Quarterly Report • Apr 25, 2023
Quarterly Report
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| (NOK million) | Percent | Percent | ||||
|---|---|---|---|---|---|---|
| Q4 2022 | Q4 2021 | change | FY 2022 | FY 2021 | change | |
| Revenue | 372 | 259 | 44 % | 964 | 508 | 90 % |
| Operating profit before depreciation (EBITDA) | -109 | -61 | n/a | -406 | -272 | n/a |
| Operating profit (EBIT) | -134 | -81 | n/a | -501 | -325 | n/a |
| Profit before tax | -133 | -82 | n/a | -441 | -347 | n/a |
| Profit after tax from continuing operations | -131 | -81 | n/a | -432 | -345 | n/a |
| Profit from discontinued operations, after tax | - | 23 | n/a | - | -9 | n/a |
| Profit for the period | -131 | -58 | n/a | -432 | -354 | n/a |
Unless otherwise stated, the income statements for the periods in 2022 and the balance sheet as of 31 of December 2022 presented in this document relate to Hexagon Purus' emobility business. The results of Hexagon Purus' Compressed Natural Gas Light Duty Vehicle (CNG LDV) business in 2021 are reported as discontinued operations following the successful spin-off of Hexagon Purus from the Hexagon Composites ASA group and the transfer of Hexagon Purus' CNG LDV business to new entities under the ownership of Hexagon Composites ASA which was completed on 1 of October 2021.
In the fourth quarter of 2022, Hexagon Purus Group ("the Company") generated NOK 372 (259) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -109 (-61) million.
Reported revenue for the twelve months of 2022 grew 90 % to NOK 964 (508) million, mainly driven by increased sales in hydrogen distribution as well as rail applications.
Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus' future growth drive negative profitability. Additionally, the Group has been subject to inflationary pressure in the cost of its key inputs which is being addressed through offsetting pricing actions as well as cost reduction efforts.
Hexagon Purus recorded a loss after tax (before profit from discontinued operations) of NOK -131 (-81) million in the fourth quarter of 2022. Net financial items were NOK 60 (-5) million driven primarily by the reclassification of the shares in Norwegian Hydrogen AS from an associated company to an equity instrument at fair value (see note 11 for more details), as well as foreign exchange fluctuations. Tax items were NOK -2 (-1) million.
Net loss after tax (before profit from discontinued operations) in the twelve months of 2022 was NOK -432 (-354) million. Net financial items were NOK 58 (-19) million driven primarily by the reclassification of the shares in Norwegian Hydrogen AS from an associated company to an equity instrument at fair value, foreign exchange fluctuation and a reduction in intercompany debt positions. Tax expenses were NOK -9 (-2) million.
At quarter-end, the balance sheet amounted to NOK 2 654 (2 102) million and the Group's equity ratio was 64 % (68 %).
Selected to work together with BMW, Robert Bosch and TesTneT Engineering to develop an innovative hydrogen storage system solution for future fuel cell passenger vehicles
Selected as partner for the second year in a row by New Flyer, North America's largest mass transit solutions provider. Hexagon Purus will supply highpressure hydrogen storage cylinders for New Flyer's zero emission Xcelsior CHARGE H2 ™ hydrogen fuel cell electric transit buses in 2022. Total contract value is approximately USD 2 million
Hexagon Purus Maritime received its first purchase orders including for cylinders to be used in onboard storage of hydrogen in maritime vessels and for a hydrogen fuel storage system from Moen Marin, the world's largest supplier of service boats to the aquaculture industry
CIMC-HEXAGON signed a Memorandum of Understanding with Bravo Transport Services to develop hydrogen storage cylinder systems for hydrogen fuel-cell double decker buses in Hong Kong. The initial scope of the MoU is for CIMC-HEXAGON to provide a Type 4 hydrogen storage cylinder system for the first fuel cell double decker bus in Hong Kong with scheduled delivery in July 2022
Given the Group's relatively limited investments and market activities in Russia and Ukraine and their surrounding areas, management does not assess the Russian invasion of Ukraine to have a significant direct effect on the reported figures as of 31 December 2022.
Selected by New Flyer for the third consecutive year, to provide Type 4 hydrogen storage cylinders for the serially produced Xcelsior CHARGE H2 ™ fuel cell electric bus. The total value of the contract is estimated to be approximately USD 2.5 million (approximately NOK 25 million)
Signed an exclusive distribution agreement with Hino Trucks, where Hexagon Purus will produce complete battery electric heavy-duty trucks for the U.S. market, distributed exclusively through select qualifying dealers in Hino's network. The potential total value over the course of this agreement could reach approximately USD 2.0 billion. The distribution agreement replaces the binding letter of intent (BLOI) from Hino announced on 11 February 2022
Purus will prepay approximately USD 43 million (approximately NOK 450 million) through 2025, subject to the achievement of certain milestones. This prepayment will secure battery cell capacity for Hexagon Purus out of Panasonic's production facility in Kansas.
Hexagon Purus' revenue growth in the near-term continues to be mainly driven by infrastructure applications such as hydrogen distribution and refueling systems as evidenced by the revenue trends and order intake in 2022. The acquisition of Wystrach in 2021 has been transformational for the Group through the addition of capabilities to serve the rapidly growing market for hydrogen infrastructure solutions, an expanded product portfolio, a recurring base business, and vertical integration into systems design and manufacturing.
Hexagon Purus has recently entered a long-term distribution agreement with Hino Trucks to supply complete battery electric heavy-duty trucks through 2030. The potential total sales value of this contract could reach approximately USD 2 billion. This expanded agreement replaces the previously announced cooperation between Hexagon Purus and Hino to supply battery systems for multiple Hino truck platforms, and serial production is expected to commence in the end of 2024. Hexagon Purus continues to execute on the scale up required to support heavy-duty truck customers including Hino and Nikola, while pursuing other opportunities in this space. Sales cycles in the automotive space can be long and highly engineering intensive. As such, while revenue contribution from heavyduty vehicle applications has been relatively low in recent quarters, development work and project activity in this key application remain high. It is expected that revenue contribution from this application will grow in the coming years as battery and fuel cell electric vehicle platforms transition to commercial start of production.
Regulatory support favoring the Group's capabilities and product portfolio continues to grow. The REPowerEU plan presented by the European Commission in March, aims to secure Europe's energy independence by 2030. The Plan will rapidly reduce dependence on Russian fossil fuels by fast-forwarding the clean energy transition and adapting industry and infrastructure to different energy sources and suppliers. According to the European Commission, additional investments of EUR 210 billion are needed between now and 2027, including EUR 27 billion for hydrogen infrastructure. To meet the ambition of REPower EU, Hexagon Purus expects that there will be a significant need for investments in hydrogen gas storage and transportation infrastructure with several opportunities for the Company's leading hydrogen storage solutions portfolio.
The European Commission has further announced a EUR 3 billion initiative to create the European Hydrogen Bank that will guarantee the purchase of hydrogen and act as a market maker for hydrogen, bridging the gap between investments and future supply/demand.
In the U.S., the Inflation Reduction Act passed in August, aims to bring down costs and boost energy supply, cutting inflation and substantially reducing greenhouse gas emissions. Of the total USD 739 billion package, USD 369 billion is earmarked for "Energy Security and Climate Change" which would put the U.S. on a path to roughly 40% emissions reduction by 2030. Tens of billions of dollars will go toward supporting renewable energy development, such as tax credits and grants for clean fuels, including hydrogen, and clean commercial vehicles to reduce emissions from all parts of the transportation sector.
The U.S. also launched in September 2022 a USD 7 billion Regional Clean Hydrogen Hubs program (H2Hubs) to establish regional clean hydrogen hubs across the country. The program is expected to create networks of hydrogen producers, consumers and infrastructure.
With several growth initiatives underway, including building organizational capabilities and production capacity to support customer launch activity as well as expected market demand in the coming years in North America, Europe and Asia, Hexagon Purus is in the investment phase of its development. Such investments are expected to impact profitability over the near to-medium term. Global supply chains remain constrained and lead times for certain components such as high-pressure flow components, wire harness assemblies and battery cells remain extended while material costs have increased. It is not possible to predict when supply chains will normalize, but the Company continues to employ counter measures to mitigate such effects through proactive supplier management and long-term agreements, pre-purchasing of inventory and price increases.
For the full-year 2023, the Company expects revenue to grow by at least 50% year-overyear based on strong backlog and order trends. Relative EBITDA margin is expected to significantly improve year-over-year, but EBITDA will continue to be impacted by ramp-up of the organization and production facilities. Negative EBITDA for full-year 2023 is expected to widen by approximately 10% compared to full-year 2022.
The forward-looking statements made above are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that are expected to occur in the future. They are therefore not guarantees of future performance. While the statements reflect the current views and expectations of Hexagon Purus based on information currently available to it, they are subject to various assumptions, in addition to risks and uncertainties that may be outside of its control. We cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor accept any responsibility for the future accuracy of the opinions expressed herein, or the actual occurrence of the forecasted developments. Actual results could differ materially from those expressed or implied in forward-looking statements. Any forward-looking statements are based only on conditions as of the date on which they are made and we are under no obligation to update or alter such forwardlooking statements whether as a result of new information, future events or otherwise.
Hexagon Purus Group operates in markets with strict standards for quality and delivery, deviations from which could result in significant additional costs, lost sales and damage to the Group's reputation. The Group is exposed to production related risks such as production errors or shutdowns of its facilities which could have a material adverse effect on the Group's results of operations, cash flow and financial condition.
The Group is exposed to competing technologies and processes that could have a negative effect on the Group's competitive positioning, and in turn profitability and financial position.
The Group is exposed to developments in the prices and availability of its raw materials and in particular the cost of carbon fiber and lithium-ion batteries. The prices and availability of these raw materials are linked to various factors including developments in the price of oil, precursor commodities and energy and the prevailing market balance where supply is dependent on a limited number of suppliers. To mitigate the risk, the Group will from time to time enter into long-term supply agreements, locking in price and quantity. Even though the contracts are intended to mitigate supply risk, it would also potentially add risk, as they commit the Group on material and components, where actual
demand can turn out to be lower than forecasted, market prices can fall, or the development could make the committed volumes technologically less relevant.
The Group's products are subject to governmental laws and regulations, including regulations relating to quality, health and safety. The Group manufactures its products in accordance with, and its products are subject to inspection standards pursuant to, applicable regulation and requisite approvals. However, the Group cannot predict the future costs of complying with applicable regulations, standards and permits as these develop. Adoption of new laws, regulations or public requirements that impose more
stringent requirements concerning the safety aspects of Hexagon Purus' products could result in increase of compliance expenditure, suspension of production, product recalls or claims from third parties, which in each case could have a material adverse effect on the Group's business, financial position, results of operations and cash flow.
To the extent the Group does not generate sufficient cash from operations to fund its existing and future business plans, the Group may need to raise additional funds through public or private debt or equity financing to execute its growth strategy and to fund capital expenditures. Adequate sources of capital funding might not be available when needed or may only be available on unfavorable terms. If funding is insufficient at any time in the future, the Group may be unable to, inter alia, fund acquisitions, take advantage of business opportunities or respond to competitive pressures, any of which could adversely impact the Group's financial condition and results of operations.
The Group is exposed to global macroeconomic developments including the impact of inflation, supply chain constraints and rising interest rates. It is not possible to know the precise impacts of such developments and to what extent these may or may not persist. For additional information about risks and uncertainties we refer to Hexagon Purus' 2022 annual report. It is not expected that the above exposures and risks will have a material effect on the Group or its financial position in the next reporting period.
Oslo, April 22 2023
The Board of Directors of Hexagon Purus ASA
| (NOK 1000) | Note | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | |||
| Continuing operations (Purus e-mobility) | |||||
| Revenue from contracts with customers | 3,3 | 368 550 | 257 957 | 958 636 | 505 797 |
| Rental income | 3,3 | 350 | 399 | 1 255 | 799 |
| Other operating revenue | 3,3 | 3 499 | 478 | 4 034 | 1 122 |
| Total revenue | 372 399 | 258 834 | 963 925 | 507 718 | |
| Cost of materials | 265 595 | 176 044 | 588 525 | 324 566 | |
| Payroll and social security expenses | 10 | 134 338 | 69 404 | 443 496 | 209 602 |
| Other operating expenses | 81 420 | 74 480 | 337 408 | 245 327 | |
| Total operating expenses before depreciation | 481 353 | 319 928 | 1 369 430 | 779 395 | |
| Operating profit before depreciation (EBITDA) | 3 | -108 954 | -61 094 | -405 505 | -271 777 |
| Depreciation and impairment | 5,6 | 25 436 | 19 275 | 95 089 | 53 098 |
| Operating profit (EBIT) | 3 | -134 390 | -80 369 | -500 594 | -323 874 |
| Share of profit/loss from investments in associates | 11 | -7 227 | -3 008 | 51 888 | -2 957 |
| Finance income | 11 192 | 5 626 | 37 356 | 14 250 | |
| Finance expense | 7 | 2 722 | 4 000 | 29 548 | 33 691 |
| Profit/loss before tax from continuing operations | -133 147 | -81 751 | -440 898 | -347 273 | |
| Tax expense | -2 034 | -900 | -9 380 | -2 120 | |
| Profit/loss after tax from continuing operations | -131 113 | -80 851 | -431 518 | -345 152 | |
| Discontinued operations (CNG LDV) | |||||
| Profit/loss after tax for the period from discontinued operations | 3 | - | 23 205 | - | -8 552 |
| Profit/loss after tax | -131 113 | -57 645 | -431 518 | -353 703 | |
| Attributable to: | |||||
| Equity holders of the parent | -131 923 | -57 645 | -432 328 | -353 703 | |
| Non-Controlling interest | 11 | 810 | - | 810 | - |
| Earnings per share | |||||
| Ordinary (NOK) | -0,27 | -0,35 | -1,67 | -1,48 | |
| Diluted (NOK) | -0,27 | -0,35 | -1,67 | -1,48 | |
| Earnings per share from continuing operations | |||||
| Ordinary (NOK) | -0,27 | -0,25 | -1,67 | -1,49 | |
| Diluted (NOK) | -0,27 | -0,25 | -1,67 | -1,49 |
| (NOK 1000) | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | ||
| Profit/loss after tax | -131 113 | -57 645 | -431 518 | -353 703 |
| OTHER COMPREHENVISE INCOME: | ||||
| Items that will be reclassified through profit or loss in subsequent periods | ||||
| Exchange differences on translation of foreign operations | -15 009 | -8 996 | 59 164 | -11 553 |
| Net of total items that will be reclassified through profit and loss in subsequent | ||||
| periods | -15 009 | -8 996 | 59 164 | -11 553 |
| Total comprehensive income, net of tax | -146 121 | -66 641 | -372 354 | -365 257 |
| Attributable to: | ||||
| Equity holders of the parent | -146 917 | -66 641 | -373 150 | -365 257 |
| Non-Controlling interest | 796 | - | 796 | - |
| (NOK 1000) | Note | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Unaudited | |||
| ASSETS | |||
| Property, plant, and equipment | 6 | 494 990 | 267 705 |
| Right-of-use assets | 6 | 152 300 | 52 219 |
| Intangible assets | 5 | 802 654 | 752 293 |
| Investment in associates and joint ventures | 11 | 33 029 | 7 024 |
| Non-current financial assets | 9,11 | 80 531 | - |
| Non-current assets | 2 499 | 2 476 | |
| Total non-current asset's continuing | |||
| operations | 1 566 003 | 1 081 718 | |
| Inventories | 332 218 | 261 235 | |
| Trade receivables | 9 | 228 930 | 220 286 |
| Contracts assets (accrued revenue) | 9 488 | 4 165 | |
| Other current assets | 9 | 136 560 | 80 943 |
| Cash and short-term deposits | 9 | 381 705 | 453 398 |
| Total current assets continuing operation | 1 088 901 | 1 020 027 | |
| Total assets | 3 | 2 654 903 | 2 101 745 |
| (NOK 1000) | Note | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Unaudited | |||
| EQUITY AND LIABILITIES | |||
| Issued capital and share premium | 12 | 1 568 709 | 1 407 170 |
| Other equity | 10 | 83 182 | 8 228 |
| Equity attributable to holders of the parent | 1 651 891 | 1 415 398 | |
| Non-controlling interests | 11 | 35 731 | - |
| Total equity | 1 687 622 | 1 415 398 | |
| Interest-bearing loans and borrowings | 9 | 39 358 | 42 126 |
| Lease liabilities | 7 | 132 479 | 31 793 |
| Non -current provisions | - | 7 235 | |
| Other non-current financial liabilities | 8,9 | 39 789 | 109 106 |
| Net employee defined benefit liabilities | 1 439 | 1 892 | |
| Deferred tax liabilities | 45 543 | 52 231 | |
| Total non-current liabilities from continuing | |||
| operations | 258 609 | 244 383 | |
| Trade and other payables | 9 | 255 712 | 191 409 |
| Contract liabilities | 212 792 | 121 827 | |
| Interest-bearing loans and borrowings | 9 | 4 673 | 13 635 |
| Lease liabilities, short term | 7 | 22 230 | 21 285 |
| Income tax payable | 3 290 | 8 178 | |
| Other current financial liabilities | 8,9 | 75 052 | - |
| Other current liabilities | 96 699 | 72 747 | |
| Provisions | 38 227 | 12 882 | |
| Total current liabilities from continuing | |||
| operations | 708 673 | 441 963 | |
| Total liabilities | 3 | 967 282 | 686 347 |
| Total equity and liabilities | 2 654 904 | 2 101 745 | |
| (NOK 1000) | FY 2022 | FY 2021 |
|---|---|---|
| Profit before tax (incl. discontinued operations) | -440 898 | -355 687 |
| Depreciation, amortization, and impairment | 95 089 | 53 098 |
| Net interest expense | 4 501 | 6 968 |
| Changes in net working capital 1) | 70 318 | -169 701 |
| Other adjustments to operating cash flows | -54 322 | 8 018 |
| Net cash flow from operating activities | -325 313 | -457 304 |
| Purchase of property, plant, and equipment | -240 030 | -107 711 |
| Purchase and development of intangible assets | -52 625 | -37 735 |
| Cash paid related to acquisition of subsidiary; net of cash acquired | - | -146 189 |
| Investments in associated companies | -41 481 | -8 580 |
| Loans to associated companies | -11 989 | - |
| Proceeds from sale of shares in associated companies | - | 665 |
| Interest received | 8 111 | 1 625 |
| Net cash flow from investing activities | -338 014 | -297 923 |
| Net repayment (-) / proceeds (+) from interest bearing loans | -11 731 | -11 098 |
| Interest payments | -10 141 | -8 593 |
| Repayment of lease liabilities (incl. interests) | -26 127 | -18 519 |
| Net proceeds from share capital increase in parent company | 593 866 | - |
| Net proceeds from share capital increase in subsidiary (NCI contribution) | 34 935 | - |
| Net cash flow from financing activities | 580 802 | -38 210 |
| Net change in cash and cash equivalents | -82 525 | -793 437 |
| Net currency exchange differences on cash | 10 832 | 483 |
| Cash and cash equivalents beginning of period | 453 398 | 1 246 351 |
| Cash and cash equivalents end of period | 381 705 | 453 398 |
1) Net working capital refers to inventories, trade receivables, contract assets, trade payables and contract liabilities
| Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| attributable to | ||||||||
| (NOK 1000) | Note | Issued | Share | Other paid-in | Foreign currency | holders of the | Non-controlling | |
| capital | premium | capital | translation reserve | parent | interest | Total equity | ||
| As of 1 January 2021 | 22 909 | 1 594 022 | 372 | 11 717 | 1 629 021 | - | 1 629 021 | |
| Profit for the period | -353 704 | -353 704 | -353 704 | |||||
| Other comprehensive income | -11 553 | -11 553 | -11 553 | |||||
| Total comprehensive income | - | -353 704 | - | -11 553 | -365 258 | - | -365 258 | |
| Share-based payments | 7 691 | 7 691 | 7 691 | |||||
| Changes in paid-in capital | 444 | 143 628 | 144 072 | 144 072 | ||||
| Other changes | -129 | -129 | -129 | |||||
| As of 31 December 2021 | 23 354 | 1 383 817 | 8 063 | 165 | 1 415 398 | - | 1 415 398 | |
| Equity | ||||||||
| attributable to | ||||||||
| Issued | Share | Other paid-in | Foreign currency | holders of the | Non-controlling | |||
| capital | premium | capital | translation reserve | parent | interest | Total equity | ||
| As of 1 January 2022 | 23 354 | 1 383 817 | 8 063 | 165 | 1 415 399 | - | 1 415 398 | |
| Profit for the period | -432 328 | -432 328 | 810 | -431 518 | ||||
| Other comprehensive income | 59 179 | 59 179 | -14 | 59 164 | ||||
| Total comprehensive income | - | -432 328 | - | 59 178 | -373 150 | 796 | -372 381 | |
| Share-based payments | 15 776 | 15 776 | 15 776 | |||||
| Share capital increase | 2 474 | 597 526 | 600 000 | 600 000 | ||||
| Share capital increase in subsidiary | - | 34 935 | 34 935 | |||||
| Transaction costs | - | -6 134 | -6 134 | -6 134 | ||||
| As of 31 December 2022 | 12 | 25 829 | 1 542 880 | 23 839 | 59 343 | 1 651 891 | 35 731 | 1 687 621 |
The condensed consolidated interim financial statements for the fourth quarter 2022, which ended 31 December, comprise Hexagon Purus ASA and its subsidiaries (together referred to as "the Group"). Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company's headquarters are at Korsegata 3B, 6002 Aalesund, Norway. Hexagon Purus ASA is listed on Oslo Stock Exchange, Oslo, under the ticker HPUR.
The condensed consolidated interim financial statements have been prepared in accordance with IAS 33 Interim Financial Reporting. For a more detailed description of accounting principles, reference is made to the consolidated financial statements for the year ended 31 December 2022, available on the Company's website www.hexagonpurus.com/investors
The accounting principles used in the preparation of these interim accounts are the same as those applied to the annual consolidated financial statements referred to above. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
These condensed consolidated interim financial statements were approved by the Board of Directors on 22 April 2023.
The preparation of the interim accounts entails the use of valuations, estimates and assumptions that affect the application of the accounting policies and the amounts recognized as assets and liabilities, income, and expenses. The actual results may deviate from these estimates. The material assessments underlying the application of the Group's accounting policy and the main sources of uncertainty are the same as for the consolidated accounts for 2022.
| (NOK 1000) | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |
|---|---|---|---|---|---|
| EXTERNAL CUSTOMERS Sale of cylinders and systems |
263 442 | 211 370 | 768 008 | 440 431 | |
| Sale of services and funded development | 61 996 | 40 906 | 141 706 | 54 498 | |
| Other revenues | 3 240 | 567 | 4 034 | 1 054 | |
| Contracts with customers at a point in time | 328 677 | 252 843 | 913 748 | 495 983 | |
| Sale of cylinders and systems | 2 302 | 1 165 | 4 882 | 3 441 | |
| Sale of services and funded development | |||||
| Other revenues | |||||
| Contracts with customers over time | 2 302 | 1 165 | 4 882 | 3 441 | |
| Revenue from contracts with external customers | 330 979 | 254 008 | 918 630 | 499 424 | |
| Sale of cylinders and systems | 40 849 | 1 274 | 42 351 | 2 736 | |
| Sale of services and funded development | 221 | 4 694 | 1 689 | 4 691 | |
| Other revenues | 0 | -1541 | 0 | 68 | |
| Rental income | 350 | 399 | 1 255 | 799 | |
| Contracts with related parties | 41 420 | 4 826 | 45 295 | 8 294 | |
| Total revenue | 372 399 | 258 834 | 963 925 | 507 718 | |
| TYPE OF GOODS OR SERVICE | |||||
| Sale of cylinders and systems | 306 593 | 213 809 | 815 241 | 446 608 | |
| Sale of services and funded development | 62 216 | 44 148 | 143 395 | 59 189 | |
| Other revenues | 3 240 | 478 | 4 034 | 1 122 | |
| Rental income | 350 | 399 | 1 255 | 799 | |
| Total revenue from contracts with customers | 372 399 | 258 834 | 963 925 | 507 718 | |
| TIMING OF REVENUE RECOGNITION | |||||
| Goods transferred at a point in time | 328 677 | 252 843 | 913 748 | 495 983 | |
| Services transferred over time | 2 302 | 1 165 | 4 882 | 3 441 | |
| Transactions with related parties | 41 070 | 4 427 | 44 040 | 7 495 | |
| Rental income | 350 | 399 | 1 255 | 799 | |
| Total revenue from contracts with customers | 372 399 | 258 834 | 963 925 | 507 718 |
| (NOK 1000) | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 | |
|---|---|---|---|---|---|
| PURUS | |||||
| Revenues from contracts with customers | 368 550 | 257 957 | 958 636 | 505 797 | |
| Rental income | 350 | 399 | 1 255 | 799 | |
| Other operating revenue | 3 499 | 478 | 4 034 | 1 122 | |
| Total revenue | 372 399 | 258 834 | 963 925 | 507 718 | |
| Segment operating profit before depreciation (EBITDA) | -108 954 | -61 094 | -405 505 | -271 777 | |
| Segment operating profit (EBIT) | -134 390 | -80 369 | -500 594 | -324 875 | |
| Segment assets | 2 654 903 | 2 101 745 | 2 654 903 | 2 101 745 | |
| Segment liabilities | 967 282 | 686 347 | 967 282 | 686 347 | |
| CNG LDV (presented as discontinued from 01.01.2021) | |||||
| Revenues from contracts with customers | - | 32 962 | 196 850 | ||
| Other operating revenue | - | 44 582 | - | 2 801 | |
| Total revenue | - | 77 544 | - | 199 651 | |
| Segment operating profit before depreciation (EBITDA) | - | -10 964 | - | -12 672 | |
| Segment operating profit (EBIT) | - | -13 079 | - | -30 196 | |
| Segment assets | - | - | - | - | - |
| Segment liabilities | - | - | - | - | - |
For management purposes, the assessment is that the Purus Group has historically had two operating segments: Purus and CNG LDV. However, the CNG LDV division was classified as discontinued operations in 2021 and is shown as a part of operating segment only for comparability. As of 1 October 2021, the CNG LDV division was sold, and Purus does not have defined segments for 2022.
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| (NOK 1000) | Goodwill | Customer relationships |
Other intangible assets1) |
Total 2022 | Goodwill | Customer relationships |
Other intangible assets1) |
Total 2021 |
| Carrying value as of 01.01 | 497 587 | 105 707 | 149 000 | 752 294 | 323 107 | 37 427 | 54 563 | 415 097 |
| Additions | - | - | 52 625 | 52 625 | 187 369 | 78 654 | 104 209 | 370 232 |
| Disposals | - | - | -1 662 | -1 662 | ||||
| Amortizations | - | -19 163 | -17 742 | -36 906 | - | -9 608 | -8 243 | -17 852 |
| Currency translation differences | 26 154 | 4 773 | 3 713 | 34 640 | -12 889 | -766 | 133 | -13 520 |
| Carrying value as of 31.12 | 523 741 | 91 317 | 187 596 | 802 654 | 497 587 | 105 707 | 149 000 | 752 294 |
1) Other intangible assets consist of technology and development in addition to patents and licenses
Intangible assets are reviewed each quarter for impairment indicators, including market changes, technological development, order backlog and other changes that might potentially reduce the value of the assets. For goodwill, impairment tests are performed annually in the fourth quarter, or immediately in the case of an impairment indicator.
Goodwill is tested using the value in use approach determined by discounting expected future cash flows. If the impairment test reveals that an asset's carrying amount is higher than its value in use, an impairment loss will be recognized.
During the quarter there were no indicators of impairment of intangible assets.
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| (NOK 1000) | Property, plant, and equipment |
Right of use assets | Total 2022 | Property, plant, and equipment |
Right of use assets | Total 2021 | |
| Carrying value as of 01.01 | 267 705 | 52 219 | 319 924 | 76 635 | 30 457 | 107 093 | |
| Additions | 240 030 | 122 472 | 362 502 | 275 827 | 40 244 | 316 069 | |
| Disposals | -2 806 | -2 520 | - 5 327 | -12 873 | -12 946 | ||
| Depreciations | -33 630 | -24 404 | -58 034 | -72 226 | -18 116 | -90 341 | |
| Impairments | -149 | - | -149 | - | - | - | |
| Currency translation differences | 23 839 | 4 533 | 28 374 | 342 | -367 | 49 | |
| Carrying value as of 31.12 | 494 990 | 152 300 | 647 290 | 267 705 | 52 219 | 319 924 |
| (NOK 1000) | 2022 | 2021 |
|---|---|---|
| Carrying value as of 01.01 | 53 079 | 31 039 |
| New lease liabilities recognized in the period | 122 472 | 40 244 |
| Derecognition | -2 547 | - |
| Cash payments for the principal portion of the lease liability | -23 656 | -17 606 |
| Cash payments for the interest portion of the lease liability | -2 471 | -913 |
| Interest on lease liabilities | 2 471 | 913 |
| Currency translation differences | 5 362 | -598 |
| Carrying value as of 31.12 | 154 710 | 53 079 |
Lease liabilities are to a large extent related to lease agreements of office- and production premises, in addition to some vehicles, machinery, and equipment.
| (NOK 1000) | Carrying value 01.01.2022 |
Fair value adjustment |
Additions in the period |
Settlements in the period |
Reclassifications non-current to current |
Currency translation differences |
Carrying value 31.12.2022 |
|---|---|---|---|---|---|---|---|
| Deferred payment from business combination (amortized cost) | 33 390 | - | - | - | -42 280 | -1 209 | - |
| Contingent consideration from business combinations (fair value) | 65 616 | - | - | - | -27 040 | 1 213 | 39 789 |
| Total other non-current financial liabilities | 109 106 | - | - | - | -69 321 | 4 | 39 789 |
| Deferred payment from business combination (amortized cost) | - | - | - | - | 42 280 | 3 496 | 45 776 |
| Contingent consideration from business combinations (fair value) | - | - | - | - | 27 040 | 2 235 | 29 275 |
| Total other current financial liabilities | - | - | - | - | 69 321 | 5 731 | 75 052 |
The table above shows the movements of current and non-current other financial liabilities in the period. Deferred payments and contingent consideration are related to the acquisition of Wystrach and Wyrent as of November 11th, 2021.
The fair value of Wystrach at the time of acquisition was NOK 399.9 million and the acquisition was settled with NOK 137.5 million in cash, NOK 133.5 million in consideration shares in Hexagon Purus ASA, NOK 33.0 million in deferred payment (seller's credit with 5% p.a. interest) and contingent consideration of NOK 65.6 million expected to be settled in cash in 2023 and 2024 based on 2021, 2022 and 2023 Wystrach revenue and EBITDA targets. The deferred payment (seller's credit) with a closing balance of NOK 45.8 million is payable in 2023 and is presented as "Other current financial liabilities". Contingent considerations amount to NOK 69.0 million, where NOK 29.3 million is classified as current.
The fair value of the contingent liabilities is assessed each quarter. At the end of the reporting period, there have been no changes to the fair value assessment.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: Level 2 relates to currency- and interest rate swaps and is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.
Level 3: Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments at fair value. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.
The Group recognizes other non-current financial liabilities and current financial liabilities at fair value. All other financial asset and liabilities are recognized at amortized cost.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 31.12.2022 | 31.12.2022 | 31.12.2021 | 31.12.2021 | ||
| (NOK 1000) | Level | Carrying value | Fair value | Carrying value | Fair value |
| FINANCIAL ASSETS | |||||
| Other non-current financial assets1) | 3 | 67 339 | 67 339 | - | - |
| Other non-current assets | 3 | 13 193 | 13 193 | 2 476 | 2 476 |
| Other current financial assets | 2 | 24 660 | 24 660 | 36 712 | 36 712 |
| Total financial assets | 105 192 | 105 192 | 39 188 | 39 188 | |
| Total current | 24 660 | 24 660 | 36 712 | 36 712 | |
| Total non-current | 80 532 | 80 532 | 2 476 | 2 476 | |
| FINANCIAL LIABILITIES | |||||
| Loan from financial institutions | 2 | 44 030 | 39 028 | 55 761 | 55 761 |
| Other non-current financial liabilities 2) | 3 | 39 789 | 39 789 | 109 106 | 109 106 |
| Other current financial liabilities 2) | 3 | 75 051 | 75 051 | - | - |
| Total financial liabilities | 158 871 | 153 868 | 164 867 | 164 867 | |
| Total current | 79 724 | 74 721 | 13 635 | 13 635 | |
| Total non-current | 79 147 | 79 147 | 151 232 | 151 232 |
1) Other non-current financial assets include an equity investment in Norwegian Hydrogen AS, following the loss of significant influence and derecognition of the investment as an associated company in Q3 2022. Hexagon Purus ASA currently holds a 14,2 % shareholding in the Company, and the investment is recognized at fair value of NOK 67,3 million following the valuation from the latest capital raise in the Company (Note 11).
2) Includes contingent considerations from Wystrach acquisition, see note 8 for more information.
| RSU key | PSU executive | RSU executive | PSU management | RSU key | |
|---|---|---|---|---|---|
| personnel | management | management | personnel | ||
| Program issued | 13.12.2020 | 13.12.2020 | 13.12.2020 | 18.05.2022 | 15.06.2022 |
| Program expire | 30.03.2024 | 30.03.2024 | 30.03.2024 | 03.03.2025 | 03.03.2025 |
| Strike price | 0 | 0 | 0 | 0 | 0 |
| Fair value (at grant date) | 27.30 | 20.83 | 27.30 | 33.99 | 27.76 |
| Instruments 2021 | |||||
| Opening balance, number of instruments | 385 000 | 321 232 | 210 621 | - | - |
| Grants | 91 000 | - | - | - | - |
| Lapsed/cancelled | -15 000 | - | - | - | - |
| Closing balance | 561 000 | 321 232 | 210 621 | - | - |
| Instruments 2022 | |||||
| Opening balance, number of instruments | 561 000 | 321 232 | 210 621 | - | |
| Grants | 5 000 | - | - | 988 686 | 91 350 |
| Lapsed/cancelled | -30 000 | - | - | - | -6 090 |
| Closing balance | 536 000 | 321 232 | 210 621 | 988 686 | 85 260 |
The Company has four share-based long-term incentive plans. The first plan is a management investment program with Performance Share Units ("PSUs") matching. This plan is limited to four members of the executive management team. Each eligible employee will in 2023 be entitled to up to three new shares in the Company per share invested, at no consideration, provided he or she is still employed in the Company at such date. The entitlement depends on fulfilment of three criteria, one per matching share. One criterion is tied to increase in share price, one is tied to Company performance criteria, and one is tied to continued employment. On 13 December 2020, the Company announced that key members of Hexagon Purus' executive management team exercised their right to purchase the maximum number of shares allowable in the management investment program, equal to a total number of 210 621 shares. As part of this management investment program, the Company awarded up to 321 232 related PSUs and 210 621 Restricted Stock Units ("RSUs") to the executives. The instruments are non-transferable and will vest in 2023 when the Board of Directors approve the annual accounts for 2023, subject to satisfaction of the applicable vesting conditions. Each vested instrument will give the holder the right to receive one share in the Company.
The second share-based long term incentive plan is an employee RSU program, where 536 000 RSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs vested at the date on which the Company's Board of Directors approves the Company's annual accounts for the financial year of 2023.
The third share-based long term incentive plan is an employee PSU program, where 988 686 PSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions and share price development, each PSU entitles eligible employees to receive up to twice the number of Hexagon Purus shares as corresponds to the number of PSUs vested on March 3, 2025.
The fourth share-based long term incentive plan is an employee RSU program, where 85 260 RSUs are currently issued to key personnel of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs on March 3, 2025.
The fair value of the RSUs and PSUs are calculated on the grant date, using the Black-Scholes model and Monte Carlo simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, including social security, was NOK 15.8 million year-to-date 2022 (NOK 7.7 million as of 31 December 2021). The unamortized fair value of all outstanding RSUs and PSUs as of 31 December 2022 is estimated to be NOK 38.0 million (NOK 18.8 million as of 31. December 2021). There are no cash settlement obligations.
| Business | Ownership share | Ownership share | Accounting method | |||
|---|---|---|---|---|---|---|
| Company | Country | segment | 31.12.2021 | 31.12.2022 | ||
| Norwegian Hydrogen AS 1) | Norway | Purus | 17,7% | 14,2% | Equity method / fair value1) | |
| Cryoshelter LH2 GmbH 2) | Austria | Purus | 0,0% | 40,0% | Equity method | |
| CIMC-Hexagon Hydrogen Energy Systems Ltd.3) | Hong Kong | Purus | 0,0% | 49,0% | Equity method | |
| Hyon AS3) | Norway | Purus | 0,0% | 0,0% | Equity method |
1) Classified as an associated company and accounted for using the equity method in the period 01.01 - 31.08.22. As of 01.09, the investment is classified as an equity instrument at fair value 2) Acquired on 01.08.2022 and classified as an associated company effective from the same date
3) Entity legally established in July 2022 and classified as an associated company effective from the same date
3) On 28.06.2021, Hexagon Purus ASA sold all shares in Hyon AS
| CIMC Hexagon | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Norwegian | Cryoshelter LH2 | Hydrogen Energy | ||||||||
| Companies | Hydrogen AS | GmbH | Systems Ltd. | Hyon AS | Total | |||||
| (NOK 1000) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Share of profit after tax | - 2 835 | -2 922 | -2 439 | - | -5 988 | - | - | - 35 | - 11 272 | -2 957 |
| PPA amortizations associated companies | - | - | - | - | - | - | - | - | - | - |
| Gain on derecognition as associated company | 63 159 | - | - | - | - | - | - | - | 63 159 | - |
| Total profit/loss from investments in associated companies | 60 313 | -2 922 | -2 439 | - | -5 988 | - | - | - 35 | 51 887 | - 2 957 |
| as per 31.12 |
| CIMC Hexagon | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Norwegian | Cryoshelter LH2 | Hydrogen Energy | ||||||||
| Companies | Hydrogen AS | GmbH | Systems Ltd. | Hyon AS | Total | |||||
| (NOK 1000) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Carrying value as at 01.01 | 7 024 | 2 066 | - | - | - | - | - | - | 7 024 | 2 066 |
| Purchase of shares | - | - | 33 738 | - | - | - | - | - | 33 738 | - |
| Share capital contribution | - | 7 880 | - | - | 7 743 | - | - | 700 | 7 743 | 8 580 |
| Share of profit after tax incl. PPA amortizations | - 2 845 | -2 922 | -2 439 | - | -5 988 | - | - | - 35 | - 11 272 | -2 957 |
| Dividends | - | - | - | - | - | - | - | - | - | |
| Sale of shares | - | - | - | - | - | - | - | - 665 | - | - 665 |
| Derecognition – loss of significant influence | - 4 179 | - | - | - | - | - | - | - | - 4 179 | - |
| Currency translation effects | - | -41 | 16 | - | -25 | - | ||||
| Carrying value as at 31.12 | - | 7 024 | 31 258 | - | 1 771 | - | - | - | 33 029 | 7 024 |
Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus' ownership was diluted from 21,0% to 17,7%. Despite having an ownership less than 20%, the Company has in the period from 01.01.22 to 31.08.2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the 2nd largest shareholder of the entity in the same period. At 31.12.2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14%, as a result of a second private placement in the company in October 2022.
On 27.08.2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invested NOK 70 million in a private placement, thus reducing Hexagon Purus' ownership from 17,7% to 15,0%. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the 3rd largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and strategic influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus' ownership in Norwegian Hydrogen, derived from the said capital raise, is NOK 67,3 million, resulting in an accounting gain of NOK 63,1 million, recognized in profit/loss from investments in associates in the income statement.
In April 2022, Hexagon Purus ASA announced an agreement to acquire a 40% stake in Cryoshelter LH2 GmbH, an Austria based company specialized in the development of cryogenic tank technology. Upon closing, Cryoshelter GmbH was demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH, where the latter company will focus on cryogenic storage of liquid hydrogen.
On 01.08.2022, Hexagon Purus made a EUR 3.3 (NOK 33) million investment and acquired 40% of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years. As of 01.08.2022, the said options do not give rise to any de-facto control and the investment is consequently accounted for by using the equity method effective from 01.08.2022. The table below shows the initial assessment of the purchase price allocation of the entity per 01.08.2022.
| Purchase price allocation Cryoshelter*(NOK 1000) | Cryoshelter LH2 GmbH |
|---|---|
| Non-current assets | 203 |
| Current assets | 5 150 |
| Non-current liabilities | 3 946 |
| Current liabilities | 2 951 |
| Equity as per 01.08.2022 | - 1 543 |
| Hexagon's share of equity (40%) | - 617 |
| Intangible assets (technology)1) | 19 702 |
| Goodwill | 14 654 |
| Hexagon's carrying value of the investments | 33 738 |
1) The technology for liquid hydrogen tanks is still in the development phase.
In 2021, Hexagon Purus entered into joint venture agreements with CIMC Enric, encompassing cylinder and systems production for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia.
In July 2022, CIMC-Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49% of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51% of the shares. The entity is classified as an associate company and accounted for via the equity method as of 01.07.2022.
| 31.12.2022 | 31.12.2021 | |
|---|---|---|
| Ordinary shares of NOK 0.10 (2022/2021) each | 258 278 937 | 233 536 669 |
| Total number of shares | 258 278 937 | 233 536 669 |
The Company's share capital consists of one class of shares and is fully paid-up.
| Number of shares | Share capital (NOK 1 000) | Share premium (NOK 1 000) | ||||
|---|---|---|---|---|---|---|
| 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |
| Ordinary shares - Issued and paid 1 January | 233 536 669 | 229 092 239 | 23 354 | 22 909 | 1 383 817 | 1 594 022 |
| Issued new share capital | 24 742 268 | 4 444 430 | 2 474 | 444 | 597 526 | 143 628 |
| Transaction cost | -6 134 | |||||
| Other Changes | -129 | |||||
| Issued and paid, end of period | 258 278 937 | 233 536 669 | 25 828 | 23 354 | 1 975 208 | 1 737 521 |
| Transferred to share premium | -432 328 | -353 704 | ||||
| Net total | 1 542 880 | 1 383 817 |
On 23 November 2021 related to the closing of the Wystrach acquisition, the company issued 3 333 330 consideration shares to the previous shareholders of Wystrach GmbH.
On 15 February 2022 related to a private placement the company issued 23 732 268 new shares at a price per share of NOK 23.25. The Company raised approximately NOK 600 million in gross proceeds.
On 1 March 2023, the Company issued 18 518 519 new shares in a private placement at the price of 27.00 per share. The Company raised approximately NOK 500 million in gross proceeds.
The company does not hold any treasury shares.
There have been no other significant events after the balance sheet date that have not already been disclosed in this report.
A total of 98 930 017 shares in Hexagon Purus ASA (HPUR) were traded on Euronext Growth Oslo during the fourth quarter of 2022. The total number of shares in Hexagon Purus ASA as of 31 December 2022 was 258 278 936 (par value NOK 0.10). In the quarter, the share price moved between NOK 17.46 and NOK 27.60, ending the quarter at NOK 20.07. The price as of 31 December 2022 implies a market capitalization of NOK 5.3 billion for the Company.
| 20 largest shareholders as per 31 December 2022 | Number of shares | Share of 20 largest | Share of total | Type | Citizenship |
|---|---|---|---|---|---|
| HEXAGON COMPOSITES ASA | 189 300 496 | 78.96% | 73.29% | Ordinary | Norway |
| CLEARSTREAM BANKING S.A. | 20 123 019 | 8.39% | 7.79% | Nominee | Luxembourg |
| MITSUI & CO LTD | 5 204 029 | 2.17% | 2.01% | Ordinary | Japan |
| Deutsche Bank Aktiengesellschaft | 4 525 609 | 1.89% | 1.75% | Nominee | Germany |
| FLAKK COMPOSITES AS | 3 027 799 | 1.26% | 1.17% | Ordinary | Norway |
| Citibank Europe plc | 2 508 592 | 1.05% | 0.97% | Nominee | Ireland |
| MP PENSJON PK | 2 405 698 | 1.00% | 0.93% | Ordinary | Norway |
| Nordnet Bank AB | 1 636 317 | 0.67% | 0.62% | Nominee | Sweden |
| The Bank of New York Mellon SA/NV | 1 568 704 | 0.65% | 0.61% | Nominee | United Kingdom |
| UBS Switzerland AG | 1 462 050 | 0.61% | 0.57% | Nominee | Switzerland |
| BRØDR. BØCKMANN AS | 1 363 120 | 0.57% | 0.53% | Ordinary | Norway |
| The Bank of New York Mellon SA/NV | 1 230 208 | 0.51% | 0.48% | Nominee | United Kingdom |
| The Bank of New York Mellon SA/NV | 984 120 | 0.41% | 0.38% | Nominee | Belgium |
| State Street Bank and Trust Comp | 831 287 | 0.35% | 0.32% | Nominee | United States |
| KTF FINANS AS | 756 950 | 0.32% | 0.29% | Ordinary | Norway |
| Skandinaviska Enskilda Banken AB | 700 444 | 0.29% | 0.27% | Ordinary | Sweden |
| Carnegie Investment Bank AB | 566 788 | 0.24% | 0.22% | Nominee | Sweden |
| SIX SAF AG | 545 022 | 0.23% | 0.21% | Nominee | Switzerland |
| Saxo Bank A/S | 545 021 | 0.23% | 0.21% | Nominee | Denmark |
| State Street Bank and Trust Comp | 504 563 | 0.21% | 0.20% | Nominee | United States |
| Total of 20 largest shareholders | 239 789 836 | 100.00% | 92.82% | ||
| Remainder | 18 498 101 | 7.18% | |||
| Total | 258 278 937 | 100,0 % |
This quarterly report (the "Report") has been prepared by Hexagon Purus ASA ("Hexagon Purus" or the "Company"). The Report has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Report and/or the statements set out herein. This Report is not and does not purport to be complete in any way. The information included in this Report may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Report, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Report or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with Euronext Growth or press releases. This Report has been prepared for information purposes only. This Report does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Report in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Report speaks as of 22 April 2023, and there may have been changes in matters which affect the Company subsequent to the date of this Report. Neither the issue nor delivery of this Report shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Report. This Report is subject to Norwegian law, and any dispute arising in respect of this Report is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Report, you accept to be bound by the terms above.
Hexagon Purus ASA Korsegata 4B, 6002 Ålesund, Norway www.hexagonpurus.com
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