Brief: Avantium H1 Total EBITDA Loss Narrows To EUR 6.9 Mln

Avantium NV

12/08/2020 06:29

Aug 12 (Reuters) - AVANTIUM NV  AVTX.AS :
    * FIRST HALF 2020 RESULTS
    * H1 TOTAL REVENUES AND OTHER INCOME INCREASED FROM €7.1
MILLION
TO €8.8 MILLION
    * NET LOSS FOR H1 2020 WAS €11.0 MILLION (HY 2019: €12.6
MILLION)
    * IN THE FIRST HALF OF 2020, THE COVID-19 PANDEMIC HAD
LIMITED
IMPACT ON OUR BUSINESS
    * CASH POSITION WAS €34.7 MILLION ON 30 JUNE 2020 (31
DECEMBER
2019: €45.4 MILLION)
    * OUR RENEWABLE CHEMISTRIES AND RENEWABLE POLYMERS BUSINESS
UNITS
HAVE BEEN ABLE TO DELIVER ON THEIR RESPECTIVE STRATEGIC
OBJECTIVES AND HAVE NOT BEEN UNDULY IMPACTED BY COVID-19
    * CASH OUTFLOW IN FIRST HALF OF 2020 WAS €10.7 MILLION
VERSUS
€30.2 MILLION IN THE FIRST HALF OF 2019
    * GLOBAL TRAVEL RESTRICTIONS HAVE A CLEAR IMPACT ON OUR
CATALYSIS
BUSINESS AS WE HAVE BEEN UNABLE TO INSTALL AND MAINTAIN OUR
FLOWRENCE® SYSTEMS AT OUR CUSTOMERS’ SITES
    * H1 OPERATING EXPENSES DECREASED TO €15.7 MILLION (HY 2019:
€16.4
MILLION INCLUDING A €0.7 MILLION ONE-TIME COST FOR AN ONEROUS
CONTRACT)
    * AVANTIUM REMAINS FOCUSSED ON DELIVERING ON ITS STRATEGIC
OBJECTIVES
    * FOR AVANTIUM RENEWABLE POLYMERS, DISCUSSIONS WITH
STRATEGIC
PARTNERS TO INVEST IN THE FDCA FLAGSHIP PLANT ARE ONGOING
    * WE AIM TO MAKE A FINAL INVESTMENT DECISION ON THE FDCA
PLANT BY
THE END OF 2020
    * TOTAL EBITDA WENT UP FROM €-9.3 MILLION IN THE FIRST HALF
OF
2019 TO €-6.9 MILLION IN THE FIRST HALF OF 2020

Source text for Eikon:  ID:nNDL83F8HJ 
Further company coverage:  AVTX.AS 

 (Gdansk Newsroom)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))