Avantium announces 2020 results: Focused on the commercialisation of its key technologies
AMSTERDAM, 24 March 2021, 07:00 CET – Avantium N.V. (Euronext Amsterdam and Brussels: AVTX), a leading technology company in renewable chemistry, today reports its 2020 full-year results.
Key business progress during 2020
- Avantium Renewable Polymers made progress towards a Final Investment Decision (FID) concerning the construction of the planned FDCA (furandicarboxylic acid) flagship plant, but not all conditions for a positive FID were met by the end of 2020:
- Avantium announced this morning that to date it has signed conditional offtake agreements with specialty chemical company Toyobo (Japan), specialty polyester film producer Terphane (USA), the beverage bottling company Refresco (Netherlands), and a major global food & beverage brand owner, representing in total 30% of the FDCA flagship plant capacity;
- Avantium Renewable Chemistries achieved the successful start-up and commissioning of the plantMEG™ (mono-ethylene glycol) demonstration plant;
- The COVID-19 pandemic delayed on-site projects with customers and impacted new system orders for Avantium Catalysis; the Catalysis contract research services business did, however, grow during the period.
Key financial developments during 2020
- Total Revenues and Other Income increased to €18.3 million (FY 2019: €18.0 million):
- Total revenues decreased by 29% to €9.9 million (FY 2019: €13.8 million), mainly due to the impact of COVID-19 on Avantium Catalysis;
- Other Income increased by 99% to €8.4 million (FY 2019: €4.2 million), as a result of higher grant income;
- Net operating expenses were €33.2 million in 2020 (FY 2019: €35.1 million);
- Cash at 31 December 2020 was €26.6 million (31 December 2019: €45.4 million):
- The reduced 2020 cash outflow of €18.8 million was a substantial reduction compared to the previous year (2019: €37.8 million), primarily due to the one-off payment in 2019 of €17.4 million to regain full ownership of Avantium Renewable Polymers;
- Loss for the period amounted to €22.8 million (FY 2019: €23.5 million).
English press release in PDF
Annual Report 2020 in PDF