N.V. (Euronext Amsterdam and Brussels: AVTX) (“Avantium” or “the Company”), a leading chemical technology company and forerunner in renewable chemistry, today reports is full year results 2016.
Key indicators 2016:
? Consolidated revenues increased 2% to € 10.5 million (FY 2015: € 10.3 million).
? Extra funding of € 20 million in place by Convertible Loan Agreement (CLA) with PMV, FPIM and (certain) existing shareholders.1
? Accomplished Joint Venture with BASF enables next step towards commercialization YXY technology.
? Acquisition of assets Liquid Light strengthens electrochemistry activities.
Tom van Aken, Chief Executive Officer of Avantium: “The year under review has brought a lot of exciting developments for our company. We have made significant progress in executing our strategy of developing game changing technologies to make 100% renewable plastics and chemicals and commercializing them together with strong partners. As a market leader in the field of advanced catalysis research, Avantium continues to provide services and equipment to companies in the petrochemical industry.
In March, 2016 we announced the intention of a Joint Venture with BASF, named Synvina, which was incorporated in November, 2016. It enables us to enter the next phase of bringing FDCA and PEF to the market and maintain a strong technology leadership. We plan to build the first commercial-scale FDCA plant in Antwerp that will support the launch of PEF bottles and films by leading brands, retailers and industrial companies around the globe. It marks a step change in the commercialization of the YXY technology developed by Avantium and is an important milestone for all brands and consumers that want to start using renewable packaging materials with superior performance.
In December 2016, we acquired the assets of Liquid Light, a developer of technologies to convert CO2 in chemicals, which provides Avantium a top 5 position globally on electrochemical carbon dioxide conversions, with an extensive portfolio of patents and patent applications.
After the successful completion of our IPO in March 2017 on Euronext Amsterdam and Euronext Brussels, we are well positioned to further execute our strategy as a pioneer in renewable and sustainable chemistry and commercialize our inventions into economic production processes that can be deployed in partnership with leading industrial companies worldwide.”
Operational developments
Together with partners around the world, Avantium develops efficient processes and sustainable products made from bio-based materials. We offer a breeding ground for revolutionary renewable chemistry solutions. From invention to commercially viable production processes.
Catalysis
Catalysis is specialized in groundbreaking innovations and technologies for catalytic R&D services and systems. We support companies to reach their targets for sustainability, profitability and growth by providing unique technology and capabilities in catalyst research. We aim for our Catalysis business to grow long-term services contracts, enable experimentation technologies, leverage synergies between Catalysis and Renewable Chemistries and enable technological and organizational learning. The expertise and experience that we have built up through the execution of more than 100 catalytic development projects, as well as the high-tech infrastructure that enables the parallel testing of catalysts and process conditions, provide a unique basis for developing novel catalytic technologies.
Renewable Chemistries
Avantium’s Renewable Chemistries business unit focuses on developing and commercializing innovative products and processes in the renewable & sustainable chemistries space. We have an “incubator lab” packed with innovative programs to deliver cost competitive renewable products and processes; addressing the challenges of sustainability for future generations.
The YXY Technology is our most advanced technology that was initially developed by the Renewable Chemistries team.
YXY
On 30 November 2016, Avantium established a 49:51 Joint Venture with BASF (with economic effect as of 1 July 2016), named Synvina C.V., to commercialize the YXY Technology and build the first commercial scale plant to produce FDCA and sell FDCA and PEF (the Reference Plant). The Joint Venture also intends to commercialize the YXY Technology by licensing it to BASF and others to enable global industrial scale production of PEF. The formation of the Joint Venture with BASF was a major milestone for the company as it is evidence of the strength of our YXY technology, the dominant position of our intellectual property for the production and use of FDCA and PEF, and the large market potential for this new technology The initial contribution to the Joint Venture by Avantium comprises its IP in relation to the YXY technology, the FDCA Pilot Plant in Geleen that has been operational since 2011, and laboratory equipment relating to the YXY technology, collaboration agreements and employment contracts relating to the YXY Technology, whilst BASF contributed cash. In addition, Avantium transferred a European subsidy application to the Joint Venture. The application entails a Horizon 2020 Bio Based Industries flagship subsidy of € 25 million to establish with a consortium of eleven partners a first-of-a-kind, commercial scale, cost effective FDCA reference plant. In December 2016, Avantium received from the European Commission a favorable evaluation report and the exclusive invitation to prepare the documentation. The grant of the subsidy is only subject to finalization of a final grant agreement which the European Commission scheduled for 8 May 2017.
In 2015, FDCA was adopted by the European Food Safety Authority (EFSA). In August 2016 FDCA was included in the Plastics Regulation as a food contact material by the sixth amendment to the Plastics Regulation, which entered into force on 14 September 2016.
In 2016 Avantium signed a framework agreement with Mitsui to commercialize FDCA and PEF in film and bottle applications in the Asian region together with Mitsui affiliates and other industrial parties. This agreement builds on a three party market development agreement between Toyobo, Mitsui and YXY Technologies B.V. for the development by Toyobo of PEF thin films, and the market development for such films by Mitsui. In September 2016 we announced our partnership with Toyobo on PEF polymerization and development on PEF thin films for packaging applications.
Two other projects have reached or are entering pilot plant stage: Project Zambezi and Project Mekong. Both projects are also complementary to but not dependent on the YXY Technology (owned by Synvina, our Joint Venture with BASF).
Zambezi
Project Zambezi aims for a cost-effective process for the production of high-purity glucose from non-food biomass that can be converted into biobased chemicals. It was decided to move the project from lab-scale to pilot plant to prove the technology as soon as sufficient funding is obtained.
As per 1 September 2016 Avantium participates in an EU subsidy project named Bioforever (BIO-based products from FORestry via Economically Viable European Routes). This subsidy will support us in Zambezi’s market development as we will provide (amongst others) Zambezi glucose and co-products produced by the Zambezi technology (e.g. lignin) to subsidy partners including DSM (The Netherlands) and Borregaard (Norway) for testing.
In December we signed a non-binding memorandum of understanding with AKZO Nobel Industrial Chemicals B.V., RWE Generation NL B.V and Staatsbosbeheer to explore a flagship wood-to-chemicals biorefinery at the chemical cluster in Delfzijl, the Netherlands.
Mekong
Project Mekong is a one-step process for the production of mono-ethylene glycol, or MEG, from glucose. Today’s market for MEG is predominantly fossil-based and represents an annual turnover of over US$20 billion. Biobased MEG is chemically identical to fossil-based MEG. We continue to test the catalyst longevity, efficiency, recyclability and suitability for continuous operation. We are currently scaling up the process, initially in the United States on a contract research and manufacturing basis, whereby the intellectual property is fully retained by Avantium.
Volta
Project Volta is in lab stage and comprises the direct use of electricity in chemical processes including the conversion of CO2 to chemical building blocks. In December, we acquired the assets (IP, know-how and hardware) from Liquid Light, which developed technologies to convert CO2 in chemicals based on the basis of electrochemistry. This acquisition strengthens our activities in electrochemistry and accelerates the demonstration of novel, electrochemical processes on kilogram scale. Moreover, the extensive patent portfolio of Liquid Light brings Avantium in the top tier with respect to patent applications on electrochemical carbon dioxide conversions.
Financial review
Consolidated revenues from continued operations increased with 2% from € 10.3 million in 2015 to € 10.5 million in 2016. This was mainly driven by our first revenues generated from our Zambezi program.
In 2016 we saw a higher activity level, mainly focused on development costs for external trials in our Mekong program and engineering costs and dedicated equipment for our Zambezi program. Combined with higher costs for raw materials and contracts this resulted in an increased level of operating expenses amounting to € 14.3 million (2015: € 13.7 million).
The net profit for the year 2016 amounts to € 38.1 million (2015: € -13.2 million), resulting in a net equity at year end of € 47.1 million. This increase was fully driven by the one-off gain from the transfer of assets to Synvina, which had a positive impact of € 48.8 million on the net profit.


1 This convertible loan agreement fully converted into ordinary shares at IPO on 15 March 2017.

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