Full Year Results & H1 2025 Operational Update
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"
For more information, please visit https://www.atomeplc.com or contact:
|
ATOME PLC
|
+44 (0) 113 337 2210 |
|
Beaumont Cornish (Nominated Adviser)
|
+44 (0) 20 7628 3396 |
|
Stifel (Joint Broker) Jason Grossman, Ashton Clanfield |
+44 (0) 20 7710 7600 |
|
SP Angel (Joint Broker) |
+44 (0) 20 3490 0470 |
|
FTI Consulting (Communications Adviser) Elizabeth Adams, Ben Brewerton
|
+44 (0) 20 3727 1000 |
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.
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 |
|
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 |
|
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 |
|
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.
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