Shaping a 
sustainable 
future
Accsys Technologies PLC Annual Report & Financial Statements 201 3
Accsys T echnologies PLC
Annual Report &  
Financial Statements 201 3 01 Highlights 2013
02 Our Business at a Glance
04 Chairman’s Statement
06 Chief Executive’s Report
12 Strategy
14 Financial Review
21 Board of Directors
22 Directors’ Report
25 Corporate Governance
27 Remuneration Report
31 Statement of Directors’ 
Responsibilities
32 Group Independent Auditors’ Report
33 Consolidated Statement of 
Comprehensive Income
34 Consolidated Statement of  
Financial Position
35 Consolidated Statement of Changes 
in Equity
36  Consolidated Statement of Cash Flow
37 Notes to the Financial Statements
59 Company Independent Auditor’s 
Report
60 Company Balance Sheet
61 Notes to the Company Financial 
Statements
ibC Shareholder Information
Accsys T echnologies PLC (‘Accsys’ or
the ‘Company’) is a UK incorporated
environmental science and
technology company focused on
‘sustainability’ via the development
and commercialisation of a range of
transformational technologies based
upon the acetylation of solid wood
and wood elements (wood chips,
fibres and particles).
The primary focus is on the production, sale and
licensing of Accoya® solid wood and the licensing of
T ricoya® wood elements technology. Manufactured
through the Company’s proprietary acetylation process,
these solid and wood element products exhibit superior
dimensional stability, durability and other important
benefits compared with alternative natural, treated
and modified woods as well as more resource intensive
man-made materials.
To find out more about our business go to:
www.accsysplc.com
Cover images:
Accoya exterior façade, Louis Vuitton, Mexico – Distributor Inntec
Accoya sliding doors, Weekend Home, India – Distributor Ritikaa Wood
Accoya decking, Private residence, Greece – Distributor Atlas Wood
Accoya windows, Cladding, Bosch Siemens Home building, the Netherlands
Contents 01
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Revenue from Accoya® wood sales 
€’000  
2011
12,567
2010
9,136
2009
6,890
2008
2,911
13,574
2012 2013
16,555
Proﬁt/(loss) after tax 
€’000   
2011
(14,404)
2010
(52,139)
2009
5,429
2008
4,081
(14,376)
2012 2013
(11,023)
Operational Highlights
 — T otal of 42 (201 2: 35) Accoya® distribution or 
agency agreements covering most of Europe, 
Australia, Chile, China, India, North America, 
New Zealand and parts of SE Asia;
 — Significant progress on licence agreement 
with Solvay for the production and sale of 
Accoya®; continue to expect agreement to 
become unconditional this year:
 — Process Specification Package and Basic 
Process Design Package delivered to 
Solvay; work ongoing in respect of full 
Process Design Package which is to 
be delivered on agreement becoming 
unconditional; and
 — Accsys and Solvay sales teams developing 
market; retail decking product trial 
launched in France and Germany.
Highlights 2013
Financial Highlights
Financial Overview
 — 50:50 joint venture with INEOS, T ricoya 
T echnology Limited (‘TTL ’), to exploit Accsys’ 
T ricoya® technology in a worldwide panels 
market worth more than €60bn, making 
encouraging progress:
 — working towards agreeing a full licence 
agreement with Medite for the manufacture 
of T ricoya® following the signing of a 
Heads of T erms in December 201 2
 — Further Intellectual Property development; 
Accoya® process patent will be granted in the 
USA (subject to payment of issuance fees). 
 — Accoya® has six patent families with 31 
granted patents (including product patents 
in the UK, New Zealand and Singapore) 
and 20 further applications filed across 24 
countries; and TTL benefits from a further 
five published Tricoya® patent families and 
48 published applications filed;
 — Substantial industry recognition and additional 
confirmation of sustainable benefits.
Year ended
31 March 
2013
€000’s
31 March 
2012
€000’s
31 March 
2011
€000’s
31 March 
2010
€000’s
31 March 
2009
€000’s
31 March 
2008
€000’s
Revenue from Accoya® wood sales 16,555  13,574  12,567  9,136  6,890  2,911 
Total revenue from all sources 18,822  15,002  13,700  16,723  31,191  27,328 
Release of impairment/(impairment) of licensee balances – (2,281)  394 (35,458) – –
(Loss)/profit after tax (11,023) (14,376) (14,404) (52,139)  5,429  4,081 
Cash at year end 20,467  24,574  27,576  18,258  17,503  46,239 02
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
REVENUE BY COUNTRY €’000
 2012/13 2011/12 Growth
Netherlands 6,182 5,264 17%
United Kingdom 3,532 2,123 66%
Switzerland 1,597 735 117%
Germany 1,507 1,011 49%
North America 1,458 1,006 45%
Norway 764 307 149%
Belgium 660 367 80%
China 543 784 -31%
India 459 231 99%
Ireland 451 2,442 -82%
Australia 419 129 225%
New Zealand 333 49 586%
Italy 228 147 55%
France 201 121 66%
Other 488 286 71%
Total 16,701 11,828 41%
Our Business at a Glance
Overview
Accoya® is the world’s leading high 
technology long life wood. Created via 
acetylated wood modification, using 
sustainably grown timber, the Accoya® 
process creates a modified wood that 
matches or exceeds the durability, 
stability and beauty of the very best  
tropical hardwoods.
Wood without  
compromise
Exterior durable 
fibreboard
Overview
Tricoya® acetylated wood elements 
(including chips, fibres and particles)  
is a revolution in modified wood fibre 
technology from Tricoya Technologies 
Ltd, a joint venture between INEOS, one 
of the world's biggest petrochemical 
companies and Accsys Technologies.
Images courtesy 
of Medite
Total of 42 (2012: 35) 
Accoya® distribution 
or agency agreements 
now in place and 
direct sales into 
29 different countries. 03
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
tecHn Ol OGy
Extensive laboratory and field testing 
by leading institutes around the world 
(including in New Zealand, USA, UK, 
Sweden, Malaysia, Indonesia, Russia, the 
Netherlands and Japan) has shown the 
performance of acetylated wood to be 
best in class.
existin G distriB ut Or  
netw Ork 
applicatiO ns
Accoya® wood is ideal for windows, 
external doors, cladding, siding, decking 
and structural projects due to 1st class 
dimensional stability and durability. 
tecHn Ol OGy
Tricoya® acetylated wood elements  
is the essential ingredient for a new 
generation of high performance 
sustainable wood composites.
Tricoya® Wood Elements are lauded as 
the first major innovation in the wood 
composites industry in more than 
30 years.
applicatiO ns
The potential applications for Tricoya® 
are far ranging and will inspire  
creativity and discovery, particularly  
in environments where humidity and 
weather are usually concerns. It is now 
possible to imagine Tricoya® used 
virtually anywhere.
Façade cladding/siding and other 
secondary exterior applications, window 
components, door components and door 
skins and wet interiors, including wall 
linings.
In fact, the only limitation is imagination.
Class 1 Durability 
 — The most durable wood possible 
 — More durable than teak and the 
world’s other most durable woods.
 — Perfect for outdoor use
Outstanding Durability 
 — Warranted to last at least  
50 years above ground and  
25 years in ground 
Dimensionally Stable 
 — Swelling and shrinkage reduced  
by 75% or more
 — Doors and windows open 
effortlessly year round
Perfect for Coating
 — Easier to coat: less preparation and 
sanding between coatings required. 
 — Improved dimensional stability 
and UV resistance improves the 
life of coatings 
 — Perfect for transparent, 
translucent and opaque coatings
Excellent Machineability
 — Accoya wood is easy to machine 
and process manually, creating  
no challenges for product 
manufacturers or end users
Consistent Quality Throughout 
 — Consistent, measurable modification 
quality from surface to core 
 — No need to apply chemical 
preservatives when cut or planed 
acc Oya and t ric Oya B enefits 04
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
intrO ductiO n
I am very pleased to report that Accsys 
has enjoyed a productive financial year, 
delivering notable revenue increases 
and making strong progress towards 
licensing the Company’s proprietary 
technologies. These achievements, 
combined with the positive start the 
Company has made to the new financial 
year, further support my confidence 
that the group is on the right path 
towards achieving its long term 
objective of delivering sustainable 
profitability.
Demand for Accoya® has continued to 
grow with a 45% increase in sales to 
Accoya® customers recorded in the year 
to March 201 3 to €16.4m (201 2: €1 1.3m). 
Encouragingly, this growth was 
widespread, with 12 out of 14 of our top 
geographies recording an increase. Total 
Group revenue increased by 25% to 
€18.8m for the year (2012: €15.0m).  
This trend has continued in the start of 
the new financial year and we are very 
pleased by our sales growth for the first 
quarter of the year. 
The increased sales volume has helped 
generate a significant improvement in 
our profitability with our gross profit 
margin increasing from almost break-
even to 18%. We expect this trend  
to continue due to a combination  
of increasing sales volumes, price 
increases implemented since the start 
of the current financial year and the 
economies of scale, given certain 
production costs are fixed or partially 
fixed, which we expect to achieve from 
our manufacturing plant in Arnhem.  
As a result, we continue to expect the 
Arnhem plant to reach 50% of its 
capacity within the current financial 
year, which in turn will generate an 
EBITDA positive level for the plant, 
helping to indicate the potential returns 
prospective licensees may be able to 
generate, in addition to seeding target 
markets.
Our balance sheet remains strong with  
a cash balance of €20.5m at the end  
of March 2013. This has been helped  
by the completion of the sale and 
leaseback of the second part of our land 
in Arnhem and the issue of shares to 
INEOS in October 2012 at the same  
time as we entered a joint venture  
with them, raising €1.7m and €4m 
respectively. 
chairman’s statement
Our cash out-flow from operating 
activities (before changes to working 
capital) decreased by 24% to €7.6m 
(2012: €10.0m). We expect this cash-out 
flow to decrease in the next year, 
reflecting improved profitability and a 
continued focus on minimising our costs. 
Our longer term objective of licensing 
our technologies has also progressed. 
We continue to work with Solvay 
(previously called Solvay-Rhodia) 
towards completing the full Process 
Design Package and continue to expect 
the licence agreement to become 
unconditional following the approval of 
Solvay’s board of Directors later by the 
end of the year. The collaboration with 
Solvay has also continued in many other 
respects including developing the 
market with the launch of a retail 
decking trial being carried out in five 
retail chains in France and Germany. 
Tricoya Technologies Limited (‘TTL’),  
our joint venture with INEOS formed in 
October 2012 for the exploitation and 
development of Accsys’ intellectual 
property surrounding Tricoya® wood 
elements, has made a positive start  
and is working towards agreeing a full 
unconditional licence agreement with 
Medite for the manufacture of Tricoya® 
following the signing of a Heads of 
Terms in December 2012.
Accsys and TTL continue to develop a 
number of new and existing potential 
Accoya® and Tricoya® licence 
opportunities respectively, with 
counterparties whose combined existing 
total wood product manufacturing  
or processing capacity is in excess of  
10 million m
3
 per annum. While these 
discussions remain ongoing, the complex 
nature and investment required by a 
licensee, means that the timing and 
certainty of their completion remains 
difficult to predict.
Accoya® and Tricoya® continue to 
receive industry recognition and have 
won a number of high profile awards. 
For example Medite Tricoya won 
Product of the Year at the Sustain 
Magazine Awards for Sustainability; 
both Accoya® and Tricoya® were named 
the Best Wood Innovation in Holland’s 
Houtwereld 2012, Top Suppliers Awards 
as well as jointly winning the Supreme 
Award for Innovation at the UK’s Timber 
Expo in 2012. 
Given the global construction industry’s 
focus on delivering projects in an 
increasingly sustainable manner, hence 
reducing the environmental impact of 
construction projects throughout their 
lifetime, we have continued to promote 
the positive environmental and 
sustainable attributes of our products 
as we believe this has an important role 
to play in driving further sales growth 
and market penetration. Having recently 
been admitted as a founding member of 
the Social Stock Exchange, we have also 
confirmed that windows made from 
Accoya® have been found to be carbon 
negative over their lifetime and that 
Accoya®’s carbon footprint significantly 
outperforms most other building 
materials. 
In March we announced the retirement 
and resignation from the Board of 
Directors of Lord Sanderson of Bowden. 
Lord Sanderson, who is 80, had served 
on the Board since 2007 and had been a 
tremendous asset for the Company. His 
support and commitment has been of 
great value and he will be much missed. 
We wish him the very best in his 
well-earned retirement from Accsys.
The start to the new financial year has 
added further support to my confidence 
in our future. Our ongoing Accoya® sales 
growth, which is helping further seed 
markets, together with the continuing 
progress being made by all parts of the 
Accsys Group means that we are now in 
a strong position to achieve our 
objective of making the Group profitable 
and successfully licensing our 
technologies globally.
Gordon campbell
n on executive chairman
24 June 2012 05
accsys technologies plc Annual Report & Financial Statements year ended 31 March 2013
STUNNING CURVED ACCOYA® WOOD 
CLADDING AND SHADING IN THE 
NETHERLANDS
 
The psychiatric institution GGZ-Nijmegen 
consisted of several buildings located  
in a rural setting on the edge of the 
Stuwwalbos, the Netherlands. The 
buildings dating back to the early sixties, 
no longer met the current quality 
standards and therefore following a 
feasibility study the buildings had to be 
demolished and the new clinics had to be 
built in the same location. The clinic was 
designed by BogermanDill Architects 
from Amsterdam in cooperation with SBH 
Architects + Consultants from Arnhem.
Several wood species were considered 
for this new building but Accoya wood 
was chosen because it could form part  
of the highly engineered shaped and 
curved design but remaining stable and 
durable afterwards.
The 4.4 kilometre and 1.4 kilometre slats 
were curved after the specially shaped 
blades were steamed and bent by De 
Jong’s Wood products from Drogeham, 
the Netherlands.
Accoya wood met the performance and 
design requirements of the client. 06
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
acc Oya® w OOd and t ric Oya® w OOd 
elements
Manufactured through Accsys’ proprietary 
acetylation processes, Accoya® and 
Tricoya® wood elements exhibit superior 
dimensional stability, durability and other 
important benefits when compared with 
alternative natural, treated and modified 
woods as well as more resource intensive 
man-made materials.
The attributes of Accoya® make it a highly 
effective solution for a wide range of 
external applications including doors, 
windows, cladding, decking, shutters, 
louvers, civil works, landscaping, outdoor 
furniture and more.
The possibilities for the use of Tricoya® 
are ever expanding but include facade 
cladding, fascia and soffit panels and 
other secondary exterior applications, 
window components; wet interiors, 
including wall linings in swimming pools, 
bathrooms, wet rooms, changing rooms; 
speciality furniture including lockers, 
cubicles, chairs and tables, play frames, 
tree houses and exterior composite 
furniture; signage; automotive parts  
and sports equipment.
accO ya® sales
We have continued to make strong 
progress in achieving the dual aim of 
seeding the market and improving the 
profitability of the Group by increasing 
sales of Accoya® manufactured from  
our plant in Arnhem. Sales to Accoya® 
customers increased by 45% in the year 
to March 2013 compared to the previous 
chief executive’s r eport
History and Background
2003–05
 — Company formed to 
pursue the acetylation  
of wood following more 
than a year of market and 
technical due diligence 
 — Acquired a pilot 
production plant and all 
associated intellectual 
property rights for the 
production of acetylated 
wood
 — Accsys Technologies PLC 
floats on AIM
2006/07 
 — Proof of concept 
production plant 
constructed
 — Commercial production of 
Accoya wood commences
 — Accsys successfully 
completes secondary 
listing on Euronext
2008/09
 — Paul Clegg appointed as 
Chief Executive Officer
 — Medite Joint development 
agreement signed
2009/10
 — Accoya receives cradle to 
cradle gold certification
 — 21 distribution, agency 
and supply agreements
2010/11
 — Gordon Campbell 
appointed as Chairman
 — Accoya licence option 
agreement with Solvay
 — €28m raised through 
fundraising
 — 27 distribution, agency 
and supply agreements
2011/12
 — Introduction and first 
sales of Medite Tricoya  
to the market place with 
our joint development 
partner
 — Strategic collaborative 
relationship entered  
with BP
 — Granted Accoya product 
patents in UK
 — Introduction of Accoya® 
Alder
 — 35 distribution, agency 
and supply agreements
2012/13
 — Entered into a licence 
option agreement with a 
leading MDF and particle 
board manufacturer in 
Latin America for the 
production and sale of 
Tricoya based panels
 — Licence agreement 
signed with Solvay for 
the production and sale 
of Accoya
 — Granted Accoya product 
and process patents 
in New Zealand and 
Singapore
2012/13 cO ntinued
 — 50:50 joint venture with 
INEOS industries Holdings 
Limited for the 
exploitation of Accsys’ 
intellectual property 
surrounding its 
proprietary Tricoya® 
wood elements 
acetylation technology 
and processes
 — Medite Heads of Terms 
agreement relating to 
Tricoya
 — 42 distribution, agency 
and supply agreements
“ Total manufacturing revenue increased by 23% 
to €1 8.3m (201 2: €1 4.9m) with the resulting gross 
manufacturing margin increasing from a 1% loss 
to a 1 5% profit (with total Group gross profit 
increased from almost break even to 1 8%)” 07
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
financial year. This increase, to €16.4m 
(201 2: €1 1 .3m), excluded €0.2m sales to 
Medite for the manufacture of Tricoya, 
noting a substantial volume was sold to 
Medite in the second half of the previous 
financial year to enable them to build up 
initial stocks of Medite Tricoya. Sales to 
Medite have recently resumed as their 
initial stocks have become depleted.  
Total Accoya sales, including sales to 
Medite, increased by 22% to €16.6m 
(201 2: €1 3.6m)
12 out of 14 of our top geographies 
recorded an increase in Accoya® revenue, 
reflecting that we are increasing our sales 
through existing distributors as well as by 
the introduction of new distributors. We 
now have a total of 42 distribution and 
agency agreements in place, an increase 
of seven during the year, covering most  
of Europe, Australia, Canada, Chile, China, 
India, North America, New Zealand and 
parts of South-East Asia. 
Sales in the first quarter of the new 
financial year have continued to show 
very positive growth compared to the 
same period last year. While we remain 
optimistic concerning future growth 
prospects, it remains likely that such sales 
growth may be lumpy, reflecting that 
some new opportunities may be more 
significant than others.
arn Hem plant
The increased activity levels have 
resulted in our Arnhem plant operating 
at higher consistent production levels 
than before. Total manufacturing 
revenue increased by 23% to €18.3m 
(2012: €14.9m) with the resulting gross 
manufacturing margin increasing from a 
1% loss to a 15% profit (with total Group 
gross profit increased from almost break 
even to 18%). This improvement is 
attributable to improved economies of 
scale, noting some of the production 
costs are fixed or partially fixed in 
nature, together with other process 
improvements which are made on an 
ongoing basis. The manufacturing 
facility, which includes 65% of the 
Group’s headcount, recorded an EBITDA 
loss of €0.9m for the year, a 75% 
improvement on the previous year, 
despite still operating at less than 50% 
capacity. (The difference between 
€16.4m of sales to Accoya customers 
and €18.3m manufacturing revenue  
is attributable to sales to Medite and 
other revenue, primarily the sale of 
acetic acid, a bi-product from our 
manufacturing process.)
We continue to expect the Arnhem 
manufacturing facility to achieve an 
EBITDA positive level at 50% of its 
current capacity (i.e. approximately 
17,500m
3
) in the current year; a level 
which also indicates the potential 
returns a prospective licensee may  
be able to generate. 
Research and development has resulted 
in a number of improvements to the 
plant including improving reliability and 
reducing maintenance costs. Ongoing 
2003–05
 — Company formed to 
pursue the acetylation  
of wood following more 
than a year of market and 
technical due diligence 
 — Acquired a pilot 
production plant and all 
associated intellectual 
property rights for the 
production of acetylated 
wood
 — Accsys Technologies PLC 
floats on AIM
2006/07 
 — Proof of concept 
production plant 
constructed
 — Commercial production of 
Accoya wood commences
 — Accsys successfully 
completes secondary 
listing on Euronext
2008/09
 — Paul Clegg appointed as 
Chief Executive Officer
 — Medite Joint development 
agreement signed
2009/10
 — Accoya receives cradle to 
cradle gold certification
 — 21 distribution, agency 
and supply agreements
2010/11
 — Gordon Campbell 
appointed as Chairman
 — Accoya licence option 
agreement with Solvay
 — €28m raised through 
fundraising
 — 27 distribution, agency 
and supply agreements
2011/12
 — Introduction and first 
sales of Medite Tricoya  
to the market place with 
our joint development 
partner
 — Strategic collaborative 
relationship entered  
with BP
 — Granted Accoya product 
patents in UK
 — Introduction of Accoya® 
Alder
 — 35 distribution, agency 
and supply agreements
2012/13
 — Entered into a licence 
option agreement with a 
leading MDF and particle 
board manufacturer in 
Latin America for the 
production and sale of 
Tricoya based panels
 — Licence agreement 
signed with Solvay for 
the production and sale 
of Accoya
 — Granted Accoya product 
and process patents 
in New Zealand and 
Singapore
2012/13 cO ntinued
 — 50:50 joint venture with 
INEOS industries Holdings 
Limited for the 
exploitation of Accsys’ 
intellectual property 
surrounding its 
proprietary Tricoya® 
wood elements 
acetylation technology 
and processes
 — Medite Heads of Terms 
agreement relating to 
Tricoya
 — 42 distribution, agency 
and supply agreements
projects include targeting further 
reductions to production cycle time, 
improvements in quality and the 
development of preventative 
maintenance processes. 
Arnhem manufacturing EBITDA 
€m   
2011
(4,478) (3,616)
2012 2013
(900)
l icensin G
In June 2012, Accsys entered into a 
licence agreement with Solvay for the 
production and sale of Accoya® wood. 
The licence provides for the grant of 
exclusive rights to Solvay for a 15 year 
period to produce and sell Accoya® 
within the Council of Europe, excluding 
Accsys’ existing ‘home’ markets of 
Belgium, Ireland, Luxembourg, the 
Netherlands and the United Kingdom, in 
return for Solvay paying Accsys licence 
and royalty fees and meeting other 
performance obligations. The 
agreement allows for the construction 
of multiple Accoya® production plants, 
with the first having an initial capacity 
of approximately 63,000m³ of annual 
Accoya® output, although remains 
conditional on certain limited provisions 
being satisfied, including the formal 
approval of Solvay’s board of directors, 
which is expected by the end of 2013. 08
accsys technologies plc Annual Report & Financial Statements year ended 31 March 2013
KFC FAST FOOD OUTLETS LOOK FOR 
ACCOYA® WOOD, IN NEW ZEALAND
 
Supplied by Accsys’ distributor, Timspec 
in New Zealand, Accoya wood was 
specified and used for 2 new build KFC 
fast food restaurants in Auckland, New 
Zealand. These featured extensive 
Accoya cladding, additional vertical 
screening for the drive thru areas and 
horizontal louvre facades for shading the 
large windows from the sun. A further 
7 refurbishments have been undertaken 
throughout New Zealand and also 
feature extensive Accoya cladding.
Accoya was specified by Mortlock 
Architects because of its outstanding 
benefits including dimensionally stability, 
which means the cladding will not cup, 
bow or twist like other woods, and its 
class 1 durability properties which 
protect the wood from New Zealand’s 
changing weather and wet climate.
www.accoya.com 09
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
chief executive’s r eport continued
Since signing the agreement, significant 
progress has been made with Accsys 
having delivered a Process Specification 
Package and a Basic Process Design 
Package to Solvay. Work has been 
ongoing in respect of a full Process 
Design Package which will be delivered 
upon approval by the Solvay board later 
this year. These design packages enable 
Solvay to carry out the planning and 
engineering design required for them  
to be able to construct their plant.
The significant amount of work being 
undertaken by Accsys and Solvay  
also includes co-ordination between 
engineering teams, the completion  
of safety reviews required by local 
regulation and other operational 
planning matters such as wood 
handling, instrumentation and chemical 
recycling.
In addition, our respective sales teams 
have been working closely together to 
analyse and develop the market territories 
covered by their licence. This collaboration 
has included a recently launched Accoya® 
decking trial within retail stores in France 
and Germany in which a choice of a coated, 
ready to install product for consumers or  
a base coated version for contractors has 
been produced.
The situation with our other existing 
licensees in Asia and the Middle East, 
Diamond Wood and Al Rajhi has not 
improved with Diamond Wood still  
not having yet secured funding. We 
continue to work with Diamond Wood to 
develop the market in their territory and 
remain confident that in the longer term 
this region offers substantial 
opportunities for generating revenue. 
We have recently granted an exclusive 
right to market, sell and distribute 
Accoya® in Japan to a third party from 
the second half of 2014, upon which 
Diamond Wood’s licence rights in 
respect of Japan will cease. 
t ric Oya t ecHn Ol OGies l imited 
On 5 October 2012, Accsys entered  
into a 50:50 joint venture with INEOS 
Industries Holdings Limited (‘INEOS’) to 
exploit Accsys’ intellectual property 
surrounding its proprietary Tricoya® 
wood elements acetylation technology 
and processes, which is expected  
to lead to the accelerated global 
deployment of Tricoya. The new 
company, Tricoya Technologies Limited 
(‘TTL’), is now developing and exploiting 
Accsys’ Tricoya technology for use 
within MDF, particle board and wood 
plastic composites in a worldwide panel 
products market estimated to be worth 
more than €60 billion annually.
As part of the transaction, TTL was 
granted rights to exploit Accsys’ Tricoya® 
technology but will also benefit from the 
licencing of any intellectual property held 
by INEOS that may assist the joint venture 
in maximising the value of the Tricoya® 
proposition. 
Profits generated by TTL are to be 
shared between Accsys and INEOS in a 
way that reflects each party’s interest. 
The contribution of Accsys’ Tricoya® 
intellectual property to the Joint 
Venture will be reflected through a 
disproportionate future profit share 
which will create significant value for 
Accsys. This future profit share reflects 
that Accsys had made a significant 
investment in Tricoya® over a number of 
years prior to the formation of the joint 
venture. This included research and 
development expenditure concerning 
the Tricoya process and product design, 
the joint development agreement with 
Medite and the resulting product launch 
of Medite Tricoya Extreme Durable MDF 
in 201 1 together with significant 
investment in building the Tricoya brand 
and market.
TTL has already made progress and  
is working towards agreeing a full 
unconditional licence agreement with 
Medite for the manufacture of Tricoya® 
following the signing of a Heads of 
Terms in December 2012.
During the period, Medite has been 
continuing to sell Medite Tricoya 
manufactured using Accoya® purchased 
from Accsys’ plant in Arnhem. Unlike the 
new, continuous production acetylation 
process which is the subject of the 
expected licence between TTL and 
Medite, the method currently employed 
by Medite is not commercially viable in 
the longer term. However, this method 
is enabling Medite to seed the market 
ahead of the construction of their own 
plant, with Medite now successfully 
selling to distributors including in the 
UK, Ireland, Benelux and Germany, 
enabling the seeding of the market 
place for Medite and other potential 
licensees.
TTL continues to work closely with the 
licence option holder in Latin America, 
with ongoing activities concerning market 
evaluation and preliminary production 
planning in accordance with the 
agreement. 
f inancial s ummary 
Total revenue for the year ended 
31 March 2013 increased by 25% to 
€18.8m (2012: €15.0). In the same 
period, Accoya® revenue, excluding 
sales to Medite for the manufacture of 
Tricoya, increased by 45% to €16.4m 
(201 2: €1 1.3m). T otal revenue also 
included €0.6m of licence income which 
had been recorded in the first half of 
the year.
Gross operating margin for the Group 
improved from almost break-even to 
18% profit, resulting from increased 
Accoya® sales, the recording of licence 
income and improved operating 
efficiencies.
Other operating costs increased by 8% 
to €13.5m due in part to an increase  
in staff costs and to the relative 
weakening of the Euro, in particular in 
the first half of the financial year. The 
increase is also attributable to non-
recurring legal and intellectual property 
costs incurred in relation to the 
agreements made in the year. In 
addition, the group continued to invest 
in sales and marketing, which increased 
by 28% to €2.9m. 
However, other operating costs 
decreased by 13% to €6.3m in the 
second half of the financial year 
compared to the first half year costs  
of €7.2m. This reduction was partly 
attributable to the lack of the non-
recurring items described above, an 
improvement in the exchange rate  
in the second half of the year and to 
certain costs being recharged to TTL. 
The loss from operations decreased by 
31 % from €1 4.8m to €1 0.2m due to the 
improvement in gross margin described 
above and the impact of a charge recorded 
in the previous year for the impairment of 
licence related assets. Excluding the 
impairment charge, the loss from 
operations decreased by 19% from 
€1 2.5m to €1 0.2m. 10
accsys technologies plc Annual Report & Financial Statements year ended 31 March 2013
MOUNTAIN NETWORK SELECTS 
DURABLE MEDITE® TRICOyA®
 
The ROC building in the Netherlands,  
which dates back to the early eighties,  
has undergone a complete renovation and 
expansion, focusing on an interior upgrade  
of the existing building. Constructed by 
Mountain Network, the prominent external 
climbing wall completes the renovation 
project, providing the most striking feature  
of the expansion. Making full use of the 
strength and environmental characteristics 
of Medite Tricoya, Mountain Network 
selected the FSC certified MDF for its 
strength and extreme durable characteristics.
Mountain Network, which not only builds 
climbing walls but also operates them, 
commented: “MDF would not normally  
be used outside and especially not for an 
application that, by its very nature, has  
to be very strong. However, we selected 
Medite Tricoya for this project due to its 
extreme durable characteristics compared 
to our traditional plywood material. 
Combined with its environmental 
properties this meant it was far superior to 
other potential materials. It can be cut, 
coloured, sanded, glued, machined and 
fastened as quickly, smoothly and easily as 
the highest quality standard MDF, offering 
us an ideal material to work with. With a 50 
year guarantee, backed by independent 
BBA testing, we are confident that the 
Medite Tricoya climbing wall and facade will 
last for years to come under the strain of 
use and the external weather conditions.”
Additionally Medite Tricoya, which offered 
an ideal cladding solution to the front of 
the college building, has provided a host of 
practical advantages compared to 
traditional cladding alternatives. Suitable 
for interior and exterior use, Medite Tricoya, 
which eliminates the need for heavy 
masonry outer walls, can be improved with 
flame retardants and surface coatings for 
an aesthetically enhanced finish.
Specifying Medite Tricoya provided a low 
carbon, cost effective alternative to other 
construction materials such as compact 
laminate, rockfibre and cement panels. 11
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
The decrease in cash balance to €20.5m 
as at 31 March 201 3 is the result of €7 .6m 
of cash out-flows from operating activities 
before changes in working capital, which 
represented a 24% decrease compared to 
the previous year. Further cash out-flows 
were attributable to a €1.4m increase in 
working capital, largely due to the increase 
in inventory balances as explained above 
and €0.9m expenditure in respect of 
capitalised development costs. The cash 
out-flow was offset by €4. 1 m received in 
respect of the issue of new shares and 
€1.7m arising from the completion of the 
second part of the sale and leaseback of 
the land in Arnhem. 
intellectual p r Operty
During the period we received 
confirmation from the Patent Office in 
New Zealand and Singapore of the grant 
of Accoya® product and process patent 
claims which successfully secure 
monopoly rights for Accoya® in those 
territories for 20 years from the patent 
application filing date. These granted 
patents are in addition to those recently 
obtained in the United Kingdom and 
South Africa, and further strengthens 
Accsys’ patent portfolio, securing 
protection for Accsys, its licensees  
and distributors across the globe. In 
addition, Accsys has recently received 
confirmation from various other Patent 
Offices, importantly including the 
United States of America, that various 
acetylated solid wood process patent 
claims will be granted, subject to 
payment of issuance fees . These 
additional grants will act to further 
strengthen Accsys’ patent portfolio  
in key global markets.
Accsys has continued to file new patent 
applications in the recent period and 
now currently owns six different 
Accoya® patent families, with 31 
patents granted or accepted for grant 
and 20 further applications filed across 
24 countries worldwide. 
In respect of Tricoya®, TTL now benefits 
from a further five published patent 
families with a total of 48 product and 
process patent applications filed in key 
territories across the world. 
Our principal brands, Accoya, Accsys, 
Tricoya and the Trimarque Device, 
including Arabic, Chinese and Japanese 
transliterations, are protected by 
trademark registration in 55 countries 
throughout the world with pending 
applications in a further two countries. 
These registrations and applications 
cover our corporate identity and the 
products we sell as well as those to be 
sold by our licensees and distributors.
Ot Her devel Opments
Accsys has invested a significant 
amount in developing and marketing  
our product brands. This has included 
working closely with our distributors 
and, where appropriate, their customers 
by producing, for example, co-branded 
websites and marketing collateral. We 
are expanding our successful Joinery 
Certification Programme; a free of 
charge education process involving a 
presentation with a Q&A session aimed 
at key production staff at the joiners’ 
premises. This has already proved very 
effective in driving end customer 
demand in the UK.
Research and development focuses  
on improvements to the plant and 
processes as described above. In 
addition, we have continued researching 
and developing a number of new species 
of wood to be acetylated. Following on 
from the introduction of Accoya® Alder 
last year, we have made progress in 
developing a number of other species. 
The ability to commercially acetylate 
species other than Radiata pine will 
enable Accsys to increase its product 
offering, with other species offering 
different characteristics allowing new 
applications as well as introducing 
alternative raw material sourcing 
options for Accsys and licensees, which 
has the potential to reduce input costs, 
particularly transportation costs. 
envir Onmental credentials
Accoya® and Tricoya® boast superior 
green credentials. By significantly 
enhancing the durability and dimensional 
stability of abundantly available certified 
wood, our products provide compelling 
environmental advantages over 
slow-growing hardwoods (which are 
often unsustainably sourced), woods 
treated with toxic chemicals, and 
non-renewable carbon-intensive 
materials such as plastics, metals 
and concrete. 
Recently, an updated analysis by leading 
climate change consultancy Verco, has 
shown that Accoya’s carbon footprint 
significantly outperforms most other 
building materials, including a wide 
range of sustainably sourced 
hardwoods. Further analysis by the 
Delft University of Technology following 
independent protocols revealed that 
Accoya® window frames are now 
classified as carbon negative over their 
lifetime cycle. Medite Tricoya® won 
Product of the Year at the Sustain 
Magazine Awards for Sustainability, 
Business and the Built Environment 
based on its combined innovation and 
sustainability.
As a result of these matters and our 
prior track record, we were pleased to 
recently be admitted as a founding 
member to the Social Stock Exchange, 
(http://www.socialstockexchange.com/
members/accsys-technologies).
Outl OOk
We are now beginning to see the 
benefits from our significant investment 
in sales and marketing over the last  
two years. This activity, together with 
the increase in the number of our 
distributors, leaves us well positioned to 
deliver continued Accoya® sales growth. 
We have recorded a strong start to the 
new financial year and, while our sales 
growth remains difficult to predict and 
is likely to remain lumpy, I am confident 
that our growth will enable us to 
achieve profitability; with the Arnhem 
plant achieving an EBITDA positive level 
in the current year and with the Group 
as a whole thereafter.
The progress we have made with 
developing the Solvay licence together 
with the advances TTL has made in a 
short period in respect of Tricoya®, 
allow me to remain confident that we 
will be able to extract significant value 
from our technologies in the longer 
term. In this respect we continue to 
develop a number of new and existing 
potential Accoya® and Tricoya® licence 
opportunities, with counterparties 
whose combined existing total wood 
product manufacturing or processing 
capacity is in excess of 10 million m
3
 per 
annum. While these discussions remain 
ongoing, the complex nature and 
investment required by a licensee, 
means that the timing and certainty  
of their completion remains difficult  
to predict.
paul clegg
chief executive Officer
24 June 2013
chief executive’s r eport continued 12
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Replacement windows 
united methodist church 
in mobile, alabama, usa 
Oakleigh Custom Woodworks manufactured the windows using 
Accoya wood for the replacement of the high church windows. 
Knowing that the building’s 50-year-old existing windows had 
rotted out, Oakleigh’s approach was to look at the total lifetime cost 
of the new windows, rather than the first cost of acquisition.
Oakleigh’s custom made Accoya windows included insulated or 
low-E glass which promised a 30% reduction in the building’s 
five-figure annual energy costs, and high-quality paint. Accoya 
wood was specified as it reduces swelling and shrinkage by 75% or 
more, helping coatings last three to four times longer and therefore 
reducing maintenance costs.
Across Oakleigh’s custom projects, which include doors, gates, 
railings, and windows for commercial and residential structures, 
Accoya continues to be a material of choice.
Wood without compromise
t hird party validation 
60 yEAR SERVICE LIFE – BUILDING RESEARCH ESTABLISHMENT, UK 
After running tests and reviewing external and independent data, the BRE 
concluded that Accoya® wood, provided best design practice is followed, has 
a service life expectancy of 60 years when used in exterior applications such 
as windows, doors, cladding and balconies. The BRE stated that Accoya® 
wood shows excellent durability and stability properties.
 “We consider that joinery, cladding and balconies prepared from Accoya® will 
show significantly improved coating performance properties. If the products 
are designed and built to the principles of best practice (to minimise moisture 
ingress and maximise water shedding), factory finished using quality 
coatings such as Sikkens or Teknos, installed by competent contractors and 
linked to a recognised best practice maintenance and care package, it will 
provide exterior wood products of outstanding durability and dimensional 
stability that would meet a 60-year service life requirement.” 13
accsys technologies plc Annual Report & Financial Statements year ended 31 March 2013
ACCOYA® WOOD USED FOR  
DECKING FOR PRIVATE RESIDENCE  
IN SOUTHERN ITALY
 
The Trulli of Alberobello are part of  
the UNESCO world heritage sites and 
receives a high number of Italian and 
international visitors to the town  
every year.
Supplied by Accsys’ distributor, Kobel,  
in Italy, Accoya was specified for the 
decking. The decking was wire brushed 
for a textured, distressed looking finish 
and laid around the swimming pool in the 
grounds. The client is pleased with the 
quality and overall finish of the decking 
and has the peace of mind that Accoya 
will be dimensionally stable, has 
outstanding durability and the added 
benefit of a guarantee of 50 years. 14
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
f inancial r eview
inc Ome statement
Revenue
Total revenue for the year ended 31 March 2013 increased by 
25% to €1 8.8m (201 2: €1 5.0). In the same period, Accoya® 
revenue increased by 45%, excluding sales to Medite for the 
manufacture of T ricoya, to €1 6.4m (201 2: €1 1 .3m), noting a 
substantial volume was sold to Medite in the second half of the 
previous financial year to enable them to build up initial stocks of 
Medite Tricoya Extreme Durable MDF. Total revenue also included 
€0.6m of licence income which had been recorded in the first half 
of the year. Other revenue, which includes the sale of acetic acid, 
increased by 21 % to €1.7m (201 2: €1.4m).
Cost of sales
Cost of sales increased by 3% to €15.5m (2012: €15.1m). 
Gross operating margin improved from a 0.3% loss to 18% 
profit, resulting from increased Accoya® sales, the recording 
of licence income and improved operating efficiencies. The 
gross manufacturing margin increased from a 1% loss to a 
15% profit.
Impairment of licence related assets
In the previous year, a €2.3m net impairment of licensee 
receivables was recorded. This consisted of €2.9m 
attributable to Al Rajhi, representing a non-cash impairment 
of licensee net receivables recorded in previous years. The 
impairment was recorded as uncertainty remained as to 
whether the licence will proceed. This was off-set by €0.6m 
reversal of a previously recorded impairment booked in 
respect of Diamond Wood. The impairment was reversed as a 
result of Diamond Wood paying contractually due technology 
fees subsequent to the previous year-end.
Other operating costs
Other operating costs increased by 8% to €13.5m (2012: 
€12.5m). This increase was attributable to an increase in 
staff costs and to the relative weakening of the Euro, in 
particular in the first half of the financial year, which 
impacted the costs incurred by the Windsor and Dallas 
offices. The increase was also attributable to non-recurring 
items including legal and intellectual property costs incurred 
in relation to the agreements made in the year. In addition, 
the Group continued to invest in sales and marketing, which 
increased by 28% to €2.9m.
Headcount remained consistent with an average of 96 
employees during the year (2012: 96). However, staff  
costs increased by 20% to €8.3m (2012: €6.9m). This was 
attributable to the prior year including the reversal of a 
provision for pension costs recorded in an earlier period for 
€324,000. In addition, the share-based payments charge 
increased by 166% to €927 ,000 (2012: €348,000) which is 
attributable to the timing of share bonus awards and share 
options together with the inclusion in the prior year of the 
effect of earlier staff terminations and the resulting lapse  
in their share options.
Other operating costs decreased by 13% to €6.3m in the 
second half of the financial year compared to the first half 
year costs of €7.2m. This reduction was partly attributable  
to the lack of the non-recurring items described above, the 
improvement in the exchange rate and partly due to certain 
costs being recharged to Tricoya Technologies Limited.
Loss from operations
The loss from operations decreased by 31% to €10.2m  
(2012: loss of €14.8m) due to the improvement in gross 
margin described above and the impact of a charge recorded 
in the previous year for the impairment of licence related 
assets. Excluding the impairment charge, the loss from 
operations decreased by 18% from €12.5m to €10.2m.
Finance income
Finance income of €206,000 (2012: €154,000) represents 
interest receivable on bank deposits.
Finance expense
The finance expense of €244,000 (2012: €240,000) is due to 
interest element arising on the payments attributable to the 
sale and leaseback of part of the Group’s land and buildings in 
Arnhem which was completed part way through the previous 
financial year. The prior year also included €66,000 of costs 
attributable to an equity line of credit which expired on 
31 March 2012.
Share of joint venture loss
On 5 October 2012, Accsys entered into a new 50:50 joint 
venture with INEOS to exploit Accsys’ intellectual property 
surrounding its proprietary Tricoya® wood elements 
acetylation technology and processes, which is now expected 
to lead to the accelerated global deployment of Tricoya.  
The new company, Tricoya Technologies Limited (‘TTL’),  
will develop and exploit Accsys’ Tricoya technology for use 
within MDF, particle board and wood plastic composites  
in a worldwide panel products market estimated to be  
worth more than €60 billion annually.
As part of the transaction, TTL has been granted rights to 
exploit Accsys’ Tricoya® technology and will also benefit from 
a licence of any intellectual property held by INEOS that may 
assist the joint venture in maximising the value of the 
Tricoya® proposition. Profits generated by TTL are to be 
shared between Accsys and INEOS in a way that reflects  
each party’s interest. The contribution of Accsys’ Tricoya® 
intellectual property to the Joint Venture will be reflected 
through a disproportionate future profit share which will 
create significant value for Accsys.
This future profit share reflects that Accsys had made a 
significant investment in Tricoya over a number of years prior 
to the formation of the joint venture. This included research 
and development expenditure concerning the Tricoya process 
and product design, the joint development agreement with 
Medite and the resulting product launch of Medite Tricoya 
Extreme Durable MDF in 201 1 together with significant 
investment in building the Tricoya brand and market.
TTL has been accounted in the Accsys Group accounts using 
the equity method. During the period, TTL recorded nil 
revenue and total costs of €860,000 resulting in Accsys’ 
share of €430,000. (See note 8 for further details.)
Taxation
The net tax charge of €355,000 (2012: €536,000 credit) 
primarily represents a tax charge arising from the utilisation 
of tax losses of €656,000 offset by research and 
development tax credits of €312,000 attributable  
to activities carried out in the current year. 15
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Wood without compromise
t hird party validation
Dividends
No final dividend is proposed in 2013 (2012 final dividend: 
€Nil). The Board deems it prudent for the Company to 
maintain as strong a balance sheet as possible during the 
current phase of the Company’s growth strategy.
Earnings per share
Basic and diluted loss per share was €0.03 (2012 basic and 
diluted loss per share was €0.04).
Balance s Heet
Intangible assets
Intangible asset additions of €953,000 (2012: €283,000) 
predominantly relate to capitalised internal development 
costs including €456,000 in respect of the Accoya® licence 
Process Design Package.
Property, plant and equipment
Property, plant and equipment additions of €0.3m (2012: 
€1.1m) predominantly relate to technology improvements and 
items of maintenance equipment at our Arnhem production 
facility. During the period the Group entered into a sale and 
leaseback agreement for part of the Arnhem land which has 
been accounted for as an operating lease and has resulted in 
the disposal of €1.7m of land in the period. See note 25.
Available for sale investments
Accsys Technologies PLC has previously purchased a total of 
21,666,734 unlisted Ordinary Shares in Diamond Wood China 
Limited. The historical cost of the unlisted shares held at 
31 March 2013 is €10m (2012: €10m). However, a provision 
for the impairment of the entire balance of €10m continues 
to be recorded, as at 31 March 2013 the conclusion of 
Diamond Wood finalising its funding arrangements was still 
pending. In the event Diamond Wood completes the fund-
raising, the balance may be re-valued.
Inventory
The Group had total inventory balances of €4.9m (2012: 
€3.1m). Finished goods consisting of Accoya® represented 
€3.0m (2012: €2.1m) and raw materials consisting of 
unprocessed lumber represented €1.5m (2012: €0.8m) with 
the remainder of the balance being work in progress. The 
increase is attributable to increased sales in the period  
and the expected increase in sales in the start of the next 
financial year.
Cash and cash equivalents
The Group had cash and bank deposits of €20.5m at the end 
of the period (2012: €24.6m). The decrease in the year is 
mainly the result of €7.6m of cash out-flows from operating 
activities before changes in working capital, which 
represented a 24% decrease compared to the previous year 
(2012: 10.0m). Further cash out-flows were attributable to 
€1.4m increase in working capital, largely due to the increase 
in inventory balances as explained above and €0.9m 
expenditure in respect of capitalised development costs.
The cash out-flow was offset by €4.1m received in respect  
of the issue of new shares and €1.7m arising from the 
completion of the second part of the sale and leaseback  
of the land in Arnhem, which has been accounted for as an 
operating lease.
Pine and Accoya Accoya wood cladding
Pine cladding Siberian Larch cladding
Leading timber research institute, TRADA, was 
commissioned by Accsys Technologies to provide  
an update on a series of exposure trials.
The ongoing trials using the same coating began in 
February 2007 in Buckinghamshire, England and 
tested Accoya® cladding board’s resistance to 
natural weathering and splitting in comparison  
to pine and Siberian larch.
After 42-months, Accoya® wood was found to 
outperform the competing cladding boards in  
a number of ways – showing excellent coating 
performance. 
Pine cladding boards showed severe levels of 
fissuring, resin exudation, end fissuring, paint 
peeling over fissures, shelling, surface checking and 
board distortion; whilst Siberian larch was found to 
have extensive surface checking and burst resin 
pockets.
Accoya® wood, however, had a flat cladding surface 
with no grain raising, virtually no shelling, cracking, 
checking or fissuring. External dirt was easily cleaned 
off revealing a sound clean surface with no rot, 
decay or coating issues. This harsh test proves that 
Accoya® wood has superior coating performance 
compared to many competing materials. 16
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
New equity
1,698,869 shares were issued under the terms of the 
Employee Share Participation Plan resulting in proceeds  
of €1 14,919 being received in the period. (See note 14 for 
further details.)
On 5 July 2012, a total of 3,926,666 shares were issued to an 
Employment Benefit Trust, the beneficiaries of which are the 
Executive Directors and Senior Managers (see note 14).
23,529,412 shares were issued to INEOS following the 
receipt of subscription monies totalling €4,000,000  
in October 2012, following the formation of Tricoya 
Technologies Limited, the joint venture between Accsys  
and INEOS (see note 8).
Trade and other receivables
Trade and other receivables have decreased to €3.7m  
(2012: €3.6m). Within this, trade receivables increased from 
€2.1m to €2.3m, reflecting increased activity levels. This  
was offset by a lower other receivables balance which was 
attributable to VAT.
Trade and other payables
Trade and other payables have decreased marginally to €3.4m 
(2012: €3.4m).
Finance lease creditor
During the previous period the Group entered into a sale  
and leaseback agreement for part of the Arnhem land and 
buildings. The first phase was completed in the previous year 
resulting in proceeds of €2.2m which has been accounted  
for as a finance lease. At 31 March 2013 there are €3.7m of 
payments committed to over the remaining life of the lease 
(2012: €4.0m) (see note 25). The second part of the sale and 
leaseback of the land in Arnhem was completed in February 
2013, however this has been accounted for as an operating 
lease (see note 24).
Capital structure
Details of the issued share capital, together with the details 
of the movements in the Company’s issued share capital in 
the year are included in note 23. The Company has one class 
of ordinary shares which carry no right to fixed income. Each 
share carries the right to one vote at general meetings of the 
Company.
There are no specific restrictions on the size of a holding  
nor on the transfer of shares, which are both governed by  
the general provisions of the Articles of Association and 
prevailing legislation. The Directors are not aware of any 
agreements between holders of the Company’s shares that 
may result in restrictions on the transfer of securities or on 
voting rights.
Details of employee share schemes are set out in Note 14. No 
person has any special rights of control over the Company’s 
share capital and all issued shares are fully paid.
Risks and uncertainties
The net assets as at 31 March 2013 of €56m contain 
balances in relation to the Group’s goodwill and intellectual 
property rights of €8.2m. The recoverability of these 
f inancial r eview continued
balances is dependent upon the Group’s existing licensees 
progressing with the completion of their manufacturing 
facilities or the signing of other new licence agreements. 
While the scope and timing of the production facilities to be 
built by the Group’s existing licensees remains uncertain, the 
Directors continue to remain confident that revenue from 
either existing licensees or new licensees will be generated, 
demonstrating the recoverability of these balances.
In addition, the carrying value of the €22.3m of property, 
plant and equipment, which primarily relate to the Arnhem 
plant, are largely dependent upon the future profitable sales 
of Accoya® wood made there. The price of the Accoya® wood 
and the raw materials and other inputs vary according to 
market conditions outside of our control. Should the price of 
the raw materials increase by more than the sales price or in  
a way which no longer makes Accoya® wood as competitive, 
then the carrying value of the property, plant and equipment 
may be in doubt and become impaired. The Directors are 
comfortable that the current market, best estimates of future 
prices and increasing supply alternatives means that this risk 
is limited.
Going concern
The financial statements are prepared on a going concern 
basis, which assumes that the Group will continue in 
operational existence for the foreseeable future, which  
is deemed to be at least 12 months from the date these 
financial statements are approved.
As part of the Group’s going concern review, the Directors 
have reviewed the Group’s trading forecasts and working 
capital requirements for the foreseeable future. These 
forecasts indicate that, in order to continue as a going 
concern, the Group is dependent on the achievement of 
certain operating performance measures relating to the 
production and sales of Accoya® wood from the plant in 
Arnhem and the collection of ongoing working capital items 
in line with internally agreed budgets.
The Directors have considered the internally agreed budgets 
and performance measures and believe that appropriate 
controls and procedures are in place or will be in place to 
make sure that these are met. The Directors believe, while 
some uncertainty inherently remains in achieving the budget, 
in particular in relation to market conditions outside of  
the Group’s control, that there are a sufficient number of 
alternative actions and measures that can be taken in order 
to achieve the Group’s medium and long term objectives.
Therefore, the Directors believe that the going concern basis 
is the most appropriate on which to prepare the financial 
statements.
william r udge
f inance director
24 June 2013 17
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Sustainability
Our Corporate Vision
A focus on corporate and social responsibility lies 
at the very core of our business. Our technologies 
not only enable us to manufacture wood 
products that offer ‘best in class’ durability, 
dimensional stability and a wide spectrum  
of other performance and environmental 
advantages over alternative environmentally 
threatened or compromised products, but  
also provide attractive opportunities for our 
employees, distributors, licensees and other 
stakeholders. We want to ensure that our 
business is not only a commercial success, but 
also run in a responsible fashion as we continue 
to advance technologies for a better world. 
Through our research and development group 
we are continually looking for ways to develop 
our technologies and products to make them 
more energy efficient and to reduce as far as 
possible any adverse impact on the environment.
Accsys aims to reduce the use of 
environmentally unfriendly building materials 
and products by the utilisation of our propriety 
technology and the introduction of our products 
around the world. The planet continues to 
consume endangered materials like tropical 
hardwood and non-renewable, high emitting 
building materials such as plastics, concrete and 
metals at an alarming rate. Our products offer 
alternative, sustainable new materials that 
resolve many of the limitations that wood and 
these other materials have. 
Accsys has already developed and is 
commercially producing Accoya®, solid acetylated 
wood. We have developed the process for the 
production of Tricoya®, acetylated wood 
elements used for the production of panel 
products such as MDF. We are committed to 
increase the use of these products globally 
through sales from our manufacturing facility, 
and on a substantially larger scale by licensing 
our technologies to other companies so that 
they too can manufacture these products. 
Accsys is also committed to continuing research 
and development concerning our products 
(applications and new wood species) and 
processes. This ongoing development is 
designed to increase the use, applicability and 
improve the efficiency and environmental 
benefits which in turn will benefit many of our 
stakeholders.
For the complete story please  
watch our 3 minute movie – Accoya –  
the sustainable building solution 
http://www.youtube.com/watch?v=92j0_6WaQJU
CARBON FOOTPRINT FOR ACCOYA® WOOD
Cradle to Gate Assessment
In a carbon footprint assessment, the greenhouse gas emissions (GHG) 
during the life cycle of a material can be measured, and compared to 
alternative products in terms of kg CO
2
 equivalent (CO
2
e). Recently a 
carbon footprint assessment, following the Greenhouse Gas Reporting 
Protocol of the World Business Council for Sustainable Development and 
World Resource Institute, was executed by independent consulting firm 
Verco (2012) for Accoya based on a cradle to gate scenario, which means 
until the factory gate. This includes sourcing, harvesting and processing of 
the input timber, as well as all energy and raw material consumption in the 
acetylation plant of Accsys Technologies in Arnhem, the Netherlands. 
Figure 1 presents the results per cubic metres of Accoya compared to 
several other material alternatives. 
Figure 1: the greenhouse gas emissions of several building materials per cubic meter based on a cradle 
to gate scenario (Verco 2012, University of Bath 2011, Ecoinvent 2012) 
CONCLUSION
The graph above shows that, on a cradle to gate basis, Accoya’s carbon 
footprint significantly outperforms most other commonly used building 
materials such as concrete, PVC, MDF, plywood as well as a range of 
tropical hardwoods such as Azobe and Red Meranti, even when sourced 
from sustainable managed plantations.  18
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Greenhouse gas emissions in kgCO
2
e per window frame per material
Accoya Radiata Pine
300
200
100
Accoya Scots Pine
Accoya EU Alder
Accoya USA Alder
Red Meranti (sustainable)
Red Meranti (unsustainable)
Aluminium
PVC / Steel
input materials transport profiling coating end of life TOTAL
sequestration
carbon
Further analysis was performed by Delft University 
of Technology (2013), who also executed the Life 
Cycle Assessment (LCA) for Accoya wood in 2010.
Cradle to Grave Assessment
As with the 2010 LCA study, an application, a 
window frame, was chosen in which Accoya® has 
been compared with non-renewable materials 
(metals, plastics). For details of the functional unit 
and the calculation please refer to the report itself, 
downloadable via http://www.accoya.com/
downloads. In order for the comparison to be fair, all 
alternatives in this application have to meet the 
same functional requirements. The assessment 
includes End of Life considerations and the effect 
of carbon sequestration over a 100 year timeframe 
following leading standards in carbon footprint and 
LCA (ILCD, PAS 2050: 201 1 and the EN norm under 
development EN1 6449). These methods allow for 
the carbon sequestered in the wood to be included 
as a negative CO
2
 value with respect to the 
emissions, which can be deducted from the total 
fossil CO
2
 emissions. A higher negative CO
2
e value  
is allocated if the life span of the wood in-use is 
longer, which is beneficial for acetylated wood due 
to the predicted longer useful life. 
The two co-products of the product system, 
waste wood (from saw mills, planing, profiling, 
etc) and acetic acid from the acetylation process 
are dealt with by the so-called “system 
expansion” and “credits” for “substitution” in line 
with ISO 14044. For acetic acid this means that 
the GHG emissions resulting from the “avoided 
acetic acid production elsewhere” is subtracted 
from the total GHG emissions of Accoya®. For the 
wood waste, it is assumed that 100% is 
incinerated for energy production, applying the 
Lower Heating Value of the waste material. For 
the Western European situation this is a 
plausible assumption. This energy output from 
biomass substitutes heat from oil, leading to a 
“carbon credit” for the avoided use of oil.
Conclusion
The results of the cradle to grave window frame comparison are presented 
in the graphs below, first per process step (figure 2) then for the total 
emissions (figure 3). 
figure 2
figure 3
From the graphs several conclusions can be made: 
• Due to limited emissions during production in the case of sustainable 
sourcing, and credits that can be earned through carbon sequestration 
(especially in the case of a long lifespan) and incineration  
for electricity in the End of Life phase, all wood products, including 
Accoya®, are Carbon negative over the full life cycle. The best 
performing alternative is Accoya® made from locally sourced species (in 
this case Scots Pine). 
• The non renewable materials PVC, steel and aluminium perform 
considerably worse than sustainably sourced wood, especially because 
of the high embodied energy (emissions during production). Although 
through recycling aluminium, PVC and steel earn some credits back,  
this is outweighed by higher emissions during production. 
• In the case of tropical hardwood from rain forests (deforestation) the 
picture totally shifts and wood is the worst performing alternative  
(see unsustainably sourced Meranti). This shows the importance of 
conservation of tropical rainforests as they act as important carbon 
sinks. 
• The eco-burden of transport and maintenance (coatings) of the window 
frames appears to be negligible in the total context.
Accoya wood is carbon negative over full life cycle.
Unsustainably sourced hardwood is the worst performing alternative.
Sustainability continued 19
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Accoya® wood won the prestigious 
international Wood Products Association 
award (WPA) for innovative excellence in  
April 2011 at the annual conference in  
New Orleans.
Of the various schemes for sustainability 
forestry available, the Forest Stewardship 
Councils (FSC) and the programme for the 
Endorsement of Forest Certification (PEFC) 
are regarded as the leading and most 
comprehensive certification programs 
available. Both programs not only focus on 
benign environmental performance but also 
safeguard social interests for all stakeholders 
involved. 
Accoya® wood is one of only 10 building 
products worldwide to receive Cradle to 
Cradle Gold Certification by MBDC. Cradle to 
Cradle Certification provides a means to 
tangibility and credibly measure achievement 
in environmentally – intelligent design and 
helps customers purchase and specify 
products that are pursuing a broader 
definition of quality. This includes using 
environmentally safe and healthy materials 
and instituting strategies for social 
responsibility. 
The Future Build is a green building materials 
portal that helps architects, engineers and 
contractors – particularly in the United Arab 
Emirates and wider region – confidently 
select and source environmentally 
sustainable, third party certified products to 
meet their projects’ environmental objectives. 
Only products that have been assessed and 
selected according to standards and criteria 
set by Masdar City, Abu Dhabi, are listed. 
Accoya® wood was rated as excellent or  
A in 2011.
CERTIFICATIONS
Accsys Technologies is a member of the 
Timber Trade Federation. The TTF is the 
trade association for the timber industry.  
All Members are required to adhere to the 
high business and environmental standards 
contained in our Code of Conduct. The timber 
industry is proud of its strong environmental 
credentials and recognises its responsibility 
to help protect forests for future generations.
The responsible procurement of wood plays  
a fundamental role in positioning Accoya®  
as an environmentally friendly product.  
All Accoya® wood is produced from well 
managed sustainable sources including FSC, 
PEFC and other regionally certified woods 
and thereby meeting the criteria of the  
EU timber regulations, in force from on the  
3rd March 2013.
For the South East Asian market we have 
attained the highly regarded Green label of 
the Singapore Environment Council. The 
Singapore Environment Council (SEC) was  
set up to promote environmental awareness 
in South East Asia. The ‘Green Label’ was  
set up to reward environmentally friendly 
products sold within the region with  
eco – labels that can only be obtained by 
compliance with the strict eco standards 
specified by the SEC’s scheme.
The awarding body of the prestigious 
Debokeur® certification, Nederland’s  
Institute voor Bouwbiologle, issues 
certificates only to the most  
environmentally friendly products  
within a particular application,  
taking into account a range  
of stringent factors. This certification  
is of particular significance to our Dutch 
customers, unequivocally positioning 
Accoya® wood as an outstanding 
environmental choice for window  
frames according to Dutch sustainable 
building regulations. 20
accsys technologies plc Annual Report & Financial Statements year ended 31 March 2013
JAPAN – ACCOYA, USED FOR THE 
RETAINING WALLS OF THE RAISED 
BEDS FOR ROOF-TOP GARDENS 
OF THE MACHIDA CITY HALL 
NEAR TOKYO
 
Accoya, supplied by Ikegami in Japan, 
was used for the retaining walls of the 
raised beds for roof-top gardens of the 
Machida City Hall near Tokyo. 
The architectural design was 
undertaken by Maki and Associates 
www.maki-and-associates.co.jp/firm/
index.html and the landscape design 
was completed by Studio on site 
www.s-onsite.com. 21
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Board of Directors
Gor Don Camp Bell,  
Chairman
Gordon, born October 1946, has been  
a Board member since 2005 and was 
appointed Chairman on 30 September 
2010. He has a wealth of board 
experience and is currently Chairman  
of Jupiter Second Split Trust plc, having 
previously been Chairman of Babcock 
International PLC, Chairman of British 
Nuclear Fuels plc and Chief Executive  
of Courtaulds plc. He is also a former 
Vice-President of the Royal Academy  
of Engineering, a former member of the 
Presidents Council of the CBI and has 
held a number of other Non-Executive 
Directorships.
paul Cle GG,  
Chief e xe Cutive o ffi Cer
Paul, born May 1960, assumed the role  
of Chief Executive Officer on 1 August 
2009. Paul had been a Non-Executive 
Director of the Group since April 2009 
and had been working with the Group as 
part of the Chairman’s Office since mid- 
2008. Prior to this, he was CEO of Cowen 
International, subsequent to its sale by 
Société Générale in 2006. Before this, he 
ran SG Cowen International, part of the 
Société Générale Group, from 2000 to 
2006. Paul started in investment banking 
in 1981 at The First Boston Corporation. 
Since then he has held senior positions  
at various investment banks including 
James Capel and Schroders. Paul is also a 
Non-Executive Director at Synergen and 
Peel Hunt LLC as well as being Chairman 
of Tricoya Technologies Limited.
h ans p auli,  
Chief o peratin G offi Cer
Hans, born March 1960, joined Accsys as 
dual Chief Financial and Operating Officer 
in April 2010. In October 2012, Hans 
stepped down as Chief Financial Officer  
to dedicate more of his time to the 
operations of the Group and Arnhem  
plant as Chief Operating Officer. He has 
held senior financial positions across  
the banking and bio-tech sectors  
and has significant experience in 
investment, manufacturing, licensing and 
distribution. Hans holds a BA in Business 
Administration and has completed an MA 
in Fiscal Economics from the University of 
Amsterdam. His commercial career began 
in the banking sector where he worked  
for various institutions including Barclays, 
where he gained investment and M&A 
experience. He then worked for a number 
of bio-tech companies, including, 
Euronext listed OctoPlus N.V. 
William r uDGe,  
f inan Cial Dire Ctor
William, born February 1977, joined  
the Company as Financial Controller in 
January 2010, before being appointed 
Financial Director on 1 October 2012. 
Prior to this he qualified as a chartered 
accountant with Deloitte in 2002 and 
subsequently gained a further six 
years’ experience in their audit and 
assurance department, focusing on 
technology companies including small 
growth companies and multi-national 
groups. He spent a year working at 
Cadbury plc, including as Financial 
Controller at one of their business units, 
before joining Accsys in 2010.
patri Ck s hanley,  
non- exe Cutive Dire Ctor
Patrick, born April 1954, has extensive 
boardroom experience in the chemicals 
sector, having previously been Chief 
Financial Officer of Courtaulds plc and 
Acordis bv, Chief Executive Officer of 
Corsadi bv and Chairman of Cordenka 
Investments bv. Patrick is currently 
Chairman of Finacor bv, being the only 
remaining Acordis operating entity 
which was acquired by CVC Capital 
Partners. Patrick began his career 
working for British Coal where he 
qualified as a Chartered Management 
Accountant. He has a strong 
operational, restructuring, merger  
and acquisition background within  
a manufacturing environment.
n iCk m eyer,  
non- exe Cutive Dire Ctor
Nick, born December 1944, has 
extensive boardroom experience in the 
timber industry, having previously been 
Chairman of Montague L Meyer Limited, 
Deputy Chairman and Chief Executive 
of Meyer International PLC. Nick is 
currently Executive Chairman of 
Consolidated Timber Holdings Limited, 
an innovative and substantial group of 
companies which imports, distributes 
and processes sustainable timber and 
timber products. Nick is also a former 
president of the Timber Trade 
Association of the United Kingdom.
During the period there have been changes to the board of directors, with the 
retirement and resignation of Lord Sanderson of Bowden as a Non-Executive 
Director, who’s support and commitment to the Board over the last five years 
has been of great value and will be much missed; and the appointment of Mr  
William Rudge to the board as Finance Director.
I believe that given the broad range and depth of experience held by the 
Company’s directors, we are well equipped to build upon the exciting new 
developments announced in recent months. 22
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Directors’ r eport
f or the year ended 31 march 2013
The Directors present their report together with the audited 
consolidated financial statements for the year ended  
31 March 2013.
r esults anD Divi DenD s
The consolidated statement of comprehensive income for the 
year is set out on page 33, and shows the loss for the year.
The Directors do not recommend the proposal of a final 
dividend in respect of the current year, consistent with the 
prior year.
prin Cipal a Ctivities an D revie W of the B usiness
The principal activity of the Group is the production and sale 
of Accoya® solid wood and licensing of technology for the 
production and sale of Accoya® wood and Tricoya® wood 
elements via the Company’s 100% owned subsidiaries, Titan 
Wood Limited, Titan Wood B.V., Titan Wood Technology B.V. 
and Titan Wood Inc (collectively the ‘Group’) and its newly 
formed joint-venture with INEOS, Tricoya Technologies 
Limited. Manufactured through the Group’s proprietary 
acetylation processes, these products exhibit superior 
dimensional stability and durability compared with 
alternative natural, treated and modified woods as well as 
more resource intensive man-made materials. A review of the 
business is set out in the Chairman’s statement and the Chief 
Executive’s report on pages 4 to 11. 
f inan Cial instruments
Details of the use of financial instruments by the Company 
and its subsidiary undertakings are set out in Note 26 of the 
financial statements.
share issues 
On 5 July 2012, a total of 3,926,666 shares were issued to an 
Employment Benefit Trust (the ‘Trust’), the beneficiaries of 
which are the Executive Directors and Senior Managers (see 
note 14).
On 8 August 2012, a total of 783,283 of Ordinary Shares 
were issued and released to employees together with the 
783,283 of Ordinary Shares issued to trust on 2 August 2011. 
(See note 14).
On 7 September 2012, a total of 415,332 of Ordinary Shares 
were issued to the trust under the terms of the Employee 
Share Participation Plan. (See note 14).
On 19 October 2012, a total of 23,529,412 of Ordinary Shares 
were issued to INEOS following the receipt of subscription 
monies totalling €4,000,000.
On 18 January 2013, a total of 369,423 of Ordinary Shares 
were issued to the trust under the terms of the Employee 
Share Participation Plan. (See note 14).
On 23 January 2013, a total of 130,831 of Ordinary Shares 
were issued and released to employees together with the 
130,831 of Ordinary Shares issued to the trust on 23 January 
2012. (See note 14).
prin Cipal risks an D un Certainties
The business, financial condition or results of operations of 
the Group could be adversely affected by any of the risks set 
out below. The Group’s systems of control and protection are 
designed to help manage and control risks to an appropriate 
level rather than to eliminate them.
The Directors consider that the principal risks to achieving 
the Group’s objectives are those set out below.
(a) Economic and market conditions
The Group’s operations comprise the manufacture of Accoya® 
wood and licensing the technology to manufacture Accoya® 
and Tricoya® wood elements to third parties. The cost and 
availability of key inputs affects the profitability of the 
Group’s own manufacturing whilst also impacting the 
potential profitability of third parties interested in licensing 
the Group’s technology. The price of key inputs and security 
of supply are managed by the Group, partly through the 
development of long term contractual supply agreements.
In the current economic climate, the potential to enter into 
additional licence agreements may be lower than originally 
anticipated.
An element of the Group’s strategy for growth envisages the 
Group selling new or existing products and services into other 
countries or into new markets. However, there can be no 
assurance that the Group will successfully execute this 
strategy for growth. The development of a mass market for a 
new product or process is affected by many factors, many of 
which are beyond the control of the Group, including the 
emergence of newer and more competitive products or 
processes and the future price of raw materials. If a mass 
market fails to develop or develops more slowly than 
anticipated, the Group may fail to achieve profitability.
The Group has intangible assets amounting to €8.2m. The 
carrying values of these assets are dependent on new or 
existing licensees building their production plants and executing 
their business plans. See the Financial Review for more details.
(b) Regulatory, legislative and reputational risks
The Group’s operations are subject to extensive regulatory 
requirements, particularly in relation to its manufacturing 
operations and employment policies. Changes in laws and 
regulations and their enforcement may adversely impact the 
Group’s operations in terms of costs, changes to business 
practices and restrictions on activities which could damage 
the Group’s reputation and brand.
(c) Employees
The Group’s success depends on its ability to continue to 
attract, motivate and retain highly qualified employees. The 
highly qualified employees required by the Group in various 
capacities are sometimes in short supply in the labour market. 23
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
(d) Intellectual property
The Group’s strategy of licensing technology depends upon maintaining effective protection of its intellectual properties 
worldwide. Protection is afforded by a combination of trademarks, patents, secrecy, confidentiality agreements and the 
structuring of legal contracts relating to key licensing, engineering and supply arrangements. Unauthorised use of the Group’s 
intellectual property may adversely impact its ability to license the technology and lead to additional expenditure to enforce 
legal rights. The wide geographical spread of our products increases this risk due to the increasingly varied and complex laws 
and regulations in which we seek to protect the Group’s intellectual property.
k ey performanC e in DiCators
The Directors consider the following to be key performance indicators by which progress in the development of the business 
may be assessed:
• Sales values of Accoya® wood and the geographic spread of these sales;
• Break-even of the Arnhem plant;
• Annual nameplate capacity of the Accoya® wood production facility in Arnhem – see the Chief Executive’s report for more 
information;
• The volume of Accoya® (in m
3
) and Tricoya® (in metric tonnes) of licensee production facilities either committed to by third 
parties, or in use. There are currently no licensee production facilities in use; 
• Process improvements to reduce progressively the direct cost per m
3
 to produce Accoya® wood, optimising the utilisation of 
direct materials, utilities and capacity utilised in the wood modification process. 
f uture D evelopments
The Directors’ priorities for the Group’s future development include:
• Creating a worldwide user community – licensing our products and building a global network to sell, support and provide feedback;
• Product excellence – perfecting our engineering process to increase efficiencies, maximise product quality and demonstrate 
the operating platform to future potential licensees;
• Protecting our knowledge – developing and promoting the Accoya® Technology Centre;
• Building the Accoya® and Tricoya® brands – marketing the many superior benefits of Accoya® and Tricoya® internationally; and
• Being first and maintaining leadership – continual development of new species testing and creation of new products.
Dire Ctors
The Directors of the Company during the year and up to the date of signing the financial statements were:
Paul Clegg
Hans Pauli
Gordon Campbell
The Rt. Hon. Lord Sanderson of Bowden, Kb, D.L. Retired effective from 31 March 2013
Patrick Shanley
Montague John ‘Nick’ Meyer
William Rudge Appointed 1 October 2012
Dire Ctors’ interests in the o r Dinary shares of the Company
The Directors’ interests in the Ordinary Shares at the year-end were as follows:
Legal holdings Beneficial interests
31 March 2013 31 March 2012 31 March 2013 31 March 2012
Gordon Campbell 173,333 173,333 – –
Paul Clegg
1
407,810 690,910 1,833,500 436,563
Hans Pauli 446,043 400,590 684,523 22,727
Lord Sanderson
2
50,761 15,761 35,000 –
Patrick Shanley 166,666 166,666 – –
Montague John ‘Nick’ Meyer 75,000 75,000 – –
William Rudge 169,686 132,197 200,000 36,363
1 Beneficial interests at 31 March 2013 and 31 March 2012 include 333,500 shares held directly or indirectly by other members of Paul Clegg’s immediate family.
2 Beneficial interests at 31 March 2013 include 35,000 shares held directly by Lord Sanderson’s wife.
Dire Ctors’ inDemnities
The Company maintains directors’ and officers’ liability insurance which gives appropriate cover for legal action brought 
against its Directors. 24
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Charita Ble D onations
Charitable donations of €nil (2012: €nil) were made during 
the year.
employment poliC ies
The Group operates an equal opportunities policy from 
recruitment and selection, through training and development, 
appraisal and promotion to retirement. It is our policy  
to promote an environment free from discrimination, 
harassment and victimisation, where everyone will receive 
equal treatment regardless of gender, colour, ethnic or 
national origin, disability, age, marital status or sexual 
orientation. All decisions relating to employment practises 
will be objective, free from bias and based solely upon work 
criteria and individual merit.
h ealth an D safety
Group companies have a responsibility to ensure that all 
reasonable precautions are taken to provide and maintain 
working conditions for employees and visitors alike, which are 
safe, healthy and in compliance with statutory requirements 
and appropriate codes of practice.
The avoidance of occupational accidents and illnesses is given 
a high priority. Detailed policies and procedures are in place to 
minimise risks and ensure appropriate action is understood in 
the event of an incident. A dedicated health and safety officer 
is retained at the Group’s manufacturing facility.
Cre Ditor payment poliC y
The Group’s policy, in relation to all of its suppliers, is to 
negotiate terms of payment when agreeing the terms  
of transactions, to ensure that those suppliers are made 
aware of the terms of payment and to abide by those terms 
provided that it is satisfied that the supplier has provided the 
goods or services in accordance with the agreed terms and 
conditions. The Group does not follow any universal code  
or standard on payment practice but subsidiary companies 
are expected to establish and adhere to payment terms 
consistent with local procedures, custom and practice. For the 
year ended 31 March 2013, the average payment period for 
trade creditors for the Group was 26 days (2012: 26 days) 
and for the Company was 90 days (2012: 90 days).
siGnifi Cant sharehol Din Gs
So far as the Company is aware (further to formal 
notification), the following shareholders held legal or 
beneficial interests in Ordinary Shares of the Company 
exceeding 3% as at 31 March 2013:
• Royal Bank of Canada 5.73%
• OP-Pohjola Group Central Cooperative 5.55%
• INEOS 5.43%
• The London & Amsterdam Trust Company Limited 5.13%
• FIL Limited (formerly known as Fidelity 
International Limited) 4.93%
• Invesco Limited 4.87%
• Saad Investments Company Limited 3.92%
• Legal & General Group Plc (L&G) 3.88%
• Zurab Lysov 3.71%
• Ignis Investment Services Limited 3.15%
There are no restrictions in respect of voting rights.
GoinG ConC ern
The Directors have formed a judgement, at the time of 
approving the financial statements, that there is a reasonable 
expectation that the Group has access to adequate resources 
to continue in operational existence for the foreseeable 
future. Further details are set out in Note 1 to these financial 
statements.
DisClosure of information to au Ditors
Each of the persons who is a Director at the date of the 
approval of the Annual Report confirms that:
• So far as the Director is aware, there is no relevant audit 
information of which the Company’s Auditors are unaware; 
and
• The Director has taken all the steps that he ought to have 
taken as a Director in order to make himself aware of any 
relevant audit information and to establish that the 
Company’s Auditors are aware of that information.
This confirmation is given and should be interpreted in 
accordance with the provisions of s418 of the Companies  
Act 2006.
inDepenDent a uDitors
PricewaterhouseCoopers LLP have expressed their 
willingness to continue in office as auditors and a resolution 
to re-appoint them will be proposed at the Annual General 
Meeting.
Dire Ctors’ responsi Bilities pursuant to D tr 4
The Directors confirm to the best of their knowledge:
• The Group financial statements have been prepared  
in accordance with International Financial Reporting 
Standards (‘IFRSs’) as adopted by the European Union and 
Article 4 of the IAS Regulation and give a true and fair 
view of the assets, liabilities, financial position and profit 
or loss of the Group.
• The annual report includes a fair review of the 
development and performance of the business and the 
financial position of the Group and the Parent Company, 
together with a description of the principal risks and 
uncertainties that they face.
By order of the Board
William r udge
Director
24 June 2013
Directors’ r eport continued 25
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Details of the Company’s corporate governance arrangements 
are set out below. The Board of Directors acknowledges the 
importance of the Principles set out in The UK Corporate 
Governance Code issued by the Financial Reporting Council. 
Neither the 2010 or 2012 UK Corporate Governance Code are 
compulsory for AIM listed or Euronext listed companies. The 
Board has applied the principles as far as practicable and 
appropriate for a relatively small public company.
t he Boar D of Dire Ctors
During the period, the Board comprised a Non-Executive 
Chairman, three Non-Executive Directors (with one retiring  
on 31 March 2013) and two Executive Directors, with a third 
joining on 1 October 2012. 
The Board meets regularly and is responsible for strategy, 
performance, approval of major capital projects and the 
framework of internal controls. To enable the Board to 
discharge its duties, all Directors receive appropriate and 
timely information. Briefing papers are distributed to all 
Directors in advance of Board meetings. All Directors have 
access to the advice and services of the Company Secretary. 
The appointment and removal of the Company Secretary  
is a matter for the Board as a whole. In addition, procedures 
are in place to enable the Directors to obtain independent 
professional advice in the furtherance of their duties,  
if necessary, at the Company’s expense.
During the year, all serving Directors attended the quarterly 
Board meetings that were held. In addition to the scheduled 
meetings there is frequent contact between all the Directors 
in connection with the Company’s business including Audit 
and Nomination and Remuneration committee meetings 
which are held as required, but as a minimum twice per 
annum. Additional board meetings were held during the  
year in connection with certain specific matters such as the 
formation of Tricoya Technologies Limited, the joint venture 
with INEOS.
Directors are subject to re-election by the shareholders at 
Annual General Meetings. The Articles of Association provide 
that Directors will be subject to re-election at the first 
opportunity after their appointment and the Board submit  
to re-election at intervals of three years.
Day to day operating decisions are made by the Senior 
Management Team of which the Chief Executive Officer, the 
Chief Operating Officer and Finance Director are members.
auDit Committee
The Audit Committee consists of Patrick Shanley (Chairman), 
Gordon Campbell, Nick Meyer and, until 31 March 2013, Lord 
Sanderson. The Audit Committee meets at least twice a year 
and is responsible for monitoring compliance with accounting 
and legal requirements and for reviewing the annual and 
interim financial statements prior to their submission  
for approval by the Board. The Committee also discusses  
the scope of the audit and its findings and considers the 
appointment and fees of the external auditors. The Audit 
Committee continues to believe that it is not currently 
appropriate for the Company to maintain a dedicated internal 
audit function due to its size.
Corporate Governance
The Audit Committee considers the independence and 
objectivity of the external auditors on an annual basis, with 
particular regard to non-audit services. The non-audit fees 
are considered by the Board not to affect the independence 
or objectivity of the auditors. The Audit Committee monitors 
such costs in the context of the audit fee for the period, 
ensuring that the value of non-audit service does not 
increase to a level where it could affect the auditors’ 
objectivity and independence. The Board also receives an 
annual confirmation of independence from the auditors.
n ominations & r emuneration Committee
The Nominations and Remuneration Committee consists of  
Nick Meyer (Chairman), Gordon Campbell, Patrick Shanley and, 
until 31 March 2013, Lord Sanderson. The Committee’s role is  
to consider and approve the nomination of Directors and the 
remuneration and benefits of the Executive Directors, including 
the award of share options and bonus share awards. In framing 
the Company’s remuneration policy, the Nominations & 
Remuneration Committee has given full consideration to  
Section D of The UK Corporate Governance Code. 
internal f inan Cial Control
The Board is responsible for establishing and maintaining 
the Company’s system of internal financial control and places 
importance on maintaining a strong control environment. 
The key procedures which the Directors have established 
with a view to providing effective internal financial control 
are as follows:
• The Company’s organisational structure has clear lines of 
responsibility;
• The Company prepares a comprehensive annual budget 
that is approved by the Board. Monthly results are 
reported against the budget and variances are closely 
monitored by the Directors; and
• The Board is responsible for identifying the major business 
risks faced by the Company and for determining the 
appropriate courses of action to manage those risks.
The Directors recognise, however, that such a system of 
internal financial control can only provide reasonable, not 
absolute, assurance against material misstatement or loss.
r elations W ith sharehol Ders
Communications with shareholders are given high priority.
There is regular dialogue with shareholders including 
presentations after the Company’s preliminary announcement 
of the year-end results and six monthly results. The Board 
uses the Annual General Meeting to communicate with 
investors and welcomes their participation. The Chairman aims 
to ensure that the Directors are available at Annual General 
Meetings to answer questions. 26
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Dire Ctors’ atten DanC e re Cor D
The attendance of individual Directors at meetings of the Board and its committees in the year under review was as follows:
Board Audit Committee Nominations & Remuneration Committee
Number of meetings Attended
3
Serving Attended Serving Attended Serving
Gordon Campbell 6 11 3 3 4 4
Paul Clegg 11 11 3 – 4 –
Hans Pauli 11 11 3 – 3 –
Lord Sanderson
1
3 11 3 3 3 4
Patrick Shanley 6 11 3 3 4 4
Montague John ‘Nick’ Meyer 7 11 3 3 4 4
William Rudge
2
5 5 1 – 1 –
Whilst all Directors are not members of the Board Committees they attend by invitation.
Figures in the left hand column denote the number of meetings attended and figures in the right hand column denote the 
number of meetings held whilst the individual held office.
Notes
1 Lord Sanderson resigned as a Director with effect from 31 March 2013.
2 William Rudge was appointed as a Director on 1 October 2012.
3 A number of board committee meetings were held in the year in addition to the scheduled board meetings in order to address certain routine matters such as the issue 
of shares in respect of the Employee Share Scheme. 
Corporate Governance continued 27
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
r emuneration r eport
intro DuCtion
The purpose of this Remuneration Report (the ‘Report’) is to 
explain the remuneration of the Directors of the Company. 
The Report covers the period ended 31 March 2013.
The Report does not necessarily meet the relevant 
requirements of the Listing Rules of the Financial Services 
Authority nor describes how the Board has applied the 
principles relating to Directors’ remuneration in the 2010 UK 
Corporate Governance Code. As required by the Companies 
Act 2006 (the ‘Act’), a resolution to approve the Report will 
be proposed at the Annual General Meeting of the Company 
at which the financial statements will be adopted. 
The Act requires the auditors to report to the Company’s 
members on certain parts of the Report for each relevant 
year and to state whether in their opinion those parts of the 
Report have been properly prepared in accordance with the 
Accounting Regulations. The Report has therefore been 
divided into separate sections for audited and unaudited 
information.
n ominations & r emuneration Committee
The Company established a Nominations & Remuneration 
Committee on 14 November 2005. The terms of reference  
of the Committee are available at the Company’s registered 
office.
During the year ended 31 March 2013, the Committee 
consisted of Lord Sanderson, Gordon Campbell, Patrick 
Shanley and Nick Meyer. Patrick Shanley, Nick Meyer and 
Gordon Campbell are independent Non-Executive Directors as 
was Lord Sanderson until his retirement on 31 March 2013. 
Nick Meyer assumed the role of Chairman of the Committee 
on 24 April 2012.
The Committee’s role is to consider and approve the 
nomination of Directors and the remuneration and benefits  
of the Executive Directors, including the award of share 
options. In framing the Company’s remuneration policy, the 
Nominations & Remuneration Committee has given full 
consideration to Section D of The UK Corporate Governance 
Code. 
r emuneration poli Cy for the e xe Cutive Dire Ctors
The remuneration policy has been designed to attract, retain 
and motivate Executive Directors of the calibre required  
to deliver the business strategy. Individual remuneration 
packages are structured to align rewards with the 
performance of the Company and the interests of 
shareholders. No Director is involved in setting his  
own remuneration. The main principles are to:
• Ensure that salaries are set at a market competitive level 
by benchmarking against appropriate external 
comparators; 
• Support high performance culture by rewarding upper 
quartile performance with upper quartile reward;
• Maintain an appropriate balance of fixed and performance 
related pay;
• Align long term rewards with shareholders; and
• Ensure that the overall package reflects market practice 
and takes account levels of remuneration elsewhere in the 
Group.
share options
During the year ended 31 March 2013, the Company issued 
share options which involved performance criteria which can 
be evaluated against the general market, the purpose of 
which was to enable the Directors to be able to benefit from 
any increase in the market capitalisation of the Company 
(subject to certain conditions). 
The performance criteria that should be met require the 
Company’s share price to outperform the FTSE Small Cap 
index over a period of three years. Thereafter the option may 
be exercised for the rest of its ten-year life without further 
test. The performance criteria, which apply to all Executive 
Directors to whom options have been granted since 
November 2009, were chosen because they provide a broad 
based measure on which to compare the performance of the 
Company.
Throughout the period and subsequently, the Committee has 
responsibility for supervising the scheme and the grant of 
the options under the scheme.
The Committee is currently reviewing the Company’s existing 
share option schemes, taking into account the significant 
number of options in existence and which were granted a 
number of years ago (see note 14 for details). The Committee 
is considering potential changes to the existing options as 
well as a new Long Term Incentive Scheme to replace the 
schemes going forward. Any changes to the current option 
schemes will be communicated to Shareholders as 
appropriate in due course. 28
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
performan Ce Graph
The following graph shows the Company’s performance for the past five years on the London Stock Exchange AIM compared with the 
performance of the FTSE AIM All Share index. The FTSE AIM All Share index has been selected for this comparison as it is a broad based 
index which the Directors believe most closely reflects the performance of companies with similar characteristics as the Company’s.  
A logarithmic scale has been used in order to more clearly set out the performance of Accsys’ shares in more recent periods.
March 2008 March 2009 March 2010 March 2011 March 2012 March 2013
AXS AIM
 1  
 4  
 16  
 64  
 256  
Dire Ctors’ C ontra Cts
It is the Company’s policy that Executive Directors should have contracts with an indefinite term providing for a maximum of 
one year’s notice. 
Directors’ contracts for year ended 31 March 2013:
Director Contract date Notice period
1
Contractual 
termination 
payment
Paul Clegg 2 September 2009 12 months 12 months
Hans Pauli 1 March 2010 3 months 3 months
William Rudge
2
1 October 2012 3 months 3 months
Lord Sanderson
3
18 June 2008 1 month 1 month
Gordon Campbell 18 November 2010 3 months 3 months
Patrick Shanley 18 November 2011 3 months 3 months
Montague John ‘Nick’ Meyer 17 May 2011 3 months 3 months
1 Notice period set out above applies to both the Company and the Director.
2 William Rudge was appointed as a Director on 1 October 2012.
3 Lord Sanderson resigned as a Director with effect from 31 March 2013.
In the event of early termination, the Directors’ contracts provide for compensation up to a maximum of basic salary for the 
notice period.
aGGre Gate D ire Ctors’ remuneration
2013 
€’000
2012 
€’000
Directors’ remuneration consists of:
Directors’ emoluments 829 800
Company contributions to money purchase pension schemes 44 40
873 840
r emuneration r eport continued 29
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Dire Ctors’ emoluments
Directors’ emoluments for the year ended 31 March 2013:
Fees/Basic 
Salary
€’000
Bonus
3
€’000
Pension
€’000
Benefits  
in kind
€’000
Loss  
of office
€’000
Gains on 
Exercise of 
Options
€’000
2013 
Total
€’000
2012 
Total
€’000
Paul Clegg 293 51 29 16 – – 389 400
Hans Pauli 205 4 12 10 – – 231 270 
William Rudge
1
66 – 3 1 – – 70 –
Gordon Campbell 77 – – – – – 77 77
Patrick Shanley 35 – – – – – 35 35
Montague John ‘Nick’ Meyer 35 – – – – – 35 23
Russell Sanderson
2
36 – – – – – 36 35
747 55 44 27 – – 873 840
1 William Rudge was appointed as a Director on 1 October 2012.
2 Lord Sanderson resigned as a Director with effect from 31 March 2013.
3 Cash bonus paid in year.
The above table has been audited.
Pension entitlements relate to Company contributions to personal pension schemes. The Company does not operate any 
defined benefit pension scheme.
Dire Ctors’ share options
Directors’ share options for the year ended 31 March 2013:
At  
1 April 2012
Granted  
during year
Lapsed  
during year
At  
31 March 2013
Paul Clegg
Unvested at €0.35 2,557,424 – – 2,557,424
Unvested at €0.24 3,057,676 – – 3,057,676
Unvested at €0.10 4,237,982 – – 4,237,982
Unvested at €0.15 – 1,000,000 – 1,000,000
Total 9,853,082 1,000,000 – 10,853,082
Hans Pauli
Unvested at €0.32 1,017,354 – – 1,017,354
Unvested at €0.17 718,173 – – 718,173
Unvested at €0.15 – 718,173 – 718,173
Total 1,735,527 718,173 – 2,453,700
William Rudge
1
Unvested at €0.24 212,488 – – 212,488
Unvested at €0.10 350,000 – – 350,000
Unvested at €0.15 – 350,000 – 350,000
Total 562,488 350,000 – 912,488
Total 12,151,097 2,068,173 – 14,219,270
1 William Rudge was appointed as a Director on 1 October 2012.
The above table has been audited.
There have been no variations to the terms and conditions or performance criteria for share options during the financial year.
Options granted to Paul Clegg, Hans Pauli and William Rudge are subject to performance criteria based upon Total Shareholder 
Return compared to the FTSE Small Cap index.
The market price of the Ordinary Shares at 31 March 2013 was €0.15 and the range during the preceding year was €0.12 to €0.19. 30
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
share Bonus aW ar D – employee Benefit t rust
On 5 July 2012, in connection with employee remuneration and incentivisation arrangements for the period from 1 July 2012 to 
30 June 2013, 3,926,666 new Ordinary Shares were issued to an Employee Benefit Trust, the beneficiaries of which included 
the Executive Directors as follows:
Ordinary Shares
Paul Clegg 1,500,000
Hans Pauli 666,666
William Rudge
1
200,000
1 Awarded prior to becoming Director
Such new ordinary shares were to vest if the Directors remained in employment with the Company at the vesting date, being  
1 July 2013 (subject to certain other provisions including good-leaver, take-over and nomination and remuneration committee 
discretion provisions). 
employee s hare p arti Cipation p lan
Details of the Employee Share Participation Plan (the ‘Plan’) are set out in Note 14. During the year, the Directors participated 
in the Plan as follows: 
During the year ended 31 March 2013 the plan was open for subscription twice. In December 2012 Hans Pauli subscribed for a 
total of 17,857 Shares at an acquisition price of €0.14 per Share. 
During the year ended 31 March 2013, 1 for 1 matching shares were issued to the trust following the July 2011 subscription 
period which were then issued to Directors as follows:
Paul Clegg 36,363
Hans Pauli 22,727
William Rudge
1
36,363 
1 issued prior to becoming Director
auDita Ble part of the remuneration report
In their audit opinion on pages 32, PricewaterhouseCoopers LLP refer to their audit of the disclosures required by the 
Companies Act 2006. These comprise the following disclosures in this Report:
• The table on page 29 showing total emoluments received by Directors during the year ended 31 March 2013;
• The table on page 28 showing total pension contributions made on behalf of the Directors during the year to 31 March 2013; 
and
• The share options table for the year ended 31 March 2013 on page 29.
Further details of the share option awards are set out in Note 14 of the financial statements.
approval
This Report was approved by the Board of Directors on 24 June 2013 and signed on its behalf by:
William r udge
Director
24 June 2013
r emuneration r eport continued 31
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
The Directors are responsible for preparing the Annual 
Report, the Remuneration Report and the financial 
statements in accordance with applicable law and 
regulations.
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the 
Directors have prepared the Group financial statements in 
accordance with International Financial Reporting Standards 
(IFRSs) as adopted by the European Union, and the Parent 
Company financial statements in accordance with United 
Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards and applicable law). Under 
company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true 
and fair view of the state of affairs of the Group and the 
Company and of the profit or loss of the Group for that period. 
In preparing these financial statements, the Directors are 
required to:
• select suitable accounting policies and then apply them 
consistently;
• make judgements and accounting estimates that are 
reasonable and prudent;
• state whether IFRSs as adopted by the European Union 
and applicable UK Accounting Standards have been 
followed, subject to any material departures disclosed and 
explained in the Group and Parent Company financial 
statements respectively;
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
Company will continue in business.
statement of Directors’ r esponsibilities
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Company’s transactions and disclose with reasonable 
accuracy at any time the financial position of the Company 
and the Group and enable them to ensure that the financial 
statements and the Directors’ Remuneration Report comply 
with the Companies Act 2006 and, as regards the Group 
financial statements, Article 4 of the IAS Regulation. They 
are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable 
steps for the prevention and detection of fraud and other 
irregularities.
The Directors are responsible for the maintenance and 
integrity of the Company’s website. Legislation in the United 
Kingdom governing the preparation and dissemination of 
financial statements may differ from legislation in other 
jurisdictions. 32
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
in Depen Dent au Ditor’s report to the 
sharehol Ders of aCC sys t eChnolo Gies pl C
We have audited the Group financial statements of Accsys 
Technologies PLC for the year ended 31 March 2013 which 
comprise the Consolidated statement of comprehensive 
income, the Consolidated statement of financial position,  
the Consolidated statement of changes in equity and the 
Consolidated statement of cash flow and the related notes. 
The financial reporting framework that has been applied in 
their preparation is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European 
Union.
r espe Ctive responsi Bilities of Dire Ctors  
anD auD itors
As explained more fully in the Statement of Directors’ 
responsibilities, the Directors are responsible for the 
preparation of the Group financial statements and for being 
satisfied that they give a true and fair view. Our responsibility 
is to audit and express an opinion on the Group financial 
statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those 
standards require us to comply with the Auditing Practices 
Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and 
only for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no 
other purpose. We do not, in giving these opinions, accept or 
assume responsibility for any other purpose or to any other 
person to whom this report is shown or into whose hands it 
may come save where expressly agreed by our prior consent 
in writing.
sCope of the au Dit of the finan Cial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free 
from material misstatement, whether caused by fraud or 
error. This includes an assessment of: whether the accounting 
policies are appropriate to the Group’s circumstances and 
have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by 
the Directors; and the overall presentation of the financial 
statements. In addition, we read all the financial and  
non-financial information in the Accsys Technologies PLC 
Annual Report and Financial Statements to identify material 
inconsistencies with the audited financial statements. If we 
become aware of any apparent material misstatements or 
inconsistencies we consider the implications for our report.
Group independent auditors’ r eport
opinion on finanC ial statements
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group’s affairs 
as at 31 March 2013 and of its loss and cash flows for the 
year then ended;
• have been properly prepared in accordance with IFRSs as 
adopted by the European Union; and
• have been prepared in accordance with the requirements 
of the Companies Act 2006 and Article 4 of the lAS 
Regulation.
opinion on other matter pres Cri BeD By the 
Companies aC t 2006
In our opinion the information given in the Directors’ Report 
for the financial year for which the Group financial 
statements are prepared is consistent with the Group 
financial statements.
matters on W hi Ch W e are require D to report B y  
ex Ception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to 
you if, in our opinion:
• certain disclosures of Directors’ remuneration specified by 
law are not made; or
• we have not received all the information and explanations 
we require for our audit.
other matter
We have reported separately on the Parent Company financial 
statements of Accsys Technologies PLC for the year ended 
31 March 2013 and on the information in the Remuneration 
Report that is described as having been audited.
simon o ’Brien (senior statutory auditor)
for and on behalf of pricewaterhouseCoopers llp
Chartered accountants and statutory auditors
London
24 June 2013 33
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Note
2013 
€’000
2012 
€’000
Accoya® wood revenue 16,555 13,574
Licence revenue 553 75
Other revenue 1,714 1,353
Total revenue 2 18,822 15,002
Total cost of sales (15,474) (15,050)
Gross profit/(loss) 3,348 (48)
Other operating costs 3 (13,548) (12,497)
Impairment of licensee receivables 6 – (2,281)
Operating loss 7 (10,200) (14,826)
Share of joint venture loss 8 (430) –
Finance income 9 206 154
Finance expense 10 (244) (240)
Loss before taxation (10,668) (14,912)
Tax (charge)/credit 11 (355) 536
Loss for the period (11,023) (14,376)
Gain arising on translation of foreign operations 14 35
Total comprehensive loss for the year (11,009) (14,341)
Basic and diluted loss per ordinary share 13 €(0.03) €(0.04)
All results are derived from continuing operations.
The notes on pages 37 to 58 form part of these financial statements.
Consolidated statement of Comprehensive income 
f or the year ended 31 march 2013 34
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Note
2013
€’000
2012
€’000
Non-current assets
Intangible assets 15 8,226  7,579 
Investment in joint venture 62 – 
Property, plant and equipment 16 22,271  25,614 
Available for sale investments 17 – –
Deferred tax 18 866  1,522 
 31,425  34,715 
Current assets
Inventories 20 4,860  3,120 
Trade and other receivables 21 3,688  3,576 
Cash and cash equivalents 20,467  24,574 
Corporation tax  623  1,117 
 29,638  32,387 
Current liabilities
Trade and other payables 22 (3,357) (3,385)
Obligation under finance lease 25 (264) (264)
 (3,621) (3,649)
Net current assets 26,017  28,738 
Non-current liabilities
Obligation under finance lease 25 (1,924) (1,960)
 (1,924) (1,960)
Net assets 55,518  61,493 
Equity and reserves 
Share capital – Ordinary Shares 23 4,332  4,040 
Share premium account 128,588  124,887 
Capital redemption reserve 148  148 
Warrants reserve 235  82 
Merger reserve 106,707  106,707 
Accumulated loss (184,511) (174,415)
Own shares (39) – 
Foreign currency translation reserve 58  44 
Total equity 55,518  61,493 
The financial statements were approved by the Board and authorised for issue on 24 June 2013
paul Clegg William r udge
Director Director
The notes on pages 37 to 58 form part of these financial statements.
Consolidated statement of f inancial position 
at 31 march 2013
Registered Company 05534340 35
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Share 
capital 
Ordinary
€’000 
Share 
premium
€’000
Capital 
redemption 
reserve
€’000
Warrant 
reserve
€’000
Merger 
reserve
€’000
Own 
Shares
€’000
Foreign 
currency 
translation 
reserve
€’000
Retained 
earnings
€’000
Total
€’000
Balance at 31 March 2011 4,031 124,809 148 82 106,707 (25) 9 (160,387) 75,374
Total comprehensive income/
(expense) for the period – – – – – – 35 (14,376) (14,341)
Share-based payments – – – – – – – 348 348
Shares issued 9 – – – – 25 – – 34
Premium on shares issued – 78 – – – – – – 78
Balance at 31 March 2012 4,040 124,887 148 82 106,707 – 44 (174,415) 61,493
Total comprehensive income/
(expense) for the period – – – – – – 14 (11,023) (11,009)
Expiry of warrants – 82 – (82) – – – – –
Share-based payments – – – – – – – 927 927
Shares issued 292 – – – – (39) – – 253
Premium on shares issued – 3,619 – – – – – – 3,619
Share Warrants issued – – – 235 – – – – 235
Balance at 31 March 2013 4,332 128,588 148 235 106,707 (39) 58 (184,511) 55,518
Share capital is the amount subscribed for shares at nominal value (note 23).
Share premium account represents the excess of the amount subscribed for share capital over the nominal value of these shares, 
net of share issue expenses. Share issue expenses comprise the costs in respect of the issue by the Company of new shares.
Capital redemption reserve represents the amounts transferred from share capital on redemption of deferred shares.
Merger reserve arose prior to transition to IFRS when merger accounting was adopted.
Own shares represents 3,926,666 shares issued to an Employee Benefit Trust at nominal value on 5 July 2012. These shares 
shall vest if the employees, including the Executive Directors, remain in employment with the Company to the vesting date, 
being 1 July 2013 (subject to certain other provisions including good-leaver, take-over and committee discretion provisions). 
See note 14.
Shares issued in the year together with premium arose from the subscription for 23,529,412 new Ordinary Shares in Accsys,  
at a price of €0.17 per share by INEOS Industries Holdings Limited and 1,698,869 shares issued under the Employee Share 
Participation Plan. See note 14. At the same time the Company executed a warrant instrument in favour of INEOS, allowing 
INEOS the opportunity to purchase up to a further 16,468,236 shares at a price of €0.21 per share at certain times during the 
course of the next four years. The warrant reserve represents the value attributable to these warrants. During the period, 
€82,000 attributable to previously issued warrants was transferred to retained earnings as the warrants expired.
Foreign currency translation reserve arises on the re-translation of the Group’s USA subsidiary’s net assets which are 
denominated in a different functional currency, being US dollars. 
Accumulated losses represent the cumulative loss of the Group attributable to the owners of the parent.
The notes on pages 37 to 58 form part of these financial statements.
Consolidated statement of Changes in equity
f or the year ended 31 march 2013 36
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
2013 
€’000
2012 
€’000
Loss before taxation (10,668) (14,912)
Adjustments for:
Amortisation of intangible assets 306 280
Depreciation of land, property, plant and equipment 1,950 1,877
Net gain on disposal of property, plant and equipment (113) –
Net finance expense 39 86
Impairment of receivables – 2,281
Equity-settled share-based payment expenses 927 348
Cash flows from operating activities before changes in working capital (7,559) (10,040)
Decrease in trade and other receivables (12) 3,734
Decrease in deferred income – (2,550)
(Increase)/decrease in inventories (1,739) 5,300
Increase/(decrease) in trade and other payables 372 (161)
Net cash used by operating activities before tax (8,938) (3,717)
Tax received 795 –
Net cash flows from operating activities (8,143) (3,717)
Cash flows from investing activities
Interest received 206 154
Expenditure on capitalised internal development (861) (283)
Disposal of property, plant and equipment 1,699 –
Purchase of property, plant and equipment (293) (1,065)
Purchase of intangible assets (44) –
Investments in joint ventures (500) –
Net cash absorbed by investing activities 207 (1,194)
Cash flows from financing activities
Proceeds from sale and leaseback – 2,236
Interest paid (244) (173)
Finance expenses (36) (12)
Proceeds from issue of share capital 4,112 89
Share issue costs (15) (267)
Net cash from financing activities 3,817 1,873
Net decrease in cash and cash equivalents (4,119) (3,038)
Effect of exchange rate changes on cash and cash equivalents 12 36
Opening cash and cash equivalents 24,574 27,576
Closing cash and cash equivalents 20,467 24,574
The notes on pages 37 to 58 form part of these financial statements.
Consolidated statement of Cash f low 
f or the year ended 31 march 2013 37
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
1. aCCountinG poli Cies
Basis of accounting
The Group’s financial statements have been prepared under the historical cost convention (except for certain financial 
instruments and equity investments which are measured at fair value), in accordance with International Financial Reporting 
Standards (IFRS) issued by the International Accounting Standards Board as endorsed by the European Union and with those 
parts of the Companies Act 2006 applicable to companies preparing their financial statements under adopted IFRS. The 
Company has elected to prepare its Parent Company financial statements in accordance with UK Generally Accepted 
Accounting Practice (UK GAAP). These are presented on page 60.
Going Concern
The financial statements are prepared on a going concern basis, which assumes that the Group will continue in operational 
existence for the foreseeable future, which is deemed to be at least 12 months from the date these financial statements 
are approved.
As part of the Group’s going concern review, the Directors have reviewed the Group’s trading forecasts and working capital 
requirements for the foreseeable future. These forecasts indicate that, in order to continue as a going concern, the Group is 
dependent on the achievement of certain operating performance measures relating to the production and sales of Accoya® 
wood from the plant in Arnhem and the collection of ongoing working capital items in line with internally agreed budgets.
The Directors have considered the internally agreed budgets and performance measures and believe that appropriate  
controls and procedures are in place or will be in place to make sure that these are met. The Directors believe that while some 
uncertainty inherently remains in achieving the budget, in particular in relation to market conditions outside of the Group’s 
control, that there are a sufficient number of alternative actions and measures that can be taken in order to achieve the 
Group’s medium and long term objectives.
Therefore the Directors believe that the going concern basis is the most appropriate on which to prepare the financial statements.
Risks and uncertainties
The net assets as at 31 March 2013 of €56m contain balances in relation to the Group’s goodwill, capitalised internal 
development costs and intellectual property rights of €8.2m. The recoverability of these balances is dependent upon the 
Group’s existing licensees progressing with the completion of their manufacturing facilities or the signing of other new licence 
agreements. While the scope and timing of the production facilities to be built by the Group’s existing licensees remains 
uncertain, the Directors remain confident that revenue from either existing licensees or new licensees will be generated, 
demonstrating the recoverability of these balances.
In addition, the carrying value of the €22.3m of property, plant and equipment, which primarily relate to the Arnhem plant, are 
dependent upon the future profitable sales of Accoya® wood made there. The price of the Accoya® wood and the raw materials 
and other inputs vary according to market conditions outside of our control. Should the price of the raw materials increase 
greater than the sales price or in a way which no longer makes as Accoya® competitive, then the carrying value of the tangible 
fixed assets may be in doubt and become impaired. The Directors are comfortable that the current market and best estimates 
of future prices means that this risk is limited.
Changes in accounting policies
The following new accounting standards, amendments and interpretations issued by the IASB and the IFRIC are effective for 
the year ended 31 March 2013 but have had no material effect on the results or financial position of the Company disclosed 
within these financial statements:
• Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12)
Business combinations
Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity 
or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements 
present the results of the Group as if they formed a single entity. Inter-company transactions and balances between Group 
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the 
consolidated statement of financial position, the acquirer’s identifiable assets, liabilities, and contingent liabilities are initially 
recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated 
income statement from the date on which control is obtained.
notes to the f inancial statements 
f or the year ended 31 march 2013 38
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
As allowed under IFRS 1, some business combinations effected prior to transition to IFRS, were accounted for using the merger 
method of accounting. Under this method, assets and liabilities are included in the consolidation at their book values, not fair 
values, and any differences between the cost of investment and net assets acquired were taken to the merger reserve. The 
majority of the merger reserve arose from a corporate restructuring in the year ended 31 March 2006 which introduced Accsys 
Technologies PLC as the new holding company.
Joint ventures
A jointly controlled entity is an entity in which the Group holds a long term interest and shares joint control over strategic, 
financial and operating decisions with one or more other venturers under a contractual arrangement. The Group’s share of the 
assets, liabilities, income, expenditure and cash flows of such jointly controlled entities are accounted for using the equity 
method. The equity method records the Group’s share of the results of the joint venture entity on a separate line in the Group’s 
financial statements.
The total carrying values of investments in joint ventures represent the cost of each investment including the carrying value 
of any goodwill, the share of post acquisition retained earnings, any other movements in reserves and any long term debt 
interests which in substance form part of the Group’s net investment. The carrying values of joint ventures are reviewed  
on a regular basis and if an impairment in value has occurred, the carrying value is impaired in the period in which the relevant 
circumstances are identified. The Group’s share of a joint venture’s losses in excess of its interest in that associate is not 
recognised unless the Group has an obligation to fund such losses.
Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s 
interest in the investee. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of 
impairment.
Revenue recognition
Revenue is measured at the fair value of the consideration receivable. Revenue is recognised to the extent that it is probable 
that the economic benefit will flow to the Group and that the revenue can be reliably measured. The following specific 
recognition criteria must also be met before revenue is recognised.
 Manufacturing revenue
 Revenue is recognised in respect of the sale of goods when the significant risks and rewards of ownership of the goods 
have been passed to the buyer, the timing of which is dependent on the particular shipment terms. When a customer 
provides untreated wood to be processed by the Group in order to produce Accoya®, revenue is recognised when the Group’s 
obligations under the relevant customer contract have been substantially completed, which is before the finished Accoya® 
has been collected by the customer. Manufacturing revenue includes the sale of Accoya® wood and other revenue, 
principally relating to the sale of acetic acid.
 Licence fee income
 Licence fee income is recognised over the period of the relevant agreements according to the specific terms of each 
agreement or the quantities and/or values of the licensed product sold. The accounting policy for the recognition of licence 
fees is based upon an assessment of the work required before the licence is signed and subsequently during the design, 
construction and commissioning of the licensees’ plant, with an appropriate proportion of the fee recognised upon signing 
and the balance recognised as the project progresses to completion. The amount of any cash or billings received but not 
recognised as income is included in the financial statements as deferred income and shown as a liability.
Exceptional items
Exceptional items are events or transactions that fall outside the ordinary activities of the Group and which by virtue of their 
size or incidence, have been separately disclosed in order to improve a reader’s understanding of the financial statements. 
These include items relating to the restructuring of a significant part of the Group, impairment losses (or the reversal of 
previously recorded exceptional impairments), expenditure relating to the integration and implementation of significant 
acquisitions and other one-off events or transactions.
Finance income
Interest accrues using the effective interest method, i.e. the rate that discounts estimated future cash receipts through the 
expected life of the financial instrument to the net carrying amount of the financial asset.
1. aCCountinG poli Cies continued 39
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Finance expense
Finance expenses include the fees associated with the Group’s credit facilities which are expensed over the period which the 
Group has access to the facilities.
Finance expenses also include an allocation of finance charges in respect of the sale and leaseback of the Arnhem land and 
buildings accounted for as a finance lease. The total finance charge (calculated as the difference between the total minimum lease 
payments and the liability at the inception of the lease) is allocated over the life of the lease using the sum-of-digits method.
Share-based payments
The Company awards share options to acquire shares of the Company to certain Directors and employees. The Company  
also awards bonuses to certain Directors and employees in the form of the award of deferred shares of the Company.
In addition the Company has established an Employee Share Participation Plan under which employees subscribe for new 
shares which are held by a trust for the benefit of the subscribing employees. The Shares are released to employees after  
one year, together with an additional, matching share on a 1 for 1 basis.
The fair value of options, deferred shares and matching shares granted are recognised as an employee expense with a 
corresponding increase in equity. The fair value is measured at grant date and is charged to the statement of comprehensive 
income over the vesting period during which the employees become unconditionally entitled to the options or shares.
The fair value of share options granted is measured using a modified Black-Scholes model, taking into account the terms and 
conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number 
of share options that vest only where vesting is dependent upon the satisfaction of service and non-market vesting conditions.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at  
each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number 
of options which eventually vest. Market vesting conditions are factored into the fair value of the options granted. The 
cumulative expense is not adjusted for failure to achieve a market vesting condition.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.  
Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.
Pensions
The Group contributes to certain defined contribution pension and employee benefit schemes on behalf of its employees. 
These costs are charged to the statement of comprehensive income on an accruals basis.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive 
income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted 
at the balance sheet date together with any adjustment to tax payable in respect of previous years. Current tax includes  
the expected impact of claims submitted by the Group to tax authorities in respect of enhanced tax relief for expenditure  
on research and development.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial 
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:
• the initial recognition of goodwill,
• the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business 
combination, and
• differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of 
assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Recognition of deferred tax 
assets is restricted to the extent that it is probable that future taxable profit will be available against which the temporary 
differences can be utilised.
1. aCCountinG poli Cies continued 40
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary economic environment 
in which it operates (the functional currency). For the purposes of the consolidated financial statements, the results and 
financial position of each Group company are expressed in Euro, which is the functional currency of the Parent Company,  
and the presentation currency of the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity’s functional 
currencies are recognised at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, 
monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. 
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise.
For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations 
are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average 
monthly exchange rates prevailing in the month in which the transaction took place. Exchange differences arising, if any, are 
recognised in other comprehensive income and the foreign currency translation reserve.
Government grants
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and 
the Group will comply with the attached conditions. When the grant relates to an expense item, it is recognised as income over 
the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant 
relates to an asset they are credited to a deferred income account and released to the statement of comprehensive income 
over the expected useful life of the relevant asset on a straight-line basis.
Goodwill
Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the fair value of the consideration 
paid and the fair value of the identifiable assets and liabilities acquired. It is capitalised, and is subject to annual impairment 
reviews by the Directors. Any impairment arising is charged to the statement of comprehensive income. 
Other intangible assets
Intellectual property rights, including patents, which cover a portfolio of novel processes and products, are shown in the financial 
statements at cost less accumulated amortisation and any amounts by which the carrying value is assessed during an annual 
review to have been impaired. At present, the useful economic life of the intellectual property is considered to be 20 years.
Internal development costs are incurred as part of the Group’s activities including new processes, process improvements, 
identifying new species and improving the Group’s existing products. Research costs are expensed as incurred. Development 
costs are capitalised when all of the criteria set out in IAS 38 ‘Intangible Assets’ (including criteria concerning technical 
feasibility, ability and intention to use or sell, ability to generate future economic benefits, ability to complete the development 
and ability to reliably measure the expenditure) have been met. These internal development costs are amortised on a straight-
line basis over their useful economic life, between 10 and 20 years.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment charged. Depreciation  
is provided at rates calculated to write off the cost less estimated residual value of each asset, except freehold land, over  
its expected useful life on a straight-line basis, as follows:
Plant and machinery  These assets comprise pilot plants and production facilities. These facilities are depreciated from the 
date they become available for use at rates applicable to the asset lives expected for each class of 
asset, with rates between 5% and 20%.
Office equipment  Between 20% and 50%.
Leased land  Land held under a finance lease is depreciated over the life of the lease.
Freehold land  Freehold land is not depreciated.
1. aCCountinG poli Cies continued 41
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Impairment of non-financial assets
The carrying amount of the non-current non-financial assets of the Group is compared to the recoverable amount of the assets 
whenever events or changes in circumstances indicate that the net book value may not be recoverable, or in the case of 
goodwill, annually. The recoverable amount is the higher of value in use and the fair value less cost to sell. In assessing the 
value in use, the expected future cash flows from the assets are determined by applying a discount rate to the anticipated 
pre-tax future cash flows. An impairment charge is recognised in the statement of comprehensive income to the extent that 
the carrying amount exceeds the assets’ recoverable amount. The revised carrying amounts are amortised or depreciated  
in line with Group accounting policies. A previously recognised impairment loss, other than on goodwill, is reversed if the 
recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This  
reversal is recognised in the statement of comprehensive income and is limited to the carrying amount that would have been 
determined, net of depreciation, had no impairment loss been recognised in prior years. Assets are grouped at the lowest  
levels for which there are separately identifiable cash flows (cash generating units) for purposes of assessing impairment.
Leases
Operating lease payments are recognised as an expense in the statement of comprehensive income on a straight-line basis 
over the lease term.
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value  
of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is 
included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance expenses  
and reduction of lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.
Inventories
Raw materials, which consist of unprocessed timber and chemicals used in manufacturing operations are valued at the lower  
of cost and net realisable value. The basis on which cost is derived is a first-in, first-out basis.
Finished goods, comprising processed timber, are stated at the lower of weighted average cost of production or net realisable 
value. Costs include direct materials, direct labour costs and production overheads (including the depreciation/depletion of 
relevant property and plant and equipment) absorbed at an appropriate level of capacity utilisation. Net realisable value 
represents the estimated selling price less all expected costs to completion and costs to be incurred in selling and distribution.
Financial assets
Financial assets are classified as cash and cash equivalents, available for sale investments and loans and receivables, 
depending on the purpose for which the asset was acquired. When financial assets are recognised initially, they are measured 
at fair value plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs.
Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are classified as available for sale 
investments and are stated at fair value. Gains and losses arising from changes in fair value are recognised directly in equity, 
with the exception of impairment losses which are recognised directly in profit or loss. Where an investment is disposed of or  
is determined to be impaired, the cumulative gain or loss previously recognised in the profit or loss in the year. Where it is not 
possible to obtain a reliable fair value, these investments are held at cost less provision for impairment.
Loans and receivables, which comprise non-derivative financial assets with fixed and determinable payments that are not quoted 
on an active market are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition  
or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.
 Trade and other receivables
 These assets are non-derivative financial assets with fixed or determinable payments that are not quoted on an active 
market. They arise principally from the provision of goods and services to customers. Trade receivables are initially 
recognised at fair value less an allowance for any uncollectible amounts. A provision for impairment is made when there is 
objective evidence that the Group will not be able to collect debts. Bad debts are written off when identified.
 Cash and cash equivalents
 Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits, 
including liquidity funds, with an original maturity of three months or less. For the purpose of the statement of consolidated 
cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank 
overdrafts.
Financial liabilities
 Other financial liabilities
 Trade payables are initially recognised at fair value and subsequently carried at amortised cost using the effective interest 
method.
1. aCCountinG poli Cies continued 42
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a 
financial liability. The Group’s shares are classified as equity instruments.
Accounting estimates and judgements
In preparing the Consolidated Financial Statements, management has to make judgments on how to apply the Group’s 
accounting policies and make estimates about the future. The critical judgments that have been made in arriving at the 
amounts recognised in the Consolidated Financial Statements and the key sources of estimation and uncertainty that have  
a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are 
discussed below:
 Revenue recognition
 The Group has considered the criteria for the recognition of licence fee income over the period of the agreement and is 
satisfied that the recognition of such revenue is appropriate. The recognition of licence fees is based upon an assessment of 
the work required before the licence is signed and subsequently during the construction and commissioning of the licensees’ 
plant, with an appropriate proportion of the fee recognised upon signing and the balance recognised as the project 
progresses to completion. The Group also considers the recoverability of amounts before recognising them as income.
 Goodwill
 The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated 
above. The recoverable amounts of cash-generating units have been determined based on value in use calculations. These 
calculations require the use of judgments in relation to discount rates and future forecasts.
 Intellectual property rights and property, plant and equipment
 The Group tests the carrying amount of the intellectual property rights and property, plant and equipment whenever events 
or changes in circumstances indicate that the net book value may not be recoverable. These calculations require the use of 
estimates in respect of future cash-flows from the assets by applying a discount rate to the anticipated pre-tax future 
cash-flows. The Group also reviews the estimated useful lives at the end of each annual reporting period.
 Inventories
 The Group reviews the net realisable value of, and demand for, its inventory on a monthly basis to provide assurance that 
recorded inventory is stated at the lower of cost and net realisable value.
 Available for sale investments
 The Group has an investment in unlisted equity shares carried at nil value. The investment is valued at cost less any 
impairment as a reliable fair value cannot be obtained since there is no active market for the shares and there is currently 
uncertainty around the future funding of the business. The Group makes appropriate enquiries and considers all of the 
information available to it in order to assess whether any impairment has occurred.
New standards and interpretations in issue but not yet effective at the date of authorisation of these financial statements:
• IFRS 9 – ‘Financial Instruments: Classification and Measurement’
• IFRS 10 – ‘Consolidated Financial Statements’
• IFRS 11 – ‘Joint Arrangements’
• IFRS 12 – ‘Disclosure of Interests in Other Entities’
• IFRS 13 – ‘Fair Value Measurement’
• IAS 27 (May 2011) – ‘Separate Financial Statements’
• IAS 28 (May 2011) – ‘Investments in Associates and Joint Ventures’
• Amendments to IFRS 1 (various dates) – First Time Adoption
• Amendments to IFRS 7 (December 2011) – Offsetting of assets and liabilities
• Amendments to IFRS 10, 11 and 12 (June 2012) – Transition guidance
• Amendments to IAS 1 (June 2011) – Presentation of items of Other Comprehensive Income
• Amendments to IAS 12 (December 2010) – Deferred tax: recovery of underlying assets
• Amendments to IAS 19 ( June 201 1) – Employee Benefits
• Amendments to IAS 32 (May 2012) – Financial Instruments: Presentation
• Amendments to IFRS 10, 12 and IAS 27 (October 2012) – Amendments for Investment entities
Entities in EU Member States can only apply IFRS or IFRIC that have been endorsed by the European Union. Of the standards and 
interpretations listed above IFRS 9 and the Amendments to IAS 27 and IFRS 10, 11 and 12 had not yet been endorsed by the European Union 
at the date these financial statements were authorised for issue. The Directors anticipate that the adoption of these standards and 
interpretations in future periods will have no material impact on the financial statements of the Group. Other standards and interpretations 
that have been issued but which are not yet effective are not expected to have any impact on the Group. 
1. aCCountinG poli Cies continued 43
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
2. seGmental reportin G
The Group’s business is the development, commercialisation and licensing of proprietary technology for the manufacture  
of Accoya® wood, Tricoya® wood elements and related acetylation technologies. Segmental reporting is divided between 
licensing activities, the manufacturing and sale of Accoya® and research and development activities.
Result by Segment:
Licensing, Management & Business Development 
2013
€’000
2012
€’000
Revenue 553 75
Cost of sales – –
Gross profit/(loss) 553 75
Other operating costs (6,780) (5,834)
Impairment of licensee receivables – (2,281)
Loss from operations (6,227) (8,040)
Loss from operations (6,227) (8,040)
Depreciation and amortisation 347 330
EBITDA (5,880) (7,710)
Manufacturing 
2013 
€’000
2012 
€’000
Revenue 18,269 14,927
Cost of sales (15,474) (15,050)
Gross profit/(loss) 2,795 (123)
Other operating costs (5,528) (5,247)
Loss from operations (2,733) (5,370)
Loss from operations (2,733) (5,370)
Depreciation and amortisation 1,833 1,754
EBITDA (900) (3,616)
Research and Development 
2013
€’000
2012
€’000
Revenue – –
Cost of sales – –
Gross profit/(loss) – –
Other operating costs (1,240) (1,416)
Loss from operations (1,240) (1,416)
Loss from operations (1,240) (1,416)
Depreciation and amortisation 76 74
EBITDA (1,164) (1,342)
Total
2013
€’000
2012
€’000
Revenue 18,822 15,002
Cost of sales (15,474) (15,050)
Gross profit/(loss) 3,348 (48)
Other operating costs (13,548) (12,497)
Impairment of licensee receivables – (2,281)
Loss from operations (10,200) (14,826)
Share of joint venture loss (430) –
Finance income 206 154
Finance expense (244) (240)
Loss before taxation (10,668) (14,912)
Loss from operations (10,200) (14,826)
Depreciation and amortisation 2,256 2,158
EBITDA (7,944) (12,668)
Revenue is attributable to fees in relation to  
the licensing of the Group’s technology to third 
parties. 
Other operating costs include all remaining  
costs unless they are directly attributable to 
Manufacturing or Research and Development.  
This includes marketing, business development, 
management and the majority of the Group’s 
administration costs including the head office  
in Windsor as well as Dallas. 
Headcount = 21 (2012: 20)
Revenue includes the sale of Accoya® and other 
revenue, principally relating to the sale of acetic acid. 
All costs of sales are allocated against 
manufacturing activities in Arnhem unless they can 
be directly attributable to a licensee. 
Other operating costs include depreciation of the 
Arnhem property, plant and equipment together 
will all other costs associated with the operation of 
the Arnhem manufacturing site, including directly 
attributable administration costs. 
Headcount = 62 (2012: 62)
Costs are associated with various R&D activities 
associated with Accoya® and Tricoya® products 
and processes. The costs are reported excluding 
€861,000 of costs which have been capitalised in 
accordance with international financial reporting 
standards. (2012: €283,000). 
Headcount = 13 (2012: 14)
Assets and liabilities cannot be readily allocated 
to the three segments and therefore no additional 
segmental information has been disclosed. 44
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
Analysis of Revenue by geographical area of customers:
2013
€’000
2012
€’000
Netherlands 6,182 5,264
United Kingdom 3,532 2,123
Switzerland 1,597 735
Germany 1,507 1,011
North America 1,458 1,006
Norway 764 307
Belgium 660 367
China 543 784
India 459 231
Ireland 451 2,442
Australia 419 129
New Zealand 333 49
Italy 228 147
France 201 121
Other 488 286
18,822 15,002
Analysis of non-current assets (Other than financial assets and deferred tax):
2013
€’000
2012
€’000
UK 4,133 3,455
Other countries 22,195 25,506
Un-allocated – Goodwill 4,231 4,231
30,559 33,192
Revenue generated from no single customer exceeded 10% of Group revenue in 2013. Revenue generated from one customer 
exceeded 10% of Group revenue in 2012, represented by 92% of the revenue from Ireland and relates to manufacturing 
revenue.
The segmental assets in the current year and the previous year were predominantly held in Europe. Additions to property, 
plant, equipment and intangible assets in the current year and the previous year were predominantly incurred in Europe.
3. other operatin G Costs
Other operating costs consist of the operating costs, other than the cost of sales, associated with the operation of the plant  
in Arnhem and the offices in Dallas and Windsor:
2013
€’000
2012
€’000
Sales and marketing 2,908 2,264
Research and development 1,240 1,416
Depreciation and amortisation 2,256 2,159
Other operating costs 2,104 2,307
Administration costs 5,040 4,351
13,548 12,497
During the period, €953,000 (2012: €283,000) of development costs were capitalised and included in intangible fixed assets. 
This includes €456,000 in respect of the Accoya® licence Process Design Package.
Administration costs include the costs associated with the Group’s head office in Windsor the office in Dallas together with 
business development and management costs.
2. seGmental reportin G continued  45
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
4. employees
2013
€’000
2012
€’000
Staff costs (including Directors) consist of:
Wages and salaries 6,160 5,792
Social security costs 756 744
Other pension costs 422 (22)
Share-based payments 927 348
8,265 6,862
The average monthly number of employees, including Executive Directors, during the year was as follows:
Number Number
Administration, research and engineering 66 66
Operating 30 30
96 96
Other pension costs in 2012 included a reversal of provision for prior period pension costs of €324,000. This provision related 
to potential changes to the pension scheme which were finalised during the prior period.
5. Dire Ctors’ remuneration
2013
€’000
2012
€’000
Directors’ remuneration consists of:
Directors’ emoluments 829 800
Company contributions to money purchase pension schemes 44 40
873 840
Compensation of key management personnel included the following amounts:
Salary, bonus 
and short term 
benefits
€’000
Pension
€’000
Share-based 
payments 
charge
€’000
2013 
Total
€’000
2012 
Total
€’000
Paul Clegg 360 29 372 761 659
Hans Pauli 219 12 134 365 354
William Rudge
1
67 3 23 93 –
646 44 529 1,219 1,013
1 William Rudge was appointed as Finance Director on the 1 October 2012.
The Group made contributions to 3 (2012: 2) Directors’ personal pension plans.
6. ex Ceptional items – i mpairment of a ssets
The 2012 net impairment included €2.9m attributable to Al Rajhi, representing a non-cash impairment of licensee net 
receivables (consisting of €5.4m prepaid commission costs net of €2.55m deferred income) recorded in previous years. 
The impairment continues to be recorded due to uncertainty as to whether the licence will proceed.
Summary of impairment/(release of impairment) charges relating to licensee related balances:
2013
€’000
2012
€’000
Trade receivables and accrued income – (571)
Release of deferred income – (2,550)
Prepayments – Licensing commission – 5,402
– 2,281 46
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
7. operatinG loss
2013
€’000
2012
€’000
This has been arrived at after charging:
Staff costs 8,265 6,862
Depreciation of property, plant and equipment 1,950 1,877
Amortisation of intangible assets 306 280
Operating lease rentals 165 165
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 62 61
Fees payable to the Company’s auditors for other services:
– audit of the Company’s subsidiaries persuant to legislation 79 81
– audit related assurance services persuant to legislation 25 24
– tax advisory services 57 46
– all other services 5 –
Foreign exchange (gains)/losses 65 105
Research & Development (excluding staff costs) 636 552
Loss on sale of property, plant and equipment 13 –
8. share of joint venture losses
On 5 October 2012, Accsys entered into a new 50:50 joint venture with INEOS to exploit Accsys’ intellectual property 
surrounding its proprietary Tricoya® wood elements acetylation technology and processes, which is now expected to lead to 
the accelerated global deployment of Tricoya. The new company, Tricoya Technologies Limited (‘TTL’), will develop and exploit 
Accsys’ Tricoya technology for use within MDF, particle board and wood plastic composites in a worldwide panel products 
market estimated to be worth more than €60 billion annually.
As part of the transaction, TTL has been granted rights to exploit Accsys’ Tricoya® technology and will also benefit from a 
licence of any intellectual property held by INEOS that may assist the joint venture in maximising the value of the Tricoya® 
proposition. Profits generated by TTL are to be shared between Accsys and INEOS in a way that reflects each party’s interest. 
The contribution of Accsys’ Tricoya® intellectual property to the Joint Venture will be reflected through a disproportionate 
future profit share which will create significant value for Accsys.
This future profit share reflects that Accsys had made a significant investment in Tricoya over a number of years prior to  
the formation of the joint venture. This included research and development expenditure concerning the Tricoya process and 
product design, the joint development agreement with Medite and the resulting product launch of Medite Tricoya Extreme 
Durable MDF in 201 1 together with significant investment in building the Tricoya brand and market.
TTL has been accounted in the Accsys Group accounts using the equity method. The TTL results for the period from 5 October 
2012 to 31 March 2013, together with the balance sheet as at 31 March 2013 are set out below:
Costs associated with TTL joint venture:
2013
€'000
2012
€’000
Revenue – – 
Costs:
 Staff costs 590 – 
 Research & development (excluding staff costs) 163 – 
 Intellectual property 76 – 
 Sales & marketing 31 – 
Joint venture loss 860 – 
Group share of joint venture loss 430 –  47
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Tricoya Technologies Limited statement of financial position at 31 March 2013:
2013 
€’000
2012 
€’000
Non-current assets
Intangible assets 93 –
Current assets
Debtors/receivables due within one year 89 –
Cash at bank and in hand 324 –
413 –
Current liabilities
Trade and other payables (366) –
Net current assets 47 –
Net assets 140 –
50% attributable to Accsys Technologies 70 – 
Less elimination of mark-up on recharged costs (8) –
9. f inanC e inC ome
2013
€’000
2012
€’000
Interest receivable on bank and other deposits 206 154
10. f inan Ce expense
2013 
€’000
2012 
€’000
Arnhem land sale and leaseback finance charge 244 173
Equity line of credit costs – 67
244 240
8. share of joint venture losses continued  48
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
11. t ax expense
(a) Tax recognised in the statement of comprehensive income comprises:
2013 
€’000
2012 
€’000
Current tax expense
UK Corporation tax on profits for the year –  – 
Research and development tax credit in respect of prior years (26) (791)
Research and development tax credit in respect of current year (286) (321)
 (312) (1,112)
Overseas tax at rate of 15% 11  3 
Overseas tax at rate of 25% –  – 
Deferred Tax
Under/(over) provision in respect of prior years –  (22)
Utilisation of deferred tax asset 656 595
Total tax charge/(credit) reported in the statement of comprehensive income 355 (536)
(b) The tax credit for the period is lower than the standard rate of corporation tax  
in the UK (201 3: 26%, 201 2: 28%) due to:
2013
€'000
2012
€'000
Loss profit before tax (10,668) (14,912)
Expected tax credit at 24% (2012 – 26%) (2,560) (3,877)
Expenses not deductible in determining taxable profit 295  168 
Over provision in respect of prior years (7) – 
Losses transferred to deferred tax asset but not recognised 2,293  2,200 
Effects of overseas taxation 21  (25)
Other temporary differences 1  (114)
Research and development tax credit in respect of prior years 26  791 
Research and development tax credit in respect of current year 286  321 
Total tax charge/(credit) reported in the statement of comprehensive income 355  (536)
12. Divi Den Ds pai D
2013
€’000
2012
€’000
Final Dividend €Nil (2012: €Nil) per Ordinary Share proposed and paid during year relating to the 
previous year’s results – –
13. l oss per share
The calculation of loss per Ordinary Share is based on loss after tax and the weighted average number of Ordinary Shares in 
issue during the year.
Basic and diluted earnings per share
2013 2012
Weighted average number of Ordinary Shares in issue (‘000) 419,650 403,657
Loss for the year (€’000) (11,023) (14,376)
Basic and diluted loss per share € (0.03) € (0.04)
Basic and diluted losses per share are based upon the same figures. There are no dilutive share options as these would 
increase the loss per share. 49
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
14. share- Base D payments 
Share Options
The following share options impacted the current or preceding financial year;
Options granted on 1 March 2005 fully vested during 2011. These options may be exercised until 30 March 2015. At 31 March 
2013, 269,265 of these options were outstanding with an exercise price of €0.32.
Options granted on 28 March 2007 at an exercise price of €2.59 per Ordinary Share vest to one third of the options granted 
upon achievement of each of the following:
• Cumulative €5 million licence income recognised under Group accounting policies
• Cumulative €20 million revenue from sales of Accoya
® 
wood
• Announcement of annual Group distributable earnings exceeding €5 million
Once vested, these options may be exercised until 31 March 2017.  At 31 March 2013, 2,343,034 of these options were 
outstanding at an exercise price of €1.83.
Options granted on 11 October 2007 vest to one third of the options granted upon achievement of each of the following:
• Cumulative €15 million revenue from sales of Accoya
® 
wood
• Announcement of annual Group distributable earnings exceeding €15 million
• Cumulative €75 million gross licence revenue recognised under Group accounting policies
Once vested these options may be exercised until 11 October 2017. At 31 March 2013, none of these options were 
outstanding. 
Options granted on 20 November 2007 vest to one third of the options granted upon achievement of each of the following:
• Annual Accoya® wood production exceeds 23,000m
3
 in a financial year
• Annual Accoya® wood sales revenue exceeds €26 million in financial year
• The second pair of reactors in the wood modification plant are processing more than 25 batches per month
Once vested these options may be exercised until 20 November 2017. At 31 March 2013, 298,900 of these options were 
outstanding at an exercise price of €2.58.
Options granted on 18 June 2008 vest to one third of the options granted upon achievement of each of the following:
• Announcement of audited Annual Accoya® wood sales revenue exceeds €20 million in financial year
• Announcement of audited annual Group distributable earnings exceeding €15 million
• Announcement of audited cumulative €75 million gross licence revenue recognised under Group accounting policies
Once vested these options may be exercised until 18 June 2018. At 31 March 2013, 99,161 of these options were outstanding 
at an exercise price of €1.98.
Options granted on 8 December 2008 vest to one third of the options granted upon achievement of each of the following:
• Announcement of audited Annual Accoya® wood sales revenue exceeds €20 million in financial year
• Announcement of audited annual Group distributable earnings exceeding €15 million
• Announcement of audited Cumulative €75 million gross licence revenue recognised under Group accounting policies
Once vested these options may be exercised until 8 December 2018. At 31 March 2013, 213,905 of these options were 
outstanding at an exercise price of €0.97.
Options granted on 19 November 2009 vest to 30% of the options granted upon achievement of median Total Shareholder 
Return (‘TSR’). Full vesting of the options granted occurs upon achievement of upper quartile TSR measured over the three 
year period. Once vested, these options may be exercised until 19 November 2019. At 31 March 2013, 2,557,424 of these 
options were outstanding at an exercise price of €0.35.
Options granted on 1 April 2010 vest to 30% of the options granted upon achievement of median TSR. Full vesting of the 
options granted occurs upon achievement of upper quartile TSR measured over the three year period. Once vested, these 
options may be exercised until 1 April 2020. At 31 March 2013, 1,017,354 of these options were outstanding at an exercise 
price of €0.32. 50
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
Options granted on 27 July 2010 vest to 30% of the options granted on achievement of median TSR. Full vesting of the options 
granted occurs upon achievement of upper quartile TSR measured over the three year period. Once vested, these options may 
be exercised until 27 July 2020. At 31 March 2013, 6,075,005 of these options were outstanding at an exercise price of €0.24.
Options granted on 1 April 2011 vest to 30% of the options granted upon achievement of median TSR. Full vesting of the 
options granted occurs upon achievement of upper quartile TSR measured over the three year period. Once vested, these 
options may be exercised until 1 April 2021. At 31 March 2013, 718,173 of these options were outstanding at an exercise price 
of €0.17.
Options granted on 1 August 2011 at an exercise price of €0.10 per Ordinary Share vest to 30% of the options granted on 
achievement of median TSR. Full vesting of the options granted occurs upon achievement of upper quartile TSR measured over 
the three year period. Once vested, these options may be exercised until 1 August 2021. At 31 March 2013, 7,437,982 of these 
options were outstanding at an exercise price of €0.10.
Options granted on 2 August 2012 vest to 30% of the options granted on achievement of median TSR. Full vesting of the 
options granted occurs upon achievement of upper quartile TSR measured over the three year period. Once vested, these 
options may be exercised until 2 August 2022. At 31 March 2013, 4,418,173 of these options were outstanding at an exercise 
price of €0.15.
TSR is measured on a relative basis compared to the FTSE Small Cap index over a three year period from grant date. Unless 
discretion is exercised by the Nomination & Remuneration Committee, all options are forfeit following an option holder’s 
termination of contract.
Outstanding options granted under the share option scheme are as follows:
Number of outstanding options  
at 31 March
Weighted average remaining  
contractual life, in years
Date of grant 2013 2012 2013 2012
1 March 2005 269,265 269,265 1.9 2.9
28 March 2007 2,343,034 2,343,034 4 5
20 November 2007 298,900 298,900 4.6 5.6
18 June 2008 99,161 99,161 5.3 6.3
8 December 2008 213,905 228,070 5.7 6.7
19 November 2009 2,557,424 2,557,424 6.6 7.6
1 April 2010 1,017,354 1,017,354 7 8
27 July 2010 6,075,005 6,188,332 7.3 8.3
1 April 2011 718,173 718,173 8 9
1 August 2011 7,437,982 7,537,982 8.3 9.3
2 August 2012 4,418,173 – 9.3 –
Movements in the weighted average values are as follows:
Weighted 
average 
exercise price Number
Outstanding at 31 March 2011 € 0.96 20,374,097
Granted during the year € 0.11 8,331,155
Forfeited during the year € 1.52 (7,447,558)
Outstanding at 31 March 2012 € 0.43 21,257,694
Granted during the year € 0.15 4,418,173
Forfeited during the year € 0.22 (227,493)
Outstanding at 31 March 2013 € 0.38 25,448,374
The exercise price of options outstanding at the end of the year ranged between €0.10 and €2.58 (2012: €0.10 and €2.58) and 
their weighted average contractual life was 7.5 years (2012: 8.1 years).
Of the total number of options outstanding at the year-end, 1,831,287 (2012: 1,831,287) had vested and were exercisable at 
the end of the year. No options were exercised in the current or previous year.
14. share- Base D payments continued  51
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
The weighted average fair value of each option granted during the year was €0.06 (2012: €0.05).
The fair value of Executive share options granted during the current and previous years is calculated based on a modified 
Black-Scholes model assuming inputs shown below:
Grant date August 2012 August 2011 April 2011 July 2010 April 2010
Share price at grant date (€) 0.15 0.10 0.17 0.34 0.46
Exercise price (€) 0.15 0.10 0.17 0.34 0.46
Expected life (years) 3 3 3 3 3
Contractual life (years) 10 10 10 10 10
Risk free rate 1.83% 1.54% 2.25% 2.30% 2.00%
Expected volatility 85% 85% 85% 60% 60%
Expected dividend yield 0% 0% 0% 0.0% 0.0%
Fair value of option € 0.060 € 0.040 € 0.070 € 0.106 € 0.143
Volatility has been estimated by reference to the historic volatility since October 2005 when the Company’s shares were listed 
on AIM. The resulting fair value is expensed over the vesting period of the options on the assumption that a proportion of 
options will lapse over the service period as employees leave the Group. The anti-dilutive adjustment in the previous year, 
described above, did not result in any change in the total fair value of the share-based payments, with the reduction in the  
fair value in the individual being offset by the increase in the number of outstanding options.
Employee Benefit Trust – Share bonus award
On 5 July 2012, in connection with employee remuneration and incentivisation arrangements for the period from 1 July 2012  
to 30 June 2013, 3,926,666 new Ordinary Shares were issued to an Employee Benefit Trust, the beneficiaries of which are 
primarily the Executive Directors and Senior Managers. Such new Ordinary Shares vest if the employees remain in employment 
with the Company at the vesting date, being 1 July 2013 (subject to certain other provisions including good-leaver, take-over 
and nomination and remuneration committee discretion provisions). 
As at 31 March 2013, the Employment Benefit Trust was consolidated by the Company and the 3,926,666 shares are recorded 
as Own Shares within equity.
Employee Share Participation Plan
During the year, the Company continued to operate the Employee Share Participation Plan (the ‘Plan’) that was initiated in  
the prior year. The Plan is intended to promote the long term growth and profitability of Accsys by providing employees with 
an opportunity to acquire an ownership interest in new Ordinary Shares (‘Shares’) in the Company as an additional benefit  
of employment.
Under the terms of the Plan, the Company issues these Shares to a trust for the benefit of the subscribing employees. The 
Shares are released to employees after one year, together with an additional Share on a 1 for 1 matched basis provided the 
employee has remained in the employment of Accsys at that point in time (subject to good leaver provisions). The Plan is in  
line with industry approved employee share plans and is open for subscription by employees twice a year following release of 
annual and half yearly financial results. The maximum amount available for subscription by any employee is €5,000 per annum.
During the year ended 31 March 2013 the plan was open for subscription twice. In July 2012 various employees subscribed for 
a total of 415,332 Shares at an acquisition price of €0.15 per Share. In December 2012 various employees subscribed for a total 
of 369,423 Shares at an acquisition price of €0.14 per Share.
During the year ended 31 March 2013, 1 for 1 matching shares which were issued to the trust during the July 2011 and 
December 2011 subscription periods were issued to a number of employees, all of which remained in employment with Accsys. 
A total of 783,283 1 for 1 matching Shares were issued in August 2012 and a total of 130,831 1 for 1 matching Shares were 
issued in January 2013.
14. share- Base D payments continued  52
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
15. intan GiBle assets
Internal 
development 
costs 
€’000
Intellectual 
property 
rights 
€’000
Goodwill 
€’000
Total 
€’000
Cost
At 1 April 2011 252 73,200 4,231 77,683
Additions 283 – – 283
At 31 March 2012 535 73,200 4,231 77,966
Additions 861 92 – 953
At 31 March 2013 1,396 73,292 4,231 78,919
Amortisation
At 1 April 2011
– 70,107 – 70,107
Amortisation 16 264 – 280
At 31 March 2012 16 70,371 – 70,387
Amortisation 39 267 – 306
At 31 March 2013 55 70,638 – 70,693
Net book value
At 31 March 2013 1,341 2,654 4,231 8,226
At 31 March 2012 519 2,829 4,231 7,579
At 1 April 2011 252 3,093 4,231 7,576
The carrying value of internal development costs, intellectual property rights and goodwill on consolidation have been 
allocated for impairment testing purposes to one cash generating unit being the Group’s licensing operations. The recoverable 
amount of internal development costs, intellectual property rights and goodwill relating to this operation is determined based 
on a value in use calculation which uses cash flow projections based on financial budgets. Cash flows have been projected for  
a period of 10 years plus assumptions concerning a terminal value, corresponding with the expected minimum life of the 
intellectual property rights and based on a pre tax discount rate of 20% per annum (2012: 20%). The key assumption used  
in the value in use calculations is the level of future licence fees estimated by management over the budget period. These 
have been based on past experience and expected future revenues. A 5% increase in the discount rate or a 15% reduction in 
expected revenues would not give rise to an impairment. 53
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
16. property, plant an D equipment
Land and  
buildings 
€’000
Plant and 
machinery 
€’000
Office  
equipment 
€’000
Total 
€’000
Cost or valuation
At 1 April 2011 6,815 26,108 462 33,385
Additions 65 850 154 1,069
Disposals – – – –  
Foreign currency translation gain/(loss) – – (4) (4)
At 31 March 2012 6,880 26,958 612 34,450
Additions – 252 41 293
Disposals (1,672) (20) – (1,692)
Foreign currency translation gain/(loss) – – 3 3
At 31 March 2013 5,208 27,190 656 33,054
Depreciation
At 1 April 2011 – 6,560 398 6,958
Charge for the year 75 1,733 74 1,882
Disposals – – – –  
Foreign currency translation gain/(loss) – – (4) (4)
At 31 March 2012 75 8,293 468 8,836
Charge for the year 117 1,771 62 1,950
Disposals – (7) – (7)
Foreign currency translation gain/(loss) – – 4 4
At 31 March 2013 192 10,057 534 10,783
Net book value
At 31 March 2013 5,016 17,133 122 22,271
At 1 April 2012 6,805 18,665 144 25,614
Included within tangible fixed assets are assets with an initial cost of €6,252,000 and a net book value at 31 March 2013 of 
€4,590,000 which has been accounted for as a finance lease under the terms of the sale and leaseback agreement entered 
into in the year. See note 25.
17. other finan Cial assets
2013
€’000
2012
€’000
Available for sale investments – –
Accsys Technologies PLC has previously purchased a total of 21,666,734 unlisted ordinary shares in Diamond Wood China.  
The Group does not currently have an intention to dispose of its investment in Diamond Wood in the foreseeable future.
The carrying value of the investment is carried at cost less any provision for impairment, rather than at its fair value, as there is 
no active market for these shares, and there is significant uncertainty over the potential fundraising efforts of Diamond Wood, 
and as such a reliable fair value cannot be calculated.
The historical cost of the unlisted shares held at 31 March 2013 is €10m (2012: €10m). However, a provision for the impairment 
of the entire balance of €10m continues to be recorded, as at 31 March 2013 the conclusion of Diamond Wood finalising its 
funding arrangements was still pending. In the event Diamond Wood completes the fund-raising, the balance may be re-valued. 54
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
18. DeferreD t axation
The Group has a deferred tax asset of €866,000 (2012: €1,522,000) relating to trading losses brought forward. The deferred 
tax asset has been recognised on the basis that trading profits are expected to be recorded in the related legal entities in the 
foreseeable future. These expected trading profits are attributable to the production of Accoya® wood and the recharge of 
research and development activities to other Group companies. 
The Group also has an unrecognised deferred tax asset of €21,543,000 (2012: €18,983,000) which is largely in respect  
of trading losses of the UK subsidiary. The deferred tax asset has not been recognised due to the uncertainty of the timing  
of future expected profits of the related legal entity attributable to licensing activities.
Movements in recognised deferred tax asset:
2013
€’000
2012
€’000
Opening balance 1,522 2,095
Recognition of deferred tax asset – 22
Derecognition of deferred tax asset – –
Utilisation of deferred tax asset (656) (595)
Closing balance 866 1,522
19. suBsiDiaries
A list of subsidiary investments, including the name, country of incorporation and proportion of ownership interest is given in 
note 4 to the Company’s separate financial statements.
20. inventories
2013
€’000
2012
€’000
Materials and work in progress 1,816 1,008
Finished goods 3,044 2,112
4,860 3,120
The amount of inventories recognised as an expense during the year was €13,172,827 (2012: €12,585,942). The cost of 
inventories recognised as an expense includes a net credit of €512,813 in respect of the inventories sold in the period which 
had previously been written down to net realisable value. The cost of inventories recognised as an expense in 2012 included 
€843,000 in respect of write down of inventories to net realisable value.
21. t ra De an D other re Ceiva Bles
2013
€’000
2012
€’000
Trade receivables 2,294 2,129
Other receivables 249 576
Prepayments 1,145 871
3,688 3,576
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
The age of receivables past due but not impaired is as follows:
2013
€’000
2012
€’000
Up to 30 days overdue 755 263
Over 30 days and up to 60 days overdue 49 79
Over 60 days and up to 90 days overdue 11 –
Over 90 days overdue 9 1
824 343
In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade 
receivables from the date credit was initially granted up to the reporting date. Included in the provision for doubtful debts  
are individually impaired trade receivables and accrued income with a balance of €25,001,000 (2012: €25,001,000) due  
from Diamond Wood. 55
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
21. t ra De an D other re Ceiva Bles continued
Movement in provision for doubtful debts:
2013
€’000
2012
€’000
Balance at the beginning of the period 25,110 25,770
Release of impairment (59) (660)
Balance at the end of the period 25,051 25,110
Summary of Receivable Impairments:
2013
€’000
2012
€’000
Trade receivables – Accoya® wood* 50 (89)
Trade receivables – Diamond Wood Licensing** – (571)
Prepayments – Al Rajhi*** – 5,402
50 4,742
* The impairment of Accoya® wood receivables relates to a number of Accoya® customers.
** The previous impairment of Diamond Wood trade receivables in 2010 was partially reversed in 2011 and in 2012.
*** The impairment of prepaid commission costs relates to the Al Rajhi licence agreement – this was partially offset by the release of deferred income – see note 6.
22. t ra De an D other paya Bles
2013
€’000
2012
€’000
Trade payables 2,333 2,231
Other taxes and social security payable 86 216
Accruals and deferred income 938 938
3,357 3,385
23. share C apital
2013
€’000
2012
€’000
Allotted – Equity share capital
433,171,589 (2012: 404,016,642) Ordinary Shares of €0.01 each 4,332 4,040
4,332 4,040
On 2 August 2011, a total of 783,283 of Ordinary Shares were issued to a trust under the terms the Employee Share 
Participation Plan. (See note 14).
On 23 January 2012, a total of 130,831 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 5 July 2012, a total of 3,926,666 shares were issued to an Employment Benefit Trust, the beneficiaries of which were  
to be the Executive Directors and Senior Managers (see note 14).
On 8 August 2012, a total of 783,283 of Ordinary Shares were issued and released to employees together with the 783,283  
of Ordinary Shares issued to trust on 2 August 2011. (See note 14).
On 7 September 2012, a total of 415,332 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 19 October 2012, a total of 23,529,412 of Ordinary Shares were issued to INEOS following the receipt of subscription 
monies totalling €4,000,000.
On 18 January 2013, a total of 369,423 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 23 January 2013, a total of 130,831 of Ordinary Shares were issued and released to employees together with the 130,831 
of Ordinary Shares issued to trust on 23 August 2012. (See note 14). 56
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
24. Commitments unDer operatin G leases
The Group leases land, buildings and machinery under non-cancellable operating lease agreements. The total future value of 
the minimum lease payments that are due is as follows:
2013 
€’000
2012
€’000
Operating lease payments due
Within one year 978 633
In the second to fifth years inclusive 1,345 1,251
In greater than five years 1,475 –
3,798 1,884
The majority of commitments under operating leases relate to the Group’s offices in the UK, the Netherlands and U.S.A.
The increase compared to prior year is predominantly related to the 2nd phase of the Arnhem land sale and leaseback which 
was completed in February 2013.
Under the terms of the agreement, Accsys sold the land next to the plant generating proceeds of €1,699,000. At the same 
time it was agreed to lease the land and that the landlord would construct new warehousing facilities which will assist with  
the Company’s ability to grow by allowing for improved logistics and wood handling.
25. Commitments unDer finan Ce leases
Agreements were reached in August 2011 for the sale and leaseback of the land and buildings in Arnhem for a total of €4m. 
€2.2m was received in the previous financial year with the remaining amount received in the current year, but accounted for  
as an operating lease. The transaction has resulted in a finance lease creditor of €2.2m as at 31 March 2013:
Minimum lease payments
2013 
€’000
2012
€’000
Amounts payable under finance leases:
Within one year 280 280
In the second to fifth years inclusive 1,120 1,120
After five years 2,332 2,613
Less: future finance charges (1,544) (1,789)
Present value of lease obligations 2,188 2,224
Present value of  
minimum lease payments
2013
€’000
2012
€’000
Amounts payable under finance leases:
Within one year 264 264
In the second to fifth years inclusive 768 842
After five years 1,156 1,118
Present value of lease obligations 2,188 2,224
26. f inan Cial instruments
Financial instruments
Finance lease
Agreements were reached in August 2011 for the sale and leaseback of the land and buildings in Arnhem under which a total 
of €4m will be received. €2.2m was received in the previous period with the remaining amount received in the current financial 
year. Subject to the terms of the agreement, the buyer has committed to build new storage facilities which will also allow  
for an improvement in wood handling logistics. The transaction has resulted in a finance lease creditor of €2,188,000 as at 
31 March 2013 (2012: €2,224,000). The total lease term is 15 years. (See note 24 and 25).
Equity line of credit and warrants
The Company’s equity line of credit with GEM Global Yield Fund Limited for up to €20m expired on 30 March 2012. The three  
year agreement, which allowed the Company to issue shares at a price per share which represents a 10% discount to the average 
closing price over a 15 day period prior to the draw down. Each draw down was based on the share price over a 15 day period,  
with GEM having had the option to subscribe for between 50% and 200% of the number of shares requested by the Company. 57
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
26. f inan Cial instruments continued
The Company also issued 3,000,000 warrants to GEM and 120,000 warrants to Montrose Partners LLP on 30 June 2009, and 
the warrants were exercisable for a period of three years from the issue date at an exercise price of €1.00 each as adjusted 
following the Firm Placing and Placing and Open Offer in the previous financial year. The warrants expired on 30 June 2012.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising 
the return to shareholders.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to owners of the Parent 
Company, comprising share capital, reserves and accumulated losses.
The Board reviews the capital structure on a regular basis. As part of that review, the Board considers the cost of capital and 
the risks associated with each class of capital. Based on the review, the Group will balance its overall capital structure through 
new share issues and the raising of debt if required.
No final dividend is proposed in 2013 (2012: €Nil). The Board deems it prudent for the Company to protect as strong a 
statement of financial position as possible during the current phase of the Company’s growth strategy.
Categories of financial instruments
2013
€’000
2012
€’000
Available for Sale investments –  – 
Loans and receivables
 Trade receivables 2,294  2,129 
 Other receivables 249 576 
 Money market deposits in Euro 15,768  17,065 
 Money at call in Euro 2,180  2,560 
 Money at call in US dollars 459 396 
 Money at call in Sterling 671 543 
 Money at call in New Zealand dollars 375  – 
 Liquidity fund in Euro 1,013  4,010 
Financial liabilities at amortised cost
 Trade payables (2,333) (2,231)
 Accruals (938) (938)
 Finance lease creditor (2,188) (2,224)
 17,550  21,886 
Money market deposits have interest rates fixed for less than nine months at a weighted average rate of 1.17% (2012: 1.09%). 
Money market deposits are held at financial institutions with high credit ratings (Standard & Poor’s rating of AA).
Trade payables are payable on various terms, typically not longer than 30 days.
Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. 
There is also a risk associated with the available for sale investment.
Financial risk management objectives
The Group’s treasury policy is structured to ensure that adequate financial resources are available for the development of its 
business whilst managing its currency, interest rate, counterparty credit and liquidity risks. The Group’s treasury strategy and 
policy are developed centrally and approved by the Board.
Foreign currency risk management
Currency exposures are limited as the Group’s functional currency is the Euro with the majority of operating costs and balances 
denominated in Euros. A smaller proportion of expenditure is incurred in US dollars and pounds sterling. In addition some 
raw materials, while priced in Euros, are sourced from countries which are not within the Eurozone. The Group monitors any 
potential underlying exposure to other exchange rates. 58
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the f inancial statements continued
f or the year ended 31 march 2013
Interest rate risk management
The Group’s borrowings are limited to the sale and leaseback of the Arnhem land and buildings and therefore it is not exposed 
to interest rate risk in relation to financial liabilities. Surplus funds are invested in short term interest rate deposits to reduce 
exposure to changes in interest rates. The Group does not enter into any hedging arrangements.
Credit risk management
The Group is exposed to credit risk due to its trade receivables due from customers and cash deposits with financial institutions. 
The Group’s maximum exposure to credit risk is limited to their carrying amount recognised at the balance sheet date.
The Group ensures that sales are made to customers with an appropriate credit history to reduce the risk where this is considered 
necessary. The Directors consider the trade receivables at year end to be of good credit quality including those that are past due 
(note 21). The Group is not exposed to any significant credit risk exposure in respect of any single counterparty or any group of 
counterparties with similar characteristics other than the balances which are provided for as described in notes 6 and 21.
The Group has credit risk from financial institutions. Cash deposits are placed with a group of financial institutions with 
suitable credit ratings in order to manage credit risk with any one financial institution.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk 
management framework for the management of the Group’s short, medium and long term funding and liquidity management 
requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously 
monitoring forecast and actual cash flows and matching the maturity profile of financial assets and liabilities.
In addition to the sale and leaseback of the Arnhem land and buildings described above, the Group entered new finance 
facilities secured on trade receivables and inventories:
 Trade receivables facility
 On 28 February 201 1 the Group entered a trade receivable financing and credit management agreement with Fortis 
Commercial Banking for a period of at least two years from the closing date and with a facility limit of €1.5m. After two 
years the agreement was tacitly renewed for a rolling one year period. The facility is secured upon the Group’s trade 
receivable. At 31 March 2013, €nil had been drawn down under the agreement.
 Inventories facility
 On 17 January 2013 the Group entered a credit facility agreement with ABN AMRO Bank N.V. with a facility limit of €3.0m for 
the financing of the Group’s operating activities. The facility is secured against the inventories of the Group.
Both facilities are subject to interest at 1.5% above the ABN AMRO base rate (4.2% as at 31 March 2013). At 31 March 2013, 
the Group had €nil (2012: €nil) borrowed under either of the facilities.
Fair value of financial instruments
In the opinion of the Directors, there is no material difference between the book value and the fair value of all financial assets 
and financial liabilities.
27. r elate D party transa Ctions
In the year ended 31 March 2013, there were a number of related party transaction with the Tricoya Technologies Limited joint 
venture, all of which arose in the normal course of business, totalling €618,000 (2012: Nil). At the end of the period €237,000 
of the total amount was payable from TTL to Accsys group companies (2012: Nil). There were no related party transactions in 
the year ended 31 March 2012.
28. Capital Commitments
2013
€’000
2012
€’000
Contracted but not provided for 72 17
26. f inan Cial instruments continued 59
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
in Depen Dent au Ditor’s report to the 
sharehol Ders of aCC sys t eChnolo Gies pl C
We have audited the Parent Company financial statements of 
Accsys Technologies PLC for the year ended 31 March 2013 
which comprise the Company balance sheet and the related 
notes. The financial reporting framework that has been 
applied in their preparation is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice).
r espe Ctive responsi Bilities of Dire Ctors 
an D au Ditors
As explained more fully in the Statement of Directors’ 
responsibilities, the Directors are responsible for the 
preparation of the Parent Company financial statements and 
for being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the Parent 
Company financial statements in accordance with applicable 
law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing 
Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and 
only for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no 
other purpose. We do not, in giving these opinions, accept or 
assume responsibility for any other purpose or to any other 
person to whom this report is shown or into whose hands it 
may come save where expressly agreed by our prior consent 
in writing.
sCope of the au Dit of the finan Cial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are  
free from material misstatement, whether caused by fraud  
or error. This includes an assessment of: whether the 
accounting policies are appropriate to the Parent Company’s 
circumstances and have been consistently applied and 
adequately disclosed; the reasonableness of significant 
accounting estimates made by the Directors; and the overall 
presentation of the financial statements. In addition, we read 
all the financial and non-financial information in the Accsys 
Technologies PLC Annual Report and Financial Statements to 
identify material inconsistencies with the audited financial 
statements. If we become aware of any apparent material 
misstatements or inconsistencies we consider the 
implications for our report.
Company independent auditor’s r eport
opinion on finanC ial statements
In our opinion the Parent Company financial statements:
• give a true and fair view of the state of the Company’s 
affairs as at 31 March 2013;
• have been properly prepared in accordance with United 
Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements 
of the Companies Act 2006.
opinion on other matters pres Cri BeD By the 
Companies aC t 2006
In our opinion:
• the part of the Directors’ Remuneration Report to be 
audited has been properly prepared in accordance with  
the Companies Act 2006; and
• the information given in the Directors’ Report for the 
financial year for which the Parent Company financial 
statements are prepared is consistent with the Parent 
Company financial statements.
matters on W hi Ch W e are require D to report 
By ex Ception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you 
if, in our opinion:
• adequate accounting records have not been kept by the 
Parent Company, or returns adequate for our audit have 
not been received from branches not visited by us; or
• the Parent Company financial statements and the part of 
the Directors’ Remuneration Report to be audited are not 
in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by 
law are not made; or
• we have not received all the information and explanations 
we require for our audit.
other matter
We have reported separately on the Group financial 
statements of Accsys Technologies PLC for the year ended 
31 March 2013.
simon o ’Brien (senior statutory auditor)
for and on behalf of pricewaterhouseCoopers llp
Chartered accountants and statutory auditors
London
24 June 2013 60
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
Note
2013
€’000
2012
€’000
Fixed assets
Investments in subsidiaries 4 10,217 9,290
Other investments 5 – –
10,217 9,290
Current assets
Debtors 6 117,247 108,617
Cash at bank and in hand 11,682 16,971
128,929 125,588
Creditors: amounts falling due within one year 7 3,697 3,864
Net current assets 125,232 121,724
Total assets less current liabilities 135,449 131,014
Capital and reserves
Share capital 8 4,332 4,040
Share premium account 9 128,588 124,887
Own shares 9 (39) –  
Capital redemption reserve 9 148 148
Warrant reserve 9 235 82
Profit and loss account 9 2,185 1,857
Total shareholders’ funds 10 135,449 131,014
The financial statements were approved by the Board and authorised for issue on 24 June 2013
paul Clegg William r udge
Director Director
The notes on pages 61 to 64 form part of these financial statements.
Company Balance sheet
as at 31 march 2013
Registered Company 05534340 61
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
1. aCCountinG poli Cies
The financial statements have been prepared under the historical cost convention and in accordance with United Kingdom 
applicable accounting standards. The following principal accounting policies have been applied:
Investments
Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are classified as available for sale 
investments and are stated at historical cost. Gains and losses arising from changes in fair value are recognised directly in 
equity, with the exception of impairment losses which are recognised directly in profit or loss. Where investment is disposed  
of or is determined to be impaired, the cumulative gain or loss previously recognised in the profit or loss in the year. Where it  
is not possible to obtain a reliable fair value, these investments are held at cost less provision for impairment.
Share-based payments
When the parent entity grants options over equity instruments directly to the employees of a subsidiary undertaking, then  
in the Parent Company financial statements the effect of the share-based payment, as calculated in accordance with FRS 20,  
is capitalised as part of the investment in the subsidiary as a capital contribution, with a corresponding increase in equity.
The fair value of the options granted is measured using a modified Black-Scholes model, taking into account the terms and 
conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual 
number of share options that vest only where vesting is dependent upon the satisfaction of service and non-market vesting 
conditions.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at  
each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number 
of options which eventually vest. Market vesting conditions are factored into the fair value of the options granted. The 
cumulative expense is not adjusted for failure to achieve a market vesting condition.
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain 
items for taxation and accounting purposes except for deferred tax assets which are only recognised to the extent that the 
Company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. 
Deferred tax balances are not discounted.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.  
Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.
Related party transactions
The Company has taken advantage of the exemption available under FRS 8, ‘Related Party Disclosure’, not to disclose 
transactions between Group companies on the grounds that 100% of the voting rights are controlled within that Group  
and that Company is included in the consolidated financial statements.
Cash flow statement
The Company has taken advantage of the exemption in FRS 1, ‘Cash flow Statement’, and has not produced a cash flow 
statement as it is a member of a group which prepares a consolidated cash flow statement.
2. profit an D loss a CCount
A loss of €599,000 (2012: loss of €676,000) is dealt with in the Company financial statements of Accsys Technologies PLC. 
The Directors have taken advantage of the exemption available under section 408 of the Companies Act 2006 and not 
presented a profit and loss account for the Company. Audit fees payable to the Group’s auditors were €72,000 (2012: €61,000) 
and fees payable for other services were €30,000 (2012: €28,000).
3. employees
The Company had no employees other than Executive Directors during the current or prior year. Non-Executive Directors 
received emoluments in respect of their services to the Company of €183,000 (2012: €170,000). The Company did not operate 
any pension schemes during the current or preceding year.
notes to the Company f inancial statements
f or the year ended 31 march 2013 62
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
4. investment in su BsiDiaries
€’000
Cost
At 31 March 2012 13,970
Share-based payments 927
At 31 March 2013 14,897
Impairment
At 1 April 2011 and 31 March 2013 4,680
Net book value
At 31 March 2013 10,217
At 31 March 2012 9,290
The following were the principal subsidiary undertakings at the end of the year and have all been included in the financial statements:
Class
2013% shares 
and voting  
rights held
2012% shares  
and voting  
rights held
Subsidiary undertakings
Titan Wood Technology BV Ordinary 100 100
Titan Wood BV Ordinary 100 100
Titan Wood Limited Ordinary 100 100
Titan Wood Inc Ordinary 100 100
The shares in Titan Wood BV and Titan Wood Inc are held indirectly by the Company.
The principal activities of these companies were as follows:
Titan Wood Technology B.V.  The provision of technical and engineering services to licensees, and the technical 
development of fibre board opportunities.
 
Titan Wood B.V.  The manufacture and sale of Accoya®, acetylated wood.
 
Titan Wood Inc.  Provision of Sales, Marketing and Technical services.
 
Titan Wood Limited  Establishing global market penetration of Accoya® and Tricoya® as the premium wood and 
wood elements brands respectively for external applications requiring durability, stability and 
reliability through the licensing of the Group’s proprietary process for wood acetylation.
5. other investments
2013
€’000
2012
€’000
Unlisted securities available for resale – –
Accsys Technologies PLC has previously purchased a total of 21,666,734 unlisted Ordinary Shares in Diamond Wood China.  
The Company does not currently have an intention to dispose of its investment in Diamond Wood in the foreseeable future.
The carrying value of the investment is carried at cost less any provision for impairment, rather than at its fair value, as there is 
no active market for these shares, and there is significant uncertainty over the potential fundraising efforts of Diamond Wood, 
and as such a reliable fair value cannot be calculated.
The historical cost of the unlisted shares held at 31 March 2013 is €10m (2012: €10m). However, a provision for the impairment 
of the entire balance of €10m continues to be recorded, as at 31 March 2012 the conclusion of Diamond Wood finalising its 
funding arrangements was still pending. In the event Diamond Wood completes the fund-raising, the balance may be re-valued.
notes to the Company f inancial statements continued
f or the year ended 31 march 2013 63
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
6. DeBtors
2013 
€’000
2012 
€’000
Amounts owed by subsidiary undertakings 117,231 108,485
Prepayments and accrued income 16 132
117,247 108,617
The amounts owed by subsidiary undertakings are payable on demand, however the Company has indicated it has no intention 
of demanding payment within the next twelve months. The Directors have considered the recoverability of the balances, 
taking into account the net assets as well as the long term expected performance of the subsidiaries and do not consider that 
any impairment is currently required. However, a degree of risk remains over the carrying value given the relative uncertainty 
of the future results.
7. Cre Ditors: amounts fallin G Due Within one year
2013
€’000
2012
€’000
Trade creditors 190 294
Amounts owed to subsidiary undertakings 3,379 3,448
Accruals and deferred income 128 122
3,697 3,864
8. share C apital
2013
€’000
2012
€’000
Allotted – Equity share capital
433,171,589 (2012: 404,016,642) Ordinary Shares of €0.01 each 4,332 4,040
4,332 4,040
On 2 August 2011, a total of 783,283 of Ordinary Shares were issued to a trust under the terms the Employee Share 
Participation Plan. (See note 14).
On 23 January 2012, a total of 130,831 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 5 July 2012, a total of 3,926,666 shares were issued to an Employment Benefit Trust, the beneficiaries of which were  
to be the Executive Directors and Senior Managers (see note 14).
On 8 August 2012, a total of 783,283 of Ordinary Shares were issued and released to employees together with the 783,283  
of Ordinary Shares issued to trust on 2 August 2011. (See note 14).
On 7 September 2012, a total of 415,332 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 19 October 2012, a total of 23,529,412 of Ordinary Shares were issued to INEOS following the receipt of subscription 
monies totalling €4,000,000.
On 18 January 2013, a total of 369,423 of Ordinary Shares were issued to a trust under the terms of the Employee Share 
Participation Plan. (See note 14).
On 23 January 2013, a total of 130,831 of Ordinary Shares were issued and released to employees together with the 130,831 
of Ordinary Shares issued to trust on 23 August 2012. (See note 14). 64
Accsys Technologies PLC Annual Report & Financial Statements year ended 31 March 2013
notes to the Company f inancial statements continued
f or the year ended 31 march 2013
9. r eserves
Share  
capital  
Ordinary
€’000
Share  
premium
€’000
Capital  
redemption 
Reserve
€’000
Own  
Shares
€’000
Warrant  
Reserve
€’000
Profit  
and loss  
account
€’000
Total
€’000
Balance at 1 April 2012 4,040 124,887 148 – 82 1,857 131,014
Total comprehensive 
income for the period – – – – – (599) (599)
Expiry of warrants – 82 – – (82) – –
Share-based payments – – – – – 927 927
Shares issued 292 – – (39) – – 253
Premium on shares issued – 3,635 – – – – 3,635
Share issue costs – (16) – – – – (16)
Share warrants issued – – – – 235 – 235
Balance at 31 March 2013 4,332 128,588 148 (39) 235 2,185 135,449
The profit and loss account includes €8,010,000 of non-distributable reserves arising from the liquidation of Accsys Chemicals 
PLC in the year ended 31 March 2007. The profit and loss account also includes €3,725,000 of non-distributable reserves 
relating to share-based payments.
10. r eCon Ciliation of movement in sharehol Ders’ fun Ds
Reconciliation of movement in shareholders funds
2013
€’000
2012
€’000
Loss for the financial year (599) (676)
Share-based payments charged to subsidiaries 927 348
Proceeds from issue of shares 3,888 112
Share issue costs (16) –
Warrants issued 235 –
Net increase/(decrease) in shareholders’ funds 4,435 (216)
Opening shareholders’ funds 131,014 131,230
Closing shareholders’ funds 135,449 131,014
11. Divi Den Ds pai D
2013
€’000
2012
€’000
Final Dividend €Nil (2012: €Nil) per Ordinary Share proposed and paid during year relating to the 
previous year’s results – –
12. DeferreD taxation
The Company has an unrecognised deferred tax asset of €714,000 (2012: €602,000) which is largely in respect of trading 
losses. The deferred tax asset has not been recognised due to the uncertainty of the timing of future expected profits of  
the fellow subsidiary (in which the Company is in the same tax group) attributable to licensing activities. Accsys Technologies PLC is a public limited company incorporated in England
Directors Gordon Campbell
Paul Clegg
Nick Meyer
Hans Pauli
William Rudge
Patrick Shanley
Non-Executive Chairman
Chief Executive Officer
Non-Executive Director
Chief Operating Officer
Financial Director
Non-Executive Director
Company Secretary Angus Dodwell
Company Number 5534340
Registered Office Royal Albert House
Sheet Street
Windsor
SL4 1BE
Bankers Barclays Bank
50 Pall Mall
London
SW1A 1QJ
Rabobank
Croeselaan 18
Utrecht
3521 CB
The Netherlands
JPMorgan Chase Bank
PO Box 260180
Baton Rouge
LA, 70826-0180
USA
ABN AMRO Bank
Velperweg 37
6824 BM Arnhem
The Netherlands
Registrars SLC Registrars
Thames House
Portsmouth Road
Esher
Surrey
KT10 9AD
Independent Auditors PricewaterhouseCoopers LLP
Chartered Accountants and 
Statutory auditors
1 Embankment Place
London, WC2N 6RH
Lawyers Bristows
100 Victoria Embankment
London, EC4Y 0DH
Broker and Nomad Numis Securities Ltd
The London Stock Exchange 
Building
10 Paternoster Square
London, EC4M 7LT
Shareholder information Royal Albert House 
Sheet Street 
Windsor SL4 1BE  
T +44 (0) 1753 757500 
F +44 (0) 1753 854730
www.accsysplc.com
www.accoya.com
www.tricoya.com
Accsys Technologies PLC Annual Report & Financial Statements 201 3
Accoya®, Tricoya® and the Trimarque Device are registered trademarks owned by Titan Wood 
Limited, (“TWL”) a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or 
reproduced without written permission from TWL, or in the case of TRICOYA® registered trademark 
from Tricoya Technologies Limited, a joint venture between TWL and INEOS Industries Holdings 
Limited, with exclusive rights to exploit the Tricoya® brand
© Titan Wood Limited July 2013