Avantium Announces 2021 Results: Significant business progress with green light to construct the world’s first FDCA Flagship Plant
AMSTERDAM, 23 March 2022, 07:00 hrs CEST – Avantium N.V. (Euronext Amsterdam and Brussels: AVTX), a leading technology company in renewable chemistry, today reports its 2021 full-year results.
Key Business Progress in 2021:
- Avantium Renewable Polymers announced a positive Final Investment Decision (FID) for the construction of the FDCA (furandicarboxylic acid) Flagship Plant, which was confirmed by shareholders at an Extraordinary General Meeting (EGM) on 25 January 2022:
- Financial Close is expected by April 2022;
- Avantium Renewable Chemistries recorded a number of promising developments in 2021, including: a signed partnership with the Cosun Beet Company for Ray Technology™; the construction of a bioasphalt test road using lignin from Dawn Technology™ and; the successful pre-pilot testing of Volta Technology at partners’ sites in Europe;
- Despite ongoing travel restrictions and customers’ site closures caused by the COVID-19 pandemic, Avantium Catalysis saw the start of a recovery in its Systems business (revenues: €6.8 million); the Services business was at the same revenue level as in 2020 (revenues: €3.2 million).
Key Financial Developments in 2021:
- Total revenues increased by 11% to €10.9 million (FY 2020: €9.9 million), while income from government grants decreased by 20% to €6.7 million (FY 2020: €8.4 million), mainly due to income milestones from two major grant programmes in the Renewable Chemistries business segment being fully recognised in 2020;
- Net operating expenses were €33.7 million in 2021 (FY 2020: €33.2 million);
- Cash at 31 December 2021 was €34.9 million (31 December 2020: €26.6 million):
- The increase in the cash position was due to the successful capital raise in April 2021, raising €27.8 million (gross proceeds) through an accelerated bookbuild;
- Net cash outflow (excluding the capital raise) in 2021 was €18.1 million (2020: €18.8 million);
- The loss for the period was €24.4 million (FY 2020: €22.8 million).
Tom van Aken, Chief Executive Officer of Avantium, comments: “2021 was a landmark year for Avantium, with the positive Final Investment Decision (FID) for the construction of our FDCA Flagship Plant announced in December 2021. This means that we will be able to start introducing our plant-based, recyclable and high-performance polymer PEF (polyethylene furanoate) to the market and start exploiting its massive market potential, as well as allowing us to sell technology licences to industrial collaborators. We have made great commercial progress across our businesses, and have expanded our partnerships, demonstrating the validity and value of our technologies. While global circumstances continue to pose uncertainties, we look to the future with optimism as we continue to advance and commercialise our sustainable technologies.”
English press release in PDF
Annual Report 2021
Transcript Analyst Call 23 March 2022