48
\u2014
1,194
Total - 2023
551
97
169
169
237
35
\u2014
1,258
The following table provides a breakdown of the remuneration in 2024 of the members of the Supervisory Board:
(In Euro x 1,000)
Annual fee2
Share-based payments
Travel expenses
Total
Supervisory Board member
2024
2023
2024
2023
2024
2023
2024
2023
E. Moses
103
90
90
65
3
1
196
156
M.G. Kleinsman
55
50
\u2014
\u2014
\u2014
\u2014
55
50
M.B.B. Jou
57
50
16
2
2
3
75
55
N. Bj\u00f6rkman
63
55
11
21
5
4
79
80
D. Van Meirvenne
51
29
25
21
2
1
78
51
P.S. Williams
51
29
25
21
\u2014
\u2014
76
50
Total Supervisory Board members
380
303
167
130
11
9
559
442
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "
Key Management Changes 2024
On May 15, 2024, the Annual General Meeting re-appointed Michelle Jou as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on December 31, 2024:
\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 2024
The total remuneration paid to members of the Management Board and independent members of the
Supervisory Board amounted to \u20ac1.2 million (2023: \u20ac1.3 million) and \u20ac0.6 million (2023: \u20ac0.4 million)
respectively.
The following table provides a breakdown of the remuneration in 2024 of the members of the Management Board:
(In Euro x 1,000)
Management Board
Salary
Other benefits 8
Cash bonus
Investment share
bonus
Share-based
payments
Post-employee
benefits
Severance payments
Total
Remuneration
T.B. van Aken
2024
343
28
82
\u2014
216
30
\u2014
699
2023
300
28
106
106
134
21
\u2014
695
B.W. van Scha\u00edk
2024
255
88
46
\u2014
70
18
\u2014
478
2023
251
69
63
63
72
14
\u2014
532
B.J.J.V. Welten
2024
\u2014
\u2014
\u2014
\u2014
18
\u2014
\u2014
18
2023
\u2014
\u2014
\u2014
\u2014
31
\u2014
\u2014
31
Total - 2024
598
116
128
\u2014
304
48
\u2014
1,194
Total - 2023
551
97
169
169
237
35
\u2014
1,258
The following table provides a breakdown of the remuneration in 2024 of the members of the Supervisory Board:
(In Euro x 1,000)
Annual fee2
Share-based payments
Travel expenses
Total
Supervisory Board member
2024
2023
2024
2023
2024
2023
2024
2023
E. Moses
103
90
90
65
3
1
196
156
M.G. Kleinsman
55
50
\u2014
\u2014
\u2014
\u2014
55
50
M.B.B. Jou
57
50
16
2
2
3
75
55
N. Bj\u00f6rkman
63
55
11
21
5
4
79
80
D. Van Meirvenne
51
29
25
21
2
1
78
51
P.S. Williams
51
29
25
21
\u2014
\u2014
76
50
Total Supervisory Board members
380
303
167
130
11
9
559
442
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:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "
33.\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 \u20ac26.9 million has been added to accumulated losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
34.\u00a0 Events After the Balance Sheet Date
In December 2024, Avantium announced commitments from its lenders to extend the maturity date of
the \u20ac105.0 million Debt Financing Facilities to March 31, 2026, with a second extension to March 31,
2027, subject to meeting certain conditions. The lenders also committed to increasing the \u20ac105.0
million Debt Financing Facilities (excluding payment-in-kind interest) by \u20ac20.1 million, subject to
customary, technical and commercial conditions precedent, including, amongst others, Avantium
raising additional equity funding by issuing new ordinary shares in the Company and meeting certain
commercial production milestones. The Company anticipates meeting those conditions precedent in
the fourth quarter of 2025. As part of this agreement, Avantium will grant the lenders (excluding ASN
Bank) rights to subscribe for ordinary shares (Warrants), pending shareholder approval at the Annual
General Meeting (AGM) on May 14, 2025. On March 18, 2025, Avantium and its lenders entered into
the documentation to reflect the extension and the \u20ac20.1 million increase of the Debt Financing
Facilities.
Additionally, in December 2024, the Provincial Executive of Groningen announced its intent to
provide a subordinated loan of up to \u20ac9.9 million to support the start-up phase of the FDCA Flagship
Plant. After presenting the proposal to the Provincial Council in February 2025 and with no objections
received, the Provincial Executive finalized the decision in March 2025. Based on the subordinated
loan documentation, \u20ac9.9 million is to be made available in two tranches in the first and second
quarter of 2025, contingent on the parties meeting certain conditions, including as per a
Memorandum of Understanding outlining the parties' steps towards Avantium\u2019s further future
commitment to the Groningen region. On March 18, 2025, Avantium and the Province of Groningen
entered into the documentation to reflect the \u20ac9.9 million subordinated loan.
In 2024, Avantium N.V. provided additional funding to Avantium Renewable Polymers B.V. under a
shareholder\u2019s loan agreement totaling \u20ac31.9 million, followed in the first quarter of 2025 by a \u20ac3.1
million subordinated shareholder loan from minority shareholder Worley. Both loans facilitate the
commissioning and start-up phase of the FDCA Flagship Plant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }