Key Business Developments in the First Half of 2022:
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Avantium Renewable Polymers recorded a number of important milestones:
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The financial conditions were met (Financial Close) which allowed us to initiate the construction of the FDCA Flagship Plant.
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Five additional offtake agreements were signed in the first half of 2022, bringing the total of such contracts to ten:
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Avantium announced this morning that it has signed additional offtake agreements with LVMH and AmBev.
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Construction of the Flagship Plant at the Chemie Park Delfzijl site is progressing according to plan.
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- In the first half of 2022, Avantium Renewable Chemistries successfully restarted operations at its Ray Technology™ demonstration plant.
- Avantium Catalysis recorded revenues in the first half of 2022 of €4.5 million, compared to €4.3 million in the first half of 2021.
Key Financial Developments in the First Half of 2022:
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Total revenues increased in the first half of 2022 by 5% to €5.0 million (HY 2021: €4.7 million). Other income from government grants decreased by 3% to €3.2 million (HY 2021: €3.3 million).
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Direct costs increased as planned by €4.1 million in the first half of 2022 to €19.2 million (HY 2021: €15.1 million). Of the increase, €1.8 million is related to non-recurring items.
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The loss for the first half year of 2022 was €17.3 million (HY 2021: €10.9 million); the increase is predominantly the result of the initiation of the FDCA Flagship Plant construction.
- The cash position was €72.1 million on 30 June 2022 (31 December 2021: €34.9 million):
- Of the €72.1 million cash position, €20.7 million is ringfenced cash for the Avantium Renewable Polymers business unit to utilise for its operations and construction of the Flagship Plant.
- The net cash outflow resulting from operating, investing and lease activities in the first half of the year was €24.4 million (HY 2021: €9.6 million). The increase in cash outflow predominantly relates to higher CAPEX expenditure and higher direct costs.
- The improved overall cash position is primarily due to the successful €45 million capital increase by means of a public offering in April 2022. The net proceeds from the capital increase after bank, legal and consultancy fees were €41.6 million.