Earnings Release • Feb 5, 2020
Earnings Release
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Net sales increased by 2 per cent to 1,058.9 MEUR (1,043.0). Using fixed exchange rates and a comparable group structure (organic growth), net sales decreased by -2 per cent. Regionally, organic growth was 1 per cent in Americas, 0 per cent in EMEA and -10 per cent in Asia. In Americas, North America recorded flat organic growth, hampered by weakness in the construction, manufacturing and mapping markets. However, growth in public safety solutions was solid. South America recorded high single-digit growth. In EMEA, Western Europe recorded -2 per cent organic growth primarily due to slower demand in the manufacturing segment in Germany and Spain and infrastructure and construction markets in the UK and the Nordics. Russia, the Middle East and Africa recorded double digit growth. In Asia, China recorded -21 per cent organic growth, mainly reflecting weaker demand in the manufacturing industry. Infrastructure and construction also declined somewhat in the region. India and South Korea continued to record solid growth.
Operating earnings (EBIT1) grew by 2 per cent to 277.0 MEUR (270.7), which corresponds to an operating margin of 26.2 per cent (26.0). The operating margin (EBIT1) benefited from cost savings and a favorable product mix. Operating earnings (EBIT1) were positively impacted by currency translation effects of 4.5 MEUR. However, currency transaction effects negatively impacted operating earnings (EBIT1) by -7.0 MEUR. Earnings before taxes amounted to 244.9 MEUR (265.4) and were positively impacted by currency translation effects of 4.2 MEUR.
On 8 January 2020, Hexagon announced the completion of the Volume Graphics, Blast Movement Technology and Geopraevent AG acquisitions, and related one-off items of -26.2 MEUR which impacted the income statement during the fourth quarter 2019. The oneoff items relate to impairment of overlapping technologies, transaction costs and integration costs.
| Net sales | Earnings | |||||
|---|---|---|---|---|---|---|
| MEUR | Q4 2019 | Q4 2018 | $\Delta\%$ 1) | Q4 2019 | Q4 2018 | $\Delta\%$ |
| Geospatial Enterprise Solutions | 514.9 | 496.8 | $-1$ | 134.6 | 129.5 | -4 |
| Industrial Enterprise Solutions | 544.0 | 546.2 | -4 | 147.8 | 148.0 | |
| Net sales | 1.058.9 | 1,043.0 | $-2$ | |||
| Group cost | $-5.4$ | $-6.8$ | 21 | |||
| Operating earnings (EBIT1) | 277.0 | 270.7 | 2 | |||
| Operating margin, % | 26.2 | 26.0 | 0.2 | |||
| Interest income and expenses, net | $-5.9$ | $-5.3$ | $-11$ | |||
| Earnings before non-recurring items | 271.1 | 265.4 | 2 | |||
| Non-recurring items 2) | $-26.2$ | n.a. | ||||
| Earnings before taxes | 244.9 | 265.4 | -8 | |||
| Taxes | $-44.9$ | -47.8 | 6 | |||
| Net earnings | 200.0 | 217.6 | -8 |
1) Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
2) Non-recurring items relates to the acquisitions of Volume Graphics, Blast Movement Technology and Geopraevent AG.
| Movement 17 | Income less cost | Earnings impact | ||
|---|---|---|---|---|
| CHF | Strengthened | 4% | Negative | Negative |
| USD | Strengthened | - 3% | Positive | Positive |
| CNY | Strengthened | $1\%$ | Positive | Positive |
| EBIT1. MEUR |
1) Compared to 04 2018
| Net sales 1) | |
|---|---|
| 2018, MEUR | 1.043.0 |
| Structure, % | 2 |
| Currency, % | $\mathcal{P}$ |
| Organic growth, % | $-2$ |
| Total, % | 2 |
| 2019. MEUR | 1.058.9 |
$^{1}$ ) Net sales from acquisitions and divestments during the last
twelve months are reported as "Structure" in the table
above. Percentages are rounded to the nearest whole per cent.
| Region | Q4 2019 | ||
|---|---|---|---|
| EMEA excl. Western Europe (8% of sales) | |||
| South America (4% of sales) | |||
| Asia excl. China (14% of sales) | |||
| North America (32% of sales) | $>8\%$ | ||
| Western Europe (30% of sales) | $0 - 8%$ | ||
| China (12% of sales) | Negative | ||
| Total | |||
| 1) and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manufacturer and a manu |
$^\flat$ Adjusted to fixed exchange rates and a comparable group structure (organic growth).
Geospatial Enterprise Solutions includes a world-leading portfolio of sensors for capturing data from land and air as well as sensors for positioning via satellites. The sensors are complemented by software (GIS) for the creation of 3D maps and models which are used for decision-making in a range of software applications, covering areas such as surveying, construction, public safety and agriculture. This segment consists of Geosystems, Safety & Infrastructure and Autonomy & Positioning.
Geospatial Enterprise Solutions (GES) net sales amounted to 514.9 MEUR (496.8). Using fixed exchange rates and a comparable group structure (organic growth), net sales decreased by -1 per cent. Regionally, organic growth was 4 per cent in Americas, -2 per cent in EMEA and -10 per cent in Asia. In Americas, North America recorded mid-single digit growth, supported by a solid development in the public safety portfolio which offset weaker demand in construction markets and for mapping content. South America recorded doubledigit growth. In EMEA, Western Europe recorded a single digit organic decline, primarily driven by a slowdown in infrastructure and construction markets in the Nordics and the UK. However, growth in infrastructure and construction markets in Germany remained solid and Russia, the Middle East and Africa recorded strong double-digit growth. In Asia, China declined, largely reflecting slower demand in the infrastructure and construction segment. South Korea and India recorded strong double-digit growth, while Australia and New Zealand declined.
Geosystems recorded -2 per cent organic growth, hampered by continued weakness in some construction markets and a lower contribution from new products compared to the previous year, which offset the positive momentum in the mining segment. The Safety & Infrastructure division accelerated, recording 7 per cent organic growth. The recently launched OnCall platform is gaining traction and building a solid pipeline ahead. Autonomy & Positioning (formerly Positioning Intelligence) recorded-9 per cent organic growth, hampered by weaker demand in automotive.
Operating earnings (EBIT1) increased by 4 per cent to 134.6 MEUR (129.5), which corresponds to an operating margin of 26.1 per cent (26.1). The operating margin (EBIT1) was positively impacted by cost savings but adversely impacted by the decline in organic growth.
| MEUR | Q4 2019 | Q4 2018 | Δ% | 2019 | 2018 | Δ% |
|---|---|---|---|---|---|---|
| Net sales | 514.9 | 496.8 | e. | 1.934.2 | 1.820.2 | |
| Operating earnings (EBIT1) | 134.6 | 129.5 | 492.3 | 459.2 | ||
| Operating margin, % | 26.1 | 26.1 | 25.5 | 25.2 | 0.3 | |
| Avg. number of employees | 8.916 | 8.428 |
$^{1)}$ Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Industrial Enterprise Solutions includes metrology systems that incorporate the latest in sensor technology for fast and accurate $measures$ , as well as CAD (computer-aided design), CAM (computer-aided manufacturing) and CAE (computer-aided engineering) software. These solutions optimise design, processes and throughput in manufacturing facilities and create and leverage asset management information critical to the planning, construction and operation of plants and process facilities in a number of industries, such as automotive, aerospace and oil and gas. Industrial Enterprise Solutions consists of Manufacturing Intelligence and PPM.
Industrial Enterprise Solutions (IES) net sales amounted to 544.0 MEUR (546.2). Using fixed exchange rates and a comparable group structure (organic growth), net sales decreased by -4 per cent. Regionally, organic growth was 3 per cent in EMEA, -2 per cent in Americas and -10 per cent in Asia. In EMEA, Western Europe recorded mid-single digit growth, positively impacted by strong growth in the power and energy business but adversely impacted by a slowdown in the automotive industry. Eastern Europe, Russia and the Middle East recorded solid growth, but demand in Africa declined. In Americas, North America recorded a slight decline, hampered by weakness in the manufacturing industry in Canada and Mexico, whereas the US recorded slight growth in the quarter. In Asia, China recorded a -22 per cent organic revenue decline, largely driven by weaker demand in the manufacturing industry. South Korea, Japan and India recorded strong organic growth.
Manufacturing Intelligence recorded -8 per cent organic growth, largely driven by the significant decline in China and weak demand in automotive which offset continued good growth in aerospace. The performance in the software portfolios remained stable. PPM recorded 13 per cent organic growth, supported by strong development in the design and asset management portfolios, especially in EMEA.
Operating earnings (EBIT1) increased by 0 per cent to 147.8 MEUR (148.0), which corresponds to an operating margin of 27.2 per cent (27.1). The operating margin (EBIT1) benefited from an increased software mix and cost savings but was hampered by the organic revenue decline
| MEUR | Q4 2019 | Q4 2018 | Δ% | 2019 | 2018 | Δ% |
|---|---|---|---|---|---|---|
| Net sales | 544.0 | 546.2 | $-4$ 1) | 1.973.5 | 1.940.5 | $-2^{-11}$ |
| Operating earnings (EBIT1) | 147.8 | 148.0 | 505.2 | 495.2 | ||
| Operating margin, % | 27.2 | 27.1 | J. 1 | 25.6 | 25.5 | $\alpha$ |
| Avg. number of employees | 11.255 | 10.741 | b |
$^{1)}$ Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Net sales amounted to 3,907.7 MEUR (3,760.7) for the full year. Using fixed exchange rates and a comparable group structure (organic growth), net sales decreased by -1 per cent.
Operating earnings (EBIT1) amounted to 972.5 MEUR (929.0), which corresponds to an operating margin of 24.9 per cent (24.7). Operating earnings (EBIT1) were positively affected by currency translation effects of 26.3 MEUR.
The financial net amounted to -26.9 MEUR (-22.8) for the full year.
Earnings before taxes, excluding non-recurring items, amounted to 945.6 MEUR (906.2). Earnings before taxes, including these items, amounted to 865.3 MEUR (902.3) and were positively impacted by currency translation effects of 23.9 MEUR.
Net earnings, excluding non-recurring items, amounted to 775.4 MEUR (743.1) or 2.11 EUR (2.04) per share. Net earnings, including these items, amounted to 708.6 MEUR (738.1) or 1.92 EUR (2.02) per share.
| Net sales | Earnings | |||||
|---|---|---|---|---|---|---|
| MEUR | 2019 | 2018 | $\Lambda\%$ 1) | 2019 | 2018 | $\Delta\%$ |
| Geospatial Enterprise Solutions Industrial Enterprise Solutions |
1,934.2 1,973.5 |
1.820.2 1.940.5 |
$-2$ | 492.3 505.2 |
459.2 495.2 |
2 |
| Net sales Group cost |
3.907.7 | 3.760.7 | $-1$ | $-25.0$ | $-25.4$ | 2 |
| Operating earnings (EBIT1) Operating margin, % Interest income and expenses, net |
972.5 24.9 $-26.9$ |
929.0 24.7 $-22.8$ |
5 0.2 $-18$ |
|||
| Earnings before non-recurring items Non-recurring items 2) |
945.6 $-80.3$ |
906.2 $-3.9$ |
4 n.a. |
|||
| Earnings before taxes Taxes |
865.3 $-156.7$ |
902.3 $-164.2$ |
$-4$ 5 |
|||
| Net earnings | 708.6 | 738.1 | -4 |
1) Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
2) Non-recurring items 2019 relates to the launch of a restructuring programme in Q2 and acquisitions in Q1 and Q4.
| Movement 11 | Income less cost | Earnings impact | ||
|---|---|---|---|---|
| CHF | Strengthened | 4% | Negative | Negative |
| USD | Strengthened 5% | Positive | Positive | |
| CNY | Strengthened 1% | Positive | Positive | |
| EBIT1, MEUR | 26.3 | |||
1) Compared to 2018.
Hexagon will support Leidos UK in the rionager interapper cubico entricito
recently announced upgrade to the Metropolitan
Police Service (MPS) command and control system. Under the 10-year programme, Leidos will implement HxGN OnCall, a
comprehensive portfolio of advanced public safety solutions. The new HxGN OnCall command and control solution will provide a modern, easyto-use, cohesive system with capabilities spanning dispatch, analytics, mobility and major event management
Capital employed increased to 8.660.9 MEUR (7.783.2). Return on average capital employed for the last twelve months was 11.7 per cent (12.6). Return on average shareholders' equity for the last twelve months was 12.3 per cent (15.0). The capital turnover rate was 0.5 times (0.5).
Total shareholders' equity increased to 6,076.9 MEUR (5,319.2). The equity ratio was 57.3 per cent (54.9). Hexagon's total assets increased to 10,600.6 MEUR (9,684.1). The increase in total assets is driven primarily by acquisitions. Hexagon's main sources of financing consist of:
1) A multicurrency revolving credit facility (RCF) established during 2014. The RCF amounts to 2,000 MEUR with maturity 2021
2) A Swedish Medium Term Note Programme (MTN) established during 2014. The MTN programme amounts to 15,000 MSEK with tenor up to 5 years
3) A Swedish Commercial Paper Programme (CP) established during 2012. The CP programme amounts to 15,000 MSEK with tenor up to 12 months.
On 31 December 2019, cash and unutilised credit limits totalled 1,832.8 MEUR (1,684.2). Hexagon's net debt was 2,115.7 MEUR (2,069.3). The net indebtedness was 0.31 times (0.35). Interest coverage ratio was 26.8 times (31.9).
During the fourth quarter, cash flow from operations before changes in working capital amounted to 320.4 MEUR (295.0), corresponding to 0.87 EUR (0.81) per share. Cash flow from operations in the fourth quarter amounted to 334.1 MEUR (360.5), corresponding to 0.91 EUR (1.00) per share. Operating cash flow in the fourth quarter, including non-recurring items, amounted to 221.1 MEUR (262.5).
For the full year, cash flow from operations amounted to 1,103.6 MEUR (944.1) corresponding to 3.02 EUR (2.62) per share. The operating cash flow, including non-recurring items, amounted to 663.2 MEUR (562.8).
Hexagon's net investments, excluding acquisitions and divestitures, amounted to -99.7 MEUR (-92.9) in the fourth quarter and -399.1 MEUR (-389.1) in the full year.
Depreciation, amortisation and impairment amounted to -116.1 MEUR (-78.0) in the fourth quarter and -387.7 MEUR (-284.0) during the full year, whereof impairment charges amounted to -23.2 MEUR (-9.8) in the fourth quarter and -25.6 MEUR (-25.1) during the full year.
FEEDING
The Group's tax expense for the full year totalled -156.7 MEUR (-164.2). The reported tax rate was 18.3 per cent (18.0) for the quarter and 18.1 per cent (18.2) for the full year. The tax rate, excluding non-recurring items, was 18.0 per cent (18.0) for the quarter and 18.0 per cent (18.0) for the full year.
The average number of employees during fourth quarter was 20,250 (19,249). The number of employees at the end of the quarter was 20,532 (20,048).
Earnings per share, including non-recurring items, for the fourth quarter amounted to 0.54 EUR (0.60). Earnings per share, excluding non-recurring items, for fourth quarter amounted to 0.60 EUR (0.60).
Earnings per share, including non-recurring items, for the full year amounted to 1.92 EUR (2.02). Earnings per share, excluding non-recurring items, for full year amounted to 2.11 EUR (2.04).
On 31 December 2019, equity per share was 16.50 EUR (14.62) and the share price was 525.00 SEK (408.00).
Hexagon's share capital amounts to 81.554.880 EUR. represented by 367, 539, 302 shares, of which 15, 750, 000 are of series A with ten votes each and 351,789,302 are of series B with one vote each
In accordance with a decision by a Shareholders' General Meeting in May 2015, an incentive programme (2015/2019) was introduced, under which a maximum of 10,000,000 warrants can be issued. The dilutive effect at full utilisation of the programme would be 2.8 per cent of the share capital and 2.0 per cent of the number of votes. The number of warrants that have been issued are 7,107,660 and may be exercised during 1 June 2018 - 31 December 2019. On 31 December 2019, no warrants were outstanding.
The parent company's earnings before taxes in the fourth quarter amounted to -38.8 MEUR (4.8) and 466.4 MEUR (307.8) for the full year. The equity was 5,123.2 MEUR (4,735.6). The equity ratio of the parent company was 54 per cent (54). Liquid funds including unutilised credit limits were 1,369.5 MEUR (1,277.4).
Hexagon applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Hexagon's report for the Group is prepared in accordance with IAS 34, Interim Financial Reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. Accounting principles and calculation methods are unchanged from those applied in the Annual Report for 2018, see note 1 for further information.
From January 1, 2019 Hexagon applies IFRS 16 Leases. The new standard replaces all former published standards and interpretations about lease contracts. The former IAS 17 Leases required the lessee to classify their lease contracts as either finance leases or operating leases, which were accounted for differently. The operating leases did not result in recognition of assets and liabilities in the balance sheet (off balance sheet leases).
The new standard does not require the lessees to distinguish between operating and finance lease contracts. The obligation to pay lease fees must be recognised as a lease liability in the balance sheet and the right to use the underlying asset during the lease term is recognised as an asset. Depreciation of the asset is recognised in the income statement as is an interest cost of the liability. Paid lease fees are recognised partly as a payment of the interest cost and partly as an amortisation of the liability. A change in the lease contract could lead to a remeasurement of the liability and an adjustment of the rightof-use asset. For complete accounting principles, see Hexagon's Annual Report 2018.
The transition to IFRS 16 has been implemented according to the simplified method, according to which an opening lease liability and an opening right-of-use asset have been recognised to the same amount on January 1, 2019. The practical expedients below have been applied:
· The new principles are applied on lease contracts that were identified as contracts containing a lease also under previous regulation.
• Non-lease components are not separated from lease components in the lease contracts but accounted for as one single lease component.
• Lease contracts with a lease period of less than 12 months and leases of low value assets are excluded.
Reported assets in the balance sheet attributable to lease contracts amounted to 238 MEUR as of January 1, 2019. The obligation for operational and financial lease contract in the Annual Report for 2018 amounted to 269.1 MEUR. The difference between the obligation for future lease payments and the opening lease liability as per January 1, 2019 consists of discount effect, use of extension options, short-term lease contracts and lease contracts of low value assets.
As an international group, Hexagon is exposed to a number of business and financial risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity and the ability to raise funds. Risk management in Hexagon aims to identify, control and reduce risks. This work begins with an assessment of the probability of risks occurring and their potential effect on the Group. There has been no change in the risks facing the Group compared to what was reported in the Annual Report 2018.
No significant related party transactions have been incurred during the quarter.
The AGM will be held on 29 April 2020 at 17:00 CET at City Conference Center Stockholm (Norra Latin), Drottninggatan 71 B. The composition of the Hexagon Nomination Committee for the Annual General Meeting 2020 is: Mikael Ekdahl (Chairman), Melker Schörling AB, Jan Andersson, Swedbank Robur fonder, Ossian Ekdahl, Första AP-fonden and Johan Strandberg, SEB Investment Management.
The Hexagon Board of Directors proposes a dividend of 0.62 EUR per share (0.59). The proposed record date will be 4 May and expected date for settlement is 11 May.
On January 8, Hexagon announced the acquisition of Blast Movement Technology and Geopraevent AG.
On January 29, Hexagon announced the acquisition of COWI's mapping business.
The Board of Directors and the President and CEO declare that this year-end report provides a true and fair overview of the Company's and the Group's operations, its financial position and performance, and describes material risks and uncertainties facing the Company and companies within the Group.
Stockholm, Sweden, 5 February 2020 Hexagon AB (publ)
Gun Nilsson Chairman of the Board
Ola Rollén President and CEO Board Member
John Brandon Board Member
Ulrika Francke Board Member
Henrik Henriksson Board Member
Märta Schörling Andreen Board Member
Sofia Schörling Högberg Board Member
This Year-End Report has not been reviewed by the Company's auditors.
| MEUR | Q4 2019 | Q4 2018 | 2019 | 2018 |
|---|---|---|---|---|
| Net sales | 1,058.9 | 1,043.0 | 3,907.7 | 3,760.7 |
| Cost of goods sold | $-389.1$ | $-394.4$ | $-1,453.7$ | $-1,423.8$ |
| Gross earnings | 669.8 | 648.6 | 2,454.0 | 2,336.9 |
| Sales expenses | $-194.6$ | $-189.6$ | $-764.1$ | $-704.3$ |
| Administration expenses | $-85.3$ | $-88.3$ | $-322.1$ | $-309.3$ |
| Research and development expenses | $-110.4$ | $-101.9$ | $-444.8$ | $-406.5$ |
| Earnings from shares in associated companies | $-0.1$ | $-0.1$ | ||
| Capital gain (+) / loss (-) from sale of shares in Group companies | 0.7 | |||
| Other income and expenses, net | $-28.7$ | 2.0 | $-30.8$ | 7.7 |
| Operating earnings 1) | 250.8 | 270.7 | 892.2 | 925.1 |
| Financial income | 1.7 | 2.6 | 6.6 | 6.4 |
| Financial expenses | $-7.6$ | $-7.9$ | $-33.5$ | $-29.2$ |
| Earnings before taxes | 244.9 | 265.4 | 865.3 | 902.3 |
| Taxes | $-44.9$ | $-47.8$ | $-156.7$ | $-164.2$ |
| Net earnings | 200.0 | 217.6 | 708.6 | 738.1 |
| Attributable to: | ||||
| Parent company shareholders | 198.4 | 215.8 | 702.4 | 730.0 |
| Non-controlling interest | 1.6 | 1.8 | 6.2 | 8.1 |
| 1 of which non-recurring items | $-26.2$ | $-80.3$ | $-3.9$ | |
| Earnings include depreciation, amortisation and impairments of | $-116.1$ | $-78.0$ | $-387.7$ | $-284.0$ |
| - of which amortisation of surplus values | $-13.2$ | $-12.8$ | $-51.1$ | $-49.0$ |
| Basic earnings per share, EUR | 0.54 | 0.60 | 1.92 | 2.02 |
| Earnings per share after dilution, EUR | 0.54 | 0.60 | 1.92 | 2.01 |
| Total shareholder's equity per share, EUR | 16.50 | 14.62 | 16.50 | 14.62 |
| Closing number of shares, thousands | 367,539 | 362,925 | 367,539 | 362,925 |
| Average number of shares, thousands | 366,189 | 362,031 | 364,898 | 360,942 |
| Average number of shares after dilution, thousands | 366,189 | 362,551 | 365,242 | 362,301 |
| MEUR | Q4 2019 | Q4 2018 | 2019 | 2018 |
|---|---|---|---|---|
| Net earnings | 200.0 | 217.6 | 708.6 | 738.1 |
| Other comprehensive income | ||||
| Items that will not be reclassified to income statement | ||||
| Remeasurement of pensions | 24.1 | $-34.5$ | 8.7 | $-25.3$ |
| Taxes on items that will not be reclassified to income statement | $-2.6$ | 3.8 | $-1.0$ | 2.9 |
| Total items that will not be reclassified to income statement, net | ||||
| of taxes | 21.5 | $-30.7$ | 7.7 | $-22.4$ |
| Items that may be reclassified subsequently to income statement | ||||
| Exchange rate differences | $-118.2$ | 30.6 | 121.9 | 117.5 |
| Taxes on items that may be reclassified subsequently to income | ||||
| statement | 0.6 | $-1.9$ | $-8.7$ | $-6.2$ |
| Total items that may be reclassified subsequently to income | ||||
| statement, net of taxes | $-117.6$ | 28.7 | 113.2 | 111.3 |
| Other comprehensive income, net of taxes | $-96.1$ | $-2.0$ | 120.9 | 88.9 |
| Total comprehensive income for the period | 103.9 | 215.6 | 829.5 | 827.0 |
| Attributable to: | ||||
| Parent company shareholders | 102.3 | 213.5 | 823.1 | 819.0 |
| Non-controlling interest | 1.6 | 2.1 | 6.4 | 8.0 |
| MEUR | 31/12 2019 31/12 2018 | |
|---|---|---|
| Intangible fixed assets | 7,631.3 | 7,100.8 |
| Tangible fixed assets | 485.3 | 384.2 |
| Right-of-use assets | 223.2 | |
| Financial fixed assets | 56.3 | 53.9 |
| Deferred tax assets | 86.1 | 83.6 |
| Total fixed assets | 8,482.2 | 7,622.5 |
| Inventories | 409.3 | 463.0 |
| Accounts receivable | 999.2 | 959.1 |
| Other receivables | 98.4 | 111.8 |
| Prepaid expenses and accrued income | 143.2 | 133.1 |
| Total current receivables | 1,240.8 | 1,204.0 |
| Cash and cash equivalents | 468.3 | 394.6 |
| Total current assets | 2,118.4 | 2,061.6 |
| Total assets | 10,600.6 | 9,684.1 |
| Equity attributable to parent company shareholders | 6.063.8 | 5,305.3 |
| Equity attributable to non-controlling interest | 13.1 | 13.9 |
| Total shareholders' equity | 6,076.9 | 5,319.2 |
| Interest bearing liabilities | 1,831.3 | 1,813.9 |
| Lease liabilities | 168.3 | |
| Other liabilities | 157.7 | 154.3 |
| Pension liabilities | 97.2 | 108.2 |
| Deferred tax liabilities | 457.8 | 448.7 |
| Other provisions | 9.7 | 8.6 |
| Total long-term liabilities | 2,722.0 | 2,533.7 |
| Interest bearing liabilities | 425.9 | 541.8 |
| Lease liabilities | 61.3 | |
| Accounts payable | 226.2 | 251.1 |
| Other liabilities | 289.2 | 279.7 |
| Other provisions | 36.5 | 21.5 |
| Deferred income | 463.1 | 405.0 |
| Accrued expenses | 299.5 | 332.1 |
| Total short-term liabilities | 1,801.7 | 1,831.2 |
| Total equity and liabilities | 10,600.6 | 9,684.1 |
In Hexagon's balance sheet derivatives and other long-term securities holdings are carried at fair value. Derivatives are measured at fair value based on valuation techniques with observable market data as input (level 2 according to definition in IFRS 13). Other longterm securities holdings amount to insignificant numbers. Liabilities for contingent considerations are measured at fair value and based on management's best estimation of the most probable outcome (level 3 according to definition in IFRS 13). Other assets and liabilities are carried at accrued cost.
For financial assets and liabilities that are carried at accrued cost, the fair value is deemed to be coincident with the carrying amount except for long-term liabilities to credit institutions. The difference between the fair value and the carrying amount for these long-term liabilities is deemed to be insignificant relative to the total balance sheet since the interest rate duration is short.
| MEUR | 2019 | 2018 |
|---|---|---|
| Opening shareholders' equity | 5.319.2 | 4.604.4 |
| Total comprehensive income for the period 1) New share issues, warrants exercised - net of issuance costs New share issue in progress Dividend Effect of acquisitions of subsidiaries |
829.5 118.1 32.9 $-222.8$ |
827.0 83.0 1.0 $-196.5$ 0.3 ° |
| Closing shareholders' equity 2) | 6.076.9 | 5.319.2 |
| 1) Of which: Parent company shareholders Non-controlling interest 2) Of which: Parent company shareholders Non-controlling interest |
823.1 6.4 6.063.8 13.1 |
819.0 8.0 5.305.3 13.9 |
| series A | series B | Total | |
|---|---|---|---|
| 2009-12-31 Total issued and outstanding | 11,812,500 | 252,534,653 | 264,347,153 |
| Sale of repurchased shares | 20,070 | 20,070 | |
| Rights issue | 3,937,500 | 83,845,572 | 87,783,072 |
| 2010-12-31 Total issued and outstanding | 15,750,000 | 336,400,295 | 352,150,295 |
| Rights issue | 339,335 | 339,335 | |
| 2011-12-31 Total issued and outstanding | 15,750,000 | 336,739,630 | 352,489,630 |
| Sale of repurchased shares | 185,207 | 185,207 | |
| 2012-12-31 Total issued and outstanding | 15,750,000 | 336,924,837 | 352,674,837 |
| Sale of repurchased shares | 967,340 | 967,340 | |
| New issue, warrants exercised | 1,354,800 | 1,354,800 | |
| 2013-12-31 Total issued and outstanding | 15,750,000 | 339,246,977 | 354,996,977 |
| New issue, warrants exercised | 2,392,236 | 2,392,236 | |
| 2014-12-31 Total issued and outstanding | 15,750,000 | 341,639,213 | 357,389,213 |
| New issue, warrants exercised | 2,947,929 | 2,947,929 | |
| 2015-12-31 Total issued and outstanding | 15,750,000 | 344,587,142 | 360,337,142 |
| New issue, warrants exercised | 106,000 | 106,000 | |
| 2016-12-31 Total issued and outstanding | 15,750,000 | 344,693,142 | 360,443,142 |
| New issue, warrants exercised | |||
| 2017-12-31 Total issued and outstanding | 15,750,000 | 344,693,142 | 360,443,142 |
| New issue, warrants exercised | 2,481,550 | 2,481,550 | |
| 2018-12-31 Total issued and outstanding | 15,750,000 | 347,174,692 | 362,924,692 |
| New issue, warrants exercised | 35,300 | 35,300 | |
| 2019-03-31 Total issued and outstanding | 15,750,000 | 347,209,992 | 362,959,992 |
| New issue, warrants exercised | 2,892,440 | 2,892,440 | |
| 2019-06-30 Total issued and outstanding | 15,750,000 | 350,102,432 | 365,852,432 |
| New issue, warrants exercised | |||
| 2019-09-30 Total issued and outstanding | 15,750,000 | 350,102,432 | 365,852,432 |
| New issue, warrants exercised | 1,686,870 | 1,686,870 | |
| 2019-12-31 Total issued and outstanding | 15,750,000 | 351,789,302 | 367,539,302 |
Each share of serie A carries entitlement to ten votes and each share of serie B carries entitlement to one vote.
| MEUR | Q4 2019 | Q4 2018 | 2019 | 2018 |
|---|---|---|---|---|
| Cash flow from operations before change in working capital | ||||
| excluding taxes and interest | 361.0 | 338.8 | 1,321.7 | 1,180.2 |
| Taxes paid | $-35.3$ | $-38.5$ | $-173.2$ | $-153.3$ |
| Interest received and paid, net | $-5.3$ | $-5.3$ | $-23.0$ | $-22.1$ |
| Cash flow from operations before change in working capital | 320.4 | 295.0 | 1,125.5 | 1,004.8 |
| Cash flow from change in working capital | 13.7 | 65.5 | $-21.9$ | $-60.7$ |
| Cash flow from operations | 334.1 | 360.5 | 1,103.6 | 944.1 |
| Investments tangible assets, net | $-26.5$ | $-27.6$ | $-114.0$ | $-154.8$ |
| Investments intangible assets | $-73.2$ | $-65.3$ | $-285.1$ | $-234.3$ |
| Operating cash flow before non-recurring items | 234.4 | 267.6 | 704.5 | 555.0 |
| Non-recurring cash flow 1) | $-13.3$ | $-5.1$ | $-41.3$ | 7.8 |
| Operating cash flow | 221.1 | 262.5 | 663.2 | 562.8 |
| Cash flow from acquisitions and divestments | $-197.6$ | $-90.8$ | $-349.8$ | $-422.6$ |
| Cash flow from other investing activities | 2.5 | $-0.3$ | $-5.4$ | $-15.6$ |
| Cash flow after other investing activities | 26.0 | 171.4 | 308.0 | 124.6 |
| Dividends paid | $-0.2$ | $-5.4$ | $-222.8$ | $-196.5$ |
| New share issues, warrants exercised - net of issuance costs | 36.4 | 2.5 | 151.0 | 84.0 |
| Cash flow from other financing activities | 9.5 | $-227.8$ | $-166.3$ | 93.5 |
| Cash flow for the period | 71.7 | $-59.3$ | 69.9 | 105.6 |
| Cash and cash equivalents, beginning of period | 398.8 | 457.2 | 394.6 | 309.4 |
| Effect of translation differences on cash and cash equivalents | $-2.2$ | $-3.3$ | 3.8 | $-20.4$ |
| Cash flow for the period | 71.7 | $-59.3$ | 69.9 | 105.6 |
| Cash and cash equivalents, end of period | 468.3 | 394.6 | 468.3 | 394.6 |
$^{\rm 1)}$ Non-recurring cash flow consists of restructuring costs.
| MEUR | Q4 2019 | Q4 2018 | 2019 | 2018 |
|---|---|---|---|---|
| Operating margin, % | 26.2 | 26.0 | 24.9 | 24.7 |
| Profit margin before taxes, % | 23.1 | 25.4 | 22.1 | 24.0 |
| Return on shareholders' equity, 12 month average, % | 12.3 | 15.0 | 12.3 | 15.0 |
| Atturn on capital employed 12 month average, % | 11.7 | 12.6 | 11.7 | 12.6 |
| Equity ratio, % | 57.3 | 54.9 | 57.3 | 54.9 |
| Net indebtedness | 0.31 | 0.35 | 0.31 | 0.35 |
| Interest coverage ratio | 33.2 | 34.6 | 26.8 | 31.9 |
| Average number of shares, thousands | 366.189 | 362.031 | 364.898 | 360.942 |
| Basic earnings per share excl. non-recurring items, EUR | 0.60 | 0.60 | 2.11 | 2.04 |
| Basic earnings per share, EUR | 0.54 | 0.60 | 1.92 | 2.02 |
| Cash flow per share, EUR | 0.91 | 1.00. | 3.02 | 2.62 |
| Cash flow per share before change in working cap, EUR | 0.87 | 0.81 | 3.08 | 2.78 |
| Share price, SEK | 525.00 | 408.00 | 525.00 | 408.00 |
| Share price, translated to EUR | 50.25 | 39.79 | 50.25 | 39.79 |
| MEUR | Q4 2019 Q3 2019 Q2 2019 Q1 2019 | 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 | 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Geospatial Enterprise Solutions | 514.9 | 473.8 | 496.8 | 448.7 | 1.934.2 | 496.8 | 457.1 | 454.8 | 411.5 | - 1.820.2 |
| Industrial Enterprise Solutions | 544.0 | 482.5 | 479.2 | 467.8 1.973.5 | 546.2 | 489.0 | 482.1 | 423.2 | 1.940.5 | |
| Group | 1.058.9 | 956.3 | 976.0 | 916.5 3.907.7 | 1.043.0 | 946.1 | 936.9 | 834.7 3.760.7 |
| MEUR | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | 2019 | Q4 2018 | Q3 2018 Q2 2018 | Q1 2018 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Geospatial Enterprise Solutions | 134.6 | 118.4 | 126.9 | 1124 | 492.3 | 129.5 | 114.6 | 113.7 | 101.4 | 459.2 |
| Industrial Enterprise Solutions | 147.8 | 124.0 | 119.5 | 1139 | 505.2 | 148.0 | 123.7 | 121.6 | 1019 | 495.2 |
| Group costs | $-5.4$ | $-6.6$ | $-72$ | $-5.8$ | $-25.0$ | $-6.8$ | $-6.5$ | $-71$ | $-5.0$ | $-254$ |
| Group | 277.0 | 235.8 | 239.2 | 220.5 | 972.5 | 270.7 | 231.8 | 228.2 | 198.3 | 929.0 |
| Margin, % | 26.2 | 24.7 | 24.5 | 24.1 | 24.9 | 26.0 | 24.5 | 24.4 | 23.8 | 24.7 |
| MEUR | Q4 2019 Q3 2019 Q2 2019 Q1 2019 | 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 | 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 406.4 | 340.1 | 372.4 | 343.7 1.462.6 | 398.4 | - 340.9 | 348.9 | 326.8 1.415.0 | ||
| Americas | 376.8 | 350.9 | 347.1 | 297.4 | 1.372.2 | 347.8 | 317.9 | 307.5 | 266.4 | 1.239.6 |
| Asia | 275.7 | 265.3 | 256.5 | 275.4 | 1.072.9 | 296.8 | 287.3 | 280.5 | 241.5 | - 1.106.1 |
| Group | 1,058.9 | 956.3 | 976.0 | 916.5 | 3.907.7 | 1.043.0 | 946.1 | 936.9 | 834.7 | 3.760.7 |
| Average | Q4 2019 | Q3 2019 | Q 2 2019 | Q1 2019 | 2019 | Q4 2018 | Q3 2018 | Q 2 2018 | Q1 2018 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| SEK/EUR | 0.0939 | 0.0938 | 0.0942 | 0.0960 | 0.0944 | 0.0969 | 0.0961 | 0.0968 | 0.1004 | 0.0975 |
| USD/EUR | 0.9033 | 0.8994 | 0.8897 | 0.8803 | 0.8934 | 0.8762 | 0.8599 | 0.8389 | 0.8136 | 0.8475 |
| CNY/EUR | 0.1282 | 0.1282 | 0.1304 | 0.1305 | 0.1293 | 0.1267 | 0.1264 | 0.1315 | 0.1280 | 0.1281 |
| CHF/EUR | 0.9119 | 0.9124 | 0.8879 | 0.8831 | 0.8989 | 0.8801 | 0.8744 | 0.8516 | 0.8583 | 0.8661 |
| Closing | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | 2019 | Q4 2018 | Q3 2018 | Q 2 2018 | Q1 2018 | 2018 |
| SEK/EUR | 0.0957 | 0.0935 | 0.0947 | 0.0962 | 0.0957 | 0.0975 | 0.0970 | 0.0957 | 0.0972 | 0.0975 |
| USD/EUR | 0.8902 | 0.9184 | 0.8787 | 0.8901 | 0.8902 | 0.8734 | 0.8639 | 0.8578 | 0.8116 | 0.8734 |
| CNY/EUR | 0.1279 | 0.1286 | 0.1279 | 0.1326 | 0.1279 | 0.1270 | 0.1255 | 0.1296 | 0.1291 | 0.1270 |
| CHF/EUR | 0.9213 | 0.9219 | 0.9005 | 0.8944 | 0.9213 | 0.8874 | 0.8837 | 0.8644 | 0.8490 | 0.8874 |
| MEUR | 2019 | 2018 |
|---|---|---|
| Fair value of acquired assets and assumed liabilities | ||
| Intangible fixed assets | 81.9 | 100.0 |
| Other fixed assets | 2.6 | 3.6 |
| Total fixed assets | 84.5 | 103.6 |
| Total current assets | 57.2 | 37.5 |
| Total assets | 141.7 | 141.1 |
| Total long-term liabilities | $-15.7$ | $-4.6$ |
| Total current liabilities | $-22.4$ | $-22.0$ |
| Total liabilities | $-38.1$ | $-26.6$ |
| Fair value of acquired assets and assumed liabilities, net | 103.6 | 114.5 |
| Non-controlling interest in equity | $-0.3$ | |
| Goodwill | 290.6 | 440.5 |
| Total purchase consideration transferred | 394.2 | 554.7 |
| Less cash and cash equivalents in acquired companies | $-38.3$ | $-9.9$ |
| Adjustment for non-paid consideration and considerations | ||
| paid for prior years' acquisitions | $-6.1$ | $-118.2$ |
| Cash flow from acquisition of companies/businesses | 349.8 | 426.6 |
During full year 2019, Hexagon acquired the following companies:
Etalon, a provider of equipment calibration solutions that ensure the dimensional accuracy of manufactured parts
i5 International, a market-leading developer of operations management software for ensuring safe, efficient, and compliant operations of industrial sites
Aciel Geomatics, a Leica distributor in South Africa
Thermopylae Sciences and Technology, a software provider that specialises in geospatial applications, mobile frameworks, and cloud computing for enhanced location intelligence
Melown Technologies, a developer of advanced visualisation technologies for creating 3D models of urban and natural landscape environmente
The acquisitions are individually assessed as immaterial from a group perspective which is why only aggregated information is presented. The analysis of the acquired net assets is preliminary and the fair value might be subject to change. Contingent considerations are recognised to fair value (level 3 according to definition in IFRS 13) each reporting period and based on the latest relevant forecast for the acquired company. The valuation method is unchanged compared to the previous period. The estimated liability for contingent considerations amounted to 170.9 MEUR (165.3) as of 31 December, whereof the fair value adjustment in 2019 amounted to 11.3 MEUR (16.7). In connection with the valuation of contingent considerations the assets acquired and liabilities assumed in the purchase price allocation are reviewed. Any indication of impairment due to the revaluation of contingent considerations is considered and adjustments are made to off-set the impact from revaluation.
In December 2019, Hexagon acquired Volume Graphics, a market leader in the industrial computed tomography (CT) software industry. The company's high-end analysis and visualisation CT software enables manufacturers to produce three-dimensional external and internal representations of scanned objects. In 2019 Volume Graphics generated sales of 26.0 MEUR.
Volume Graphics offers an invaluable toolset for leveraging CT data across many use cases - from flaw detection and failure analysis to reverse engineering applications. Using CT, the customers are able to "see" inside the complicated structures of components, otherwise inaccessible with traditional inspection methods. This allows hidden or hard to reach internal features to be measured and inspected for dimensional deviations and flaws without destroying the parts and compromising the integrity of the data in the process. Additionally, industrial CT scanning is fast becoming a critical asset to manufacturers as more and more industries embrace additive manufacturing. The addition of CT software capabilities strengthens Hexagon's portfolio in this growth area.
From the date of acquisition, Volume Graphics has contributed 3.2 MEUR of net sales in 2019. If the acquisition had taken place at the beginning of the year, the contribution to net sales would have been 26.0 MEUR. The contribution to the group operating margin has been accretive.
In April 2019, Hexagon acquired Thermopylae Sciences and Technology, a software provider primarily focused on the U.S. government and defence market that specialises in geospatial applications, mobile frameworks, and cloud computing for enhanced location intelligence. In 2018 Thermopylae Sciences and Technology generated sales of 48 MUSD.
Thermopylae's software and domain expertise nicely augment Hexagon's ability to deliver the visual location intelligence necessary for enabling autonomous connected ecosystems. Ultimately, the addition of Thermopylae will enrich the 5D experience delivered through Hexagon Smart M.App and Luciad portfolios - both of which enable smart digital realities with 3D, 4D (real-time sensor feed integration) and 5D (dynamic analytics) capabilities. Not only does the acquisition provide an avenue for international market adoption of Thermopylae's technologies but also an additional avenue for Hexagon to accelerate adoption of 5D visualisation capabilities in U.S. government agencies.
From the date of acquisition, Thermopylae Sciences and Technology has contributed 36.0 MEUR of net sales in 2019. If the acquisition had taken place at the beginning of the year, the contribution to net sales would have been 42.5 MEUR. The contribution to the group operating margin has been accretive.
| MEUR | 2019 | 2018 |
|---|---|---|
| Carrying value of divested assets and liabilities, net | ||
| Intangible fixed assets | 3.4 | |
| Total fixed assets | 3.4 | |
| Total current assets | 0.1 | |
| Total assets | 3.5 | |
| Total current liabilities | 0.1 | |
| Total liabilities | 0.1 | |
| Carrying value of divested assets and liabilities, net | 3.4 | |
| Capital gain $(+)$ / loss $(-)$ | 0.7 | |
| Total purchase consideration transferred | 4.1 | |
| Less cash and cash equivalents in divested companies | $-0.1$ | |
| Cash flow from divestment of companies/businesses | 4.0 |
| MEUR | Q4 2019 | Q4 2018 | 2019 | 2018 |
|---|---|---|---|---|
| Net sales | 4.4 | 6.5 | 17.6 | 17.9 |
| Administration cost | $-33.8$ | $-6.9$ | $-49.9$ | $-24.9$ |
| Operating earnings | $-29.4$ | $-0.4$ | $-32.3$ | $-7.0$ |
| Earnings from shares in Group companies | 1.1 | $-2.0$ | 399.6 | 227.0 |
| Interest income and expenses, net | 19.5 | 30.9 | 129.1 | 111.5 |
| Appropriations | $-30.0$ | $-23.7$ | $-30.0$ | $-23.7$ |
| Earnings before taxes | $-38.8$ | 4.8 | 466.4 | 307.8 |
| Taxes | 8.0 | $-1.9$ | $-14.2$ | $-18.2$ |
| Net earnings | $-30.8$ | 2.9 | 452.2 | 289.6 |
| MEUR | 31/12 2019 31/12 2018 | |
|---|---|---|
| Total fixed assets | 7,900.2 | 7.587.1 |
| Total current receivables | 1.545.0 | 1.091.7 |
| Cash and cash equivalents | 60.9 | 15.5 |
| Total current assets | 1,605.9 | 1,107.2 |
| Total assets | 9.506.1 | 8.694.3 |
| Total shareholders' equity | 5,123.2 | 4.735.6 |
| Untaxed reserves | 41.0 | 18.5 |
| Total long-term liabilities | 1,825.6 | 1.807.3 |
| Total short-term liabilities | 2.516.3 | 2.132.9 |
| Total equity and liabilities | 9,506.1 | 8,694.3 |
In addition to the financial measures as required by the financial reporting framework based on IFRS, this report also includes other measures and indicators that are used to follow-up, analyze and manage the business. These measures also provide Hexagon stakeholders with useful financial information on the Group's financial position, performance and development in a consistent way. Below is a list of definitions of measures and indicators used in this report.
| Americas | North, South and Central America |
|---|---|
| Asia | Asia, Australia and New Zealand |
| EMEA | Europe, Middle East and Africa |
| GFS. | Geospatial Enterprise Solutions |
| IFS | Industrial Enterprise Solutions |
| Amortisation of surplus values | When a company is acquired, the purchase consideration is allocated to the identified assets and liabilities of the company. Intangible assets are most often allocated the substantial part of the purchase consideration. The amortisation of surplus values is defined as the difference between the amortisation of such identified intangible assets and what the amortisation would have been in the acquired company had the acquisition not taken place at all |
|---|---|
| Capital employed | Total assets less non-interest bearing liabilities |
| Capital turnover rate | Net sales divided by average capital employed |
| Cash flow per share | Cash flow from operations, after change in working capital, excluding non-recurring items divided by average number of shares |
| Earnings per share | Net earnings excluding non-controlling interest divided by average number of shares |
| Equity ratio | Shareholders' equity including non-controlling interests as a percentage of total assets |
| Gross margin | Gross earnings divided by operating net sales |
| Interest coverage ratio | Earnings before taxes plus financial expenses divided by financial expenses |
| Investments | Purchases less sales of tangible and intangible fixed assets, excluding those included in acquisitions and divestitures of subsidiaries |
| Net debt | Interest-bearing liabilities including pension liabilities and interest-bearing provisions less cash and cash equivalents |
| Net indebtedness | Interest-bearing liabilities less interest-bearing current receivables and liquid assets divided by shareholders' equity excluding non-controlling interests |
| Non-recurring items | Income and expenses that are not expected to appear on a regular basis and impact comparability between periods |
| Operating earnings (EBIT1) | Operating earnings excluding capital gains on shares in group companies and non-recurring items. Non-recurring items are excluded to facilitate the understanding of the Group's operational development and to give comparable numbers between periods |
| Operating earnings (EBITDA) | Operating earnings (EBIT 1) excluding amortisation, depreciation and impairment of fixed assets. The measure is presented to give depiction of the result generated by the operating activities |
| Operating margin | Operating earnings (EBIT1) as a percentage of operating net sales |
| Organic growth | Net sales compared to prior period excluding acquisitions and divestments and adjusted for currency exchange movements |
| Operating net sales | Net sales adjusted by the difference between fair value and book-value of deferred revenue regarding acquired businesses. |
| Profit margin before taxes | Earnings before taxes as a percentage of net sales |
| Return on capital employed (12-month average) |
Twelve months to end of period earnings after financial items, excluding non-recurring items, plus financial expenses as a percentage of twelve months to end of period average capital employed. The twelve months average capital employed is based on average quarterly capital employed |
| Return on shareholders' equity (12-month average) |
Twelve months to end of period net earnings excluding non-controlling interests as a percentage of twelve months to end of period average shareholders' equity excluding non- controlling interests last twelve months. The twelve months average shareholders' equity is based on quarterly average shareholders' equity |
| Shareholders' equity per share | Shareholders' equity excluding non-controlling interests divided by the number of shares at year-end |
| Share price | Last settled transaction on Nasdaq Stockholm on the last business day for the period |
Hexagon is a global leader in sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications. Our technologies are shaping urban and production ecosystems to become increasingly connected and autonomous - ensuring a scalable, sustainable future. Hexagon (Nasdaq Stockholm: HEXA B) has approximately 20,000 employees in 50 countries and net sales of approximately 3.9bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
Hexagon gives financial information at the following occasions:
| Interim Report Q1 2020 | 29 April 2020 |
|---|---|
| Interim Report Q2 2020 | 24 July 2020 |
| Interim Report Q3 2020 | 28 October 2020 |
| Year-End Report 2020 | 3 February 2021 |
Financial information is available in Swedish and English at the Hexagon website and can also be ordered via phone +46 8 601 26 20 or e-mail [email protected]
The Year-End Report for 2019 will be presented on 5 February at 10:00 CET at a telephone conference.
Please view instructions at Hexagon's website on how to participate.
Maria Luthström, Head of Investor Relations. Hexagon AB +4686012627, [email protected]
This information is information that Hexagon AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 5 February 2020.
This communication may contain forward-looking statements. When used in this communication, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the measurement field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Hexagon's management as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by Hexagon's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forwardlooking statements. Hexagon disclaims any intention or obligation to update these forward-looking statements.
Hexagon AB [publ] P.O. Box 3692 SE-103 59 Stockholm Fax: +46 8 601 26 21 Phone: +46 8 601 26 20 Registration number: 556190-4771 Registered Office: Stockholm Sweden www.hexagon.com
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