REG - ATOME PLC - Full Year Results & H1 2025 Operational Update
26/06/2025 07:00
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RNS Number : 4571O ATOME PLC 26 June 2025
26 June 2025
ATOME PLC
("ATOME", "the Company", or "the Group")
Full Year Results
H1 2025 Operational Update
ATOME (AIM: ATOM), the only international industrial-scale green fertiliser
project development company on the London Stock Exchange, with large-scale
projects in Latin America, announces its audited results for the year ended 31
December 2024 and provides an operational update for 2025 year-to-date.
These results are only the Company's third full year of operations and project
development since joining the London Stock Exchange's AIM market on 30
December 2021. They show another year of major progress which is projected to
culminate later this year with the Final Investment Decision ("FID") and start
of construction on ATOME's flagship project in Villeta, Paraguay.
The Company's Annual Report is expected to be posted to shareholders on 27
June 2025 together with the Notice for the Annual General Meeting, further
details of which are set out below.
Olivier Mussat, CEO of ATOME, said:
"This has been a period of resolute execution for ATOME, marking our
transition from development-stage company to a project-ready organization on
the cusp of delivering what we believe will be the world's first
industrial-scale zero carbon green fertiliser facility, Villeta in Paraguay.
The plant will generate production without reliance on subsidies, close to key
demand markets, enabling major food producers to decarbonise their supply
chains."
Financial Highlights FY 2024
● Total comprehensive loss for the year ended 31 December 2024 was US$7.3
million (2023: US$6.6 million), with US$6.4 million of development costs
capitalised as at 31 December 2024 (2023: US$4.8 million)
● ATOME raised a further US$6.3 million during the year from the issue of
ordinary shares to institutional and private investors and in settlement of
amounts owing to Directors and various suppliers
● The monies raised provided further working capital which has enabled ATOME to
continue the rapid progress achieved to date
● The constitution of the club of proposed funders for the debt package of
Villeta continued in the year under report with the indicative debt proposals
of the financing substantially oversubscribed
Operational Highlights FY 2024
● Successful completion of the Front-End Engineering and Design Study ("FEED")
for the Villeta Project
● Signing of a 30-year free trade zone agreement for Villeta
● Nomination of the world leading fertiliser technology, engineering and
construction contractor Casale, as the Engineering, Procurement and
Construction ("EPC") contractor for Villeta
● Heads of Terms signed with Yara International S.A., the world leading crop
nutrition, production and operational company for long term offtake of the
entire production of Villeta
● Founding of ATOME's own Engineering and Project Management team
● Option signed to acquire a further 13 hectares (32 acres) of land at Villeta
● Completion of the power purchase agreement studies for the Phase 2 300MW
Yguazu green fertiliser project in Paraguay
● Framework collaboration agreement signed with the national power company of
Costa Rica
Operational Update H1 2025
● Bringing on board Hy24, the world's leading clean hydrogen infrastructure
fund, secured as anchor and lead equity investor for the Villeta project with
the signing of Heads of Terms for a contemplated $115 million investment
● Signing of the definitive $465 million EPC contract with Casale and
commencement of detailed engineering work
● Intensive discussions with other potential equity investors and the debt
package group to move Villeta forward to FID expected in H2 2025
● Creation of ATOME POWER, a new division to progress plans for a 400MW solar
generation facility in Paraguay with the potential to deliver significant
income streams for the group
"For further information on ATOME, please visit the Company's Curation Connect
showcase at: https://app.curationconnect.com/company/Atome-71605
(https://app.curationconnect.com/company/Atome-71605) "
For more information, please visit https://www.atomeplc.com or contact:
ATOME PLC +44 (0) 113 337 2210
Nikita Levine, Investor Relations
info@atomeplc.com
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
Stifel (Joint Broker) +44 (0) 20 7710 7600
Jason Grossman, Ashton Clanfield
SP Angel (Joint Broker) +44 (0) 20 3490 0470
Richard Hail, Jen Clarke
FTI Consulting (Communications Adviser) +44 (0) 20 3727 1000
atome@fticonsulting.com (mailto:atome@fticonsulting.com)
Elizabeth Adams, Ben Brewerton
MAR
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain. The person who arranged for the
release of this announcement on behalf of the Company was Peter Levine,
Chairman.
About ATOME
ATOME PLC is an AIM-listed company targeting green fertiliser production with
445-megawatt of projects in Paraguay and a further pipeline of potential
projects in Central America. ATOME has now created its ATOME POWER division
which is in the early stages of developing a significant green power
generation and infrastructure business. ATOME's projects are situated at the
heart of one of the world's largest food export hubs - the Mercosur region in
the Southern Cone of South America with the Argentinian and Brazilian markets
next door. ATOME's production will disrupt the region's heavy dependence on
imported fossil fuel generated fertilizer, contributing to regional food
security goals.
ATOME's first project in Villeta, Paraguay, benefits from a 145MW renewable
power purchase agreement and 43 hectares of land in a tax-free zone. Front End
Engineering Design studies have been completed and Heads of Terms signed with
Yara International, the leading international fertiliser company, for offtake
of all of Villeta's green fertiliser production. In early 2025, ATOME
announced Hy24, the leading clean hydrogen asset manager, as anchor and lead
equity investor in the project, and confirmed the signing of the US$465
million fixed-price EPC contract with leading ammonia and fertilizer
engineering specialist Casale S.A. The Company is now negotiating the project
finance with a view to commencing work in 2025. There is a further up to 300MW
of renewable power reserved for ATOME in Paraguay.
In Costa Rica, The National Ammonia Corporation S.A. was formed in 2022 with
local partner Cavendish S.A. based in Costa Rica to develop green fertiliser
projects for the region. As well as straddling the Pacific and Atlantic
Oceans, Costa Rica is a democratic Central American country. In agriculture,
Costa Rica is the second largest supplier of pineapples in the world and is in
the top ten banana growers.
All power for ATOME is from 100% renewable sources and all chosen sites are
located close to the power and water sources and export facilities to serve
significant domestic and then international demand. Roughly a third of
human-caused GHG emissions is linked to food production according to UN data,
and fertiliser use and production is the source of more emissions than the
shipping and aviation industries combined. ATOME's green Calcium Ammonium
Nitrate product will contribute to decarbonising the food sector from the
bottom up, getting to the root of the food value chain's emissions. ATOME's
renewably-generated fertiliser is both clean and promotes high crop yields,
unlike conventional nitrogen fertiliser which has a heavy carbon footprint.
The Company has a green-focused Board which is supported by major shareholders
including Peter Levine, Schroders, a leading fund manager, and Baker Hughes, a
global technology company operating in the energy and industry sectors.
Other information
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Statement by the Chairman, Peter Levine
Summary
ATOME's third set of full year results demonstrates the continued significant
progress of our Company towards the Final Investment Decision ("FID") and full
financial close for our flagship 260,000 tonnes p.a. Villeta green fertiliser
project in Paraguay.
Introduction
In just three years, ATOME has progressed from a company start-up to the
recognised world leader in green fertilizer project development. Both in scale
and proximity to first production, we are widely considered by our peer group
to be at the forefront of our industry, with our management continually
demonstrating ATOME's market-leading execution abilities.
Business Summary
The milestones achieved in the calendar year 2024 included the following:
1. Successful completion of the Front-End Engineering and Design Study
("FEED") for the Villeta Project
2. Signing of a 30-year free trade zone agreement for Villeta
3. Nomination of Casale, the world leading fertiliser technology,
engineering and construction contractor, as the Engineering, Procurement and
Construction ("EPC") contractor for Villeta
4. Heads of Terms signed with Yara International S.A., the world leading
crop nutrition, production and operational company for long term offtake of
the entire production of Villeta
5. Founding of ATOME's own Engineering and project management team
6. Option signed to acquire a further 13 hectares (32 acres) of land at
Villeta for our first project as discretionary extra capacity if needed
7. The constitution of the club of proposed funders for the debt package
of Villeta continued in 2024 with the indicative debt proposals substantially
oversubscribed
8. Completion of the power purchase agreement studies for the Phase 2
300MW green fertilizer "Yguazu" project in Paraguay
9. Framework collaboration agreement signed with the national power
company of Costa Rica
So far in 2025 this progress has considerably accelerated as we near the
finish line for the closing of the US$600+ million project finance package for
Villeta. This progress includes:
1. Signing Head of Terms with Hy24, the world leading clean hydrogen
investor, for anchor and lead equity investment of up to £115 million in the
Villeta project
2. Signing of the definitive $465 million EPC contract with Casale and
commencement of detailed engineering work
3. Advanced discussions with other potential equity investors and the debt
package group to move Villeta forward to FID targeted for H2 2025
4. Creation of ATOME POWER, a new independent power generation division
with the potential to deliver significant income streams for the group
Financial
As a development expenditure ("devex") company, ATOME's 2024 results reflect
the continued investment which has powered the material progress achieved in
the year. This investment led to a total comprehensive loss for the year ended
31 December 2024 of US$7.3 million (2023: US$6.6 million), in line with
expectations.
Prospects
We are quietly confident that 2025 will see ATOME's world-leading position in
the industry consolidated by declaration of FID at Villeta and the start of
construction onsite. We have a pipeline of other exciting projects to develop
but for now we are laser focused on closing out Villeta.
Finally, all this progress cannot have been achieved without the sterling
efforts of our management and employees to whom I extend my sincere gratitude.
Peter Levine
Chairman
26 June 2025
Statement by the Chief Executive Officer, Olivier Mussat
2024 was a year of exceptional execution for ATOME, marking our transition
from development-stage company to a project-ready organization on the cusp of
delivering the world's first industrial-scale zero carbon green fertiliser
facility.
The milestones we achieved throughout the year demonstrate our ability to
translate strategy into tangible results. We successfully completed the
Front-End Engineering and Design Study (FEED) for our flagship Villeta Project
- a groundbreaking achievement that we believe represents the first
industrial-scale green fertiliser FEED study completed anywhere in the world.
This technical milestone validates our project's technical and commercial
viability, and positions ATOME as the global pioneer in green fertiliser
production, catalysing the switch to green fertilizer as major food and
beverage companies aim to decarbonize their supply chains.
We have also secured the essential building blocks for project execution which
is equally significant. The signing of a 30-year free trade zone agreement for
Villeta provides the regulatory certainty required for large-scale industrial
operations. The completion of power purchase agreement studies for our Phase 2
300MW "Yguazu" project in Paraguay further demonstrates our systematic
approach to scaling operations across the region. The financial community's
confidence in our business model became evident through the substantial
oversubscription of indicative proposals for our Villeta debt package, with
support from the largest multilateral development banks. This market
validation provides the financial foundation to optimize our inaugural
project, and subsequently scale our model to grow revenue and returns.
Strategic relationships with world-leading project partners formed during 2024
have significantly strengthened our market position. First and foremost with
Yara International, with whom we have signed Heads of Terms for 100%,
long-term 'take or pay' offtake from our flagship Villeta Project - to provide
complete revenue certainty. Yara is the global leading crop nutrition and
industrial‐chemicals company, delivering around 23 million tonnes of
fertilizer annually and rapidly expanding into low-carbon solutions in
response to market demand.
The momentum generated in 2024 has accelerated dramatically in the first part
of 2025 as we approach financial close on our US$600+ million Villeta project
finance package. The partnership with Hy24, the world's leading clean hydrogen
investor, as our anchor equity investor with a contemplated $115 million
investment, represents a significant validation of our project's commercial
prospects. Meanwhile, intensive discussions with additional equity investors
and our debt consortium are currently progressing toward our targeted Final
Investment Decision this year.
Project execution continues to advance on multiple fronts. The recent signing
of our definitive, first-of-its-kind $465 million fixed price turnkey EPC
contract with Casale, the world's leading fertiliser technology contractor,
has enabled commencement of detailed engineering work, providing certainty on
project costs and delivery timelines. In parallel, we also continue to
strengthen our execution capabilities as we build the team in Paraguay and
internationally, bringing crucial expertise as we transition from development
to construction readiness.
Our focused approach to capital allocation has allowed us to concentrate
resources on our highest-return opportunities in Latin America in the
short-to-medium term, where market conditions and regulatory frameworks
provide superior commercial prospects. Alongside our projects in Paraguay, we
are progressing our operations in Costa Rica with the successful execution of
a framework collaboration agreement with the national power company of Costa
Rica, building upon our existing partnership with National Ammonia
Corporation. We continue to build a pipeline of projects and remain alert to
opportunities that will be the next value catalysts, following reaching
financial close and commencing construction at Villeta.
Looking beyond our core fertiliser business, the launch of ATOME POWER
represents a strategic evolution that diversifies our business, while
leveraging our renewable energy expertise. This new independent power
generation division has the potential to deliver significant additional income
streams for the group, enhancing our integrated value proposition.
The global imperative for sustainable food production has never been more
urgent. Farmers and food & beverage producers are under growing pressure
to reduce emissions throughout their value chain to meet regulatory and
sustainability targets. Furthermore, as recent geopolitical shocks have
demonstrated, there is an urgent need to decouple our food value chains from
volatile energy markets and global trade tensions. Developing resilient,
regionally-based fertiliser production capacity is key to ensuring the
security of our food supply chains. ATOME is disrupting the status quo,
providing farmers with reliable access to cost-competitive, nutrient-use
efficient green fertiliser products.
Our commitment to the UN Sustainable Development Goals extends across multiple
dimensions of our business. The Villeta Project will directly contribute to
SDG 2 (Zero Hunger) by ensuring reliable fertiliser supply for enhanced
agricultural productivity. SDG 7 (Affordable and Clean Energy) is advanced
through our renewable energy integration and green hydrogen production. Our
planned industrial-scale facilities will support SDG 9 (Industry, Innovation
and Infrastructure) while our planned sustainable production methods align
with SDG 12 (Responsible Consumption and Production). Most significantly, our
elimination of production emissions will directly support SDG 13 (Climate
Action), delivering measurable impact in the fight against climate change.
Additionally, our operations will contribute to SDG 11 (Sustainable Cities and
Communities) through job creation and economic development in our host
regions.
With FID approaching and Villeta production targeted to commence by the end of
2028, ATOME's development model, proven execution capability, and secured
strategic partnerships have transformed us from participant to global market
leader. Our strong financial backing and definitive offtake agreements
position us to capture the significant value creation opportunities in the
rapidly expanding global green fertiliser and power markets, while delivering
substantial shareholder returns and measurable positive climate impact.
Financial review
The consolidated financial statements present the group results for the year
ended 31 December 2024 for ATOME PLC, an independent AIM listed business
focused on producing, marketing, and distributing green fertiliser.
At the date of this report, the first major project is projected to close full
financing ("FID") and start construction at or around the end of September
2025. This milestone will provide contribution to group overheads by way of
recharge for services provided as well as payback for certain anticipatory
expenses already incurred and paid out.
FID is also expected to act as a catalyst to provide sources of funding for
ATOME's next ventures.
In February 2024 and September 2024, the Group raised a total of US$6.3
million, of which US$3.7 million was received in cash by 31 December 2024
through a director led placing with institutional and private investors, with
further US$3.0 million settled in kind against amounts owing from the share
issue in September 2024 and share issues completed previously.
As part of the arrangements with the Company's Villeta project anchor equity
investor Hy24 to date $2 million has been advanced to the Company by Hy24
which has assisted in the expenditures on the project.
Further funding will continue to be required from shareholders, lenders or
otherwise for the Company to achieve success in project financing for Villeta
Project with the desired outcome of cash generative production in 2028 and to
continue its operations, which indicates the existence of a material
uncertainty over the Group's and the Company's ability to continue as a going
concern.
However, to alleviate concerns as to future funding, additional funds may be
made available to the Group in the form of the commitment based on the support
letter ("the Facility") provided by Peter Levine the chairman of ATOME and
largest investor, through one of his entities. The terms thereof provide inter
alia for a facility of up to £4 million for a period up to 30 September 2026
to support working capital needs.
The Facility is unsecured and will be repayable on the earlier of a future
fundraise by the Company of at least £4 million, in which Peter Levine will
have the right to participate to maintain his current interest in the Company,
or when FID is declared on the Villeta Project. The Facility bears an interest
rate of SOFR plus 4% on drawn amounts, a commitment fee of 1% on undrawn
amounts and an initial facility fee of 2.5%, all of which can be settled in
shares.
The financial results of the Group are presented in US Dollars as all the
Group's budgeting, cost management and future trading are primarily
denominated and maintained in US Dollars. All translation differences arising
from translation from functional to reporting currency are taken to the
Foreign Currency Translation Reserve on the statement of financial position.
Annual General Meeting
The Company intends to hold the Annual General Meeting to approve the audited
financial statements at 11.00am on 25 July 2024 at The Royal Army and Navy
Club, 36 Pall Mall, London, SW1Y 5JN. The Notice will be sent with the full
Annual Report on 27 June 2025.
Related Party Transaction
Peter Levine is a Director and substantial shareholder in the Company. The
Facility is therefore a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies.
The Independent Directors comprising all directors of the Company, other than
Peter Levine and Nikita Levine, having consulted with the Company's Nominated
Adviser, Beaumont Cornish Limited((1)), consider the terms of the Facility are
fair and reasonable insofar as the Company's shareholders are concerned.
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
Note 2024 2023
US$'000
US$'000
Continuing Operations
Administrative expenses 2 (6,946) (7,265)
Other income - 312
Operating loss (6,946) (6,953)
Finance income 26 54
Finance costs (159) (1)
Loss before tax (7,079) (6,900)
Total income tax (charge)/credit - -
Loss for the year from continuing operations (7,079) (6,900)
Loss for the year from continuing operations (7,079) (6,900)
Non-controlling interest (187) 78
Loss for the year attributable to equity holders (7,266) (6,822)
Other comprehensive income net of tax
Items that may subsequently be reclassified to profit or loss
Exchange differences on translation of foreign operations (14) 239
Total comprehensive loss for the year attributable
to the equity holders of the parent (7,280) (6,583)
Loss per share 3 US cents US cents
Basic loss per share from continuing operations (16.13) (17.63)
Diluted loss per share from continuing operations (16.13) (17.63)
Consolidated Statement of Financial Position
As at 31 December 2024
ASSETS 2024 2023
US$'000
US$'000
Non-current assets
Intangible assets 6,010 4,512
Goodwill 2 2
Property, plant and equipment 1,312 1,217
7,324 5,731
Current assets
Trade and other receivables 755 1,325
Cash and cash equivalents 167 550
922 1,875
TOTAL ASSETS 8,246 7,606
LIABILITIES
Current liabilities
Trade and other payables 4,367 2,852
Borrowings 135 -
4,502 2,852
Non-current liabilities
Non-current portion of leases 2 28
Borrowings 675 810
677 838
TOTAL LIABILITIES 5,179 3,690
EQUITY
Share capital 127 109
Share premium 23,153 16,881
Retained earnings (21,810) (14,544)
Translation reserve (106) (92)
Share option reserve 1,713 1,759
3,077 4,113
Non-controlling interest (10) (197)
TOTAL EQUITY 3,067 3,916
TOTAL EQUITY AND LIABILITIES 8,246 7,606
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Share Profit Non-
capital and premium and loss Other controlling Total
account reserves Total interest Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2023 11,997 (7,722) 815 5,090 (119) 4,971
Share-based payments - - 613 613 - 613
Shares issued on reorganisation - - - - - -
Offer of shares to public 5,088 - - 5,088 - 5,088
Costs of issue new shares (95) - - (95) - (95)
Transactions with the owners 4,993 - 613 5,606 - 5,606
Loss for the year - (6,822) - (6,822) (78) (6,900)
Translation reserve - - 239 239 - 239
Total comprehensive loss for the year - (6,822) 239 (6,583) (78) (6,661)
Balance at 31 December 2023 16,990 (14,544) 1,667 4,113 (197) 3,916
Share-based payments - - (46) (46) - (46)
Shares issued on reorganisation - - - - - -
Offer of shares to public 6,415 - - 6,415 - 6,415
Costs of issue new shares (125) - - (125) - (125)
Transactions with the owners 6,290 - (46) 6,244 - 6,244
Loss for the year - (7,266) - (7,266) 187 (7,079)
Translation reserve - - (14) (14) - (14)
Total comprehensive loss for the year - (7,266) (14) (7,280) 187 (7,093)
Balance at 31 December 2024 23,280 (21,810) 1,607 3,077 (10) 3,067
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024 2023
US$'000
US$'000
Cash flows from operating activities
Cash (used in)/generated by operating activities (note 4) (2,272) (3,777)
(2,272) (3,777)
Cash flows from investing activities
Expenditure on development and production assets (1,622) (4,767)
Interest received 26 54
(1,596) (4,713)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses) 3,672 4,408
Long-term loan proceeds - 810
Proceeds from borrowings 195 -
Finance costs (154) -
Repayment of borrowings (195) -
Repayment of obligations under leases (27) (22)
3,491 5,196
Net decrease in cash and cash equivalents (377) (3,294)
Cash and cash equivalents at beginning of period 550 3,452
Exchange gains/(losses) on cash and cash equivalents (6) 392
Cash and cash equivalents at end of period 167 550
Notes
1. Accounting policies and preparation
The financial information set out in this announcement does not constitute the
Company's statutory financial statements and is derived from the consolidated
financial statements for the year ended 31 December 2024 and year ended 31
December 2023.
Financial statements for the year ended 31 December 2024 will be delivered in
due course. The auditors have reported on those accounts; their report was (i)
unqualified, (ii) did not include a reference to matters to which the auditors
drew attention by way of emphasis except for potential material uncertainty
that may arise in the event if, around the Company's ability to continue as a
going concern as further funding will continue to be required from
shareholders, lenders or otherwise for the Company to achieve success in
project financing for Villeta Project within the period to December 2024
allowing it to achieve the desired project outcome of cash generative
production in 2029 and to continue its operations, and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006 in respect of
the accounts for 2024 and 2023.
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future.
Therefore, they continue to adopt the going concern basis in preparing the
financial statements for the year ended 31 December 2024.
Whilst the consolidated financial statements from which this preliminary
announcement has been derived are prepared in accordance with International
Financial Reporting Standards ("IFRS") and applicable law, this announcement
does not itself contain sufficient information to comply with IFRS. The Annual
Report, containing consolidated financial statements that comply with IFRS,
will be sent out to shareholders by 27 June 2025.
2 Administrative expenses
2024 2023
US$'000 US$'000
Directors and staff costs (including non-executive Directors) 4,110 3,457
Cost of issue for existing shares - 95
Share-based payments 162 613
Depreciation 29 31
Other 2,645 3,069
6,946 7,265
3 Loss per share
2024 2023
US$'000 US$'000
Loss for the period attributable to
the equity holders of the Parent Company (7,266) (6,822)
Number Number
'000 '000
Weighted average number of shares in issue 45,053 38,685
US cents US cents
Loss per share
Loss per share from continuing operations (16.13) (17.63)
Diluted loss per share from continuing operations (16.13) (17.63)
At 31 December 2024, 1,813,580 (2023: 2,185,000) share options and share
warrant awards were in issue that, if exercised, would dilute earnings per
share in the future. No dilution per share was calculated as with the reported
loss adding share options and warrants is anti-dilutive.
4 Notes to the consolidated statement of cash flows
2024 2023
US$'000 US$'000
Loss from operations before taxation (6,946) (6,953)
Interest accretion on lease liability 2 1
Interest payable (5) -
Depreciation and impairment of property, plant and equipment 29 31
Amortisation and impairment of goodwill - 4
Foreign exchange difference 41 (155)
Payment in kind for shares placed 3,025 1,197
Share-based payments (46) 613
Operating cash flows before movements in working capital (3,900) (5,262)
Decrease / (increase) in receivables 114 202
Increase / (decrease) in payables 1,514 1,283
Net cash (used in)/generated by operating activities (2,272) (3,777)
5 Segment reporting
In the opinion of the Directors, the operations of ATOME PLC comprise one
class of business, the development, production and the sale of green ammonia
derivatives for agricultural use and related activities.
An operating segment is a component of an entity that engages in business
activities from which it may earn revenues and incur expenses and whose
results are regularly reviewed by the Board of Directors.
The Board of Directors reviews operating results by reference to the core
principle of geographic location. As at 31 December 2024, the Group had
projects in two geographical markets: Paraguay and Costa Rica while investment
in Iceland had been wound down in February 2024. It has a head office and
associated corporate expenses in the UK.
Iceland Paraguay Costa Rica UK Total
2024 2024 2024 2024 2024
US$'000 US$'000 US$'000 US$'000 US$'000
Administrative expenses 3 571 97 6,275 6,946
Other (gains) / losses (789) - - 789 -
Segment costs (786) 571 97 7,064 6,946
Segment operating profit/(loss) for the Year Ended 31 December 2024 786 (571) (97) (7,064) (6,946)
Iceland Paraguay Costa Rica UK Total
2023 2023 2023 2023 2023
US$'000 US$'000 US$'000 US$'000 US$'000
Administrative expenses 314 369 - 6,582 7,265
Other Income - - - (312) (312)
Segment costs 314 369 - 6,270 6,953
Segment operating loss for the Year Ended 31 December 2023 (314) (369) - (6,270) (6,953)
Segment assets Iceland Paraguay Costa Rica UK Total
2024 2024 2024 2024 2024
US$'000 US$'000 US$'000 US$'000 US$'000
Intangible assets - - - 6,010 6,010
Goodwill - 2 - - 2
Property, plant and equipment - 1,312 - - 1,312
- 1,314 - 6,010 7,324
Other assets - 142 6 607 755
Total assets as at 31 December 2024 - 1,456 6 6,617 8,079
Iceland Paraguay Costa Rica UK Total
2023 2023 2023 2023 2023
US$'000 US$'000 US$'000 US$'000 US$'000
Intangible assets - - - 4,512 4,512
Goodwill - 2 - - 2
Property, plant and equipment - 1,217 - - 1,217
- 1,219 - 4,512 5,731
Other assets - 101 - 1,224 1,325
Total assets as at 31 December 2023 - 1,320 - 5,736 7,056
Segment liabilities Iceland Paraguay Costa Rica UK Total
2024 2024 2024 2024 2023
US$'000 US$'000 US$'000 US$'000 US$000
Total liabilities as at 31 December 2024 - 1,025 22 4,132 5,179
Iceland Iceland Costa Rica Iceland Total
2023 2023 2023 2023 2022
US$'000 US$'000 US$'000 US$'000 US$000
Total liabilities as at 31 December 2023 11 901 - 2,778 3,690
Reconciliation of the amounts reported for segment assets to the Group's
consolidated statement of financial position is as follows:
2024 2023
US$'000 US$'000
Segment assets 8,079 7,056
Group cash 167 550
Group assets as at 31 December 2024 8,246 7,606
( )
((1)) Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
-ends-
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