Avantium N.V., a leading technology development company and forerunner in renewable chemistry, today reports its 2019 half year results.
Key Business Developments in the First Half of 2019:
- Avantium Renewable Polymers (formerly known as Synvina) was successfully integrated within Avantium, leading to a revised Scale-up and Market Launch Strategy:
- Intention to build a cash-flow positive flagship plant to start up in 2023 with a planned annual capacity of 5 kilotons of FDCA and PEF
- The design of a flagship plant has commenced with leading engineering services company Worley (formerly Jacobs Engineering) commissioned to execute the detailed pre-engineering studies
- Site selection in northwestern continental Europe is to be completed in the second half of 2019
- The most advanced technologies of Avantium Renewable Chemistries – Mekong and DawnTM – are progressing towards commercialization:
- Avantium secured €3 million in European Union grants for its Mekong and DawnTM Technologies
- The opening of the Mekong demonstration plant is scheduled for November 2019 in Delfzijl, the Netherlands
Key Financial Developments in the First Half of 2019:
- The cash position was €53.1 million at 30 June 2019 (31 December 2018: €83.3 million). The cash outflow in the first half of 2019 is mainly attributable to regaining full ownership of Renewable Polymers (€ 17.4 million) and investments in our Mekong demonstration plant (€3.1 million) in line with our strategic plan
- Total adjusted EBITDA decreased in line with plan to € -8.8 million in the first half of 2019 (€ – 1.3 million in the corresponding period of 2018), mainly due to inclusion of Avantium Renewable Polymers as an Avantium business unit (€ -4.3 million) and investments in building the Mekong demonstration plant (€ -3.1 million)
- Consolidated first half 2019 revenues decreased by €1.2 million to €5.2 million (HY 2018: €6.4 million) mainly due to timing of Catalysis order intake – higher revenues in the first half of 2018 and new contracts negotiated towards the end of the first half of 2019 caused a shift in revenues, which was partly mitigated by Avantium Renewable Chemistries and Avantium Renewable Polymers revenue in HY 2019
- Operating expenses increased to €17.4 million (HY 2018: €9.9 million) due to the acquisition of 100% ownership of Synvina and its incorporation into Avantium’s cost base as Avantium Renewable Polymers
The complete press release you may download here.