Agilyx Asa · OSL:AGLX
Agilyx Asa — Investor Presentation (November 2024)
31 slides from Agilyx Asa's investor presentation, Nov 11, 2024
Slide 1: Plastic recycling technology for a sustainable future
Plastic recycling technology for a sustainable future Company Presentation 11 November 2024
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by Agilyx ASA ("Agilyx" or the "Company", and together with its subsidiaries, the "Group"), solely for information purposes. The contents of this Presentation have not been reviewed by or registered with any regulatory authority or
Slide 3: Agenda
Agenda 1 Company summary 2 Appendix
Slide 4: Agilyx at a glance
Agilyx at a glance Company overview Business concept • Founded in Longview, Washington as Plas2Fuel in 2004, Agilyx is focused on solving the plastic waste problem through innovative plastic recycling solutions • Styrenyx is advanced recycling technology, converting difficult-to-recycle polystyrene
Slide 5: Agilyx is a company driven by technology, expertise and purpose
Agilyx is a company driven by technology, expertise and purpose Agilyx listed on the Merkur Market ✓ Powered by Agilyx's proprietary (now EuroNext Growth) ✓ Agilyx listed on the main list of technology, Japan's largest advanced Development of generation 1 Generation 4 and 5 technology ISCC PLUS cert
Slide 6: 353 million tons of global annual waste plastic
Agilyx is dedicated to addressing and capitalizing on the significant global challenge of waste plastic Agilyx can solve one of the greatest environmental challenges Plastic flow is linear; CCCs enable circularity by targeting non-recycled segments Agilyx is dedicated to solving the problem of plast
Slide 7: Different plastics make recycling challenging
Different plastics make recycling challenging Illustration Type Other Common Names Demand Uses • Clear beverage bottles PET Polyethylene-Terephthalate 24% • Seatbelts • Apparel HDPE High density polyethylene 14% • Milk/shampoo bottles • Water pipe (opaque) • Dust bins • Cosmetic containers • Window
Slide 8: Cyclyx Circularity Centers are uniquely capable of redirecting all plastics into recycling
Cyclyx Circularity Centers are uniquely capable of redirecting all plastics into recycling The Cyclyx Circularity Center (“CCC”) The CCC “waste to feedstock” process Collection channels Characterize & qualify waste plastic to meet customers specifications • Plastic waste is collected at the Cyclyx C
Slide 9: Recent funding rounds support transition and development of Cyclyx
Recent funding rounds support transition and development of Cyclyx Funding of CCC#2 secured with equity ExxonMobil and LyondellBasell Fully funded CCC#1 under construction raise, debt guarantee and subordinated breakthrough investment loan • ExxonMobil and LyondellBasell invested USD 135m into Cycly
Slide 10: Feedstock availability is the cornerstone of the recycling industry
Feedstock availability is the cornerstone of the recycling industry Waste to feedstock Feedstock to product Plastic manufacturing Plastic demand Sourcing, sorting, pre-treating and custom Chemical recycling companies Plastic manufacturers Packaging and brand companies compounding ▪ Chemical characte
Slide 11: Strong demand growth for advanced feedstock supported by robust underlying case for offtakers
Strong demand growth for advanced feedstock supported by robust underlying case for offtakers Companies taking action to recycle Underlying economics for offtakers Advanced recycling margin 2017-2023 › Large companies continue to make sustainability pledges to USD per metric ton1,2 minimize their en
Slide 12: TruStyrenyx: technology for plastic waste recycling
TruStyrenyx: technology for plastic waste recycling Overview • TruStyrenyx is an innovative solution combining Agilyx’ pyrolysis process with Technip Energies' purification technology • Produces recycled styrene monomer of exceptionally high purity • Styrene monomer is a key material used in the pro
Slide 13: First CCC is in construction phase and final investment decision for CCC#2 expected in Q4 2024
First CCC is in construction phase and final investment decision for CCC#2 expected in Q4 2024 CCC #1 under construction since Dec-2023 Cyclyx Circularity Center #2 progress towards FID in Q4 2024 Cyclyx Circularity Center #2 – Road to FID Q4 2023 USD 0m Q4 2024 USD 67.5m2 ✓ #1: Commitments from Exx
Slide 14: Cyclyx benefits from strong ownership, supported by ExxonMobil and LyondellBasell
Cyclyx benefits from strong ownership, supported by the extensive expertise of ExxonMobil and Lyondell Launch Agilyxofand Cyclyx International ExxonMobil in 2021, establish a joint Cyclyx jointventure venturewith ExxonMobil February 2021 LyondellBasell acquired 25% of Cyclyx joint venture October 20
Slide 15: Cyclyx can deliver CCCs capable of producing custom plastic feedstock
Cyclyx can deliver CCCs capable of producing custom plastic feedstock for mechanical and chemical recycling Cyclyx Circularity Centers have superior capabilities CCCs are unique in design, focus, scale and products • Advanced plastic feedstock processing assets enabling diversion and aggregation of
Slide 16: Well established sourcing strategy through Cyclyx' 10 to 90 initiative
Well established sourcing strategy through Cyclyx’ 10 to 90 initiative Key success factor to meet the demand for feedstock for all mechanical and chemical recycling process is souring enough plastic through collection channels 10 to 90 initiative The 10 to 90 mission is to increase the recycling rat
Slide 17: Agilyx is well positioned to meet increase in expected demand
Agilyx is well positioned to meet increase in expected demand from existing and new customers Extensive development need to meet CCC demand towards 2040 High demand for feedstock from existing customers Total CCC demand scenarios (number of CCCs)1,2 Forecasted demand from existing customers – c. 60
Slide 18: Agilyx has reached all necessary milestones to pursue final investment decision for CCC#2
Agilyx has reached all necessary milestones to pursue final investment decision for CCC#2 CCC#1 Economics and flow of funds CCC#2 Economics and flow of funds 25% 25% 50% 25% 25% 50% Annual Profit: Royalty fee: USD 9.3m p.a. USD 2.5m p.a. Royalty fee2: USD 2.5m p.a. Construction cost: Profits: Constr
Slide 19: The CCC's offers compelling economics with offtake agreements generating asset returns of 15%
The CCC’s offers compelling economics with offtake agreements generating asset returns of 15% Attractive equity returns for CCCs Attractive financials for Cyclyx and Agilyx from Circularity Centers Illustrative project IRRs for CCC1 (20 years lifetime) • Agilyx, ExxonMobil and LyondellBasell have ag
Slide 20: Agilyx share of CCC economics
Agilyx share of CCC economics Comments Illustrative Agilyx’ share of CCC economics • Cyclyx has agreed offtake and economics for the first two CCCs, whereby ExxonMobil and LyondellBasell will take at least 90% of volumes for 10+5 years USDm 2025 2026 2027 2028 2029 Cash flow from CCCs to Agilyx • 10
Slide 21: Funding of CCC#2 secured with equity and debt financing
Funding of CCC#2 secured with equity and debt financing Current project timelines – CCC#1 and CCC#2 Comments 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Funding status CCC#1 posts no additional capital requirements for Agilyx ASA CCC#1 Construction The capex for the CCC#1 project is f
Slide 22: Bond offering posting substantial security backing comparative to issue amount
Bond offering posting substantial security backing comparative to issue amount Contemplated bond issue vs market capitalisation Illustrative net loan to value Market capitalisation New sr. sec. bond 19.0% Net LTV 10.9% Net LTV USDm 500 USD 349m Post-money Cyclyx valuation of 400 USD ~400m following
Slide 23: Summary of the investment case
Summary of the investment case First mover in a Strategic partner Clear path to cash Substantial security dynamic market validation flow generation backing Second project for A 60% supply-demand investment-grade At steady state, CCC#1 and CCC#2 Bond security package to include imbalance for plastic
Slide 24: Agenda
Agenda 1 Company summary 2 Appendix
Slide 25: Income statement
Income statement USD 2021 2022 2023 H1 2024 2021 2022 2023 H1 2024 Revenues 4,889,227 7,361,747 5,894,701 448,476 Profit (loss) for the period attributable to: Cost of revenues (4,825,819) (7,528,762) (5,298,421) (758,858) Equity holders of the parent (14,609,256) (22,008,657) 97,473,988 (11,473,961
Slide 26: Balance sheet
Balance sheet Equity 2021 2022 2023 H1 2024 Non-current assets USD 2021 2022 2023 H1 2024 Share capital 86,222 143,040 162,269 162,269 Intangible assets 4,398,430 4,002,430 3,586,680 2,763,177 Share premium 40,493,564 53,854,378 73,239,523 73,239,523 Additional paid-in capital 7,042,680 8,591,495 9,
Slide 27: Cash flow statement
Cash flow statement USD 2021 2022 2023 H1 2024 USD 2021 2022 2023 H1 2024 Profit (loss) for the period (15,567,723) (23,384,654) 96,122,594 (11,374,705) Cash contribution from parent to subsidiaries - - - - Depreciation and amortization 254,850 545,243 674,000 310,756 Net cash flow on loss of contro
Slide 28: Highly experienced management team with chemicals and waste expertise
Highly experienced management team with chemicals and waste expertise Ranjeet Bhatia Bertrand Laroche Chris Faulkner Jessica Fletcher Chief Executive Officer Chief Financial Officer Chief Technology Officer Vice President of Engineering and Project Management Joe Vaillancourt Nathan Brown Bill Coope
Slide 29: Highly experienced board members
Highly experienced board members Peter Norris Carolyn Clarke Steen Jacobsen Catherine C. Keenan Chair of the Board Chair of Audit Committee Chair of Compensation Committee Chair of ESG Committee 29
Slide 30: Top 20 Shareholders
Top 20 Shareholders1 Rank Shareholders Shares % of shares Account type Country 1 SAFFRON HILL VENTURES 2 LP 42,562,365 38.80 PRIV GBR 2 MORGAN STANLEY & CO. INT. PLC. 14,964,552 13.64 NOM GBR 3 UBS AG 8,227,617 7.50 NOM GBR 4 SKANDINAVISKA ENSKILDA BANKEN AB 7,137,172 6.51 NOM SWE 5 SIX SIS AG 6,199
Slide 31: The Integrated Solution for Plastic Waste
The Integrated Solution for Plastic Waste