Accsys Technologies PLC Annual Report & Financial Statements 2015
ACCSYS TECHNOLOGIES PLC
ANNUAL REPORT & FINANCIAL ST A TEMENTS 201 5
www.accsysplc.com Accsys T echnologies PLC (‘Accsys’ or the ‘Company’) 
is a chemical technology group focussed on 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) for use as class leading, 
environmentally sustainable, construction materials. 
The primary focus is on the production, sale and 
licensing of Accoya® solid wood and the licensing of 
Tricoya® wood elements technology. Manufactured 
through the Company’s proprietary acetylation wood 
modification process, these solid wood 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.
Strategic Report
1 Our Highlights 2015
2 Accsys at a Glance
4 Chairman’s Statement
6 Chief Executive’s Report
10 Strategy and Business Model
14 Financial Review
16 Sustainability Report
Corporate Governance
20 Board of Directors
22 Directors’ Report 
25 Remuneration Report
36 Corporate Governance
38 Statement of Directors’ Responsibilities
Financial Statements
40 Group Independent Auditors Report
42 Consolidated Statement of Comprehensive Income 
43 Consolidated Statement of Financial Position
44 Consolidated Statement of Changes in Equity
45 Consolidated Statement of Cash Flow 
46 Notes to the Financial Statements
69 Company Independent Auditors’ Report 
71 Condensed Company Balance Sheet
72 Notes to the Company Financial Statements
76 Shareholder Information Accsys Technologies PLC  Annual Report & Financial Statements 2015 1
Corporate Governance Financial Statements Strategic Report
Accoya® wood sales revenue
€m 
2015 2014 2013 2012 2011 2010
Accoya® manufacturing EBITDA
€m 
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
2015 2014 2013 2012 2011 2010
12.6
13.6
16.6
29.3
9.1
40.7
-0.9
2.4
6.9
-4.5
-3.6
-7.5
Accoya® wood sales revenue
€m 
2015 2014 2013 2012 2011 2010
Accoya® manufacturing EBITDA
€m 
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
2015 2014 2013 2012 2011 2010
12.6
13.6
16.6
29.3
9.1
40.7
-0.9
2.4
6.9
-4.5
-3.6
-7.5
€46.1m
Total revenue from all sources
2014: €33.5m +38%
€10.8m
Cash and cash equivalents
2014: €15.2m
Year ended
31 March 
2015 
31 March  
2014
31 March  
2013
31 March  
2012
31 March  
2011
31 March  
2010
€’000 €’000 €’000 €’000 €’000 €’000
Revenue from Accoya® wood sales 40,661 29,293 16,555 13,574 12,567 9,136
Total revenue from all sources 46,077 33,512 18,822 15,002 13,700 16,723
Exceptional items (2,670) (726) – (2,281) 394 (35,458)
Manufacturing EBITDA 6,935 2,393 (900) (3,616) (4,478) (7,515)
Underlying EBITDA (before exceptional items) (2,372) (5,017) (8,374) (10,387) (11,592) (13,748)
Loss after tax (8,260) (8,889) (11,023) (14,376) (14,404) (52,139)
Cash and cash equivalents at year-end 10,786 15,185 20,467 24,574 27,576 18,258
Financial
  Accoya® wood revenue increased by 39% to €40.7m 
(2014: €29.3m), driven by a 32% increase in volumes
  Significant gross margin growth, up 400bps to 27%, due to 
the combined impact of increased Accoya® volumes, price 
increases and operating efficiencies
  Continued momentum towards EBITDA breakeven with 
EBITDA loss reduced to €0.4m in the second half and 
underlying EBITDA loss of €2.4m for the year (2014: €5.0m 
loss)
  Underlying loss before tax, excluding exceptional items, 
improved by 33% to €5.0m loss (2014: €7 .5m loss)
  Significant improvement in Group cash-flow with an 
underlying cash out-flow of only €1.3m during the period 
(2014: €4.8m) 
Operational
  Solvay progressing towards their first Accoya® plant in 
Freiburg, Germany; €2m prepaid in respect of conditional 
Accoya® Marketing Agreement with €0.7m recognised as 
revenue in the period
  MoU with large international chemical group to build and 
operate new Tricoya® plant
  Evolution of business model continues – Accsys moving  
beyond licensing model towards royalty and 
manufacturing based business
€40.7m
Revenue from Accoya® wood sales
2014: €29.3m +39%
Our Highlights 201 5
t   Accoya® cladding, American School, the Netherlands 
Front cover: Accoya® decking, joinery & structural – Fagel Cats, the Netherlands Accsys Technologies PLC  Annual Report & Financial Statements 2015 2
UK & Ireland
Benelux
Asia Pacific
56
Accoya distribution or agency 
agreements in place
The Americas
Accsys’ operations comprise three 
principal business units:
1
 The commercial scale Accoya®  
wood production and sales  
facility in the Netherlands; 
2
 Accoya® and Tricoya®  
technology licensing; and
3
 Technology and product  
development.
The Company’s technologies and brands are 
internationally protected by strict confidentiality, 
granted patents, patent applications and trademarks. 
Many have been technically validated at full 
commercial production level and long term use, and 
others are in pilot-scale or are subject to independent 
validation by experts. 
The Group aims to deliver significant 
financial and environmental benefits 
through:
  Reductions in unit production costs; 
  Lower capital costs enabling commercial production at 
scales not hitherto possible, with additional capacity 
expected to be generated from our plant in The 
Netherlands and the exploitation of our technologies 
globally; 
  Improvements in environmental outcomes (lower 
waste output, reduced energy consumption and faster 
cycle times); and 
  The ability to produce innovative, high-performance 
products. 
Europe
Accsys at a Glance
Accoya Distribution Network Accsys Technologies PLC  Annual Report & Financial Statements 2015 3
Corporate Governance Financial Statements Strategic Report
O
O
O
O
O
CH
3
CH
3
CH
3
CH
3
O
O WOOD
-OH WOOD
Acetylated wood Sustainable wood Acetic anhydride Acetic acid
DIMENSIONALLY
STABLE
PERFECT FOR 
COATING
OUTSTANDING
DURABILITY
KEY
FEATURES
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
CONSISTENT 
QUALITY 
THROUGHOUT
NATURALLY
BEAUTIFUL 
WOOD
INSECT
BARRIER
RETAINED 
STRENGTH & 
HARDNESS
NON-TOXIC & 
RECYCLABLE
FROM
SUSTAINABLE
SOURCES
NATURALLY
INSULATING
EXCELLENT 
MACHINABILITY
UV 
RESISTANT
Our products
Our technology 
Accoya is based upon acetylated wood technology, a process that has been studied by scientists around the world for more than 80 years.
The physical properties of any material are determined by its chemical structure. Wood contains an abundance of chemical groups called 
“free hydroxyls” (represented as OH in the picture). Free hydroxyl groups adsorb and release water according to changes in the climatic 
conditions to which the wood is exposed. This is the main reason why wood swells and shrinks. It is also believed that the digestion of 
wood by enzymes initiates at the free hydroxyl sites – which is one of the principal reasons why wood is prone to decay.
Acetylation effectively changes the free hydroxyls within the wood into acetyl groups. This is done by reacting the wood with acetic 
anhydride, which comes from acetic acid (known as vinegar when in its dilute form). When the free hydroxyl group is transformed to an 
acetyl group, the ability of the wood to absorb water is greatly reduced, rendering the wood more dimensionally stable and, because it is 
no longer digestible, extremely durable.
Accoya® wood is produced 
from sustainably sourced, 
fast growing wood and 
manufactured using Accsys’ 
proprietary patented 
modification process 
from surface to core.
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.
APPLICATIONS
Accoya® wood is ideal for windows, external doors, cladding, 
siding, decking and structural projects due to world class 
dimensional stability and class 1 durability.
OVERVIEW
Tricoya® acetylated wood elements (including chips, fibres and 
particles) is a revolution in modified wood fibre technology.
APPLICATIONS
The potential applications for Tricoya® are far ranging and will
inspire creativity and discovery, particularly in environments 
where humidity and weather are usually concerns. Typical 
applications include: Façade cladding/siding and other secondary 
exterior applications, window components, door components and 
door skins and wet interiors, including wall linings. Accsys Technologies PLC  Annual Report & Financial Statements 2015 4
Chairman’s Statement
Introduction
I am pleased to report Accsys has delivered 
another encouraging year of progress with 
continued improvements in revenue and 
profitability whilst making significant steps 
towards fully leveraging our range of 
transformational technologies, building on 
the momentum we have generated to date 
and equipping the Group for the next phase 
of growth. We are making excellent headway 
in realising Accsys’s substantial potential 
over the longer term and I am confident that 
the Group will be cash flow positive over the 
year ahead.
Financial summary 
Total revenue for the year ended 31 March 
2015 increased by 38% to €46.1m (2014: 
€33.5m). In the same period, Accoya® wood 
revenue increased by 39% to €40.7m (2014: 
€29.3m). Total revenue included €1.1m of 
income recorded in the second half of the 
year reflecting continued progress with our 
Accoya licensee, Solvay (2014: €1.1m) with 
€0.7m arising from the Global Marketing 
agreement signed in the year.
Gross profit margin for the Group improved 
from 23% to 27%, resulting from increased 
Accoya volumes, price increases and 
operating efficiencies. Other operating costs 
increased by 12.7% to €16.0m (2014: €14.2m) 
largely due to an increase in staff costs, 
including the impact of foreign exchange, and 
we recorded exceptional costs of €2.9m 
resulting from the arbitration process with 
Diamond Wood (2014: €0.7m). 
The improved performance resulted in 
underlying EBITDA loss reducing by 52% to a 
€2.4m loss (2014: €5.0m loss). The ongoing 
improvement during the year, including the 
implementation of a price increase, enabled 
the EBITDA loss to reduce to €0.4m in the 
second half of the financial year.
The manufacturing facility generated a 
positive EBITDA of €6.9m, a 188% increase 
compared to last year (2014: €2.4m), 
continuing to illustrate the potential returns 
achievable when manufacturing at higher 
volume levels.
The cash balance of €10.8m at 31 March 
2015 (2014: €15.2m) reflects a significant 
improvement in our cash flow. Excluding 
exceptional costs, the cash out flow of €1.3m 
is a 73% improvement compared to the prior 
year (2014: €4.8m).
Operational progress
Accoya wood sales volumes increased by 32% 
to 33,483m
3
 (2014: 25,391m
3
), reflecting 
further improvement in market acceptance 
and our ongoing investment in our brand and 
marketing activities. The demand has been 
met by the continued focus on increasing the 
efficiency and manufacturing capacity of our 
plant in Arnhem which is now in excess of 
40,000m
3
 per annum. 
This increased output has been achieved 
without undermining the Group’s health 
and safety record and our commitment to 
operational improvements remains a central 
focus going forward.
We continue to make progress in our objective 
of increasing the manufacturing capacity for 
our products in the longer term. In November 
2014, our Accoya licensee Solvay, confirmed 
it was to proceed to the next stage of 
preparation of their plant in Freiburg, Germany, 
and has since completed the site clearance, 
appointed a EPCM contractor and placed 
orders for key equipment. 
We have received €2m (non-refundable) 
resulting from the Accoya Marketing 
Agreement entered into with Solvay in 
December 2014 to help fund marketing 
activities focussing on North America. The 
continuation of this agreement remains 
conditional upon on Solvay and Accsys 
completing full agreements in respect 
of further global cooperation for which 
discussions are ongoing.
In March 2015, we made an important 
step towards the construction of the first 
Tricoya plant. We agreed a Memorandum 
of Understanding (‘MoU’) with a large 
international chemical group (the ‘Chemical 
Group’) under which it is envisaged that 
Accsys will lead the creation of a new 
consortium, including the Chemical Group, to 
fund, build and then operate the new plant, 
with production envisaged to commence 
in 2017. A detailed site feasibility review 
is examining whether the plant should be 
optimally located on one of the Chemical 
Group’s sites and the terms of the MoU include 
funding, technical and other operational 
support in respect of the next stage of the 
project. We are now in detailed discussions 
with other parties, including the Chemical 
Group, which are expected to lead to the 
creation of the new consortium.
In March 2015 we also acquired the 
remaining 50% share in Tricoya Technologies 
Limited (‘TTL’) owned by Ineos, giving us 
100% ownership and control until the new 
consortium structure is established. Sales of 
Medite Tricoya have continued to grow, with 
sales having increased by 73% compared to 
the year before.
We have recorded exceptional costs of €2.9m 
(2014: €0.7m) relating to the previously 
reported arbitration ruling concluded in the 
period in respect of the dispute with Diamond 
Wood. We have since recommenced our 
working relationship with Diamond Wood and 
we continue to believe that the China and 
South-East Asia region offers substantial 
opportunities for Accoya in the long term.
  Accsys Technologies PLC  Annual Report & Financial Statements 2015 5
Corporate Governance Financial Statements Strategic Report
38%
Total revenue increase
52%
Improvement in  
underlying EBITDA loss
Board of Directors 
We have completed a review of the 
composition of the Board following the death 
of Gordon Campbell in April 2014. Gordon 
had been instrumental in shaping Accsys and 
it is an honour to succeed him as Chairman. 
We subsequently increased the strength and 
diversity of the Board by appointing Sean 
Christie and Sue Farr in November 2014, 
bringing with them extensive corporate 
experience particularly in, respectively, the 
speciality chemicals and marketing industries.
Outlook
Our recent growth and progress with key 
third parties leaves us well positioned to take 
advantage of the substantial opportunity that 
exists for our products and technologies. I 
expect demand for Accoya wood to continue 
to grow, as has been evidenced in the start 
of the new financial year with positive 
trading against an improving market backdrop 
resulting in further sales growth.
We will make further improvements to our 
plant to help meet this challenge however 
ultimately the expected longer term demand 
for Accoya and Tricoya® can only be met 
by new manufacturing facilities and we are 
exploring all options in this respect. Solvay is 
making steady progress towards their first 
plant in Freiburg and I am encouraged by the 
steps we have taken recently in respect of the 
first Tricoya plant. We continue to consider 
additional opportunities and how best to 
participate in the returns we believe are 
achievable from manufacturing. 
Patrick Shanley
Non-Executive Chairman
15 June 2015
p Accoya  Decking in Brazil Accsys Technologies PLC  Annual Report & Financial Statements 2015 6
Chief Executive’s Report
Another record year for Accoya® sales
We had another strong year with Accoya® 
wood revenue of €40.7m representing a 39% 
increase (2014: €29.3m). We have focussed 
on developing our existing customers and 
geographies and I am pleased with the 
continued progress in most regions, with the 
UK increasing by 54%; 56% in Solvay’s region 
and 59% in the Americas. However, trading in 
Benelux has remained disappointing with the 
construction and timber industries 
significantly impacted by poor economic 
conditions resulting in a number of 
bankruptcies which have impacted our 
customers in the year.
Sales are driven by many different end-use 
applications, however we believe focussing 
on the joinery sector, for windows and doors, 
and decking provides the business with the 
best prospect of further sales growth whilst 
simultaneously ensuring Accoya obtains 
wider recognition in the market place. We will 
therefore continue to expand our technical 
sales efforts in these areas which have 
proved so successful in the UK over the last 
two years, to other regions focussing initially 
on the USA and Benelux.
Accoya sold to Medite for the manufacture of 
Medite Tricoya® increased by 90% to €5.5m 
(2014: €2.9m). The margin for this material 
remains below that achieved for the majority 
of Accoya we sell, reflecting our investment 
in the Tricoya project and that the current 
manufacturing process is in place only until 
the first dedicated Tricoya plant is 
operational. We expect volumes sold to 
Medite to increase in the new financial year, 
but at a lower rate given potential capacity 
limitations in Arnhem.
We now have a total of 56 Accoya distributor, 
supply and agency agreements in place 
covering most of Europe, Australia, Canada, 
Chile, China, India, Israel, Mexico, Morocco, 
New Zealand, South Africa, parts of 
South-East Asia and the USA.
We implemented an approximate 5% price 
increase for our Accoya customers during the 
third quarter of the financial year which will 
continue to improve our margins on a 
comparable basis in the first half of the new 
financial year. We increased prices as a result 
of the overall state of the market, to help 
offset some increase in raw material prices 
but primarily due to our ambition to achieve 
overall profitability. We will continue to adjust 
our prices when the market allows and taking 
into account our goal for long term sales 
growth and other changes to our cost base.  
Accoya manufacturing plant increases 
capacity and profitability 
33,483m
3
 of Accoya wood was sold in the 
year, a 32% increase compared to last year 
and a 149% increase compared to two years 
ago. The higher volumes resulted in improved 
economies of scale, which together with the 
price increases, helped the manufacturing 
gross margin improve from 20% to 25% and 
in turn, the manufacturing segment EBITDA 
to increase by 188% to €6.9m (2014: €2.4m). 
This improvement is despite a 33% increase 
in the proportion of the material sold to 
Medite, which achieved a lower margin.
The 34,156m
3
 of Accoya produced in the year 
represents a 42% increase compared to last 
year and a 282% increase compared to three 
years ago. The improvement in volume was 
again achieved by improving our capacity and 
efficiency, and optimising our existing 
processes and equipment without the need 
of significant capital investment, and only a 
limited increase in headcount whilst 
simultaneously maintaining our quality 
control, and health and safety processes. For 
example, our production cycle time has 
reduced by approximately 30% over the last 
year which in turn has contributed to our 
actual capacity now being in excess of 
40,000m
3
 per annum. 
We continue to believe the manufacturing 
plant provides an illustration of the possible 
returns which can be achieved when 
producing Accoya on a larger scale. We 
expect the economies of scale resulting from 
operating near full capacity, or those 
achievable from production at even greater 
volumes, to result in a gross manufacturing 
margin exceeding the 27% which was 
recorded in the second half of the financial 
year. 
We will continue to implement additional 
improvements to optimise the process and 
increase the capacity of the plant. While such 
increases in the capacity of the existing two 
acetylation reactors in Arnhem are likely to 
be incremental we are exploring further 
options to increase production. Accsys Technologies PLC  Annual Report & Financial Statements 2015 7
Corporate Governance Financial Statements Strategic Report
Case study 
Designed by Camillo Botticini Architetto, Accoya® was selected to fulfil the owner’s 
requirement for an eco-friendly property.
Accoya was used for the for cladding and was chosen because it is one of the most durable  
and stable products on the market.
While the design of the property was to be architecturally expressive and impactful, a building 
material such as Accoya offered an opportunity to build something which had little impact  
on the environment and would help it to blend in. Accoya works both by supporting the 
environmental objectives of the build, while also providing a strong, superior cladding which  
is able to withstand wet winters and hot summers with little maintenance compared to 
alternative products. Accsys Technologies PLC  Annual Report & Financial Statements 2015 8
Chief Executive’s Report continued
Case study 
Home to the 26th President of the United States, Theodore 
Roosevelt, the Sagamore Hill National Historic Site is 
undergoing a three-year, $7.2 million rehabilitation project, 
including upgrades to the mechanical and electrical systems 
and lighting, as well as restoration of historic windows, doors, 
siding and porches to historic preservation standards.
Often referred to as the “Summer White House,” where 
President Roosevelt would host VIPs from the US and the 
world during his presidency, the Queen Anne-style home has 
undergone a patchwork of renovation projects over the years. 
The current rehabilitation is aimed at avoiding ongoing smaller 
scale site work in the future.
For replacement of the impressive wraparound porch, the 
National Park Service (NPS) selected Accoya wood, a Cradle to 
Cradle-certified material that is durable and stable, and is 
guaranteed against rot and decay for 50 years in exterior use. 
In addition, Accoya does not shrink or swell, making it an ideal 
material for such an exterior application. “In caring for such an 
important property, we needed to ensure that we used the 
highest quality, environmentally friendly products that were 
sympathetic to the environment,” said Susan Sarna, museum 
curator for the NPS. “In addition, given the negative impact 
that renovation works have on visitor experience, we wanted 
to use a product that would allow us to reduce ongoing 
maintenance at the site.”
Solvay progressing with plant
Progress has been made with Solvay over the 
course of the financial year, following the 
Accoya wood licence agreement becoming 
fully effective in December 2013. The licence 
agreement grants Solvay exclusive rights for 
a minimum 15 years to produce and to sell 
Accoya within the Council of Europe 
(excluding UK, Ireland and Benelux) from an 
initial plant.
In November 2014 Solvay confirmed it was 
progressing to the next stage of the 
preparation of their Accoya plant and has 
since completed the clearance of the 
prospective Freiburg site, engaged a leading 
engineering, procurement and construction 
management contractor for the project and 
orders have been placed for key equipment. 
In December 2014 we entered into a 
conditional Accoya Marketing Agreement 
under which Accsys is carrying out agreed 
targeted marketing activities outside of 
Europe. Solvay will fund the agreed activities 
which are initially focussing on North America 
and have made a non-refundable pre-
payment of €2m with €0.7m of this having 
been recognised as revenue in the period. In 
addition Accsys is carrying out certain 
marketing activities on behalf of Solvay in 
Europe which includes work with major new 
manufacturers and retailers.
The continuation of the Accoya Marketing 
Agreement outside of the Council of Europe 
is conditional on Solvay and Accsys 
completing full agreements in respect of 
further global cooperation for which 
discussions are ongoing. 
During the financial year, Accoya revenue in 
respect of the region under Solvay’s licence 
has increased by 56%.
Tricoya project takes a major 
step forward
In March 2015 we made a number of key 
changes in respect of Tricoya Technologies 
Limited ('TTL') and the Tricoya project,  
central to which was the agreement of a 
Memorandum of Understanding ('MOU') with 
a large international chemical group (the 
'Chemical Group') to replace our joint venture 
partner, Ineos. 
The changes are expected to optimise our 
participation in the building and operation of 
the world’s first Tricoya wood elements 
acetylation plant, including allowing Accsys 
to derive revenue from both licensing and 
manufacturing in the future.  Accsys Technologies PLC  Annual Report & Financial Statements 2015 9
Corporate Governance Financial Statements Strategic Report
We also acquired the 50% share in TTL 
previously owned by Ineos, giving Accsys 
100% ownership and control of TTL until a 
new ownership structure is established. We 
are now in detailed discussions with other 
parties which are expected to lead to the 
creation of a new consortium, including the 
Chemical Group, to fund, build and then 
operate the Tricoya production plant.
Accsys and the Chemical Group are now 
jointly undertaking a detailed site feasibility 
review to examine whether the plant should 
be optimally located on one of the Chemical 
Group’s existing sites. This feasibility review 
and related detailed study and engineering 
work are expected to be completed by the 
end of 2015 with the plant expected to be 
operational by the end of 2017. The Chemical 
Group is contributing both financial and 
technical support during this period.
Medite, our founding Tricoya joint 
development partner, also confirmed its 
interest in participating in the new 
consortium and ongoing engagement with 
TTL to realise Tricoya’s® full potential. It is 
anticipated Medite will remain a key partner 
in respect of the Tricoya production plant 
which is expected to replace Medite’s own 
Tricoya production plant in Ireland under their 
existing joint development, production and 
distribution licence agreement with TTL.
Following Accsys acquiring Ineos’s share in 
TTL and Ineos relinquishing its obligations as 
a TTL shareholder, Ineos is continuing to 
provide key engineering and technical 
personnel to TTL on a contractual basis in 
the near term. As a result of the agreement 
with Ineos, TTL is fully consolidated by 
Accsys as at 31 March 2015.
The above changes have been made at the 
end of a year that has seen sales of Medite 
Tricoya increased by approximately 73% 
compared to the year before. Growth was 
across Medite’s key markets and being used 
in façade cladding, siding, trim, outdoor 
furniture and wet interior applications. In 
addition to the business developing through 
distributors, growth was also realised with 
industrial customers, such as producers of 
exterior doors.
Intellectual property 
Accsys has considerably increased its number 
of pending patent applications in the recent 
period by expanding its patent families to 19, 
including those relating to Tricoya. 
Applications filed now number 1 57 , filed in 50 
countries. To date 27 patents have been 
granted in various countries throughout the 
world.
Our principal trademark portfolio remains 
unchanged with our brands Accoya®, 
Tricoya®, the Trimarque Device and Accsys®, 
including transliterations in Arabic, Chinese 
and Japanese, protected by registration in 56 
countries.
The Company’s patents and trademarks 
cover the products we and our distributors 
and licensees sell, and the processes by 
which these products are made, throughout 
the world. 
In addition to Accsys’s extensive patent and 
trade-mark portfolio, the Company continues 
to invest in the generation and protection of 
valuable know-how and confidential 
information relating to its products and 
processes, protected by way of 
confidentiality protocols and contractual 
agreements.
Diamond Wood
The arbitration proceedings concerning our 
dispute with Diamond Wood were concluded 
in the period resulting in an exceptional cost 
of €2.9m (2014: €0.7m). We sought to 
terminate our licence agreement with 
Diamond Wood in 2013, following legal advice 
that they were in breach of contract however 
the tribunal concluded that the licence 
agreement should continue. 
As a result, we have recommenced our 
working relationship with Diamond Wood and 
they remain obliged to resume endeavours 
towards the construction of an Accoya plant 
in the Far East, together with the promotion, 
marketing and selling of Accoya to customers 
in China and the Far East. We continue to 
believe that the China and South-East Asia 
region offers substantial opportunities for 
Accoya in the long term.
Outlook
The excellent progress made over the last 
year has left us in a very strong position to 
take advantage of the opportunities we now 
face and the Group is well equipped to build 
on its achievements to date as we enter the 
next phase of our development. In the 
medium term, we face a period which 
presents new challenges as we seek to 
ensure that the increasing demand can be 
met in advance of new manufacturing 
facilities commencing operation. We will also 
continue to develop our relationship with the 
acetyls industry.
We will continue to invest in the longer term 
as I remain confident that the overall 
opportunity for our products and 
technologies remains substantial. We have 
successfully demonstrated how to 
commercialise Accoya and will increasingly 
focus on how to extract the maximum value 
from our combined assets including through 
directly exploiting our IP, maximising our 
involvement in the manufacturing and 
through the wider experience and knowledge 
we have developed and believe is unique in 
the industry.
The new financial year has started well with 
further growth in Accoya sales. We expect to 
be cash-flow positive over the year ahead as 
we look towards the next key milestone in 
our development. I am confident that our 
overall position is stronger than at any point 
in our history and I am excited about our long 
term growth prospects.
Paul Clegg
Chief Executive Officer
15 June 2015 Accsys Technologies PLC  Annual Report & Financial Statements 2015 10
Our strategy is best explained in the following three phases. Phases one and two have been completed and are included 
below to provide context and to summarise our history. Our reported performance is therefore concerning Phase three.
Strategy
Products 
Manufactured through Accsys’s highly sustainable 
proprietary acetylation processes, Accoya® wood 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 
and environmentally impactful man-made materials.
The attributes of Accoya wood make it a highly 
effective solution for a wide range of external 
applications including doors, windows, cladding, 
decking, shutters, louvres, civil works, landscaping, 
outdoor furniture and more.
The possibilities for the use of Tricoya wood 
elements as the key component with panel products 
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.
Market 
We believe the potential market for Accoya and 
Tricoya is in excess of 2.5 million m
3
 annually. To put 
this into perspective, during the last year we sold 
33,483m
3
, however the total global solid wood 
market is understood to exceed 400 million m
3
 
annually. While it may take some time for Accoya to 
reach its full market potential, we are confident that 
continued strong sales growth can be generated. In 
respect of Tricoya, we note the global wood based 
panel sector is approximately 290 million m
3
 annually.
Phase 1 (2003 to 2009)
Construction and operation of  
proof of concept acetylation plant:
  Acquired the pilot production plant 
assets and all associated IP following 
years of R&D into acetylation of 
wood species
  Construction of full scale proof of 
concept production plant in Arnhem in 
2007; a culmination of 16 years R&D
  Completed first commercial 
production trial runs and carried out 
stringent product scoping and testing
  Established comprehensive global 
brand strategy for Accoya® and 
Tricoya®
  First commercial sales of Accoya®
Phase 2 (2008 to 2013)
The transition of Arnhem proof of concept plant to stand-alone commercial 
manufacturing facility was completed during the global economic recession.  
During this time Accsys completed two fund raisings and wrote off significant 
amounts from our balance sheet:
  Formed a stable and experienced management team 
  Created and developed worldwide market and brand for Accoya®
• Created brand and marketing strategy including web and digital mediums
• Carried out extensive 3rd party testing and validated Accoya® performance benefits
• Established and expanded global distribution network to increase sales capacity and 
prove demand
• Enabled the provision of technical sales, marketing and operational support
  Continuous manufacturing improvement
• Carried out R&D focussing on quality and efficiencies to reduce cycle time  
and increase capacity
• Expanded Arnhem site from an R&D project to a commercially viable facility
• Streamlined support activities such as procurement, maintenance and logistics
  Financial stability via generation of positive EBITDA at Arnhem manufacturing Company
• Increased capacity utilisation
• Improved gross margin through reduction of unit production costs and market sensitive 
price increases
• Focussed operating cost control and active working capital management
• Protection of IP - Established world-wide patent portfolio to cover both core acetylation 
and enabling technologies
  Development of Tricoya® acetylation feedstock principles and market testing of Tricoya®
  Establish value adding relationships with key industry players
• Formed joint venture with Ineos for the exploitation of Tricoya® wood elements 
acetylation technology and processes 
• Key commercial and technical relationships developed with wood suppliers, coatings 
manufacturers and research institutes on a global basis
• Strategic relationships with companies such as BP
Strategy and Business Model
p Accsys Technologies manufacturing facility in Arnhem Accsys Technologies PLC  Annual Report & Financial Statements 2015 11
Corporate Governance Financial Statements Strategic Report
Ambition Progress
Phase 3 (2013 onwards)
Manufacturing
  Increased production of Accoya® at Arnhem  
plant to supply our clients, develop new markets 
and drive demand for Accoya as well as for use  
as a feedstock in the production of Tricoya®
  Continued focus on reducing cycle time to  
increase Arnhem capacity and profitability
  Production increased by 42% to 34,156m
3
  Cycle time reductions (approximately 30%)  
and other improvements have increased Arnhem 
capacity from 35,000m
3
 to in excess of 40,000m
3
Meeting global demand
  Ongoing licensing of Accoya® acetylation 
technology to achieve multiple licence 
agreements, including Solvay, to satisfy  
global demand for solid wood
  Development of extended global distributor 
network
  Establishing and further development of detailed 
engineering documents, engagement of third 
party engineering experts
  Development of model to benefit from our 
expertise by assisting third parties in areas 
including sales, marketing, product and technical 
development, operations and maintenance
  Continued close cooperation between Accsys  
and third parties to further develop and facilitate 
the licensing of Tricoya®
  Solvay progressing with development of  
Accoya plant in Freiburg, Germany
  56 distribution agreements in place around 
the globe
  Engineering work underway in respect of first 
Tricoya plant (Solvay also progressing with 
detailed engineering in respect of their plant, 
following provision of process design package  
last year)
  Binding term sheet agreed with Solvay includes 
option for Accsys to acquire substantial minority 
interest in Solvay’s Accoya operations
  Accsys in discussions to create and lead a new 
consortium to fund, build and operate the first 
Tricoya plant, having signed an MoU with a large 
international chemical group
Research and Development
  Continued R&D and product development 
activities to generate future value via 
development of additional and enhanced 
applications
  Further development of new species to aid 
licencing discussions and maximise value  
through reduced costs as well as generate  
new applications and increased revenue
  Strengthened protection of intellectual property
  Pre-commercial sales of over 1 50m
3
 of species 
with potential to supplement existing radiata pine 
offer, and presenting long term purchasing range 
and further increased market options
  1 57 patent applications filed in 41 countries;  
27 patents granted
Brand
  Continued development, advancement and 
protection of globally established Accoya®  
and Tricoya® brands
  Commenced focussed marketing campaign in  
North America targeting key audiences such as 
architects, joinery manufacturers and supporting 
distributors Accsys Technologies PLC  Annual Report & Financial Statements 2015 12
IP
People Innovation
Environmentally
beneﬁcial
wood products
Manufacturing Business partners
Strategy and Business Model continued
Intellectual property and innovation
The Group’s acetylation technologies have been developed over 
many years and have enabled us to develop the unique Accoya® and 
Tricoya® products. Our IP exists on a number of different  
levels and is exploited in different ways.
Accsys has developed a number of families of registered and pending 
patents relating to our products and processes which provide robust 
protection and enable us to market our unique products and 
processes to third parties. Equally important is the extensive 
know-how and trade secrets which the Group has developed 
covering our process, raw materials, equipment and products which 
together provide commercial protection, the  
ability to generate value from third parties and a basis for 
ongoing innovation.
Our commitment to R&D and innovation is based on the belief that 
wood acetylation is applicable to multiple wood products and 
species, and that we have established a platform technology that 
can be developed to generate additional products and uses. For 
example, we believe different species of wood will enable Accoya to 
be used for even more purposes while opening up greater supply 
chain opportunities; we also believe that our Tricoya process, which is 
initially expected to be used by manufacturers of MDF boards, has 
the potential to be used for particle board manufacture.
Strong branding and trade mark protection is vital and has enabled 
our products to generate a significant presence in a relatively short 
time in what is otherwise a fragmented market place. We seek to 
portray that our products are revolutionary, class leading and 
sustainable while offering value for money when considering 
performance benefits and the product lifecycle. 
In order to achieve our strategy, the Group has established a business model which seeks to derive benefit from and further 
develop our core assets while ensuring that Health and Safety is made our first priority. Our segmental reporting on page 52  
sets out how our different business areas have performed financially, however in practice the Group’s strategy is more closely 
interdependent and based upon the following:
Business Model Accsys Technologies PLC  Annual Report & Financial Statements 2015 13
Corporate Governance Financial Statements Strategic Report
Business partners 
We have established relationships with third parties that have 
contributed to our success so far and which we believe will help 
us in meeting our long term strategic targets. 
As set out above, the potential market for our products is 
considerable. We believe that being able to fulfil this demand 
ourselves by building and operating manufacturing facilities 
offers the greatest long term rewards. However, we have and will 
continue to work with appropriate third parties in order to help us 
achieve our long term objectives and in particular where such 
parties have resources or technologies which are not available  
to Accsys.
Our ambition to retain a direct interest in manufacturing is 
characterised by our relationship with Solvay and in respect of 
Tricoya, where our recent MoU with the Chemical Group envisages 
a consortium to build the first Tricoya plant in which Accsys would 
take the lead. 
While the development of third party relationships is important at 
every level of the business, particular importance is placed upon 
those which help develop our technology, products and their 
place in the market including equipment manufacturers, wood 
suppliers, the acetyls industry, testing and certification bodies as 
well as wood coating, adhesives and other system supply 
specialists. Our product development team seeks to co-develop 
new applications directly with other companies.
Our people
Our focus on R&D, innovation and fulfilling the full potential  
of our products and technologies is dependent on our 
employees. As noted above, a significant amount of value is 
generated from know-how from working with wood products, 
understanding our brand on a global basis to optimising the 
acetylation process. Therefore, despite being a relatively young 
company, we have focussed on developing, motivating and 
retaining a committed team with the necessary skills and 
experience to help the Group meet its objectives and to continue 
to add to Accsys’s overall ability to generate value.
All staff are given the opportunity to become shareholders  
in Accsys via the Employee Share Participation plan (see page 
62), with approximately 50% having taken up this offer since  
its introduction. 
Manufacturing
Accsys’s manufacturing site in Arnhem brings together all of the 
above. The plant was built as a proof of concept facility  
and since then has been improved and its capacity increased  
in order to demonstrate that our acetylation process works  
on an industrial scale and to confirm the commercial viability  
of Accoya and Tricoya. 
The plant has significant value to Accsys on many levels:  
In addition to now generating a substantial profit; it is a centre for 
carrying out commercial level R&D, a tool for evaluating further 
improvements to our processes and a home to the majority of our 
workforce. We will continue to develop and optimise the plant to 
generate greater financial returns, further add to our IP and 
therefore our ability to generate value in the future. Consistent 
with our belief that manufacturing our products offers the 
greatest potential returns, we have retained space at Arnhem to 
allow for additional manufacturing capacity.
Environment
Our products offer a significant benefit in reducing the negative 
impacts on our environment. They are the most environmentally 
friendly building solutions over their full life cycle, made from 
abundantly available, fast growing, sustainably sourced, 
renewable resources, yet with durability and dimensional 
stability exceeding the best performing tropical hardwoods. 
They are natural building materials with low maintenance and 
consistent qualities of the highest performing non-sustainable 
man-made materials; while benefiting from all positive attributes 
of wood (sustainability, strength, beauty) without the downfalls 
(poor durability and stability).
Accoya’s carbon footprint significantly outperforms most other 
commonly used building materials such as concrete, PVC, MDF 
and plywood as well as a range of tropical hardwoods such as 
azobe and red meranti. Through the photosynthesis process 
trees absorb CO
2
 and as a result 1m
3
 of wood may store over 1 
ton of CO
2
 for its lifetime. Our process takes fast growing, 
sustainably sourced wood and converts into a long last 
construction material, which can be incinerated for energy 
production at the end of its life. This has enabled us to 
demonstrate that Accoya can be carbon negative over its 
extended life cycle.
Further details are included in the Sustainability report and our 
annual GHG emissions are detailed in the Director’s report.
Principal Risks And Uncertainties
The principal risks and uncertainties are set out in the Directors’ Report (see page 22). Accsys Technologies PLC  Annual Report & Financial Statements 2015 14
Income statement
Revenue
Total revenue for the year ended 31 March 
2015 increased by 38% to €46.1m (2014: 
€33.5m). In the same period, Accoya® 
revenue increased by 33%, excluding sales to 
Medite for the manufacture of Tricoya®, to 
€35.2m (2014: €26.4m). We sold €5.5m of 
Accoya to Medite for the manufacture of 
Tricoya, a 90% increase (2014: €2.9m). Total 
revenue included €1.1m of income recorded in 
the second half of the year reflecting 
continued progress with our Accoya licensee, 
Solvay (2014: €1.1m). €0.7m of this arose 
from the Global Marketing agreement signed 
in the year and was recorded within Other 
revenue. Other revenue which also includes 
the sale of acetic acid increased by 38% to 
€4.2m (2014: €3.1m).
Gross margin
Gross profit margin improved from 23% to 
27%, resulting from increased Accoya sales, 
price increases and improved operating 
efficiencies. The gross manufacturing margin 
increased from 20% to 25%. 
Other operating costs
Other operating costs increased by 12.6% to 
€16.0m (2014: €14.2m). This increase was 
attributable to higher administration and 
other operating costs which in turn were 
largely due to increased payroll costs. 
Headcount increased to an average of 1 1 1 
(2014: 101), with staff costs increasing by 
12.5% to €10.1m. This included a share based 
payment charge of €1.4m (2014: €1.2m). 
€0.3m of the increase in staff costs is 
attributable to foreign exchange. Other 
operating costs also included €3.2m of sales 
and marketing (2014: €2.9m), reflecting an 
ongoing investment in expected long term 
growth in sales of Accoya.
An exceptional item of €2.9m was also 
recorded in respect of the arbitration with 
Diamond Wood which concluded in the period 
(2014: €0.7m) (see note 4).
Loss from operations
The loss from operations decreased by 7% to 
€6.7m (2014: loss of €7.2m) due to the 
improvement in gross margin described 
above, offset by the increase in operating 
costs and exceptional costs explained above. 
Excluding exceptional costs, the loss from 
operations decreased by 42% to €3.8m 
(2014: €6.5m) 
Share of joint venture loss and gain on 
acquisition of subsidiary
On 5 October 2012, Accsys entered into a 
50:50 joint venture with Ineos to exploit 
Accsys’ intellectual property surrounding its 
proprietary Tricoya wood elements 
acetylation technology and processes, with 
the intention of accelerating the global 
deployment of Tricoya. The company, Tricoya 
Technologies Limited (‘TTL’), has been 
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.
During the period TTL has been accounted 
for in the Accsys Group accounts using the 
equity method. TTL recorded revenue of 
€0.5m (2014: €0.2m) and total costs of 
€2.7m (2014: €2.0m) resulting in Accsys’ 
share of loss of €1.1m (2014: €0.9m). 
On 31 March 2015, Accsys acquired the 
remaining 50% equity interest in TTL held by 
Ineos and as a result owned 100% at the end 
of the period. The acquisition was accounted 
for as an acquisition of a subsidiary and the 
assets and liabilities recorded at fair value. A 
gain of €0.3m was recorded as a result of the 
difference between the consideration paid, 
the investment in joint venture immediately 
prior to the acquisition and the fair value of 
the net assets acquired (see note 8).
Finance income
Finance income of €0.1m (2014: €0.2m) 
represents interest receivable on bank 
deposits. 
Finance expense
The finance expense of €0.2m (2014: €0.2m) 
is primarily 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 together with interest 
payable upon the group’s finance facilities.
Research & development spend
€1.4m was incurred on R&D in the period 
(2014: €1.6m). €0.2m (2014: €0.5m) has been 
capitalised as an intangible asset (see note 1).
Taxation
The net tax charge of €0.6m (2014: €0.7m) 
primarily represents a tax charge arising from 
manufacturing offset by R&D tax credits of 
€0.2m (2014: €0.2m) attributable to 
activities carried out in the current year.
Dividends
No final dividend is proposed in 201 5 (2014 
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 €0.09 
(2014 basic and diluted loss per share was 
€0.10, restated to account for 1 for 5 share 
consolidation in the period). 
Financial Review Accsys Technologies PLC  Annual Report & Financial Statements 2015 15
Corporate Governance Financial Statements Strategic Report
Balance sheet
Intangible assets
Intangible asset additions of €0.2m (2014: 
€0.5m) predominantly relate to capitalised 
internal development costs. Acquisitions of 
€1.9m relates to TTL’s net capitalised 
development costs incurred since TTL’s 
incorporation in October 2012, including 
€0.6m of additions in the period relating to 
the Tricoya process (2014: €1.4m).
Property, plant and equipment
Property, plant and equipment additions of 
€0.9m (2014: €0.6m) predominantly relate to 
technology improvements and items of 
maintenance equipment at our Arnhem 
production facility.
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 2015 is €10m (2014: 
€10m). However, a provision for the 
impairment of the entire balance of €10m 
continues to be recorded as at 31 March 
2015 (see note 4).
Inventory
The Group had total inventory balances of 
€7.9m (2014: €6.1m). Finished goods 
consisting of Accoya represented €3.1m 
(2014: €3.5m) and raw materials and work in 
progress, primarily consisting of unprocessed 
lumber, being €4.8m (2014: €2.6m). The 
increase is attributable to the increased sales 
levels compared to the previous year. 
Cash and cash equivalents
The Group had cash and bank deposits of 
€10.8m at the end of the period (2014: 
€15.2m). The decrease in the year is mainly 
the result of €2.9m of cash out-flows from 
operating activities before changes in 
working capital, a 19% decrease compared to 
the previous year (2014: €3.6m). However, 
this included €3.2m in respect of the 
exceptional costs associated with the 
Diamond Wood arbitration (2014: €0.5m), 
such that the underlying cash flow from 
operating activities before changes in 
working capital was €0.3m in-flow compared 
to €3.1m out-flow in the prior year.
€1.0m of cash out-flow was attributable to 
changes in working capital (2014: €0.3m 
in-flow), as a result of an increase in inventories 
and trade and other receivables. Further cash 
out-flows were attributable to €0.2m 
expenditure in respect of capitalised 
development costs (2014: €0.5m), €0.9m in 
respect of tangible fixed assets (201 4: €0.6m) 
and €1.0m investment in Tricoya Technologies 
Limited (2014: €1.2m), which was accounted as 
a joint venture during the period. 
€1.3m of cash was recorded as a result of 
fully consolidating TTL as at 31 March 2015, 
with TTL having received a second tranche of 
funding in March 2015 from the European 
Community (EC) for the Life+ subsidy in 
respect of the Tricoya project. 
Trade and other receivables
Trade and other receivables have increased 
to €5.0m (2014: €4.5m). Within this, trade 
receivables decreased marginally from €3.1m 
to €3.0m despite the significantly higher 
sales levels, mostly due to vigorous working 
capital management.
Trade and other payables
Trade and other payables have increased to 
€9.6m (2014: €5.6m). Included within this, 
trade payables remained consistent at €3.8m 
(2014: €4.8m) largely as a result of the 
increased activity levels. In addition, accruals 
and deferred income increased from €1.7m to 
€4.6m as a result of €2m of funding received 
from Solvay in the period in respect of the 
Global Marketing Agreement agreed in 
December 2014 and due to the inclusion of 
balances of TTL which reflect funding 
received from the EC in respect of a Life+ 
subsidy relating to the Medite Tricoya project 
which included the second tranche of €0.9m 
received in March 2015.
Finance lease creditor
The Group has previously entered into a sale 
and leaseback agreement for part of the 
Arnhem land and buildings. The first phase 
was resulted in proceeds of €2.2m which has 
been accounted for as a finance lease. At  
31 March 2015 there are €2.1m of payments 
committed to over the remaining life of the 
lease (2014: €2.1m) (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. 
Further to the passing of all resolutions at 
the Company’s AGM held on 1 1 September 
2014, the entire issued share capital of the 
Company was consolidated on a 5:1 basis 
with effect from 12 September 2014.
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.
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, and 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 Rudge
Finance Director
15 June 2015 Accsys Technologies PLC  Annual Report & Financial Statements 2015 16
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 R&D 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). 
In 2012, 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 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. The full report can 
be found here: http://www.accoya.com/wp-content/uploads/ 
2013/09/Verco-Cradle-to-gate-carbon-footprint-update-2012.pdf.
Conclusion
The assessment 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.
Cradle to grave assessment
In order to account for the use and waste phase aspects (cradle to 
grave) such as material use, durability, carbon sequestration (following 
PAS 2050 guidelines), maintenance and recycling scenarios, further 
analysis was performed by Delft University of Technology (2013), 
who also executed the Life Cycle Assessment (LCA) for Accoya wood 
in 2010. 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: http://www.accoya.com/wp-content/
uploads/2013/09/Delft-University-Carbon-footprint-cradle-to-grave-
report-window-frame.pdf. 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 EN16449). 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.
Sustainability Report Accsys Technologies PLC  Annual Report & Financial Statements 2015 17
Corporate Governance Financial Statements Strategic Report
Conclusion
The results of the cradle to grave window 
frame comparison are presented in the 
graphs below, first per process step (figure 1) 
then for the total emissions (figure 2).
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.
Note – details concerning the companies GHG 
emissions, as required under the Companies Act, are 
included in the Directors Report.
Figure 1
Figure 2 Accsys Technologies PLC  Annual Report & Financial Statements 2015 18
Accreditations
FSC & PEFC
Of the various schemes for sustainability forestry available, the 
Forest Stewardship Councils (FSC®) and the programme for the 
Endorsement of Forest Certification (PEFC
TM
) 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. 
Cradle to Cradle
Accoya wood is one of the very few building products to have 
acquired Cradle to Cradle SM Certification on the elusive C2C Gold 
Level. Cradle to Cradle (C2C) provides a means to tangibly and credibly 
measure achievement in environmentally-intelligent design including 
the use of environmentally safe and healthy materials and instituting 
strategies for social responsibility.
NL Green Label the Netherlands
NL Green Label is a sustainability label for products and services in the 
exterior environment in the Netherlands. The label was developed by 
Nico Wissing & Lodewijk Hoekstra in collaboration with Royal 
Haskoning DHV. The label assesses products and services on seven 
sustainability indicators: Sourcing, composition, production, durability, 
maintenance, energy and end-of-life. Accoya was given an A rating, 
which is the highest rating because of its extremely high durability, 
low maintenance requirements and the excellent recyclability.
Dubokeur the Netherlands
The awarding body of the prestigious Dubokeur® 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.
Future Build UAE
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.
Sustainability Report continued
FCBA France
Following a rigorous testing process Accoya wood has achieved FCBA 
approval. The FCBA’s mission is to promote technical progress and to 
improve efficiency and quality assurance within the wood industry. 
Such approvals are only awarded to products that have met and 
exceeded the criteria. Accoya wood is the first modified wood to 
achieve this level.
BREEAM & LEED worldwide
BREEAM (mainly used in Europe) and LEED (mainly used in North 
America) are most widely adopted and recognised. Both are based on 
various building related environmental indicators including sustainable 
energy, -water and -material use. For the latter category the 
application of Accoya can contribute to several credits in both 
schemes (BREEAM: MAT 1, MAT 5, LEEDv4: MR1, MR2, MR3, MR4 I1) 
Singapore Green Label
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.
Komo the Netherlands
The KOMO certification mark ensures that the building industry in the 
Netherlands can trust the quality of products, processes, systems and 
services. KOMO is a collective certification mark and means 
undisputed quality. Accoya is a KOMO certified products and is 
therefore increasing efficiency in the building process.
Svanen Label Nordic nations
The outstanding green credentials of Accoya, have been officially 
recognised by Europe’s Nordic nations with the award of the Svanen 
Ecolabel. The label, renowned for its rigour and transparency is the 
internationally recognised ecolabel for Norway, Sweden, Denmark, 
Iceland and Finland and was established in 1989 by the Nordic Council 
of Ministers.
RAL Germany
Accoya has been certified under the German RAL Quality mark 
distinguishing itself from the competition. Accsys Technologies PLC  Annual Report & Financial Statements 2015 19
Corporate Governance Financial Statements Strategic Report
Case study 
Prisma Gemiva school in Alphen aan den Rijn, Netherlands, is a secondary 
school that accommodates 120 children and young people with intellectual 
disabilities. For the construction of the working environment, a durable, easy 
to cut, environmentally sustainable material was required to produce the 
panelling of the canopy and the bay windows.
For this project, durability and stability of the timber was particularly 
important. Medite Tricoya Extreme was specified in 15mm and 18mm.  
It was machined, fixed and finished with a waterproof render system,  
in order to replicate the look of concrete from a light weight, sustainable  
and durable material. Accsys Technologies PLC  Annual Report & Financial Statements 2015 20
Board of Directors
Paul Clegg 
Chief Executive Officer
Paul, born May 1 960, 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 Synairgen and Peel Hunt LLP.
Hans Pauli 
Chief Operating Officer
Hans, born March 1 960, 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, most recently, in his capacity of CFO he realised OctoPlus’ IPO on Euronext. Hans 
now divides his time between the Group’s Arnhem plant and its Windsor headquarters.
Patrick Shanley 
Chairman
Patrick, born April 1954, has extensive board room experience in the chemicals sector, having 
previously been Chief Financial Officer of Courtaulds plc and Acordis BV, Chief Executive 
Officer of Corsadi BV, Chairman of Cordenka Investments BV and Chairman of Finacor BV. 
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.
William Rudge 
Finance Director
William, born February 1977 , was the Financial Controller for Accsys since joining the Company 
in January 2010 before being appointed Finance 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, focussing on technology 
companies including small growth companies and multinational groups. William spent a year 
working at Cadbury plc, including as financial controller at one of their business units, before 
joining Accsys in 2010. Accsys Technologies PLC  Annual Report & Financial Statements 2015 21
Corporate Governance Strategic Report Financial Statements
Nick Meyer 
Non-Executive Director
Nick, born December 1944, has extensive board room 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.
Sue Farr 
Non-Executive Director
Sue, born Leap Year Day 1956, is a highly experienced marketing and communications 
professional who joined the Accsys Board in November 2014. Sue has been part of the 
executive management team at Chime Communications plc since 2003. Prior to that she was 
Europe MD of leading PR firm Golin Harris, the BBC’s first ever Director of Marketing and 
Communications, and Director of Corporate Affairs for Thames Television. She is a Non-
Executive Director of British American Tobacco plc, Dairy Crest Group plc and Millennium & 
Copthorne Hotels plc. She was a Non-Executive Director of Motivcom plc from 2008-2014 and 
a T rustee of the Historic Royal Palaces from 2007-201 3. She has been Chairman of both the 
Marketing Group of Great Britain and The Marketing Society. A previous Advertising Woman of 
the Year, she was awarded a Honorary Doctorate by the University of Bedfordshire in 2010.
Sean Christie 
Non-Executive Director
Sean, born October 1 957 , currently a Non-Executive Director of Applied Graphene Materials Plc 
and Eminate Limited, a wholly owned subsidiary of The University of Nottingham. He was 
Group Finance Director of Croda International plc from 2006-201 5, a global manufacturer of 
speciality chemicals. Prior to joining Croda in 2006, Sean was Group Finance Director of 
Northern Foods plc. He also served as a Non-Executive Director of KCOM Group plc until 2007 
and of Cherry Valley Farms Limited until its sale in 2010. He is a Fellow of both the Chartered 
Institute of Management Accountants and the Association of Corporate Treasurers. Sean has 
extensive knowledge of all aspects of finance and strategy in major businesses and is an 
experienced Audit Committee Chairman. Accsys Technologies PLC  Annual Report & Financial Statements 2015 22
The Directors present their report together with the audited consolidated financial statements for the year ended 31 March 201 5.
Results and dividends
The consolidated statement of comprehensive income for the year is set out on page 42, 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.
Principal activities and review of the business
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., Titan Wood Inc and Tricoya Technologies Limited (collectively the ‘Group’). 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 9. Accsys Technologies PLC is incorporated in the United Kingdom.
Strategy and business model
The Strategy and Business model section, on pages 10 to 13, sets out the Company’s strategy, business model and key performance indicators.
Financial 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 
Further to the passing of all resolutions at the Company’s AGM held on 1 1 September 2014, the entire issued share capital of the Company was 
consolidated on a 5: 1 basis with effect from 1 2 September 2014. Accordingly, all figures concerning the number of shares stated below 
represent the new €0.05 Ordinary shares.
On 18 August 2014, a total of 27 ,819 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee Share Participation Plan.
On 12 August 2014, a total of 99,559 of €0.05 Ordinary shares were issued and released to employees together with the 99,559 of €0.05 
Ordinary shares issued to trust on 12 August 2013.
In 19 January 2015, a total of 53,922 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee Share Participation Plan.
Principal risks and uncertainties
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.
 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. 
(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.
Directors’ Report 
For the year ended 31 March 201 5 Accsys Technologies PLC  Annual Report & Financial Statements 2015 23
Corporate Governance Strategic Report Financial Statements
(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.
(e)  Litigation
 During the period the arbitration process with Diamond Wood which commenced in the previous period was resolved. Further details are 
provided in note 4.
Greenhouse gas (‘GHG’) emissions
The table below represents all the emission sources required under the Companies Act 2006 (Strategic Report and Directors’ Reports) 
Regulations 2013 for our manufacturing facility in Arnhem, the Netherlands. 
2015 2014 2013
Kg CO
2
eq Kg CO
2
eq Kg CO
2
eq
Electricity, heat, steam and cooling for own use - GROSS 3,135,167 2,800,294 2,292,045
Electricity, heat, steam and cooling for own use NET (including Renewable Energy Credits) 88,714 40,211 49,128
Combustion of fuel & operation of production facility (MP4), in Arnhem, the Netherlands 2,939,167 2,263,107 2,194,196
TOTAL - GROSS 6,074,334 5,063,401 4,486,241
TOTAL - NET (including Renewable Energy Credits) 3,027,882 2,303,318 2,243,324
Chosen intensity measurement: Emissions per cubic meter Accoya produced-GROSS 178 210 303
Chosen intensity measurement: Emissions per cubic meter Accoya produced – NET  
(including Renewable Energy Credits) 89 95 151
Notes:
• Due to unavailability of data, GHG emissions related to our offices and staff travel are not included. Emissions have been calculated following the GHG Protocol - Corporate 
Accounting and Reporting (revised edition) using the following databases: IPCC 2006 Guidelines for National Greenhouse Gas Inventories, 2007 IPCC Fourth Assessment 
Report and Eco-Invent v3.
• Following Environmental Reporting Guidelines of Defra (2013), carbon offsets due to e.g. purchase of Renewable Energy Credits may be accounted for separately as a 
“NET” figure, while the original electricity consumption figures are presented as a “GROSS” figure. 
• Following the same (Defra 201 3) guidelines, the emissions associated with our supply chain (inputs and outputs) are not included in the figures above, for readers that are 
interested in the supply chain related figures we refer to our publicly available carbon footprint report: http://www.accoya.com/wp-content/uploads/2013/09/
Verco-Cradle-to-gate-carbon-footprint-update-2012.pdf. 
Further details concerning the environmental impact of our products as a whole are detailed in the Sustainability Report, including an 
assessment of the overall life cycle of Accoya. 
Directors
The Directors of the Company during the year and up to the date of signing the financial statements were:
Gordon Campbell (Died, 26 April 2014)
Sean Christie (Appointed 27 November 2014)
Paul Clegg
Sue Farr (Appointed 27 November 2014)
Montague John ‘Nick’ Meyer
Hans Pauli
William Rudge
Patrick Shanley
Directors’ indemnities
The Company maintains directors’ and officers’ liability insurance which gives appropriate cover for legal action brought against its Directors.
Employment policies
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.
17% of employees in the period were female. 10% of the senior management team were female and one of the Board of Directors was female. Accsys Technologies PLC  Annual Report & Financial Statements 2015 24
Health and safety
Health and safety is the priority at all levels of the Group, in particular 
taking into account the chemical industry in which Accsys operates. 
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 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.
Significant shareholdings
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%:
Royal Bank of Canada 5.73%
OP-Pohjola Group Central Cooperative 5.55%
INEOS 5.43%
OP-Henderson Global Investors 5.16%
The London & Amsterdam Trust Company Limited 5.13%
Majedie UK Equity Fund 5.06%
FIL Limited (formerly known as Fidelity International Limited) 4.93%
Invesco Limited 4.87%
Saad Investments Company Limited 3.92%
Zurab Lysov 3.71%
There are no restrictions in respect of voting rights.
Going concern
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 next 12 months. Further details are set out in  
note 1 to these financial statements.
Corporate Governance
The company’s statement on corporate governance can be found in 
the Corporate Governance Report on pages 36 to 37 of these 
financial statements. The Corporate Governance Report forms part of 
this directors’ report and is incorporated into it by cross-reference
Disclosure of information to auditors
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 auditors
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.
Directors’ responsibilities pursuant to DTR4
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
Angus Dodwell
Company Secretary
15 June 2015
Directors’ Report continued
For the year ended 31 March 201 5 Accsys Technologies PLC  Annual Report & Financial Statements 2015 25
Corporate Governance Strategic Report Financial Statements
Remuneration Report
I am pleased to present our 2015 Remuneration Report in which we have summarised the Company’s remuneration policy and described how 
the policy was implemented in the year to 31 March 2015 and how it will be implemented in the year ending March 2016 and over the following 
years.
Year ended 31 March 2015 – Performance and Pay
The year ended 31 March 2015 was another strong year for Accsys, as set out in the Chairman’s statement at the beginning of this Annual 
Report. This included a 38% increase in revenue, a 32% increase in sales volumes, a 52% reduction in underlying EBITDA loss and further 
progress in respect of developing further manufacturing capacity.
Remuneration policy considerations for 2015
There has been no new key policy initiatives undertaken by the Committee in the year, noting the Long-Term Incentive Plan (‘LTIP’) was 
established in the previous year. 
During the period, two new Non-Executive Directors joined the Board as a result of the review of the Board’s composition which followed the 
sad news that Gordon Campbell, the former chairman, had passed away in April 2014. The level of remuneration for Non-Executive Directors 
was also reviewed at the same time, which together with the increased number of Non-Executive Directors and remuneration being 
denominated in Sterling, has resulted in a minor amendment to the relevant section of the Remuneration policy being proposed for approval at 
the AGM (an increase in the aggregate capped amount of fees paid to Non-Executive Directors annually, from €250,000 to €500,000). No 
other changes to the policy are proposed.
Format of the report and context of our policy
The Remuneration Report is prepared under the UK regime for the reporting of executive pay which was first adopted in the previous year as a 
result of our quote on AIM in the UK, our cross-listing on NYSE Euronext in the Netherlands and our UK incorporated status which means that 
we come within the definition of a “quoted company” in the UK Companies Act. Accordingly, and exceptionally amongst AIM companies, we are 
therefore legally required to comply with regime for the reporting and approval of directors’ remuneration by UK quoted companies, including a 
binding vote on the directors’ remuneration policy. The policy as set out in the 2014 Annual Report and Accounts was approved by our 
shareholders at the AGM held on 1 1 September 2014.
We remain committed to pay at appropriate, but not excessive, levels and to reflect market practice amongst AIM companies.
To reflect that this is the second year of presenting the Remuneration Report in the format required by the new UK reporting regime, we have 
changed the order in which the report is being presented this year. Accordingly, over the following pages we have set out:
• Details of the implementation of our reward policy for the year ended 31 March 2015, within the Remuneration Report.
• The Group’s forward-looking Directors’ Remuneration Policy which was approved by shareholders at our 2014 AGM and is therefore binding. 
All payments made to directors from that time have been made consistent with this policy. However the section concerning Non-Executive 
pay has been amended for the reasons set out above and will be re-submitted for approval at the 201 5 AGM.
As with many other AIM companies, our remuneration policy is more dynamic than would be typical on the Official List with long term incentive 
awards not necessarily granted on an annual basis and the basis for determining bonus levels being more judgmental although the Company will 
increasingly look to formalise KPIs for bonuses as the Company matures.
Our policy, as set out in this report, focuses on our actual approach to pay which we believe is in our shareholders’ best interests. It includes the 
required formal caps (which we have set at higher levels than we envisage needing and which are not in any way an aspiration) but also retains 
appropriate, but limited, flexibility to address changing circumstances in the 3-year period in which it is planned to operate the policy.
Yours sincerely
Nick Meyer
Remuneration Committee Chairman
15 June 2015 Accsys Technologies PLC  Annual Report & Financial Statements 2015 26
Remuneration Report continued
Introduction
The following section contains the material required to be set out as the directors’ remuneration policy for the purposes of Part 4 of The Large 
and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 201 3, which amended The Large and Medium-sized 
Companies and Groups (Accounts and Reports) Regulations 2008.
At our 2015 AGM we will be holding two votes on remuneration matters: 
1. a vote on the implementation sections of this Remuneration Report (included within Part A)
2. a vote on the amendment included within the Directors’ Remuneration Policy concerning remuneration of Non-Executive Directors, as 
included within Part B of this Remuneration Report. The remainder of the Directors’ Remuneration Policy remains unchanged.
The auditors have reported on certain parts of the Remuneration Report and stated whether, in their opinion, those parts of the Remuneration 
Report have been properly prepared in accordance with the Companies Act 2006. Those sections of the report which have been subject to 
audit are clearly indicated.
Part A: Directors’ remuneration 
Performance graph
The following graph shows the Company’s performance for the past six 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.
Directors’ remuneration
Directors’ remuneration for the year ended 31 March 2015:
Fees/ 
Basic  
Salary
€’000
Cash 
bonus
1
€’000
Share
bonus
2
€’000
Pension
€’000
Benefits 
in kind
€’000
Employee 
Share Plan
benefit
5
€’000
2015
Total
€’000
Gordon Campbell
3
6 – – – – – 6
Sean Christie
4
15 – – – – – 15
Paul Clegg 310 76 272 31 17 – 706
Sue Farr
4
14 – – – – – 14
Montague John ‘Nick’ Meyer 44 – – – – – 44
Hans Pauli 202 50 92 12 14 – 370
William Rudge 142 35 62 7 2 – 248
Patrick Shanley 65 – – – – – 65
798 161 426 50 33 – 1,468
1
10
100
1000
31/03/2009
Accsys Technologies FTSE AIM All Share Index
Value of a 100 unit investment made on 31 March 2009 – 
Logarithmic Scale
31/03/2015
31/03/2014
31/03/2013
31/03/2012
31/03/2011
31/03/2010
31/03/2009 Accsys Technologies PLC  Annual Report & Financial Statements 2015 27
Corporate Governance Strategic Report Financial Statements
Directors’ remuneration for the year ended 31 March 2014:
Fees/ 
Basic  
Salary
€’000
Cash
 bonus
1
€’000
Share
bonus
2
€’000
Pension
€’000
Benefits 
in kind
€’000
Employee 
Share Plan
benefit
5
€’000
2014
Total
€’000
Gordon Campbell 75 – – – – – 75
Paul Clegg 284 56 233 28 16 – 617
Montague John ‘Nick’ Meyer 35 – – – – – 35
Hans Pauli 201 31 83 12 10 3 340
William Rudge 130 19 53 7 2 3 214
Patrick Shanley 35 – – – – – 35
760 106 369 47 28 6 1,316
1. Represents annual bonus paid in cash in the period, relating to performance for the previous financial year.
2
.
 Represents annual bonus awarded in form of Ordinary shares, relating to performance for the previous financial year. Shares are held in an Employment Benefit Trust and 
will fully transfer to the individual after a period of 1 year, assuming still employed or a good leaver and subject to regulation, for example the AIM rules.
3. Gordon Campbell passed away on 26 April 2014.
4
.
 Sue Farr and Sean Christie were appointed on 27 November 2014.
5. Benefit from Employee Share Plan reflects the value attributable to the matching share received under the plan, one year following investment by the individual.
Bonuses awarded in the form of cash and shares were determined by the Committee having taken into account of a broad range of financial and 
operational performance measures and also taking into account a degree of discretion, reflecting the longer term and strategic objectives of 
the Company. Given the competitive nature of the Company’s sector these performance measures are considered to be commercially sensitive 
and that comparable AIM companies are not subject to equivalent disclosure obligations and accordingly are not disclosed.
Pension entitlements relate to Company contributions to personal pension schemes. The Company does not operate any defined benefit 
pension scheme. 
The above section has been audited.
Directors’ share options
Directors’ share options for the year ended 31 March 2015:
At Granted Impact of share At 
1 April 2014 during year consolidation 31 March 2015
Paul Clegg
Unvested – LTIP Element A (nil cost) 3,500,000 – (2,800,000) 700,000
Unvested – LTIP Element B (nil cost) 5,200,000 – (4,160,000) 1,040,000
Unvested – LTIP Element C (nil cost) 2,200,000 – (1,760,000) 440,000
Total 10,900,000 – (8,720,000) 2,180,000
Hans Pauli
Unvested – LTIP Element A (nil cost) 1,000,000 – (800,000) 200,000
Unvested – LTIP Element B (nil cost) 800,000 – (640,000) 160,000
Unvested – LTIP Element C (nil cost) 400,000 – (320,000) 80,000
Total 2,200,000 – (1,760,000) 440,000
William Rudge
Unvested – LTIP Element A (nil cost) 500,000 – (400,000) 100,000
Unvested – LTIP Element B (nil cost) 550,000 – (440,000) 1 10,000
Unvested – LTIP Element C (nil cost) 250,000 – (200,000) 50,000
Total 1,300,000 – (1,040,000) 260,000
Total 14,400,000 – (11,520,000) 2,880,000
The Company’s share price on the day on which the LTIP Awards became effective following approval of the new LTIP scheme at the AGM  
(20 September 2013) was €0.14, and thus the face value of the awards made to the Executive Directors was as follows: Paul Clegg €1,526,000, 
Hans Pauli €308,000, William Rudge €182,000.
The Committee approved the reduction of the number of awards issued to reflect the 5 to 1 share consolidation which took place on  
12 September 2014.
The above table has been audited. Accsys Technologies PLC  Annual Report & Financial Statements 2015 28
Awards granted under the LTIP are subject to continued employment and satisfaction of the performance conditions. Performance will be 
measured at the end of a three year performance period (following the grant date) for each Element. 
Element A – Vesting is contingent upon continued employment for three years and share price not falling below €0.65 at the end of the 
performance period, being the three years ending 20 August 2016.
Element B – Measured against two equally weighted performance conditions:
Threshold Target Maximum
EBITDA 
(50% of Element B)
€0m €1.6m €4m
Share price growth  
(50% of Element B)
Median of the constituents  
of the MSCI Europe Index
60th percentile of the 
constituents of the  
MSCI Europe Index
Upper quartile of the  
constituents of the  
MSCI Europe Index
Vesting level
1
25% 60% 100%
Notes:
1. Vesting is on a straight line basis between the respective EBITDA and share price targets.
Element C – This element vests in full if the share price is at or above €1.30 at the end of the performance period.
Share Bonus Award – Employee Benefit Trust
On 1 1 August 2014 in connection with employee remuneration and incentivisation arrangements for the period from 1 April 2013 to  
31 March 2014, 3,918,018 €0.01 new Ordinary shares were issued to an Employee Benefit Trust. This was reduced to 783,597 as a result  
of the 5 to 1 share consolidation. The beneficiaries of these shares included the Executive Directors as set out below:
€0.05 
Ordinary 
shares
Paul Clegg 302,261
Hans Pauli 101,700
William Rudge 69,355
Such new Ordinary shares were to vest if the Directors remained in employment with the Company at the vesting date, being 1 July 2015 
(subject to certain other provisions including regulatory requirements, good-leaver, take-over and nomination and remuneration committee 
discretion provisions). The above shares correspond to the total figure of €426,000 disclosed in the remuneration table for the year ended  
31 March 2015 in respect of the share bonus.
Employee Share Participation Plan
Details of the Employee Share Participation Plan (the ‘Plan’) are set out in Note 14. During the year, none of the Directors participated in the Plan. 
Relative importance of spend on pay
During the year ended 31 March 2015, the total pay for all group employees was €7 ,138,000 (2014: €6,469,000). This compared to a total of 
€nil (2014: €nil) in respect of dividends and share buybacks.
Consideration of matters relating to directors’ remuneration
The Nominations and Remuneration Committee consisted of Nick Meyer (Chairman), Patrick Shanley and, until April 2014, Gordon Campbell. In 
addition, from 27 November 2014, Sue Farr and Sean Christie were also members. All Non-Executive directors (including the Chairman on 
appointment) are considered to be independent.
The Committee’s adviser is FIT Remuneration Consultants LLP which was appointed by the Committee in 201 1 and which the Committee is 
satisfied remains independent and objective. It provided €14,000 of services to the Committee or the Company more generally during the 
financial year. During the previous period, the Committee did not receive formal independent advice but reviewed advice obtained by 
management from PwC in respect of the establishment of the new LTIP, for which they received fees of €27 ,000. 
Remuneration Report continued Accsys Technologies PLC  Annual Report & Financial Statements 2015 29
Corporate Governance Strategic Report Financial Statements
Directors’ interests in the Ordinary shares of the Company
The Directors’ interests in the Ordinary shares at the year-end were as follows:
 Legal holdings Beneficial interests
2
 31 March 
2015
 31 March 
2014
3
 31 March 
2015
31 March
2014
3
Sean Christie – – – –
Paul Clegg
1
341,562 68,222 368,961 460,040
Sue Farr – – – –
Montague John ‘Nick’ Meyer 15,000 15,000 – –
Hans Pauli 238,827 163,685 101,700 139,171
William Rudge 97,142 50,000 69,355 90,105
Patrick Shanley 33,333 33,333 – –
1. Beneficial interests at 31 March 2015 include 66,700 (2014: 80,040) shares held directly or indirectly by other members of Paul Clegg’s immediate family.
2. Beneficial interests include shares awarded as part of the annual bonus and held in the Employment Benefit Trust.
3. For the purposes of comparison, the 31 March 2014 figures have been restated as if the 5 to 1 share consolidation which took place on 12 September 2014 had been 
effective at that date.
The above table has been audited.
CEO’s relative remuneration
Since joining in 2009, the CEO’s total remuneration together with the proportion attributable to bonus or vested incentives is as set out in the 
table below:
2010 2011 2012 2013 2014 2015
€’000 €’000 €’000 €’000 €’000 €’000
Total remuneration 341 421 325 619 616 705
Bonus/vested incentives 94 139 – 280 288 348
% Bonus/vested incentives of total 28% 33% 0% 45% 47% 49%
% Bonus/vested incentives of cap N/A N/A N/A N/A N/A 56%
As no formal cap or maximum bonus existed in previous years, no figure has been disclosed setting out this percentage. 
The CEO’s total salary, taxable benefits and annual bonus increased by 14% in the period compared to the prior year (2014 increase: 0%). 
Excluding Directors, the average group salary, benefits and bonus increased by 0% (2014: 0%). 
Statement of voting at general meeting
The Anual General Meeting held on 1 1 September 2014 included the following resolutions:
An ordinary resolution was passed in respect of the approval of the Directors’ remuneration report (excluding the Remuneration policy) for the 
year ending 31 March 2014. 134,997 ,813 (89.8%) votes were cast for the resolution, 15,326,762 against and 46,000 withheld. 
An ordinary resolution was passed in respect of the approval of the Directors’ remuneration policy for the year ending 31 March 2014. 
121,729,276 (88.8%) votes were cast for the resolution, 15,343,475 against and 13,297 ,824 withheld. 
Auditable part of the remuneration report
In their audit opinion on pages 69 and 70, 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 26 showing total remuneration received by Directors during the year ended 31 March 2015;
• The table on page 26 showing total pension contributions made on behalf of the Directors during the year to 31 March 2015; and
• The share options table for the year ended 31 March 2015 on page 27.
Further details of the share option awards are set out in Note 14 of the financial statements. Accsys Technologies PLC  Annual Report & Financial Statements 2015 30
Part B: Directors’ Remuneration Policy
The Directors’ Remuneration Policy as set out in this section of the Remuneration Report is effective for all payments made to Directors from 
1 1 September 2014, being the date of the AGM in which it was approved. The policy remains as approved at the 2014 AGM except that the 
version below has been amended to include the proposed changes to the policy for Non-Executive directors. It is also noted assurances were 
given to apply an internal LTIP limit of 300% of salary and to apply holding periods to new grants. To assist the reader, the footnotes have been 
updated.
Remuneration policy
The Company’s 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. 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 between fixed and performance related pay;
• align long term rewards with shareholders; and
• ensure that the overall package reflects market practice and takes account of remuneration elsewhere in the Group.
Policy Table 
Element and purpose Policy and operation Maximum Performance measures 
Base Salary
This is the core element of pay 
and reflects the individual’s role 
and position within the Group 
with some adjustment to reflect 
their capability and contribution.
Base salaries are reviewed 
against suitable external 
comparators, although the 
Committee does not strictly 
follow data but uses it as a 
reference point in considering, in 
its judgment, the appropriate 
level of salary having regard to 
other relevant factors including 
corporate and individual 
performance and any changes in 
an individual’s role and 
responsibilities.
Base salary is paid monthly in 
cash.
In the normal course of events, 
the executive directors’ salaries 
would not normally be increased 
by more than the average 
awarded to staff generally and, in 
any event, no increase from 
current salary levels would be 
made that would take an 
executive directors’ salary above 
a limit of €400,000 p.a.
N/A
Benefits
To provide benefits valued by 
recipient.
Provide market competitive 
benefits in kind. Details of the 
benefits provided are set out in 
the section above. The 
Committee reserves discretion to 
introduce new benefits where it 
concludes that it is in the 
interests of Accsys to do so, 
having regard to the particular 
circumstances and to market 
practice. 
Where appropriate, the Company 
will meet certain costs relating to 
Executive Director relocations.
It is not possible to prescribe the 
likely change in the cost of 
insured benefits or the cost of 
some of the other reported 
benefits year-to-year, but the 
provision of benefits will operate 
within an annual limit of 20% of 
an Executive Director’s base 
salary (plus a further 100% in the 
case of relocations). 
The Committee will monitor the 
costs in practice and ensure that 
the overall costs do not increase 
by more than the Committee 
considers to be appropriate in all 
the circumstances.
N/A
Pension
To provide retirement benefits 
and remain competitive within the 
market place.
Accsys contributes to personal 
pension arrangements and/ or 
offers a salary supplement in lieu.
A contribution limit of 15% of 
base salary p.a. per Executive 
Director has been set for the 
duration of this policy. 
N/A
Remuneration Report continued Accsys Technologies PLC  Annual Report & Financial Statements 2015 31
Corporate Governance Strategic Report Financial Statements
Element and purpose Policy and operation Maximum Performance measures 
Annual Bonus Plan
To motivate employees and 
incentivise delivery of annual 
performance targets.
Annual bonus levels and the 
appropriateness of measures are 
reviewed annually to ensure they 
continue to support the strategy.
Annual bonus is delivered 
primarily in shares although the 
Committee proposes to pay 
annual bonuses substantially or 
entirely in cash once the business 
sustains a constant and steady 
level of working capital to support 
the Company’s growth strategy. 
Shares awarded as bonus vest 
one year after the date of award.
Share awards attract dividends, 
should the company award any 
dividends.
To date, the annual bonus has 
operated on an uncapped ad hoc 
basis without a formal cap 
although the Committee has, in 
practice, remained within 120%. 
To comply with the legislation, a 
cap of 200% of base salary p.a. 
has been introduced but it should 
be particularly noted that this is 
not an aspiration. 
The performance measures 
applied may be financial or 
non-financial and corporate, 
divisional or individual and in such 
proportions as the Committee 
considers appropriate.
Attaining the threshold level of 
performance produces a nil 
pay-out.
The Committee retains discretion 
to adjust performance measures 
and targets during the year to 
take account of events outside of 
management control which were 
unforeseen when the measures 
and targets were originally set.
Long-Term Incentives
To motivate and incentivise 
delivery of sustained performance 
over the long term, and to 
promote alignment with 
shareholders’ interests, the Group 
operates the Accsys Technologies 
201 3 Long- T erm Incentive Plan. 
Awards under the LTIP may be 
granted as nil-cost options.
Given the current absence of 
distributable reserves, it may not 
be possible to allot shares as fully 
paid so the Company reserves the 
right to require participants to pay 
par value and, in turn, allot further 
shares at par value which will 
generate a gain equal to the par 
value on shares subject to the 
award.
Malus provisions apply to 
unvested awards on the discovery 
of deficient performance, or 
alternatively, award cash bonuses 
to the equivalent amount.
Clawback of vested awards apply 
in the event of mis-booking of 
reserves, misstatement of 
earnings, censure by a regulatory 
authority or any other serious 
damage to Company reputation. 
Three types of awards can be 
granted:
• Retention based awards, not 
subject to performance 
conditions but subject to 
continued employment for  
3 years.
• Performance based awards, 
subject to performance 
conditions.
• Exceptional multiplier awards, 
subject to performance 
conditions which require the 
creation of significant value 
for shareholders.
The LTIP allows for the grant of 
awards over up to 10% of issued 
share capital over a 10 year period 
(including outstanding awards 
under all other share plans but 
excluding shares issued in respect 
of annual bonus arrangements, 
any options or awards which have 
lapsed and any awards to be 
satisfied by shares purchased by 
an employees’ shares trust).
Following the publication of last 
year’s accounts, the Company 
confirmed via an RNS that: The 
Company will apply an internal 
limit such that no Executive 
Director will receive an award 
under the LTIP of more than 
300% of base salary in any given 
financial year. In practice, the 
Company had not envisaged and 
continues not to envisage awards 
at even this level.
The Committee expressly 
reserves discretion to make such 
awards as it considers appropriate 
within these limits.
The Committee may set such 
performance conditions on LTIP 
awards as it considers appropriate 
(whether financial or non-financial 
and whether corporate, divisional 
or individual).
Once set, performance measures 
and targets will generally remain 
unaltered unless events occur 
which, in the Committee’s opinion, 
make it appropriate to substitute, 
vary or waive the performance 
conditions in such manner as the 
Committee thinks fit. 
Performance periods may be over 
such periods as the Committee 
selects at grant.
No less than 25% of awards vest 
for attaining the threshold level 
of performance conditions. Accsys Technologies PLC  Annual Report & Financial Statements 2015 32
Element and purpose Policy and operation Maximum Performance measures 
Employee Share Participation 
Plan
To encourage share ownership by 
employees, thereby allowing them 
to share in the long term success 
of the Group and align their 
interests with those of the 
shareholders.
Executive Directors are able to 
participate in all-employee share 
plans on the same terms as other 
Group employees.
The Employee Share Participation 
Plan allows for individuals to 
subscribe for shares on two 
occasions during the year up to a 
limit of €5,000 per annum.
On each occasion a 1:1 match for 
shares subscribed is offered 
subject to still being employed by 
the Company after one year.
Consistent with normal practice, 
such awards are not subject to 
performance conditions.
Chairman and Non-Executive 
Director Fees
Amended – this part of policy 
is subject to approval at 
forthcoming AGM
The fees paid to the Chairman and 
the fees of the other Non-
Executive Directors are set to be 
competitive with other listed 
companies of equivalent size and 
complexity.
Fee levels are periodically 
reviewed. The Company does not 
adopt a quantitative approach to 
pay positioning and exercises 
judgment as to what it considers 
to be reasonable in all the 
circumstances as regards 
quantum.
Fees are paid quarterly in cash.
Non-Executive Directors are not 
eligible to participate in incentive 
arrangements or receive pension 
provision or other benefits such 
as private medical insurance and 
life insurance.
The aggregate fees of the 
Chairman and Non-Executive 
Directors will not exceed 
€500,000 (increased from 
€250,000) p.a. in aggregate.
The Company reserves the right 
to vary the structure of fees 
within this limit including, for 
example, introducing time-based 
fees or reflecting the 
establishment of new Board 
Committees.
N/A
Notes to the policy table
1. Annual bonus performance measures for year ended March 2016
 The Committee will continue to operate the annual bonus plan as it has in past years, with the award of bonuses being determined by the Committee taking account of a 
broad range of financial and operational performance measures. Given the competitive nature of the Company’s sector these performance measures and related targets 
are considered to be commercially sensitive and accordingly are not disclosed, and are likely to remain so. As the Company matures, the Committee may seek to develop 
more formulaic KPIs and will consider the extent to which it is feasible to disclose such targets on a retrospective basis.
2. Performance conditions for LTIP awards in the year ending March 2016
 If LTIP awards are made in the year ending March 2016, then the performance conditions will be set within the permitted provisions of the rules. For awards made in the 
year ended March 2014, the conditions are set out in the Remuneration Report. The Committee selected these performance metrics for the year ended March 2014 as 
they provide a balance between delivery of earnings and external market performance, both of which are key measures of success for the Company. 
3. Differences between the policy on remuneration for Directors from the policy on remuneration of other employees
 Where Accsys’ pay policy for Directors differs to its pay policies for groups of employees, this reflects the appropriate market rate position for the relevant roles. 
4. Stating maximum amounts for the remuneration policy
 The new UK regulations and related investor guidance encourages companies to disclose a cap within which each element of Remuneration Policy will operate. Where 
maximum amounts for elements of remuneration have been set within the Directors’ Remuneration Policy, these will operate simply as caps and are not indicative of any 
aspiration.
5. Travel and hospitality
 While the Committee does not consider it to form part of benefits in the normal usage of that term, it has been advised that corporate hospitality (whether paid for by the 
Company or another) and business travel for directors (and exceptionally their families) may technically come within the applicable rules and so the Committee expressly 
reserves the right for the Committee to authorise such activities within its agreed policies.
Remuneration Report continued Accsys Technologies PLC  Annual Report & Financial Statements 2015 33
Corporate Governance Strategic Report Financial Statements
Recruitment remuneration policy
The Company’s recruitment remuneration policy aims to give the Committee sufficient flexibility to secure the appointment and promotion of 
high-calibre executives to strengthen the management team and secure the skill sets to deliver our strategic aims. However, as an external 
recruitment has not taken place for a considerable period of time, the preparation of this policy is challenging as it provides for an event which 
has not been the Company’s practice.
In terms of the principles for setting a package for a new Executive 
Director, the starting point for the Committee will be to apply the 
general policy for Executive Directors as set out above and structure 
a package in accordance with that policy. Consistent with the new UK 
regulations, the caps contained within the policy for fixed pay do not 
apply to new recruits, although the Committee would not envisage 
exceeding these caps in practice.
The annual bonus and long term incentive compensation 
arrangements will operate (including the maximum award levels) as 
detailed in the general policy in relation to any newly appointed 
Executive Director. For an internal appointment, any variable pay 
element awarded in respect of the prior role may either continue on 
its original terms or be adjusted to reflect the new appointment as 
appropriate.
For external and internal appointments, the Committee may agree 
that the Company will meet certain relocation expenses as it 
considers appropriate. 
For external candidates, it may be necessary to make additional 
awards in connection with the recruitment to buy-out awards 
forfeited by the individual on leaving a previous employer. 
For the avoidance of doubt, buy-out awards are not subject to a 
formal cap. Any recruitment-related awards which are not buy-outs 
will be subject to the limits for incentive pay as stated in the 
general policy.
For any buy-outs the Company will not pay more than is, in the 
view of the Committee, necessary and will in all cases seek, in the 
first instance, to deliver any such awards under the terms of the 
existing incentive pay structure. It may, however, be necessary in 
some cases to make buy-out awards on terms that are more 
bespoke than the existing annual and equity-based pay structures. 
Details of any recruitment-related awards will be appropriately 
disclosed.
All buy-outs, whether under the annual bonus plan, LTIP or 
otherwise, will take account of the service obligations and 
performance requirements for any remuneration relinquished by 
the individual when leaving a previous employer. The Committee 
will seek to make buy-outs subject to what are, in its opinion, 
comparable requirements in respect of, service and performance. 
However, the Committee may choose to relax this requirement in 
certain cases (such as where the service and/or performance 
requirements are materially completed), and where the Committee 
considers it to be in the interests of shareholders, or where such 
factors are, in the view of the Committee, reflected in some other 
way, such as a significant discount to the face value of the awards 
forfeited.
A new Non-Executive Director would be recruited on the terms explained above in respect of the main policy for such Directors.
Potential rewards under different scenarios
The charts below show the potential payout under the proposed arrangements for each Executive Director under different scenarios.
Paul Clegg
€’000 
0
200
400
600
800
1,000
Hans Pauli
€’000 
0
200
400
600
800
1,000
William Rudge
€’000 
0
200
400
600
800
1,000
Fixed
Fixed
Threshold
Annual variable Long term incentives
Maximum Fixed Threshold Maximum Fixed Threshold Maximum
Notes
1. Fixed pay out reflects basic salaries, benefits in kind and pension allowances (and assuming maximum take-up of the all-employee share award) in place at the start of the 
year ending 31 March 2016. 
2. As the Company does not have a formal on-target level for bonus, the threshold pay-out levels for the last financial year (1 25% of salary for the CEO and 75% for each of 
the other Executive Directors) has been taken with the maximum based on a payment at 200% (the latter figure very much being regarded as cap rather than a realistic 
estimate).
3. Options were granted under the new LTIP plan in the year ended 31 March 2014, no new grants were made in the year ended 31 March 2015 and the year ending 31 March 
2016 is under review and therefore no figure has been included in the above graphs. Accsys Technologies PLC  Annual Report & Financial Statements 2015 34
Directors’ service contracts
The Company’s general approach on recruiting a new Executive Director would be to follow the terms of the contracts of Mr Pauli and Mr Rudge. 
However, it is difficult to be definitive regarding a currently unforeseen event and the Company reserves the right to introduce a longer initial 
notice period (of up to 2 years) reducing over time.
Executive Director service contracts, which do not contain expiry dates, provide that compensation provisions for termination without notice 
will only extend to salary, certain fixed benefits and pension. In the case of William Rudge and Hans Pauli such sums may be paid in instalments 
and cease if the individual finds an alternative role. 
Following a change of control, if the Company terminates Paul Clegg’s employment in breach of or in accordance with the terms of his service 
contract or if Paul Clegg terminates the employment in response to a fundamental breach of contract by the Company or in accordance with the 
terms of his service contract, then he will be entitled to a termination payment comprising 1 2 months base pay and benefits, plus an amount in 
respect of bonus of at least the level of the average of historic bonus levels (or a higher discretionary amount awarded in respect of Company 
and personal performance in the financial year of termination), unpaid expenses and the value of accrued holiday entitlement.
Name
Date of  
contract
Notice period 
from either 
party  
(months)
Paul Clegg 2 September 2009 12
Hans Pauli 1 March 2010 6
William Rudge 1 October 2012 3
Subject to Board approval, Executive Directors are permitted to accept (and retain the fees from) outside appointments on external boards as 
long as these are not deemed to interfere with the business of the Group.
Termination policy summary
In practice, the facts surrounding any termination do not always fit neatly into defined categories for good or bad leavers. Therefore, it is 
appropriate for the Committee to consider the suitable treatment on a termination having regard to all of the relevant facts and circumstances 
available at that time. This policy applies both to any negotiations linked to notice periods on a termination and any treatment which the 
Committee may choose to apply under the discretions available to it under the terms of the annual bonus and LTIP plans. The potential 
treatments on termination under these plans are summarised below.
Incentives Good leaver Bad leaver Exceptional events 
If a leaver is deemed to be a ‘good 
leaver’; i.e. leaving through redundancy, 
retirement, ill health, disability or death, 
sale of part of the Group or otherwise at 
the discretion of the Remuneration 
Committee
If a leaver is deemed to be a ‘bad leaver’; 
typically voluntary resignation or leaving 
for disciplinary reasons
For example change in control or 
winding up of the Company 
Annual bonus Pro-rated bonus. Pro-rating to reflect 
only the period worked. Performance 
metrics determined by the 
Remuneration Committee.
Annual bonus awarded in shares, but still 
held in the Employee Benefit Trust for a 
year, will fully vest
No awards made Either the annual bonus will continue for 
the year or there will be a pro-rated 
bonus. Performance metrics determined 
by the Remuneration Committee
LTIP Will receive a pro-rated award subject to 
the application of the performance 
conditions at the normal measurement 
date
All awards will normally lapse Awards vest after taking into account 
both the application of the performance 
conditions at the date of the event and 
the period of time served (other than in 
the respect of retention based awards) 
The Company has power to enter into settlement agreements with Executives and to pay compensation to settle potential legal claims. In 
addition, and consistent with market practice, in the event of termination of an Executive Director, the Company may pay a contribution towards 
the individual’s legal fees and fees for outplacement services as part of a negotiated settlement. Any such fees would be disclosed as part of 
the detail of termination arrangements. For the avoidance of doubt, the policy does not include an explicit cap on the cost of termination 
payments.
Remuneration Report continued Accsys Technologies PLC  Annual Report & Financial Statements 2015 35
Corporate Governance Strategic Report Financial Statements
Non-Executive Directors’ contracts
The Non-Executive Directors, including the Chairman, have letters of appointment which set out their duties and responsibilities. Appointment 
is for a fixed term of three years, terminable by three months’ notice on either side.
Name
Date of letter of
appointment
1
Appointment 
 end date Unexpired term (months)
Patrick Shanley 18 November 2010 18 November 2016 16
Nick Meyer 17 May 201 1 17 May 2017 22
Sean Christie 27 November 2014 27 November 2017 29
Sue Farr 27 November 2014 27 November 2017 29
1. As amended by agreements dated 21 November 2013 and 10 February 2015 for Nick Meyer and Patrick Shanley respectively
Consideration of employment conditions elsewhere in the Group
As explained in the general policy section of the Remuneration policy, the Committee takes into account Group-wide pay and employment 
conditions. The Committee reviews the average Group-wide base salary increase and bonus costs and is responsible for all discretionary and 
all-employee share arrangements.
Consistent with normal practice, the Committee did not consult with employees in preparing the Directors’ Remuneration Policy.
Consideration of shareholders’ views
Each year the Committee takes into account the approval levels of remuneration related matters at our AGM in determining that the current 
Directors’ remuneration policy remains appropriate for the Company.
The Committee seeks to build an active and productive dialogue with investors on developments in the remuneration aspects of corporate 
governance generally and any changes to the Company’s executive pay arrangements in particular. Accsys Technologies PLC  Annual Report & Financial Statements 2015 36
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.
The Board of Directors
During the period up until 26 April, the Board comprised a Non-Executive Chairman, two Non-Executive Directors and three Executive Directors. 
Gordon Campbell, the Non-Executive Chairman in the period, very sadly died on 26 April 2014. Patrick Shanley was appointed Chairman and a 
review of the composition of the Board was undertaken. On 20 November 2014 Patrick was confirmed as Non-Executive Chairman and on  
27 November Sean Christie and Sue Farr were appointed as Non-Executive Directors.
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.
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 consisted of Patrick Shanley (Chairman), Nick Meyer and up until 26 April 2014, Gordon Campbell. From 27 November Sean 
Christie and Sue Farr were also appointed and Sean Christie was appointed Chairman of the Committee. 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.
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.
Nominations & Remuneration Committee
The Nominations and Remuneration Committee consists of Nick Meyer (Chairman), Patrick Shanley and, until April 2014, Gordon Campbell. Sean 
Christie and Sue Farr were appointed on 27 November. 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 Financial 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.
Corporate Governance Accsys Technologies PLC  Annual Report & Financial Statements 2015 37
Corporate Governance Strategic Report Financial Statements
Relations with shareholders
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.
Directors’ attendance record
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
1
Serving Attended Serving Attended Serving
Sean Christie 2 2 1 – 1 –
Paul Clegg 11 13 2 – 3 –
Sue Farr 2 2 1 – 1 –
Montague John ‘Nick’ Meyer 8 13 2 2 3 3
Hans Pauli 11 13 2 – 1 –
Patrick Shanley 9 13 2 2 3 3
William Rudge 11 13 2 – 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. 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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 38
Statement of Directors’ Responsibilities
Directors’ responsibilities
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.
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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 39
Corporate Governance Strategic Report Financial Statements
Case study 
BDA Architects Ltd were commissioned to design a new private owners’ facility at a popular 
holiday park in the north of England. The team wanted to create a building which had the 
look and feel of a lodge. To achieve this look they designed the building to incorporate 
wooden cladding in its construction, surrounded by a decked area complemented by grey 
stone walls.
It was essential that the wood used for the cladding was durable and would require little 
maintenance, while providing a quality and natural looking finish. They strived to find a 
wood product which would be able to cope with the varied climate of north England, which 
is known to have high rainfall, as well as withstanding the harsh marine environment of the 
retreat’s location.
NBDA Architects turned to STET James Latham for the solution, and they recommended 
using Accoya for the project. Over 170m
2
 of Accoya was used to clad the exterior of the 
property. The Accoya cladding combined with stone walls provided the “lodge” feel 
specified within the brief. Accsys Technologies PLC  Annual Report & Financial Statements 2015 40
Report on the Group financial statements
Our opinion
In our opinion, Accsys Technologies PLC’s Group financial statements 
(the ‘financial statements’):
• give a true and fair view of the state of the Group’s affairs as at 
31 March 201 5 and of its loss and cash flows for the year then 
ended;
• have been properly prepared in accordance with International 
Financial Reporting Standards (IFRSs) as adopted by the 
European Union; and
• have been prepared in accordance with the requirements of 
the Companies Act 2006.
This opinion is to be read in the context of what we say in the 
remainder of this report.
What we have audited
Accsys Technologies PLC’s financial statements comprise:
• the consolidated statement of financial position as at 31 March 
2015;
• the consolidated statement of comprehensive income for the year 
then ended;
• the consolidated statement of cash flow for the year then ended;
• the consolidated statement of changes in equity for the year then 
ended; and
• the notes to the financial statements, which include a summary of 
significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in their 
preparation is applicable law and IFRSs as adopted by the  
European Union.
In applying the financial reporting framework, the Directors have 
made a number of subjective judgements, for example in respect of 
significant accounting estimates. In making such estimates, they 
have made assumptions and considered future events.
Opinion on other matters prescribed by the Companies 
Act 2006
In our opinion:
• the information given in the Strategic Report and the Directors’ 
Report for the financial year for which the financial statements 
are prepared is consistent with the financial statements; and
• the information given in the Corporate Governance Statement set 
out on page 36 with respect to internal control and risk 
management systems and about share capital structures is 
consistent with the financial statements.
Other matters on which we are required to report by exception
Adequacy of information and explanations received
Under the Companies Act 2006 we are required to report to you if, in 
our opinion, we have not received all the information and 
explanations we require for our audit. We have no exceptions to 
report arising from this responsibility.
Directors’ remuneration
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. We have no exceptions to report arising from 
this responsibility.
Corporate governance statement
Under the Companies Act 2006 we are required to report to you if, in 
our opinion, a corporate governance statement has not been 
prepared by the parent Company. We have no exceptions to report 
arising from this responsibility.
Responsibilities for the financial statements and the audit
Our responsibilities and those of the Directors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 38, the Directors are responsible for the preparation 
of the 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 financial 
statements in accordance with applicable law and ISAs (UK & 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.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards 
on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’). 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.
Group Independent Auditors Report to the Members of 
Accsys Technologies PLC Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 41
We primarily focus our work in these areas by assessing the Directors’ 
judgements against available evidence, forming our own judgements, 
and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing 
techniques, to the extent we consider necessary to provide a 
reasonable basis for us to draw conclusions. We obtain audit evidence 
through testing the effectiveness of controls, substantive 
procedures or a combination of both.
In addition, we read all the financial and non-financial information in 
the Annual Report & Financial Statements (the ‘Annual Report’) to 
identify material inconsistencies with the audited financial 
statements and to identify any information that is apparently 
materially incorrect based on, or materially inconsistent with, the 
knowledge acquired by us in the course of performing the audit. If we 
become aware of any apparent material misstatements or 
inconsistencies we consider the implications for our report.
Other matter
We have reported separately on the parent company financial 
statements of Accsys Technologies PLC for the year ended 31 March 
2015 and on the information in the Directors’ 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
15 June 2015
(a) The maintenance and integrity of the Accsys Technologies PLC website is the 
responsibility of the Directors; the work carried out by the auditors does not 
involve consideration of these matters and, accordingly, the auditors accept no 
responsibility for any changes that may have occurred to the financial 
statements since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation and dissemination 
of financial statements may differ from legislation in other jurisdictions. Accsys Technologies PLC  Annual Report & Financial Statements 2015 42
Consolidated Statement of Comprehensive Income 
For the year ended 31 March 201 5
Note
 Before
 exceptional 
items
2015 
€’000
Exceptional 
items 
Note 4
2015 
€’000
Total
2015 
€’000
Before 
exceptional 
items 
(Restated)
2014 
€’000
 Exceptional 
items
 Note 4 
(Restated)
2014 
€’000
 Total
2014 
€’000
Accoya
®
 wood revenue 40,661 – 40,661 29,293 – 29,293
Licence revenue 389 – 389 1,134 – 1,134
Other revenue 5,027 – 5,027 3,085 – 3,085
Total revenue 2 46,077 – 46,077 33,512 – 33,512
Total cost of sales (33,842) – (33,842) (25,753) – (25,753)
Gross profit 12,235 – 12,235 7,759 – 7,759
Other operating costs 3 (15,985) (2,937) (18,922) (14,247) (726) (14,973)
Operating loss 7 (3,750) (2,937) (6,687) (6,488) (726) (7,214)
Share of joint venture loss 8 (1,098) – (1,098) (905) – (905)
Gain on acquisition of subsidiary 4 – 267 267 – – –
Finance income 9 73 – 73 155 – 155
Finance expense 10 (208) – (208) (226) – (226)
Loss before taxation (4,983) (2,670) (7,653) (7 ,464) (726) (8,190)
Tax charge 11 (607) – (607) (699) – (699)
Loss for the year (5,590) (2,670) (8,260) (8,163) (726) (8,889)
Gain/(Loss) arising on translation of foreign operations, 
which could subsequently be reclassified into profit 
or loss 158 – 158 (36) – (36)
Total comprehensive loss for the year
attributable to owners of the parent (5,432) (2,670) (8,102) (8,199) (726) (8,925)
Basic and diluted loss per Ordinary share 13 €(0.06) €(0.09) €(0.09) €(0.10)
The comparative figures for the year ended 31 March 2014 have been restated to reflect the exceptional costs (see note 4).
The notes on pages 46-68 form part of these financial statements. Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 43
Consolidated Statement of Financial Position
At 31 March 201 5
Registered Company 05534340
Note
2015 
€’000
2014 
€’000
Non-current assets
Intangible assets 15 10,014 8,333
Investment in joint venture 8 – 340
Property, plant and equipment 16 19,548 20,740
Available for sale investments 17 – –
29,562 29,413
Current assets
Inventories 20 7,894 6,053
Trade and other receivables 21 4,998 4,477
Cash and cash equivalents 10,786 15,185
Corporation tax 388 446
24,066 26,161
Current liabilities
Trade and other payables 22 (9,625) (5,557)
Obligation under finance lease 26 (264) (264)
Corporation tax (812) –
(10,701) (5,821)
Net current assets 13,365 20,340
Non-current liabilities
Obligation under finance lease 26 (1,799) (1,871)
(1,799) (1,871)
Net assets 41,128 47,882
Equity and reserves
Share capital – Ordinary shares 23 4,440 4,392
Share premium account 128,714 128,648
Capital redemption reserve 148 148
Warrants reserve – 235
Merger reserve 106,707 106,707
Accumulated loss (199,022) (192,223)
Own shares (39) (47)
Foreign currency translation reserve 180 22
Total equity 41,128 47,882
The financial statements were approved by the Board and authorised for issue on 1 5 June 201 5, and signed on its behalf by:
Paul Clegg  William Rudge
Director   Director
The notes on pages 46-68 form part of these financial statements. Accsys Technologies PLC  Annual Report & Financial Statements 2015 44
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 2013 4,332 128,587 148 235 106,707 (39) 58 (184,511) 55,518
Total comprehensive income/
(expense) for the period – – – – – – (36) (8,889) (8,925)
Share based payments – – – – – – – 1,177 1,177
Shares issued 60 – – – – (8) – – 52
Premium on shares issued – 60 – – – – – – 60
Share warrants issued – – – – – – – – –
Balance at 31 March 2014 4,392 128,648 148 235 106,707 (47) 22 (192,223) 47,882
Total comprehensive income/
(expense) for the period – – – – – – 158 (8,260) (8,102)
Expiry of warrants – – – (235) – – – 235 –
Share based payments – – – – – – – 1,226 1,226
Shares issued 48 – – – – 8 – – 56
Premium on shares issued – 66 – – – – – – 66
Balance at 31 March 2015 4,440 128,714 148 – 106,707 (39) 180 (199,022) 41,128
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 783,597 shares issued to an Employee Benefit T rust at nominal value on 1 1 August 201 4. These shares shall vest if the 
employees, including the Executive Directors, remain in employment with the Company to the vesting date, being 1 July 2015 (subject to certain 
other provisions including good-leaver, take-over and Committee discretion provisions) (note 14).
On 31 March 2015, Accsys agreed to acquire the remaining 50% equity in TTL from Ineos. As a result of this agreement and the termination of 
the joint venture agreement, all of the warrant instruments which had been executed in 2012 in favour of Ineos lapsed.
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 46-68 form part of these financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 45
2015 
€’000
2014 
€’000
Loss before taxation (7,653) (8,190)
Adjustments for:
Amortisation of intangible assets 375 352
Depreciation of land, property, plant and equipment 2,100 2,024
Recognition of reduction of investment in joint venture 1,172 922
Net loss/(gain) on disposal of property, plant and equipment – 77
Net finance expense 135 71
Equity-settled Share based payment expenses 1,226 1,177
Gain on acquisition of subsidiary (267) –
Cash flows from operating activities before changes in working capital (2,912) (3,567)
Increase in trade and other receivables (1,566) (253)
Increase in deferred income 1,556 –
(Increase) in inventories (1,860) (1,194)
Increase in trade and other payables 909 1,757
Net cash used in operating activities before tax* (3,873) (3,257)
Tax received 263 344
Net cash flows used in operating activities (3,610) (2,913)
Cash flows from investing activities
Interest received 70 124
Expenditure on capitalised internal development (201) (459)
Purchase of property, plant and equipment (907) (572)
Purchase of intangible assets – (23)
Investments in joint ventures (1,000) (1,200)
Cash generated in acquisition of subsidiary, net of consideration 1,338 –
Net cash used in investing activities (700) (2,130)
Cash flows from financing activities
Interest paid (208) (226)
Repayment of finance lease (72) (54)
Proceeds from issue of share capital 123 70
Net cash used in financing activities (157) (210)
Net decrease in cash and cash equivalents (4,467) (5,253)
Effect of exchange rate changes on cash and cash equivalents 68 (29)
Opening cash and cash equivalents 15,185 20,467
Closing cash and cash equivalents 10,786 15,185
* Cash out-flows from operating activities after changes in working capital included €3,159,000 in respect of exceptional costs (2014: €498,000).
The notes on pages 46-68 form part of these financial statements.
Consolidated Statement of Cash Flow 
For the year ended 31 March 201 5 Accsys Technologies PLC  Annual Report & Financial Statements 2015 46
1. Accounting policies
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, interpretations issued by the IFRS Interpretations Committee (IFRS IC) 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 71.
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, and at least 1 2 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.
Changes in accounting policies
No new accounting standards, amendments or interpretations have been adopted in the period which have any impact on these financial 
statements other than as noted below:
 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. See note 4 for details of 
exceptional items.
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.
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 ventures 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.
Notes to the Financial Statements
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 47
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 and marketing income
 Licence fee and marketing 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. Marketing revenue when the company acts as principal is recognised based on the actual work completed in the period. 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.
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.
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 and nil cost 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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 48
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.
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.
1. Accounting policies continued
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 49
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. Where the fair value of the identifiable assets and liabilities acquired 
is greater than the fair value of consideration paid, the resulting amount is treated as a gain on a bargain purchase and has been recognised in 
the income statement.
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. Cost includes the original 
purchase price of the asset as well as costs of bringing the asset to the working condition and location of its intended use. 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 and buildings Land held under a finance lease is depreciated over the life of the lease.
Freehold land  Freehold land is not depreciated.
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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 50
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 (excluding 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 and other financial liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective 
interest method.
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 judgements on how to apply the Group’s accounting policies and 
make estimates about the future. The critical judgements 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:
1. Accounting policies continued
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 51
 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 
judgements in relation to discount rates and future forecasts (See note 15). 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 new licence or consortium agreements. 
While the scope and timing of the production facilities to be built under the Group’s existing and future agreements remains uncertain, the 
Directors remain confident that revenue from either existing licensees or under new license or consortium agreements will be generated, 
demonstrating the recoverability of these balances.
 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 (See note 15 & 16). The price of the Accoya wood and the raw materials and other inputs 
vary according to market conditions outside of the Group’s control. Should the price of the raw materials increase greater than the sales price or 
in a way which no longer makes Accoya competitive, then the carrying value of the property, plant and equipment or IPR may be in doubt and 
become impaired. The Directors consider that the current market and best estimates of future prices mean that this risk is limited.
 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 after taking into account the age and condition of inventory (See note 20).
 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 (See note 17).
New standards and interpretations in issue but not yet effective at the date of authorisation of these financial statements:
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these 
financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the EU).
• IFRS 9 ‘Financial Instruments’
• IFRS 10 ‘Consolidated Financial Statements’
• IFRS 12 ‘Disclosure of Interests in Other Entities’
• IAS 27 (amendments) ‘Separate financial statements’
• IAS 28 (amendments) ‘Associates and joint ventures’
• IAS 32 (amendments) ‘Financial instruments presentation’
• IAS 36 (amendments) ‘Recoverable Amount Disclosures for Non-Financial Assets’
The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial 
statements of the Group in future periods. Accsys Technologies PLC  Annual Report & Financial Statements 2015 52
2. Segmental reporting
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 and business development 
activities, the manufacturing and sale of Accoya and research and development activities.
Result by segment
Licensing, management and business development
2015 
€’000
2014 
€’000
Revenue is attributable to fees from licensees 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 the US office. 
Headcount = 21 (2014: 21) 
Revenue 1,051 1,134
Cost of sales – –
Gross profit 1,051 1,134
Other operating costs (8,527) (6,954)
Exceptional items (2,937) (726)
Other operating costs (11,464) (7,680)
Loss from operations (10,413) (6,546)
Loss from operations (10,413) (6,546)
Depreciation and amortisation 430 412
EBITDA (9,983) (6,134)
Manufacturing
2015 
€’000
2014 
€’000
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 with all other costs 
associated with the operation of the Arnhem manufacturing site, 
including directly attributable administration costs.
Headcount = 77 (2014: 67)
Revenue 45,026 32,378
Cost of sales (33,842) (25,753)
Gross profit 11,184 6,625
Other operating costs (6,253) (6,142)
Profit/(loss) from operations 4,931 483
Profit/(loss) from operations 4,931 483
Depreciation and amortisation 2,004 1,910
EBITDA 6,935 2,393
Research and development
2015 
€’000
2014 
€’000
Costs are associated with various research and development 
activities associated with Accoya and processes. The costs are 
reported excluding €201,000 of costs which have been 
capitalised in accordance with IFRS. (2014: €455,000). 
Headcount = 13 (2014: 13)
Revenue – –
Cost of sales – –
Gross result – –
Other operating costs (1,205) (1,151)
Loss from operations (1,205) (1,151)
Loss from operations (1,205) (1,151)
Depreciation and amortisation 41 54
EBITDA (1,164) (1,097)
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 53
Total
2015 
€’000
2014 
€’000
Assets and liabilities cannot be readily allocated to the three 
segments and therefore no additional segmental information has 
been disclosed.
Revenue 46,077 33,512
Cost of sales (33,842) (25,753)
Gross profit 12,235 7,759
Other operating costs (15,985) (14,247)
Exceptional items (2,937) (726)
Other operating costs (18,922) (14,973)
Loss from operations (6,687) (7,214)
Share of joint venture loss (1,098) (905)
Finance income 73 155
Finance expense (208) (226)
Exceptional gain on acquisition of subsidiary 267 –
Loss before taxation (7,653) (8,190)
Loss from operations (6,687) (7,214)
Share of joint venture loss (1,098) (905)
Depreciation and amortisation 2,475 2,377
EBITDA (5,310) (5,742)
EBITDA (before exceptional items) (2,372) (5,017)
Analysis of Revenue by geographical area of customers
2015 
€’000
2014 
€’000
UK and Ireland 17,760 11,300
Benelux 8,431 8,822
Rest of Europe 10,704 7,501
Americas 5,522 3,376
Asia-Pacific 3,151 1,901
Rest of World 509 612
46,077 33,512
Revenue generated from two customers exceeded 10% of Group revenue of 2015, represented by 34% and 31% respectively, of the revenue 
from the United Kingdom and Ireland and relates to manufacturing revenue. Revenue generated from one single customer exceeded 10% of 
Group revenue in 2014 (43% of United Kingdom).
Analysis of non-current assets (other than financial assets and deferred tax)
2015 
€’000
2014 
€’000
UK 5,803 4,491
Other countries 19,528 20,690
Unallocated – goodwill 4,231 4,231
29,562 29,412
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. There are no significant 
intersegment revenues. Accsys Technologies PLC  Annual Report & Financial Statements 2015 54
3. Other operating 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:
2015 
€’000
2014 
€’000
Sales and marketing 3,191 2,882
Research and development 1,205 1,151
Depreciation and amortisation 2,475 2,377
Other operating costs 2,395 2,243
Administration costs 6,719 5,594
Exceptional items 2,937 726
18,922 14,973
During the period, €201,000 (2014: €459,000) of development costs were capitalised and included in intangible fixed assets. This includes nil in 
respect of the Accoya licence Process Design Package (2014: €152,000).
Administration costs also include the costs associated with the Group’s head office in Windsor, the US office in Dallas together with business 
development and management costs.
Exceptional costs relate to the arbitration with Diamond Wood – see note 4.
4. Exceptional items
On 25 July 2014 Accsys announced that the arbitration tribunal (the “Tribunal”) appointed in relation to the dispute between Accsys and 
Diamond Wood China Limited (“Diamond Wood”) had delivered a ‘First Partial Final Award’ (the “Award”).
In response to Diamond Wood’s claim against Accsys, namely for damages in excess of €140 million as previously published by Diamond Wood, 
and for the continuation of the Licence Agreement, the Tribunal ruled that Diamond Wood could only claim for limited damages (if any) up to a 
maximum of €250,000. However, the Tribunal also ruled that the licence agreement between the two parties is to continue.
On 1 9 September 2014 Accsys announced that the Tribunal issued a final award in respect of costs relating to the ruling which are payable to 
Diamond Wood, being approximately £1.6m.
The exceptional item therefore includes €2.4m in respect of the awards for damages and Diamond Wood’s costs. In addition, Accsys has 
incurred a further €0.5m in respect of its own legal costs in the period. This is in addition to €0.7m incurred in the previous financial year which 
has also been represented as an exceptional item.
In addition there is also an exceptional item gain of €267 ,000 recorded in the period relating to the acquisition of the remaining 50% of Tricoya 
Technologies Limited – see note 8.
5. Employees
2015 
€’000
2014 
€’000
Staff costs (including Directors) consist of:
Wages and salaries 7,138 6,469
Social security costs 1,051 926
Other pension costs 516 434
Share based payments 1,427 1,177
10,132 9,006
The average monthly number of employees, including Executive Directors, during the year was as follows:
Number Number
Administration, research and engineering 67 67
Operating 44 34
111 101
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 55
6. Directors’ remuneration
2015 
€’000
2014 
€’000
Directors’ remuneration consists of:
Directors’ emoluments 992 894
Company contributions to money purchase pension schemes 50 47
1,042 941
Compensation of key management personnel included the following amounts:
Salary, bonus 
and short term 
benefits 
€’000
Pension
 €’000
Share based 
payments 
charge
 €’000
2015 
Total 
€’000
2014 
Total 
€’000
Paul Clegg 403 31 482 916 826
Hans Pauli 266 12 154 432 393
William Rudge 179 7 83 269 232
848 50 719 1,617 1,451
The Group made contributions to 3 (2014: 3) Directors’ personal pension plans.
7. Operating loss
2015 
€’000
2014 
€’000
This has been arrived at after charging:
Staff costs 10,131 9,006
Legal costs – Diamond Wood arbitration (note 4) 2,937 726
Depreciation of property, plant and equipment 2,100 2,024
Amortisation of intangible assets 375 352
Operating lease rentals 1,030 1,01 1
Foreign exchange (gains)/losses (31) 65
Research & development (excluding staff costs) 658 535
Loss on disposal of property, plant and equipment – 77
Fees payable to the Company’s auditors for the audit of the Company’s annual financial statements 72 63
Fees payable to the Company’s auditors for other services:
– audit of the Company’s subsidiaries pursuant to legislation 91 80
– audit related assurance services 27 24
Total audit and audit related services: 190 167
– tax compliance services 71 53
– all other services 15 27
Total tax and other services: 86 80
8. Joint venture and business combination
On 5 October 2012, Accsys entered into a 50:50 joint venture with 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 
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 was granted rights to exploit Accsys’ Tricoya technology and also benefited from a licence of any intellectual 
property held by Ineos that may assist the joint venture in maximising the value of the Tricoya proposition. Results generated by TTL were to be 
shared between Accsys and Ineos in a way that reflected each party’s interest, which was 50% during the period.
TTL has been accounted for during the period using the equity method reflecting that it was a joint venture. On 31 March 201 5, Accsys agreed 
to acquire Ineos’s 50% equity interest as part of terms which included the termination of the joint venture agreement and for consideration of 
€1. Therefore as at 31 March 2015, Accsys owned 100% of the share capital of TTL and its balance sheet has been fully consolidated. Accsys Technologies PLC  Annual Report & Financial Statements 2015 56
The fair value of the assets and liabilities acquired was determined to be the same as the book value held in TTL’s own books (as below) and no 
additional assets or liabilities were identified in the business combination. A resulting gain of €267 ,000 has been recorded in the period as a 
gain on acquisition of subsidiary due to this bargain purchase, and is shown as an exceptional item.
Income statement of TTL joint venture:
2015 
€’000
2014 
€’000
Revenue 483 153
Costs:
 Staff costs 1,346 1,230
 Research & development (excluding staff costs) 515 278
 Intellectual Property 242 133
 Sales & marketing 576 322
Joint venture loss 2,196 1,810
Group share of joint venture loss 1,098 905
Investment in joint venture at 1 April 340 62
Group share of loss reported (1,098) (905)
Less elimination of mark-up on recharged costs 29 (17)
Investments in joint venture 1,600 1,200
Disposal of investment in joint venture on acquisition of investment in subsidiary (871) –
Carrying value of joint venture at 31 March – 340
Tricoya Technologies Limited statement of financial position at 31 March 2015:
2015 
€’000
2014 
€’000
Non-current assets
Intangible assets 1,855 1,382
Current assets
Receivables due within one year 71 150
Cash and cash equivalents 1,338 499
1,409 649
Current liabilities
Trade and other payables (2,229) (1,302)
Net current assets (820) (653)
Net assets 1,035 729
100% attributable to Accsys Technologies (2014: 50%) 1,035 365
Less elimination of mark-up on recharged costs 29 (17)
Equity and reserves
Share capital 5,900 3,400
Accumulated loss (4,865) (2,671)
Total equity 1,035 729
9. Finance income
2015 
€’000
2014 
€’000
Interest receivable on bank and other deposits 73 155
10. Finance expense
2015 
€’000
2014 
€’000
Arnhem land sale and leaseback finance charge 208 226
8. Joint venture and business combination continued
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 57
11. Tax expense
(a) Tax recognised in the statement of comprehensive income comprises
2015 
€’000
2014 
€’000
Current tax expense
UK corporation tax on profits for the year – –
Research and development tax credit in respect of current year (190) (169)
(190) (169)
Overseas tax at rate of 15% 39 2
Overseas tax at rate of 25% 758 –
Deferred tax
Utilisation of deferred tax asset – 866
Total tax charge reported in the statement of comprehensive income 607 699
(b) The tax credit for the period is lower than the standard rate of corporation tax in the UK (2015: 21%, 2014: 23%) due to
2015 
€’000
2014 
€’000
Loss profit before tax (7,653) (8,190)
Expected tax credit at 21% (2014: 23%) (1,607) (1,884)
Expenses not deductible in determining taxable profit 79 367
Under/(over) provision in respect of prior years 802 (383)
Losses transferred to deferred tax asset but not recognised 1,042 2,420
Effects of overseas taxation 109 67
Other temporary differences (8) (57)
Research and development tax credit in respect of prior years (29) –
Research and development tax credit in respect of current year 219 169
Total tax charge reported in the statement of comprehensive income 607 699
12. Dividends paid
2015 
€’000
2014 
€’000
Final dividend €nil (2014: €nil) per Ordinary share proposed and paid during year relating to the previous  
year’s results – –
13. Loss 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
Before 
exceptional 
items
2015
 Total
2015
 Before 
exceptional 
items
2014
 Total
2014
Weighted average number of Ordinary shares in issue (‘000) 88,538 88,538 87,482 87,482
Loss for the year (€’000) (5,590) (8,260) (8,163) (8,889)
Basic and diluted loss per share €(0.06) €(0.09) €(0.09) €(0.10)
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.
The weighted average number of shares has been represented for all periods to take account of the 5 to 1 share consolidation which became 
effective on 12 September 2014. Accsys Technologies PLC  Annual Report & Financial Statements 2015 58
14. Share based payments
The Group operates a number of share schemes which give rise to a share based payment charge. During the prior period, the Group introduced 
a LTIP in order to reward members of the senior management team and the executive directors. As part of the award of nil costs options under 
the LTIP, the recipients relinquished all share options that they held which had been awarded under the 2005 and 2008 Share Option Plans. 
Other employees continue to hold options awarded under these earlier schemes.
In addition, the Group operates an Employee Share Participation Plan, which is available to all employees, and also makes annual awards under 
the Employee Benefit Trust. Details of all these schemes are given below.
Options – total
The following figures take into account options awarded under the LTIP in the period together with share options awarded in previous years 
under the 2005 and 2008 Share Option schemes.
Outstanding options granted are as follows:
Number of outstanding  
options at 31 March
Weighted average remaining 
contractual life, in years
Date of grant 2015 2014 2015 2014
1 March 2005 – 269,265 – 0.9
28 March 2007 115,586 747,958 2.0 3.0
20 November 2007 48,444 242,236 2.6 3.6
18 June 2008 8,498 42,498 3.3 4.3
8 December 2008 37,110 206,821 3.7 4.7
27 July 2010 164,321 821,620 5.3 6.3
1 August 201 1 160,000 800,000 6.3 7.3
19 September 2013 (LTIP) 4,278,630 21,393,185 8.5 9.5
Total 4,812,589 24,523,583 7.9 8.9
Movements in the weighted average values are as follows:
Weighted 
average 
exercise price Number
Outstanding at 31 March 2013 €0.38 25,448,374
Granted during the year – LTIP €0.00 21,393,185
Cancellation of options (in relation to LTIP) €0.32 (22,281,145)
Forfeited during the year €1.66 (36,831)
Outstanding at 31 March 2014 €0.10 24,523,583
Forfeited before 12 September 2014 €0.97 (21,248)
Outstanding 1 1 September 2014 €0.11 24,502,335
Adjustment for 12 September 2014 share consolidation €0.45 (19,601,898)
Outstanding – after impact of 2014 share consolidation €0.56 4,900,437
Forfeited after 12 September 2014 €9.15 (33,998)
Expired during the year €1.60 (53,850)
Outstanding at 31 March 2015 €0.48 4,812,589
The exercise price of options outstanding at the end of the year ranged between €nil (for LTIP options) and €12.90 (2014: nil and €12.90) and 
their weighted average contractual life was 7.9 years (2014: 8.9 years).
Of the total number of options outstanding at the end of the year, 77 ,057 (2014: 202,500) had vested and were exercisable at the end of the 
year. No options were exercised in the current or previous year.
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 59
Long-Term Incentive Plan (‘LTIP’)
During the prior period, the group established a Long-Term Incentive Plan, the participants of which are key members of the management team. 
The establishment of the LTIP was approved by the shareholders at the AGM in September 2013.
A prerequisite of participation in the LTIP was for the management team to agree to the cancellation of their entire outstanding share
options, providing the Company with a 5% reduction in the level of dilution to make the new awards. A cancellation was agreed as the most 
appropriate action as it would focus the management team on the new LTIP and not on historical awards or arrangements. Details of the 
cancellation of the share options in the prior period (previously awarded under the 2005 and 2008 Share Option schemes) are set out  
further below.
 LTIP overview
 Under the LTIP , awards can be granted on a discretionary basis to key members of the management team. During the prior period, an initial ‘one 
off’ grant was made in order to focus the management team on the growth of the Company over the next three years. Awards were granted in 
the form of nil-cost options and consist of the following ‘Elements’:
Element Objective Description
A Retention based award to lock-in executives 
who have contributed to the turnaround.
In consideration to agreeing to the cancellation of the participant’s existing 
options, a proportion of the new share award vests on continuity of 
employment over the next three years.
To ensure there is no value shift to the participants via the cancellation, this 
element requires an additional three years of services from the participant 
and will be forfeited if the share price at the end of the performance period is 
below €0.65.
B Performance based share award. This element aligns the participant to the future success of the Company  
by linking the level of vesting to EBITDA and share price growth against  
the constituents of the MSCI Europe Index (or another other broad  
based European index as deemed appropriate by the Remuneration 
Committee).
C Exceptional performance multiplier. This element ensures that if significant value is created for shareholders then 
participants will be entitled to receive an appropriate proportion of this value.
 Performance conditions
 Awards granted under the LTIP are subject to continued employment and satisfaction of the performance conditions. Performance will be 
measured at the end of a three year performance period for each Element.
 Element A – Vesting is contingent upon continued employment for 3 years and share price not falling below €0.65 at the end of the 
performance period.
 Element B – Measured against two equally weighted performance conditions:
Threshold Target Maximum
EBITDA (50% of Element B) €0m €1.6m €4m
Share price growth 
(50% of Element B)
Median of the constituents of 
the MSCI Europe Index
60th percentile of the 
constituents of the MSCI 
 
Europe Index
Upper quartile of the constituents 
of the MSCI Europe Index
Vesting level
1
25% 60% 100%
 1. Vesting is on a straight line basis between the respective EBITDA and share price targets.
 Element C – This element vests in full if the share price is at or above €1.30 at the end of the performance period.
 Awards made in prior period
 Immediately following the establishment of the new LTIP in September 2013, awards were made to members of the management team. A total 
of 4,278,630 nil cost options were awarded. 1,593,331 were allocated as Element A, 1,837 ,572 as Element B and 847 ,727 were allocated as 
Element C. At the same time, a total of 4,456,229 of old options were cancelled.
 All recipients were still employed by the Group as at 31 March 2015. Accsys Technologies PLC  Annual Report & Financial Statements 2015 60
14. Share based payments continued 
 Element A was designed to recognise the contribution made by individuals to the turnaround of the Company and the cancellation of the 
existing options was a prerequisite for participation in the LTIP. The quantum of Element A for each participant was linked to the expected value 
of the existing options which were cancelled where there was a reasonable probability of pay out. As a result, under IFRS 2, the award of 
Element A was accounted for as a modification of the existing share options and as the award was designed to avoid any transfer of value, the 
resulting Share based payment charge is the same as if the existing options had not been cancelled.
 Elements B and C have been accounted for as new awards with the fair value calculated based on a modified Black-Scholes model assuming 
inputs described below:
Element Element B (EBITDA) Element B (Share price growth) Element C
Grant date 19 Sep 13 19 Sep 13 19 Sep 13
Share price at grant date (€) 0.70 0.70 0.70
Exercise price (€) 0.00 0.00 0.00
Expected life (years) 3 3 3
Contractual life (years) 10 10 10
Vesting conditions (details set out above) EBITDA Share Price Exceptional Multiplier
Risk free rate 0.48% 0.48% 0.48%
Expected volatility 40% 40% 40%
Expected dividend yield 0% 0% 0%
Fair value of option €0.647 €0.388 €0.220
 The figures in the table above have been adjusted to reflect the 5 for 1 share consolidation which became effective on 1 2 September 201 4. No 
LTIP options vested in the period and no new awards were made in the period.
2005 and 2008 Share Option schemes
The following share options awarded under the Group’s 2005 and 2008 Share Option schemes impacted the current or preceding financial year;
 Options granted on 1 March 2005 fully vested during 201 1. These options may be exercised until 30 March 2015. At 31 March 2015, nil  
(2014: 53,850) of these options were outstanding with an exercise price of €1.60.
 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 2015, 1 15,586 (2014: 149,584) of these options were 
outstanding at an exercise price of €9.15.
 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 2015, 48,444 (2014: 48,444) of these options were 
outstanding at an exercise price of €12.90.
 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 2015, 8,498 (2014: 8,498) of these options were outstanding at 
an exercise price of €9.90.
 
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 61
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 2015, 37 ,1 10 (2014: 41,359) of these options were 
outstanding at an exercise price of €4.85.
 Options granted on 27 July 2010 were partially exchanged in the period for new awards issued under the LTIP. 30% of the options vest on 
achievement of median Total Shareholder Return (TSR). Once vested, these options may be exercised until 27 July 2020. Full vesting of the 
options granted occurs upon achievement of upper quartile TSR measured over the three year period. At 31 March 2015, 164,321 (2014: 
164,321) of these options were outstanding at an exercise price of €1.20.
 Options granted on 1 August 201 1 were partially exchanged in the period for new awards issued under the LTIP. 30% of the options vest 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 2015, 160,000 (2014: 160,000) of these options were 
outstanding at an exercise price of €0.50.
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.
The weighted average fair value of each option granted during the prior year was €0.30. No options were granted under the 2005 or 2008 
Share Option schemes in the current or previous period.
The fair value of share options granted under the 2005 and 2008 Share Option Schemes during the previous years was calculated based on a 
modified Black Scholes model assuming inputs shown below for more recent awards:
Grant date
August 
2011
July  
2010
Share price at grant date (€) 0.50 1.70
Exercise price (€) 0.50 1.70
Expected life (years) 3 3
Contractual life (years) 10 10
Risk free rate 1.54% 2.30%
Expected volatility 85% 60%
Expected dividend yield 0% 0%
Fair value of option €0.200 €0.532
The figures in the table and notes above have been adjusted to reflect the 5 for 1 share consolidation which became effective on 1 2 September 
2014. Volatility was 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.
Employee Benefit Trust – Share bonus award
On 1 1 August 2014, in connection with the employee remuneration and incentivisation arrangements for the period from 1 April 2013 to 31 
March 2014, 783,597 (2014: 953,1 33) 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 201 5 (subject to certain other provisions including regulations, good-leaver, take-over and nomination and 
remuneration committee discretion provisions). As at 31 March 201 5, the Employment Benefit T rust was consolidated by the Company and the 
783,597 shares are recorded as Own Shares within equity. During the period, 945,133 Ordinary shares awarded in the prior year vested. Accsys Technologies PLC  Annual Report & Financial Statements 2015 62
14. Share based payments continued 
Employee Share Participation Plan
During the year, the Company continued to operate the Employee Share Participation Plan (the ‘Plan’) that was initiated in a 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 2015 the plan was open for subscription twice. In July 2014 various employees subscribed for a total of 27 ,819 
Shares at an acquisition price of €1.15 per Share. In December 2014 various employees subscribed for a total of 53,922 Shares at an acquisition 
prices of €0.79 per Share.
Also during the year, 1 for 1 Matching shares were awarded in respect of subscriptions that were made in the previous year as a result of all 
participants continuing to remain in employment at the point of vesting. 99,559 Matching shares were issued to employees in July 2014.
15. Intangible assets
Internal 
development 
costs
 €’000
Intellectual 
property 
rights 
€’000
Goodwill 
€’000
Total 
€’000
Cost
At 31 March 2013 1,396 73,292 4,231 78,919
Additions 459 – – 459
At 31 March 2014 1,855 73,292 4,231 79,378
Additions 201 – – 201
Addition on acquisition of subsidiary 1,981 1,981
At 31 March 2015 4,037 73,292 4,231 81,560
Accumulated amortisation
At 31 March 2013 55 70,638 – 70,693
Amortisation 77 275 – 352
At 31 March 2014 132 70,913 – 71,045
Amortisation 100 275 – 375
Addition on acquisition of subsidiary 126 – – 126
At 31 March 2015 358 71,188 – 71,546
Net book value
At 31 March 2015 3,679 2,104 4,231 10,014
At 31 March 2014 1,723 2,379 4,231 8,333
At 31 March 2013 1,341 2,654 4,231 8,226
The carrying value of internal development costs, intellectual property rights and goodwill on consolidation are considered part of a single cash 
generating unit which incorporates the manufacturing and 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 board approved 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 (2014: 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. The Directors have considered whether a 
reasonably possible change in assumptions may result in an impairment. An impairment would arise if the total volume of forecast Accoya 
manufactured is 95% lower than projected sales in future years.
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 63
16. Property, plant and equipment
Land and 
buildings 
€’000
Plant and 
machinery 
€’000
Office 
equipment 
€’000
Total 
€’000
Cost or valuation
At 31 March 2013 5,208 27,190 656 33,054
Additions 43 444 85 572
Disposals – (116) – (116)
Foreign currency translation gain/(loss) – – (9) (9)
At 31 March 2014 5,251 27,518 732 33,501
Additions – 847 63 910
Foreign currency translation gain/(loss) – – 27 27
At 31 March 2015 5,251 28,365 822 34,438
Accumulated depreciation
At 31 March 2013 192 10,057 534 10,783
Charge for the year 115 1,818 91 2,024
Disposals – (39) – (39)
Foreign currency translation gain/(loss) – – (7) (7)
At 31 March 2014 307 11,836 618 12,761
Charge for the year 117 1,896 87 2,100
Foreign currency translation gain/(loss) – – 29 29
At 31 March 2015 424 13,732 734 14,890
Net book value
At 31 March 2015 4,827 14,633 88 19,548
At 31 March 2014 4,944 15,682 114 20,740
At 31 March 2013 5,016 17,133 122 22,271
Included within property, plant and equipment are assets with an initial cost of €6,252,000 and a net book value at 31 March 2015 of 
€3,409,000 which has been accounted for as a finance lease under the terms of the sale and leaseback agreement entered into in a prior year 
(see note 25).
1 7 . Other financial assets
2015 
€’000
2014 
€’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 future of Diamond Wood, and as such a reliable fair value cannot be calculated.
The historical cost of the unlisted shares held at 31 March 2015 is €10m (2014: €10m). However, a provision for the impairment of the entire 
balance of €10m continues to be recorded as at 31 March 2015 (see note 4).
18. Deferred Taxation
The Group has a deferred tax asset of €nil (2014: €nil) relating to trading losses brought forward. €0.9m of deferred tax was utilised in the  
prior year.
The Group also has an unrecognised deferred tax asset of €23,200,000 (2014: €23,087 ,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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 64
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
2015 
€’000
2014 
€’000
Materials and work in progress 3,068 3,492
Finished goods 4,826 2,561
7,894 6,053
The amount of inventories recognised as an expense during the year was €30,158,361 (2014: €23,969,284). The cost of inventories 
recognised as an expense includes a net debit of €157 ,836 (2014: credit of €409,412) in respect of the inventories sold in the period which had 
previously been written down to net realisable value.
21. Trade and other receivables
2015 
€’000
2014 
€’000
Trade receivables 3,024 3,060
Other receivables 1,086 385
Prepayments 888 1,031
4,998 4,476
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. The majority of trade 
and other receivables is denominated in Euros, with €600,000 of the trade receivables denominated in US Dollars (2014: €355,000).
The age of receivables past due but not impaired is as follows:
2015 
€’000
2014 
€’000
Up to 30 days overdue 466 183
Over 30 days and up to 60 days overdue 13 136
Over 60 days and up to 90 days overdue 21 (14)
Over 90 days overdue 2 3
502 308
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 (2014: €25,001,000) due from Diamond Wood.
Movement in provision for doubtful debts:
2015 
€’000
2014 
€’000
Balance at the beginning of the period 25,019 25,051
Net increase/(release) of impairment if not required 2 (32)
Balance at the end of the period 25,021 25,019
Summary of Receivable Impairments:
2015 
€’000
2014 
€’000
Trade receivables – Accoya wood* 20 18
20 18
* The impairment of Accoya wood receivables relates to a number of Accoya customers.
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 65
22. Trade and other payables
2015 
€’000
2014 
€’000
Trade payables 3,847 3,790
Other taxes and social security payable 202 110
Other payables 1,000 –
Accruals and deferred income* 4,576 1,657
 9,625 5,557
* Accruals and deferred income includes £1.4m of deferred income resulting from the acquisition of Tricoya Technologies Limited.
23. Share capital
2015 
€’000
2014 
€’000
Allotted – Equity share capital
88,800,894 Ordinary shares of €0.05 each (2014: 439,219,864 Ordinary shares of €0.01 each) 4,440 4,392
Further to the passing of all resolutions at the Company’s AGM held on 1 1 September 2014, the entire issued share capital of the Company was 
consolidated on a 5 for 1 basis with effect from 1 2 September 2014. Accordingly, all figures concerning the number of shares stated below 
represent the new €0.05 Ordinary shares. (Shares issued prior to this date have been restated accordingly.)
In year ended 31 March 2014:
On 5 July 201 3, a total of 953,1 33 shares were issued to an Employment Benefit T rust, the beneficiaries of which were to be the Executive 
Directors and Senior Managers (see note 14).
On 13 September 2013, a total of 83,066 of Ordinary shares were issued and released to employees together with the 99,570 of Ordinary 
shares issued to a trust on 12 August 2013 (see note 14).
On 20 January 2014, a total of 73,884 of Ordinary shares were issued and released to employees.
In year ended 31 March 2015:
Own shares represents 783,597 €0.05 Ordinary shares issued to an Employee Benefit T rust (‘EBT’) at nominal value on 1 8 August 201 4.
953,133 €0.05 Ordinary shares had been issued to the EBT at nominal value on 9 July 2013 of which 945,133 Ordinary shares vested on  
8 August 2014.
On 18 August 2014, a total of 27 ,819 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee Share Participation Plan.
On 12 August 2014, a total of 99,559 of €0.05 Ordinary shares were issued and released to employees together with the 99,559 of €0.05 
Ordinary shares issued to trust on 12 August 2013.
In 19 January 2015, a total of 53,922 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee Share Participation Plan. Accsys Technologies PLC  Annual Report & Financial Statements 2015 66
24. Commitments under operating 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:
2015 
€’000
2014 
€’000
Operating lease payments due
Within one year 963 1,003
In the second to fifth years inclusive 1,067 1,210
In greater than five years 1,477 1,477
3,507 3,690
The majority of commitments under operating leases relate to the Group’s offices in the UK, the Netherlands and USA and land in the 
Netherlands which is adjacent to our plant.
25. Commitments under finance leases
Agreements were reached in August 201 1 for the sale and leaseback of the land and buildings in Arnhem for a total of €4m. €2.2m was received 
in 201 1 with the remaining amount received in the following year, but accounted for as an operating lease. The transaction has resulted in a 
finance lease creditor of €2. 1m as at 31 March 201 5:
Minimum lease payments
2015 
€’000
2014 
€’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 1,773 2,053
Less: future finance charges (1,110) (1,318)
Present value of lease obligations 2,063 2,135
26. Financial instruments
Finance lease
Agreements were reached in August 201 1 for the sale and leaseback of the land and buildings in Arnhem under which a total of €4m was received. 
€2.2m was received in 201 1 with the remaining amount received in the following 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 €2,063,000 as at 31 March 201 5 (201 4: €2, 1 35,000). The total lease term is 1 5 years (see note 24 and 25).
Warrants
In 2012 the Company executed a warrant instrument in favour of Ineos, allowing Ineos the opportunity to purchase up to a further 3,293,647 
shares at a price of €1.05 per share at certain times up until 19 October 2016. All 3,293,647 warrants lapsed on 31 March 2015.
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 owners of the parent Company, comprising 
share capital, reserves and accumulated losses.
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 67
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 201 5 (2014: €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
2015 
€’000
2014 
€’000
Available for sale investments – –
Loans and receivables
 Trade receivables 3,024 3,060
 Other receivables 1,086 385
 Money market deposits in Euro 5,348 11,791
 Money at call in Euro 3,807 2,483
 Money at call in US Dollars 781 602
 Money at call in Sterling 635 114
 Money at call in New Zealand Dollars 215 195
Financial liabilities at amortised cost
 Trade payables (3,847) (3,790)
 Accruals (1,577) (1,149)
 Finance lease payable (2,063) (2,135)
 Other payables (1,000) –
6,409 11,556
Money market deposits have interest rates fixed for less than three months at a weighted average rate of 0.86% (2014: 1.58%). Money market 
deposits are held at financial institutions with high credit ratings (Standard & Poor’s rating of AA).
All assets and liabilities mature within one year except for the finance lease, for which details are given in note 25.
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.
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.
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. Accsys Technologies PLC  Annual Report & Financial Statements 2015 68
26. Financial instruments continued
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 note 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 has finance facilities available which are 
secured on trade receivables and inventories:
 Trade receivables facility
 On 28 February 20 1 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 renews for rolling one year 
periods. The facility is secured upon the Group’s trade receivable.
 Inventories facility
 On 1 7 January 201 3 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 of 3.8% as at 31 March 2015 (2014: 4.0%). At 31 March 2015, the 
Group had €nil (2014: €nil) borrowed under both 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. Related party transactions
In the year ended 31 March 2015, there were a number of related party transactions with the Tricoya Technologies Limited joint venture, all of 
which arose in the normal course of business, totalling €1,391,000 (2014: €1,070,000). At the end of the period €792,308 (2014: €298,404) of 
the total amount was payable from TTL to Accsys group companies.
28. Capital Commitments
2015 
€’000
2014 
€’000
Contracted but not provided for in respect of property, plant and equipment – –
Notes to the Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 69
Report on the parent company financial statements
Our opinion
In our opinion, Accsys Technologies plc’s parent company financial 
statements (the “financial statements”):
• give a true and fair view of the state of the parent company’s 
affairs as at 31 March 2015;
• 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.
What we have audited
Accsys Technologies plc’s financial statements comprise:
• the company balance sheet as at 31 March 2015;
• the notes to the financial statements, which include a summary of 
significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in the 
preparation of the financial statements is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice).
In applying the financial reporting framework, the directors have 
made a number of subjective judgements, for example in respect of 
significant accounting estimates. In making such estimates, they 
have made assumptions and considered future events.
Opinion on other matter prescribed by the Companies 
Act 2006
In our opinion:
• the information given in the Strategic Report and the Directors’ 
Report for the financial year for which the financial statements 
are prepared is consistent with the financial statements; and
• the part of the Directors’ Remuneration Report to be audited has 
been properly prepared in accordance with the Companies Act 
2006.
Other matters on which we are required to report by exception
Adequacy of accounting records and information and 
explanations received
Under the Companies Act 2006 we are required to report to you if, in 
our opinion:
• we have not received all the information and explanations we 
require for our audit; or
• 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 financial statements and the part of the Directors’ 
Remuneration Report to be audited are not in agreement with the 
accounting records and returns.
We have no exceptions to report arising from this responsibility.
Directors’ remuneration
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. We have no exceptions to report arising from 
this responsibility. 
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of Directors’ Responsibilities 
set out on page 38, the directors are responsible for the preparation 
of the 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 financial 
statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland) (“ISAs (UK & 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.
What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & Ireland). 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. 
We primarily focus our work in these areas by assessing the directors’ 
judgements against available evidence, forming our own judgements, 
and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing 
techniques, to the extent we consider necessary to provide a 
reasonable basis for us to draw conclusions. We obtain audit evidence 
through testing the effectiveness of controls, substantive 
procedures or a combination of both. 
In addition, we read all the financial and non-financial information in 
the Annual Report & Financial Statements to identify material 
inconsistencies with the audited financial statements and to identify 
any information that is apparently materially incorrect based on, or 
materially inconsistent with, the knowledge acquired by us in the 
course of performing the audit. If we become aware of any apparent 
material misstatements or inconsistencies we consider the 
implications for our report.
Independent Auditors’ Report  
to the Members of Accsys Technologies PLC Accsys Technologies PLC  Annual Report & Financial Statements 2015 70
Other matter
We have reported separately on the group financial statements of 
Accsys Technologies plc for the year ended 31 March 2015.
Simon O’Brien (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors
London
15 June 2015
(a) The maintenance and integrity of the Accsys Technologies plc website is the 
responsibility of the directors; the work carried out by the auditors does not 
involve consideration of these matters and, accordingly, the auditors accept no 
responsibility for any changes that may have occurred to the financial 
statements since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation and dissemination 
of financial statements may differ from legislation in other jurisdictions.
Independent Auditors’ Report  
to the Members of Accsys Technologies PLC continued Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 71
Condensed Company Balance Sheet
As at 31 March 201 5
Registered Company 05534340
Note
2015 
€’000
2014 
€’000
Fixed assets
Investments in subsidiaries 4 12,620 11,394
Other investments 5 – –
12,620 11,394
Current assets
Debtors 6 127,645 122,253
Cash at bank and in hand 3,107 6,270
130,752 128,523
Creditors: amounts falling due within one year 7 (6,927) (3,740)
Net current assets 123,825 124,783
Total assets less current liabilities 136,445 136,177
Capital and reserves
Called up Share capital 8 4,440 4,392
Share premium account 9 128,714 128,648
Own shares 9 (39) (47)
Capital redemption reserve 9 148 148
Warrant reserve 9 – 235
Profit and loss account 9 3,182 2,801
Total shareholders’ funds 10 136,445 136,177
The financial statements were approved by the Board and authorised for issue on 1 5 June 201 5, and signed on its behalf by
Paul Clegg  William Rudge
Director   Director
The notes on pages 72-75 form part of these financial statements. Accsys Technologies PLC  Annual Report & Financial Statements 2015 72
Notes to the Company Financial Statements
For the year ending 31 March 201 5
1. Accounting policies
The financial statements have been prepared on the going concern basis, under the historical cost convention, and in accordance with the 
Companies Act 2006 and accounting standards applicable in the United Kingdom. The following principal accounting policies, which have been 
applied consistently throughout the year are set out below:
Investments
Except where a reliable fair value cannot be obtained, unlisted shares held by the Group are stated at historical cost less any provision for 
impairment. 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 is the parent company of the Accsys Technologies PLC group of companies and is included in the consolidated financial 
statements as set out on pages 42 to 68 and has therefore taken advantage of the exemption from preparing a cash flow statement under the 
terms of FRS 1.
2. Profit and loss account
A loss of €1,080,000 (2014: loss of €561,000) 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. Fees payable to the Company’s auditors for the audit of the Company’s annual financial statements was €72,000 (€63,000). 
Fees payable to the Company’s auditors for the audit of the Company’s subsidiaries was €91,000 (2014: €80,000) and fees payable for other 
services were €98,000 (2014: €55,000).
3. Employees
The Company had no employees other than Executive Directors (201 5: 3 and 2014: 3) during the current or prior year. Non-Executive  
Directors received emoluments in respect of their services to the Company of €144,000 (2014: €145,000). The details of the remuneration  
of all Directors have been included in the Remuneration Report. The Company did not operate any pension schemes during the current or 
preceding year. Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 73
4. Investments in subsidiaries
€’000
Cost
At 31 March 2013 14,897
Share based payments 1,177
At 31 March 2014 16,074
Share based payments 1,226
At 31 March 2015 17,300
Impairment
At 1 April 2014 and 31 March 2015 4,680
Net book value
At 31 March 2015 12,620
At 31 March 2014 11,394
At 31 March 2013 10,217
The Directors believe that the carrying value of the investments are supported by the underlying net assets and future profitability.
The following were the principal subsidiary undertakings at the end of the year and have all been included in the financial statements:
Subsidiary undertakings Class
2015  
% shares  
and voting 
rights held
2014  
% shares  
and voting 
rights held
Titan Wood Technology BV (Netherlands) Ordinary 100 100
Titan Wood BV (Netherlands) Ordinary 100 100
Titan Wood Limited (UK) Ordinary 100 100
Titan Wood Inc (USA) Ordinary 100 100
Tricoya Technologies Limited (UK)* Ordinary 100 50
* Acquired remaining 50% share on 31st March 2015 (see note 8 of the group financial statements).
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 acetylation 
opportunities.
Titan Wood B.V.  The manufacture and sale of Accoya®, acetylated wood.
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.
Titan Wood Inc.  Provision of Sales, Marketing and Technical services.
Tricoya Technologies Limted  Engaged in the commercialisation of technology for the production of Tricoya Wood Elements around the world. Accsys Technologies PLC  Annual Report & Financial Statements 2015 74
5. Other investments
2015 
€’000
2014 
€’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 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 future of Diamond Wood, and as such a reliable fair value cannot be calculated.
The historical cost of the unlisted shares held at 31 March 2015 is €10m (2014: €10m). However, a provision for the impairment of the entire 
balance of €10m continues to be recorded as at 31 March 201 5 (see note 4 of the group financial statements).
6. Debtors
2015 
€’000
2014 
€’000
Amounts owed by Group undertakings 127,599 122,109
Prepayments and accrued income 46 144
127,645 122,253
The amounts owed by Group 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. Creditors: amounts falling due within one year
2015 
€’000
2014 
€’000
Trade creditors 173 202
Amounts owed to Group undertakings 6,638 3,452
Accruals and deferred income 116 86
6,927 3,740
8. Called up share capital
2015 
€’000
2014 
€’000
Allotted – Equity share capital
88,800,894 Ordinary shares of €0.05 each (2014: 439,219,864 Ordinary shares of €0.01 each) 4,440 4,392
4,440 4,392
Further to the passing of all resolutions at the Company’s AGM held on 1 1 September 2014, the entire issued share capital of the Company was 
consolidated on a 5 for 1 basis with effect from 1 2 September 2014. Accordingly, all figures concerning the number of shares stated below 
represent the new €0.05 Ordinary shares. (Shares issued prior to this date have been restated accordingly.)
In year ended 31 March 2014:
On 5 July 201 3, a total of 953,1 33 shares were issued to an EBT , the beneficiaries of which were to be the Executive Directors and Senior 
Managers (see note 14). On 13 September 2013, a total of 83,066 of Ordinary shares were issued and released to employees together with the 
99,570 of Ordinary shares issued to a trust on 12 August 2013 (see note 14). On 20 January 2014, a total of 73,884 of Ordinary shares were 
issued and released to employees.
In year ended 31 March 2015:
Own shares represents 783,597 €0.05 Ordinary shares issued to an EBT at nominal value on 18 August 2014. 953,133 €0.05 Ordinary shares 
had been issued to the EBT at nominal value on 9 July 2013 of which 945,133 Ordinary shares vested on 8 August 2014. On 18 August 2014, a 
total of 27 ,819 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee Share Participation Plan. On 12 August 2014, a 
total of 99,559 of €0.05 Ordinary shares were issued and released to employees together with the 99,559 of €0.05 Ordinary shares issued to 
trust on 12 August 2013. In 19 January 2015, a total of 53,922 of €0.05 Ordinary shares were issued to a trust under the terms of the Employee 
Share Participation Plan.
Notes to the Company Financial Statements continued
For the year ending 31 March 201 5 Strategic Report Corporate Governance Financial Statements
Accsys Technologies PLC  Annual Report & Financial Statements 2015 75
9. Reserves
Called up 
share capital 
€’000
Share 
premium 
 account  
€’000
Capital 
 redemption 
reserve  
€’000
Own
 shares
 €’000
Warrant 
reserve  
€’000
Profit 
and loss 
account  
€’000
Total 
shareholders 
funds
 €’000
Balance at 1 April 2014 4,392 128,648 148 (47) 235 2,801 136,177
Loss for the financial year – – – – – (1,080) (1,080)
Expiry of warrants – – – – (235) 235 –
Share based payments – – – – – 1,226 1,226
Shares issued 48 – – 8 – – 56
Premium on shares issued – 66 – – – – 66
Share issue costs – – – – – – –
Share warrants issued – – – – – – –
Balance at 31 March 2015 4,440 128,714 148 (39) – 3,182 136,445
The profit and loss account includes €8,010,000 of non-distributable reserves arising from the liquidation of Accsys Chemicals Limited in the 
year ended 31 March 2007 . The profit and loss account also includes €6,1 28,000 of non-distributable reserves relating to Share based 
payments.
10. Reconciliation of movements in shareholders’ funds
2015 
€’000
2014 
€’000
Loss for the financial year (1,080) (561)
Share based payments charged to subsidiaries 1,226 1,177
Proceeds from issue of shares 122 112
Share issue costs – –
Warrants issued – –
Net increase in shareholders’ funds 268 728
Opening shareholders’ funds 136,177 135,449
Closing shareholders’ funds 136,445 136,177
11. Dividends paid
2015 
€’000
2014 
€’000
Final dividend €nil (2014: €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 €1.0m (2014: €0.8m) 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  Annual Report & Financial Statements 2015 76
Shareholder Information
Accsys Technologies PLC is a public limited company incorporated in England
Directors Sean Christie Non-Executive Director
 Paul Clegg Chief Executive Officer
 Sue Farr Non-Executive Director
 Nick Meyer Non-Executive Director
 Hans Pauli Chief Operating Officer
 William Rudge Finance Director
 Patrick Shanley Non-Executive Chairman
Company Secretary Angus Dodwell
Company Number 5534340
Registered Office Royal Albert House
 Sheet Street
 Windsor
 SL4 1BE
Banks Barclays Bank Rabobank
 50 Pall Mall Croeselaan 18
 London Utrectht
 SW1A 1QJ 3521 CB
  The Netherlands
 JPMorgan Chase Bank ABN AMRO Bank
 PO Box 260180 Velperweg 37
 Baton Rouge 6824 BM Arnhem
 LA, 70826-0180 The Netherlands
 USA
Registrars SLC Registrars
 Ashley Park House
 42-50 Hersham Road
 Walton-on-Thames
 Surrey 
  KT12 1RZ
Independent Auditors PricewaterhouseCoopers LLP
 Chartered Accountants and Statutory auditors
 1 Embankment Place
 London
 WC2N 6RH
Lawyers Slaughter & May
 One Bunhill Row
 London
 EC1Y 8YY
Broker and Nomad Numis Securities Ltd
 The London Stock Exchange Building
 10 Paternoster Square
 London
 EC4M 7LT
Investor Relations MHP Communications
 6 Agar Street 
 London 
 WC2N 4HN   Accsys Technologies PLC Annual Report & Financial Statements 2015
Accsys Technologies 
Royal Albert House 
Sheet Street
Windsor, SL4 1BE
United Kingdom
www.accsysplc.com
www.accoya.com www.tricoya.com
T. +44 (0) 1753 757500
Accsys Technologies 2015, Accsys Technologies is a trading name of Titan Wood Limited. 
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 the 
Tricoya® registered trademark, from Tricoya Technologies Limited, who have exclusive 
rights to exploit the Tricoya® brand.
© Accsys Technologies PLC 2015