Accsys Technologies notes

A Graham Defensive style of investing (Chapter 14 in The Intelligent Investor) sets several criteria that a company must have to be a possible Defensive Investment. An important one is that the company is consistently profitable (also something we look for at www.ValueMachinesFund.nl )

This is not the case at Accsys: 

"Accsys heeft een gebroken boekjaar dat loopt tot en met 31 maart. In het boekjaar tot 31 maart 2023 leed het bedrijf een fors verlies vooral door een afboeking van € 86,0 miljoen op de Tricoya activiteiten, als gevolg van een herstructurering van de opzet voor de fabriek in Hull (zie onder)." Source https://nl.wikipedia.org/wiki/Accsys_Technologies

Jaar tot[3]	Omzet	Nettoresultaat
31 maart 2013	€ 18,8 miljoen	€ –11,0 miljoen
31 maart 2014	€ 33,5 miljoen	€ –8,9 miljoen
31 maart 2015	€ 46,1 miljoen	€ –8,3 miljoen
31 maart 2016	€ 52,8 miljoen	€ –0,9 miljoen
31 maart 2017	€ 56,5 miljoen	€ –5,0 miljoen
31 maart 2018	€ 60,9 miljoen	€ –10,2 miljoen
31 maart 2019	€ 75,2 miljoen	€ –6,9 miljoen
31 maart 2020	€ 94,1 miljoen	€ 0,9 miljoen
31 maart 2021	€ 99,8 miljoen	€ –0,9 miljoen
31 maart 2022	€ 120,9 miljoen	€ 0,7 miljoen
31 maart 2023	€ 162,0 miljoen	€ –69,9 miljoen
31 maart 2024	€ 136,2 miljoen	€ −17,9 miljoen

Notes February 2023 Update Feb 2023

"In May 2022, 13,798,103 Placing and Subscription Shares were issued as part of the capital raise to strengthen the Company’s balance sheet, increase liquidity headroom and fund additional costs to complete the Arnhem Plant Reactor 4 capacity expansion. The Shares were issued at a price of €1.45 (£1.23) per ordinary share, raising gross proceeds of €20 million (before expenses).  In August 2022, 306,329 Shares were issued following the exercise of nil cost options, granted under the Company’s 2013 Long-Term Incentive Plan (‘LTIP’). "

So now 204m shares outstanding. Equity EUR 135m Book value per share: EUR 0,66 

(was 0,57 at the end of 2020: https://sinaas.blogspot.com/2020/12/accsys-technologies.html)

Share price: EUR 0,98 (was EUR 2 in 2021 when growth was in fashion). 

The company is not profitable today. Growth is expected despite delays in building factories. 

Too difficult pile. 

Share price August 2024: EUR 0,61 

Now there are 240m (was 204m) shares outstanding. Book: EUR 0,50 (has decreased 20% since last year...) 

Conclusion August 2024: Too difficult pile. 

Happening now at Accsys:

Plant commissioning underway at Accoya USA

May 2, 2024

In a trading update Accsys has today announced that Accoya USA has begun commissioning on its newly constructed plant in Kingsport, Tennessee (owned 60:40 by Accsys and Eastman Chemical Company in joint venture) in line with the previously announced project plan and budget. The joint venture remains on track to begin commercial operations in mid-2024.

The joint venture is constructing and operating an Accoya wood production plant to serve the North American market. As the US seeks more sustainable building materials, there is a burgeoning market for high performance wood. The plant will replicate the successful design and technology of Accsys Technologies’ production facility in the Netherlands.

Dr Jelena Arsic van Os, CEO Accsys Technologies PLC, commented:

“We are excited to see the commissioning of the Accoya USA plant underway. When on stream this new facility will see our capacity double from 18 months ago. It is a major milestone for Accsys that will bring our production closer to customers and unlocks a significant growth opportunity in our largest potential market.”

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Will the product be cheaper in the USA due to lower energy costs?