Annual report
2022
We believe clean air is a right, not a
privilege. This belief, in combination
with a strong values-based culture,
motivates our employees and drives
our business forward.
The future
is now.
Hexagon Purus ASA Annual report 2022
Revenue
964 MNOK
YoY revenue growth
90%
Equity ratio
1
64%
OUR RESULTS
Workforce
2
542
Hydrogen cylinder technology Battery systems technology
Global footprint
8
OUR CONTRIBUTIONOUR ORGANISATION
1
As per 31 December 2022
Innovation efforts
3
20%
Hexagon Purus at a glance
2
Headcount excluding contractors (total headcount including
contractors: 583)
3
Based on average FTE in 2022 of 527
+6 decades of
composite pressure
vessel manu facturing
experience
+2 million miles
of on-road practical
experience with our
battery system technology
of employees are
dedicated to engineering
and R&D activities
locations
across
3 continents
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
HEXAGON PURUS’ COMPLEMENTARY OFFERING
Hexagon Purus’ complementary
technology solutions drives
decarbonization by enabling
zero-emission mobility
MOBILITY APPLICATIONS
Hydrogen and battery energy storage
and full vehicle integration
INFRASTRUCTURE APPLICATIONS
Hydrogen distibution modules, stationary
storage and mobile refueling stations
OUR CORE PRODUCTS AND SOLUTIONS TECHNOLOGY OFFERING
Hexagon Purus’ core hydrogen and battery electric storage technologies are relevant for a wide
range of customer applications across hydrogen infrastructure and zero-emission mobility.
Hydrogen
storage systems
Hydrogen
storage cylinders
Battery
systems
Hydrogen
fuel storage
systems
Vehicle
integration
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Hexagon Purus ASA Annual report 2022
Hexagon Purus in brief
Our global reach
Vision and values
Reflecting on
People and culture
Financial highlights
Highlights
Objectives for
A word from the CEO
Our business
Executive management
From the Board room
Board of Directors’ report
Board of Directors
Financial statements
Financial statements Group
Financial statements Parent Company
Auditor’s report
Appendix
Glossary
Financial calendar
Contents
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Hexagon Purus ASA Annual report 2022
Hydrogen storage
systems
Hydrogen
storage cylinders
Hydrogen fuel
storage systems
Battery
systems
Vehicle
integration
Engineering centre
Production/assembly site
Sales office/representative
Oslo
Headquarter
Ålesund
Westminster
Weeze
Shijiazhuang
1
Kelowna
Kassel
Ontario
OUR GLOBAL REACH
With a global and strategically located and scalable footprint, Hexagon
Purus is perfectly positioned to play an integral role in driving the
zero-emission transition across industry and mobility end-markets.
1
Currently under construction
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HEXAGON PURUS IN BRIEF | OUR GLOBAL REACH
We believe that clean air is a right,
not a privilege.
VISION
Clean Air Everywhere
PURPOSE
Driving Energy
Transformation
VALUES
Integrity and Drive
Hexagon Purus’ strong values-based culture drives
our performance and guides our decision-making
processes and behavior. Guided by our common
core values of Integrity and Drive, we have
dedicated employees across the Group driving
the change towards a cleaner energy future. Our
team works hard at turning our vision into reality
because we strongly believe that clean air is a
right not a privilege, that technology is no longer a
barrier and that the need for change is urgent.
We hold ourselves accountable for our interactions
internally, as well as externally with our customers,
suppliers, shareholders, and communities.
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HEXAGON PURUS IN BRIEF | VISION AND VALUES
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
We have tremendous ambitions for
2023, the best is yet to come.
People and Culture
at Hexagon Purus
People are our greatest asset. We are committed
to creating a safe environment, both physically and
psychologically, that allows our people to thrive
and be at their best. We strive to attract, develop,
and retain outstanding and diverse talent through
an inclusive, respectful, and engaging workplace
and culture.
Our Culture
Being in the heart of the energy transfor-
mation, we lead with purpose, and our
goal setting is aligned with our people
and our shared mission to drive the tran-
sition to zero-emission mobility. We are
passionate about a sustainable future and
thrive in our supportive and collaborative
environment, allowing us to grow and
innovate. Driving innovation forward
means supporting our teams and working
for each other’s success.
Health & Safety is always our top
priority and is ingrained in our opera-
tions, and we continue to improve on
programs and processes.
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REFLECTING ON 2022 | PEOPLE AND CULTUREREFLECTING ON 2022 | PEOPLE AND CULTURE
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Diversity, Equity & Inclusion
Diversity, Equity, and Inclusion is key to
our ongoing and future success, and we
are devoted to increasing representation
and strengthening a culture of inclusion.
We are committed to fostering an envi-
ronment where our people can be their
authentic selves, guided by our values of
integrity and drive. In 2022, we launched
initiatives to strengthen minority groups
in our company, such as the “Next Level”
group in Kelowna, Canada, focused on
supporting women’s careers and profes-
sional development.
Our global team of
542 people is growing
rapidly. In 2022 we
increased our work-
force by 30%
In 2022, we enhanced our “Great Place to
Work” program – with surveys and action
plans. We are proud to be “Great Place to
Work” certified, and with our top scores
on “Justice” and “Personal Job”:
• Justice (91%): The extent to which
employees perceive that management
promotes inclusive behavior, avoids
discrimination and is committed to
ensuring fair appeals
• Personal Job (81%): How employees
view their individual contributions to
the organization
Next year we will be able to include our
new locations and will continue to actively
work with the feedback to maintain a
positive work environment globally and
regionally.
Examples of People & Culture
initiatives we launched in 2022
• Technical, Functional and/or Leadership
training completed at all locations
• Developed a new framework for
Performance Management to
enable competence development,
growth and well-being, new
program to be launched in 2023
• Prepared for global system
implementations scheduled for 2023.
For example, we piloted a learning
management system (LMS) to
better help our employees on their
learning & development journey
• We conducted senior leadership
training with focus on well-working,
health, and leadership
• We expanded our People &
Culture team with key positions to
support our continued growth
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REFLECTING ON 2022 | PEOPLE AND CULTUREREFLECTING ON 2022 | PEOPLE AND CULTURE
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
FINANCIAL HIGHLIGHTS 2022
REVENUE
NOK 1 000
179 814
507 718
963 925
202220212020
EBIT
NOK 1 000
(167 628)
(324 874)
(500 621)
202220212020
EBITDA
NOK 1 000
(140 722)
(271 777)
(405 505)
202220212020
+90%
total revenue
growth from
2021–2022
All figures in NOK 1 000
Revenues and profit 2022 2021 2020
Revenue 963 925 507 718 179 814
Operating profit before
depreciation (EBITDA) (404 505) (271 777) (140 722)
Operating profit (EBIT) (500 594) (324 874) (167 628)
Profit before tax
1
(440 898) (347 273) (273 373)
Profit after tax
1
(431 518) (345 152) (308 026)
Capital 31 December
Total assets 2 654 903 2 101 745 2 094 625
Equity 1 687 621 1 415 398 1 629 021
Equity ratio
2
64% 67% 78%
Definition of key figures
1
Before discontinued operations
2
Shareholders´equity as a percentage of total assets
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REFLECTING ON 2022 | FINANCIAL HIGHLIGHTSREFLECTING ON 2022 | FINANCIAL HIGHLIGHTS
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Signed a long-term binding letter of intent
(BLOI) with Hino Motors Manufacturing U.S. to
provide battery packs for multiple Hino truck
platforms with serial production planned from
2024. The signed BLOI was replaced by an exclu-
sive distribution agreement on 15 March 2023,
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 poten-
tial total value over the course of this agreement
could reach approximately USD 2.0 billion.
Selected as partner for the second year in a
row by New Flyer, North America’s largest mass
mobility solutions provider. Hexagon Purus
will supply high-pressure hydrogen storage
cylinders for New Flyer’s zero emission Xcelsior
CHARGE H2 ™ hydrogen fuel cell electric transit
buses in 2022.
Highlights
2022
Received orders worth approximately EUR 67
million for hydrogen infrastructure applications
such as hydrogen distribution systems and
mobile hydrogen refueling from various
customers.
Successfully completed
an equity private
placement resulting in
NOK 600 million of gross
proceeds.
Picture credit: New Flyer
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REFLECTING ON 2022 | HIGHLIGHTS 2022REFLECTING ON 2022 | HIGHLIGHTS 2022
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Hexagon Purus Maritime, a wholly owned subsidiary of Hexagon Purus,
received a purchase order for a hydrogen fuel storage system from Moen
Marin, the world’s largest supplier of working boats to the aquaculture
industry. Hexagon Purus Maritime’s hydrogen fuel storage system with type
4 hydrogen cylinders will be used for fuel storage onboard a zero-emission
working boat for the aquaculture industry in Norway. Already a development
partner in Moen Marin’s “Pilot-E” zero-emission working boat program,
Hexagon Purus Maritime will continue working on the development and
testing, with final system delivery scheduled by the end of 2023.
Selected by CaetanoBus as preferred supplier of high-pressure hydrogen fuel
systems for serially produced fuel cell transit buses. The estimated potential
value over the lifetime of the frame agreement is approximately EUR 35 million.
Successfully closed the acquisition of 40% of
Cryoshelter’s liquid hydrogen storage business.
The transaction is in conjunction with Hexagon
Composites’ acquisition of a 40% stake in
Cryoshelter’s liquid natural gas (LNG) storage
business. Cryoshelter’s liquid hydrogen tank
technology is in the early stage of development
and builds on superior and differentiated LNG
technology that provides more fuel capacity
and longer hold times (a critical requirement for
cryogenic storage) than competing offerings.
The transaction brings early stage expertise in
liquid hydrogen tank technology for zero emission
mobility applications and could potentially result
in a future complementary offering to Hexagon
Purus’s market leading compressed hydrogen
cylinder technology.
Entered into commercial coopera-
tion with Lhyfe, a leading producer
of green and renewable hydrogen,
for distribution of green and
renewable hydrogen in Europe.
Picture credit: CaetanoBus
Picture credit: NTE & H2 Marine
Picture credit: Lhyfe
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REFLECTING ON 2022 | HIGHLIGHTS 2022REFLECTING ON 2022 | HIGHLIGHTS 2022
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
2023 will be an important year for Hexagon Purus. Focus will be on
delivering upon customer commitments as well as winning new contracts
and completing the ongoing capacity expansion program. This will enable
Purus to continue to deliver on its short- and medium-term targets, and
will help position the company for long-term profitable growth.
Objectives
for 2023
Grow revenue by at least 50 percent
Execute existing customer contracts and win additional customer contracts
Complete ongoing capacity expansion program
Continue building organizational backbone to prepare for serial volume
production
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REFLECTING ON 2022 | OBJECTIVES FOR 2023REFLECTING ON 2022 | OBJECTIVES FOR 2023
Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
A WORD FROM THE CEO
Dear shareholders, clients, partners and colleagues,
We have just reported another record year in terms of revenue for Hexagon Purus – a year
that has been both exciting and transformative for the Group. As a company operating in
a very dynamic environment, I am proud to see that we continue to execute well and track
to the ambitious plan we set for ourselves back in 2020.
We provide technologies and solutions to help
combat climate change, one of the largest
challenges facing humanity. Our zero emission
technologies help drive decarbonization across
infrastructure and mobility applications. The
shift away from fossil-based energy sources and
towards renewable energy is not only driven by
the desire for a more sustainable relationship
with the world we live in but also by the need for
energy security and independence. On the back
of the tragic war in Ukraine, and the resulting
disruption in global energy markets, we saw
a greater push from governments around the
world to accelerate the energy transition. With
our innovative and leading technology offer-
ings, we are perfectly positioned to enable and
support this transition on a global scale.
We were very successful on the business
development front in 2022, collecting several
milestone agreements that help drive revenue
visibility and customer diversification. This is
especially true in hydrogen infrastructure, where
we have seen strong acceleration of demand
and where our capacity is already sold out for
2023. With a strong order backlog, I am confi-
dent that we will continue our growth journey
in 2023.
Despite a challenging operating environment
in 2022, we raised the bar for the company both
with respect to specific short-term targets and
the long-term strategy to grow the company and
drive the zero-emission transition. I am pleased
to see that we successfully executed on our
customer commitments and delivered on our
short-term targets in parallel with initiating an
ambitious expansion plan to construct five new
manufacturing facilities across three continents.
This step-change in production capacity will
be sufficient to deliver on our revenue targets
for 2025.
Our success is driven by the quality of our people.
It is an honor and a great pleasure to lead a
company with so much competence, talent,
passion and determination. The exceptional
quality of the entire Hexagon Purus global team
– and their willingness and ability to go the extra
mile to deliver on our targets – make me confi-
dent that Hexagon Purus has a bright future.
Best regards,
Morten Holum
President & CEO
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REFLECTING ON 2022 | A WORD FROM THE CEOREFLECTING ON 2022 | A WORD FROM THE CEO
Hexagon Purus ASA Annual report 2022
OUR BUSINESS
|
HYDROGEN AND BATTERY STORAGE OFFERING
Core component
and systems
technology offering
Hexagon Purus is a leading player in the hydrogen
infrastructure and zero-emission mobility space
offering hydrogen and battery energy storage
solutions. The Company’s hydrogen systems based
on the Type-4 cylinder technology and battery
systems enable safe and efficient use of hydrogen
and battery electricity in a variety of zero-emission
infrastructure and mobility applications.
Hexagon Purus’ proprietary battery systems for heavy-duty trucks
Hexagon Purus’ Type 4 hydrogen cylinders and systems
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Hexagon Purus ASA Annual report 2022
OUR BUSINESS
|
HYDROGEN AND BATTERY STORAGE OFFERING
Driving the transition
to zero-emission
mobility
Hexagon Purus’ core cylinder, hydrogen- and battery systems technology
enables energy to be stored and consumed across multiple applications
including hydrogen distribution, hydrogen mobile refueling, transit bus,
heavy-duty trucking, rail and maritime.
The global push to decarbonize society is spurring strong momentum and
customer demand for Hexagon Purus’ zero-emission technologies and creates
exciting growth opportunities for Hexagon Purus.
Hydrogen distribution Mobile refueling Transit bus MaritimeRail
Highlighted Mobility applicationsHighlighted Infrastructure applications
Hydrogen electric
heavy-duty trucking
Battery electric
heavy-duty trucking
Vehicle integration offering
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OUR BUSINESS
|
VEHICLE INTEGRATION OFFERING
Complete vehicle
integration
capabilities in
North America
Our unique vehicle integration capabilities
coupled with our proprietary product
portfolio of key components and
technologies required for electrification
of heavy-duty trucking, make us an
attractive partner for truck OEMs.
Overview of Hexagon Purus’ proprietary portfolio technology
Complete vehicle integration
for battery electric
heavy-duty trucks
Complete vehicle integration
for hydrogen electric
heavy-duty trucks
Hydrogen fuel
storage systems
Power module
(eBTC)
Battery systems Auxiliary module Vehicle-level
software
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Capacity
expansion
In order to meet the expected demand
for zero-emission storage technology
and maintain Hexagon Purus’ leading
market position, the company is
currently investing in expanding
manufacturing capacity across multiple
locations globally.
Kelowna Canada
Construction completed
Westminster USA
Construction completed
Weeze Germany
Under construction
Shijiazhuang China
Under construction
Kassel Germany
Under construction
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
INFRASTRUCTURE APPLICATIONS
Hydrogen distribution
Hexagon Purus is experiencing strong customer demand for its hydrogen distribution
systems on the back of increased use of hydrogen as feedstock in industry processes but also
increasingly for zero-emission mobility.
Our hydrogen distribution systems based on Type 4 high-pressure cylinders offers the optimal
combination of weight and payload resulting in leading total cost of ownership compared to
other current technologies for transportation of hydrogen between points of production and
consumption.
Weeze Germany
Hydrogen systems engineering and
assembly hub for hydrogen infrastructure
and mobility applications. Hexagon Purus
is investing in an additional assembly
facility to increase hydrogen storage
systems capacity, and the expansion is
expected to be completed by end of 2023.
COMMERCIAL HIGHLIGHTS 2022
Undisclosed
customers
Significant recurring business with two
major industrial gas companies in Europe for
hydrogen distribution systems
Lhyfe Commercial cooperation with Lhyfe for
distribution of green hydrogen in Europe.
ZePak Hydrogen distribution systems for
transportation of green hydrogen in Poland.
Kassel Germany
Greenfield hydrogen cylinder engineering
and production hub replacing current
co-located facility with Hexagon Composites.
Construction completion expected in Q3 2023.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
INFRASTRUCTURE APPLICATIONS
Mobile hydrogen refueling
Hexagon Purus delivers mobile refueling solutions for hydrogen mobility applications.
The mobile hydrogen refueling station is a flexible and mobile system enabling lower initial
capital costs compared to fixed hydrogen refueling stations and allow for gradual build-up
of hydrogen mobility fleets. The system can be modified to serve both on-road and
off-road mobility.
Weeze Germany
Hydrogen systems engineering and
assembly hub for hydrogen infrastructure
and mobility applications. Hexagon Purus
is investing in an additional assembly
facility to increase hydrogen storage
systems capacity, and the expansion is
expected to be completed by end of 2023.
COMMERCIAL HIGHLIGHTS 2022
ZePak Mobile hydrogen refueling stations for green
hydrogen mobility infrastructure in Poland
Deutsche
Bahn
A mobile hydrogen refueling station for train
refueling in Germany
Van Kessel A mobile hydrogen refueling trailer for
construction machines and off-road vehicles
in the Netherlands
Kassel Germany
Greenfield hydrogen cylinder engineering
and production hub replacing current
co-located facility with Hexagon Composites.
Construction completion expected in Q3 2023.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
MOBILITY APPLICATIONS
Heavy-duty trucking
Hexagon Purus delivers hydrogen and battery storage systems together with complete
vehicle integration for medium- and heavy-duty trucks in North America. The demand for
zero-emission trucks in North America is developing at a rapid pace with manufacturers
preparing for the Advanced Clean Truck regulation that will hit the market in 2024 in the state
of California as well as other states. The regulation will require all truck manufactures to have
an incrementally higher zero-emission content when selling trucks from 2024 onwards.
Kelowna Canada
Greenfield facility for automated
manufacturing of battery systems and
assembly of hydrogen storage systems
for heavy-duty vehicles.
Kassel Germany
Greenfield hydrogen cylinder engineering
and production hub replacing current
co-located facility with Hexagon
Composites. Construction completion
expected in Q3 2023.
COMMERCIAL HIGHLIGHTS 2022
Hino Binding letter of intent with Hino Motors to
supply battery systems for serial production
of zero-emission heavy-duty vehicles.
Replaced by an exclusive distribution
agreement on 15 March 2023, where Hexagon
Purus will produce complete battery electric
heavy-duty trucks for the U.S. market
Nikola Received inaugural purchase orders under
the long-term supply agreement
Picture credit: Nikola
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MOBILITY APPLICATIONS
Transit bus
Hexagon Purus delivers hydrogen cylinders and storage systems to transit bus manufacturers
globally. The demand for hydrogen storage for transit bus has increased on the back of cities
around the world announcing strategies and policies to decarbonize public transportation
such as intercity bus transportation.
Westminster US
Hydrogen cylinder engineering and pro-
duction facility completed in January 2023.
This facility will supply North American
mobility and aerospace customers.
Kassel Germany
Greenfield hydrogen cylinder engineering
and production hub replacing current
co-located facility with Hexagon Composites.
Construction completion expected in Q3
2023.
COMMERCIAL HIGHLIGHTS 2022
CaetanoBus Multi-year agreement as preferred supplier
of hydrogen storage systems for serial
production of hydrogen transit buses in
Europe.
New Flyer Supplier of hydrogen cylinders for serial
production of New Flyer’s Xcelsior Charge
H2 transit bus during 2022 in North America.
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MOBILITY APPLICATIONS
Rail
Hexagon Purus is at the forefront of developing Type 4 hydrogen fuel storage system for the
rail industry. The company is already involved in several ongoing hydrogen rail development
projects in both Europe and North Amercia.
Kassel Germany
Greenfield hydrogen cylinder engineering and
production hub replacing current co-located
facility with Hexagon Composites. Construction
completion expected in Q3 2023.
COMMERCIAL HIGHLIGHTS 2022
Alstom Assembled and delivered hydrogen fuel
storage systems for Coradia iLint trains.
Stadler Development of hydrogen fuel storage
system for passenger train for start of
operation in 2024 for the U.S. market.
Lisinger Development of hydrogen fuel storage
system for rail milling train for start of
operation in 2023.
Weeze Germany
Hydrogen systems engineering and
assembly hub for hydrogen infrastructure
and mobility applications. Hexagon Purus
is investing in an additional assembly facil-
ity to increase hydrogen storage systems
capacity, and the expansion is expected to
be completed by end of 2023.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
MOBILITY APPLICATIONS
Maritime
Hexagon Purus combines extensive hydrogen storage and maritime expertise to provide a
holistic approach to zero emission maritime solutions. Hexagon Purus is at the forefront of
developing innovative hydrogen storage solutions with its Type 4 high-pressure composite
cylinders that are ideal for several maritime applications. Together with partners, Hexagon
Purus can cover major parts of the maritime hydrogen value chain.
COMMERCIAL HIGHLIGHTS 2022
Moen Marin Hydrogen storage system for use onboard a
hydrogen working boat for the aquaculture
industry in Norway.
Undisclosed
customer
Inaugural order for Hexagon Purus Maritime
to deliver hydrogen storage cylinders for use
onboard a maritime vessel in Europe
Ålesund Norway
Sales and engineering hub for
Hexagon Purus Maritime.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Research and development
In order to maintain a market leading position, Hexagon Purus invests in product,
technological and process development. Several R&D projects are carried out partly
with major customers.
Hexagon Purus has several engineering hubs globally, working on further
developing the Group’s zero-emission technologies.
Engineering hubs
Global engineering capabilities strategically located
close to key end-markets for Hexagon Purus.
EXAMPLE OF ONGOING R&D INITIATIVES
Hydrogen
storage
Development project together with BMW,
Bosch and Testnet to develop flat hydrogen
storage for underfloor energy modules
Hydrogen
transport
Smart hydrogen container for intermodal
logistics of green hydrogen focusing mainly
on rail transport
Cylinder
health
monitoring
Sensor-based structural monitoring of
hydrogen composite pressure vessels
Cryogenic
storage
Ownership of 40% in Cryoshelter LH2 GmbH,
a company specializing in cryogenic storage
of gases on board heavy-duty vehicles. Liquid
hydrogen tank currently under development.
Fuel cell
electric vehicle
integration
projects
Development and integration of hydrogen
electric powertrain for Class-8 drayage and
Class-8 yardhaul applications.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Executive management
Morten Holum Salman Alam Anne Lise Hjelseth Michael Kleschinski
Position President & CEO CFO EVP, People & Culture EVP, Light Duty, Distribution & Cylinders
Experience Morten Holum was appointed President of
Hexagon Purus in March 2020. He joined
Hexagon Composites in 2019 as Executive
Vice President and Chief Operating Officer.
Morten has extensive international business
expertise from different industries and prior
to joining Hexagon, he was CEO of Saferoad
Group, a leading European supplier of road
safety and road infrastructure solutions. He
has also held key management positions
in Norske Skog, Norsk Hydro and American
Airlines.
Salman Alam joined Hexagon Purus in 2020
and was appointed CFO in March 2023. Prior to
that, he served as SVP, Corporate Development
of the Company. Before joining Hexagon
Purus, he was Director of Finance at Hexagon
Composites. Salman has broad international
experience within financial services, includ-
ing from investment banking and M&A at
Goldman Sachs in London and equity research
at Carnegie Investment Bank in Oslo. Salman
holds a BSc in Business and Economics from
BI Norwegian Business School and an MSc in
Finance from London Business School.
Anne Lise Hjelseth joined Hexagon Purus
in January 2022 as Executive Vice President,
People & Culture. Prior to joining Hexagon
Purus, she held leading HR positions for Eli
Lilly, Cambi, Kitron and Wallenius Wilhelmsen.
Anne Lise holds a Master of Science degree
in organic chemistry from the Norwegian
University of Science and Technology (NTNU).
Michael Kleschinski was appointed Executive
Vice President in March 2020. From 2016,
Michael was President of Hexagon Purus and
has previously held different management
positions within production and engineering.
He has extensive experience with design and
manufacturing of composites.
Number of shares 115 708
1
8 247 41 237 71 065
1
Includes shares owned by related parties
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Executive management cont.
Todd Sloan Dilip Warrier Heiko Chudzick Frank Haeberli
Position EVP, Systems EVP, Strategic Projects EVP, Operations EVP, Asia
Experience Todd Sloan was appointed Executive Vice
President in February 2019. Previously he
was Senior Vice President Innovation and
Global Business Development at Agility Fuel
Solutions. Todd is one of the founders of
Agility Fuel Solutions and is an innovator with
20+ years of experience in the clean mobility
industry.
Dilip Warrier was appointed Executive Vice
President, Strategic Projects in Hexagon
Purus in March 2023. He holds an MBA
from Stern School of Business, New York
University, and a Bachelor of Engineering
from Mumbai University. Dilip has extensive
experience in the clean mobility industry.
Prior to his current role, he served as CFO
of the Company, and before that he was VP
Finance at Agility Fuel Solutions. Dilip has
also been an equity research analyst at CIBC
World Markets and Stifel Nicolaus covering
clean transportation and energy storage.
Heiko Chudzick was appointed Executive Vice
President, Operations in January 2022. He
joined Hexagon Group in 2018 and has broad
international experience from several senior
positions in the automotive sector and in
ThyssenKrupp. Heiko holds a Dipl.-Ing. with
a degree in Mechanical Engineering and a
major in Automotive Engineering from RWTH
Aachen University.
Frank Haeberli was appointed Executive
Vice President, Asia in April 2023. He joined
Hexagon Group 15 years ago and most
recently held the position as Senior Vice
President, Asia. Frank has held several key
management positions in Hexagon and
has extensive experience and a strong
track-record from international business
development projects.
Number of shares 45 787 20 619 60 664
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
BOARD OF DIRECTORS’ REPORT
Board of Directors’ report
Hexagon Purus is a global leader in the hydrogen infrastructure
and zero-emission mobility space offering leading hydrogen and
battery energy storage solutions and heavy-duty vehicle integration.
Our solutions enable the safe and effective use of hydrogen and
electricity in a variety of applications including hydrogen distribution,
mobile refueling, industrial manufacturing, transit bus, heavy-duty
trucking and maritime. The parent company, Hexagon Purus ASA, is
registered in Ålesund and headquartered in Oslo, Norway. Business
activities are mainly located in Germany, USA, Canada and China.
Key developments of 2022
• Grew revenue by 90% from NOK 508 million to
NOK 964 million.
• Received orders worth approximately EUR 67
million for infrastructure applications such as
hydrogen distribution systems and mobile
hydrogen refueling from various customers.
• Signed a long-term binding letter of intent
(BLOI) with Hino Motors Manufacturing U.S. to
provide battery packs for multiple Hino truck
platforms with serial production planned from
2024. The BLOI was replaced by an exclusive
distribution agreement on 15 March 2023,
where Hexagon Purus will produce complete
battery electric heavy-duty trucks for the U.S.
market.
• Selected by CaetanoBus as preferred supplier
of high-pressure hydrogen fuel systems for
serially produced fuel cell transit buses. The
estimated potential value over the lifetime
of the frame agreement is approximately
EUR 35 million.
• Entered into commercial cooperation with
Lhyfe, a leading producer of green and
renewable hydrogen, for hydrogen distribution
modules in Europe.
• Signed investment agreements together
with CIMC Enric to establish a joint produc-
tion facility in Shijiazhuang, Hebei and the
CIMC-Hexagon New Energy Technologies
management office and engineering hub
in Beijing Daxing District International
Hydrogen Development Zone. In addi-
tion, the Shijiazhuang and Beijing Daxing
governments have made a strong commit-
ment to support the development of the
CIMC-HEXAGON business in their regions
through 2030.
• Selected to work together with BMW, Robert
Bosch and TesTneT Engineering to develop an
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
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 high-pressure hydrogen storage
cylinders for New Flyer’s zero emission Xcelsior
CHARGE H2 ™ hydrogen fuel cell electric transit
buses in 2022. Total contract value is approxi-
mately USD 2 million.
• Received inaugural order for high-pressure
hydrogen fuel systems from a Polish bus OEM
for serial production of fuel cell transit buses.
• Signed a 15-year lease for a new hydrogen
cylinder production and office facility in Kassel,
Germany, expected to be ready for move in the
second half of 2023.
• Signed a 10-year lease for a new 60 000 square
foot facility in Westminister, USA for cylinder
manufacturing and engineering. The facility was
opened in January 2023.
• Successfully closed the acquisition of 40% of
Cryoshelter’s liquid hydrogen storage business.
The transaction is in conjunction with Hexagon
Composites’ acquisition of a 40% stake in
Cryoshelter’s liquid natural gas (LNG) storage
business. Cryoshelter’s liquid hydrogen tank
technology is in the early stage of development
and builds on superior and differentiated LNG
technology that provides more fuel capacity
and longer hold times (a critical requirement for
cryogenic storage) than competing offerings.
The transaction brings early stage expertise in
liquid hydrogen tank technology for zero emis-
sion mobility applications and could potentially
result in a future complementary offering to
Hexagon Purus’s market leading compressed
hydrogen cylinder technology.
• Hexagon Purus Maritime received its first pur-
chase 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 sched-
uled delivery in July 2022.
• Successfully completed a private placement
resulting in NOK 600 million of gross proceeds.
Financial results
Revenue/EBITDA
Hexagon Purus’ revenue for the year 2022
increased by 90% to NOK 964 million compared
with NOK 508 million in 2021 and reported
EBITDA was NOK -406 (-272) million. The growth
in revenue was driven primarily by the full
year revenue contribution impact of Wystrach
(NOK 430 million YOY) which delivered strong
revenue in hydrogen distribution, rail and
industrial gas bundle applications, as well as
continued growth in heavy-duty truck and transit
bus. Continued investments in personnel and
infrastructure to support and accelerate Hexagon
Purus’ development continued to 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.
Profit/loss
Hexagon Purus recorded a net loss after tax
(before profit from discontinued operations) for
the full year 2022 of NOK -432 (-345) million. Net
financial items were NOK 60 (-22) million pri-
marily driven by the reclassification of the shares
of Norwegian Hydrogen AS from an associated
company to an equity instrument at fair value
(see note 12 for more details), foreign exchange
fluctuations and a reduction in intercompany
debt positions.
Financial position
At year-end, the balance sheet amounted to
NOK 2 655 (2 102) million and the Group’s
equity ratio was 64%. Property, plant and
equipment were NOK 495 (268) million and
intangible assets were NOK 803 (752) million.
The ongoing investments in expanding the
Group’s production capacity during 2022
contributes substantially to the increase in
property, plant and equipment. IFRS 16 Leases
were implemented on 1 January 2019; as of year-
end 2022 the right of use assets balance was
NOK 152 (52) million. Inventory was NOK 332 (261)
million. Outstanding receivables were NOK 229
(220) million. Interest bearing debt decreased to
NOK 44 (56) million in 2022. Equity increased to
NOK 1 688 (1 415) million primarily driven by the
private placement completed in the first quarter
of 2022 resulting in gross proceeds of NOK 600
million, offset by net losses for the period.
Cash flow and liquidity
Total cash amounted to 382 (453) million at the
end of 2022. The Company subsequently raised
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
NOK 1 300 million in gross proceeds on March
1, 2023 through a combination of a NOK 800
million convertible bond and NOK 500 million
equity private placement of 18 518 519 new shares.
Following the raise, the company expects that
cash will be sufficient to cover planned capital
expenditures, operational requirments and
financing activities in 2023.
Net cash flow from operating activities was
NOK -325 (-457) million. Depreciation and
amortization totaled NOK 95 (53) million.
Net cash flow from investing activities was NOK
-338 (-298) million, largely driven by increased
capital expenditure related to expansion of
production capacity and the acquisition of 40% of
Cryoshelter’s liquid hydrogen business. Net cash
flow from financing activities was NOK 581 (-39)
million primarily driven by the private placement
in first quarter of 2022 resulting in gross proceeds
of NOK 600 million. Net currency differences
presented separately totaled NOK 11 (0.5) million.
Borrowings
Hexagon Purus had external debt of NOK 44
million (56) as of 2022 year-end andhas an
outstanding deferred payment of NOK 43 million
to be settled in cash by March 31, 2023, to the
selling shareholders of Wystrach.
Share price development and dividends
At the end of 2022 the total number of shares in
Hexagon Purus ASA was 258 278 937 (par value
NOK 0.10). The share price moved between
NOK 15.0 and NOK 41.5 ending the year at
NOK 20.7 and representing a market value of
approximately NOK 5.3 billion. Given Hexagon
Purus’ relatively early stage of development and
significant growth opportunities, the Board of
Directors does not recommend a dividend for the
year 2022.
Risk management
Hexagon Purus works systematically to identify
and manage risks. Risk management is executed
by Group management and management in
operating entities. The Board’s audit committee
reviews the overall risk management policy and
procedures and the Group’s internal control rou-
tines. The committee functions as a preparatory
and advisory committee for the Group’s Board
and provides support for exercising its respon-
sibilities relating to risk management, financial
reporting, financial information and auditing.
Financial risk
The Group has a centralized finance function
with overall responsibility for accounting, cash
management, capital management, financing
arrangements and management of the Group’s
financial risk factors. The Group also fulfills
certain financial functions through services pro-
vided by Hexagon Composites. In addition, the
operating subsidiaries have financial controllers
that perform similar tasks at the subsidiary level.
The Group is exposed to credit risk related to
counterparty default on contractual agree-
ments and trade, and other current receivables.
The Company has policies and procedures to
ensure that sales are made to customers with
appropriate credit profiles within defined limits.
No material losses on outstanding receivables
were recorded in 2022 or 2021. Continuing
business trade receivables at the end of the year
amounted to NOK 229 million.
Liquidity risk is the risk of the Group not being
able to fulfil its financial liabilities when they fall
due. The Group’s strategy for managing liquidity
risk is to set a level of available liquidity to enable
it to discharge its financial liabilities when they
fall due, both under normal and unexpected
circumstances, without risking unacceptable
losses or damaging the group’s reputation.
To the extent the Group does not generate
sufficient cash from operations to fund its exist-
ing 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 expendi-
tures. Adequate sources of capital funding might
not be available when needed or may only be
available at 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 growth
plans, financial condition and results of opera-
tions.
As the Group has production and sales in differ-
ent countries with different functional currencies,
it is exposed to currency risk associated with
movements of the Norwegian krone (its pres-
entation currency) against other currencies.
The Group’s profit after tax is also affected by
currency movements, as the results of foreign
companies are translated to Norwegian kroner
using the weighted average exchange rate for
the period. The most important foreign cur-
rencies to the Company are the US Dollar and
Euro. The Group currently does not use financial
instruments to manage foreign exchange risk.
Please see note 20 to the consolidated financial
statements for further information related to
financial risk factors and mitigating actions.
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Operational risk
Business risk relates to the risk of loss and
reduced profitability due to changes in the
Group’s competitive position. Factors which
can impact the competitive position include
new players in the industry, pressure on market
prices and future demand and supply factors.
Depending on developments, these factors can
have a negative impact on results and financial
positions.
Operational and technological risk
Hexagon Purus currently has a strong position
in the markets it operates in. The Group uses
its expertise to develop and commercialize new
products, processes and technologies. The Group
has protected its products, technologies and pro-
duction processes with patents where deemed
appropriate. However, the Group is exposed to
competing technologies and processes that could
have a negative effect on its competitive position
and, in turn profitability and financial position.
Hexagon Purus operates in markets with strict
standards for quality and delivery. Deviations
from these standards could result in significant
additional costs, lost revenues and damage to
the Group’s reputation. To mitigate these risks,
the company has procedures and controls in
place to identify and prevent deviations.
The Group’s products are subject to governmen-
tal 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 appli-
cable 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.
Raw materials and components risk
The Group is exposed to developments in the
price of its raw materials and components, in
particular the cost of carbon fiber and lithium-ion
battery cells. The price of these raw materials is
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 sup-
pliers. Increased prices or global shortages of raw
materials and components could have a negative
effect on the Group’s operating expenses, which
in turn could have a material adverse effect on
the Group’s results from operations, cash flow,
financial condition, growth opportunities and/or
prospects.
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 devel-
opment could make the committed volumes
technologically less relevant.
Macroeconomic risk
The Group is exposed to changes in the general
global macroeconomic situation and devel-
opment in its customer markets. Volatility and
weakness in general economic conditions and
global or regional financial markets due to, inter
alia, implementation of sanctions and interna-
tional trade barriers and restrictions following the
Russian invasion in Ukraine, or a global economic
downturn as a result of the war or sustained
downturn in international trade, or lower demand
for the Group’s products and technologies or
increased short-term focus on fossil fuel energy
as a result of the war, may negatively affect the
adoption of hydrogen or battery electric technol-
ogies. Limitations on the availability of capital or
higher costs of capital for financing expenditures,
or the desire to preserve liquidity, may cause
potential customers to make reductions in future
capital budgets and outlays and could result in
project modifications, delays and/or cancella-
tions. Such adjustments could reduce demand
for the Group’s products, which could have a
material adverse effect on the Group’s results
from operations, cash flow, financial condition,
growth opportunities and/or prospects.
Climate risk
Climate change is among the most important
megatrends affecting business across all sectors
today. The urgent need for a transition to a
resource-efficient, low-carbon economy opens
new business opportunities for Hexagon Purus,
as a solutions provider in this space. We strive to
maximize the positive climate impact of Hexagon
Purus’ technologies by enabling the avoidance
of greenhouse gas emissions from both material
production and waste management in the appli-
cation of those technologies.
Climate change also represents some level of
physical risk to Hexagon Purus in terms of severe
climate events that could damage business
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facilities or disrupt supply chains. The general
level of risk and potential impact from physical
climate change for Hexagon Purus is, however,
considered relatively low – the Group does not
have facilities on low-lying shorelines or flood-
plains, nor does it have a history of forest fires
around its facilities.
The most critical factors in Hexagon Purus’
own greenhouse gas emissions are the pro-
duction processes which, throughout the value
chain, must be reduced to further strengthen
Hexagon Purus’ business model. In addition, the
transition to a low-carbon economy will entail
extensive policy, legal, technology, and market
changes, with a potential to have significant
impact on Hexagon Purus’ revenues. More
information on climate and environmental risks
and how these are managed can be found in
the 2022 Sustainability Report for Hexagon
Composites ASA.
Corporate governance
Hexagon Purus ASA’s principles for corporate
governance are subject to annual review and dis-
cussions by the board of directors. The Company
follow the Norwegian Code of Practice for
Corporate Governance, last updated 14 October
2021 by the Norwegian Corporate Governance
Board (NUES). The Board of directors have
appointed two sub-committees: The audit
committee, governed by the Norwegian Public
Limited Liability Companies Act and separate
instruction adopted by the Board of Directors,
and the remuneration committee governed by a
separate instruction adopted by the Board. The
Board’s corporate governance report is covered
by Hexagon Composites ASA´s Corporate
Governance Report available the Hexagon
Composites Group’s website under the Investor
section.
Hexagon Purus ASA is a part of Hexagon
Composites ASA´s Corporate Governance
report 2022.
Corporate social responsibility
Hexagon Purus strives to conduct its business
in an economically, socially and environmentally
responsible manner. The Company’s principles
and practices are referred to in Hexagon
Composites ASA’s 2022 Sustainability Report.
Transparency act
On 1 July 2022, the Norwegian Transparency
Act entered into force and requires Hexagon
Purus to carry out due diligence assessments
related to fundamental human rights and
decent working conditions in its own businesses
and supply chains. The Board is pleased that
no human rights concerns were raised in the
assessments made during 2022. For further
details, please refer to the Hexagon Composites
ASA´s Transparency Act Statement on the
Hexagon Composites Group´s website under the
Sustainability section.
Reporting of EU taxon-
omy related information
The EU Taxonomy was approved by the
Norwegian Government in December 2021,
and entered into force in Norway on 1 January
2023. Norwegian companies are not required
to report on the taxonomy in its annual reports
for 2022. During the year, Hexagon Purus
continued its efforts to interpret and prepare
for the EU Taxonomy by performing technical
screening criteria of all its economic activities
for substantial contribution, as well as assessing
the “do no significant harm” (DNSH) criteria
and the minimum safeguards criteria of the
same. Although the EU Taxonomy reporting is
not mandatory until 2023, Hexagon Composites
Group has decided to include taxonomy related
information and disclose quantitative measures
on eligible revenues on a voluntary basis for 2022.
Please refer to the separate section on the EU
taxonomy in Hexagon Composites ASA´s annual
report for further details and descriptions.
Directors and officers insurance
The Board of Directors and management per-
sonnel of Hexagon Purus ASA are covered by the
Company’s Directors and Officers liability insur-
ance policy. The insurance covers personal legal
liabilities including defence and legal costs of the
directors and officers of the parent company and
all controlled subsidiaries globally. In addition,
cover is also extended to personnel that serve
at the request or direction of the Company
who may be sitting on the boards of jointly or
non-controlled entities.
The working environment
and the employees
Keeping its employees safe during its operations
is a core priority. The Group’s manufacturing uses
complex machinery and industrial processes,
rapidly moving parts and equipment, heat,
caustic chemicals, and pressurized gas. The
Group has established training and operational
requirements to ensure a safe and healthy work
environment. We believe this promotes efficiency
and lowers operating costs.
Absence due to illness was measured to 4.3%
(6.0% in 2021) and 0.8% in Germany and North
America, respectively. Due to rules in California,
the Group does not keep a separate log for sick
time. The Group has succeeded to keep the
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absence from illness at an acceptable level for
the year. The Group will continue its efforts to
reduce the number of sick days and has ongoing
initiatives such as offering gym memberships and
physical therapy as well as plans to rotate tasks
between employees. No incidents or reporting
of work-related accidents resulting in significant
material damage or personal injury occurred
during the year.
The working environment is considered healthy,
and efforts for continued improvements are
made on an ongoing basis. The Group’s various
working environment committees held regular
meetings in 2022. Several issues have been
discussed in the committees, which have resulted
in recommendations of improvements to the
related departments. The cooperation with
employee trade unions has been constructive
and contributed positively to operations.
Equal opportunities and discrimination
In an increasingly complex and demanding
business environment, teams with
complementary skill sets, backgrounds and
perspectives are vital for success. As a global
organization, Hexagon Purus employs people
of many different nationalities. Hexagon Purus
believes that people with different approaches
and experience drive innovation and ensure
a dynamic work environment. The Group has
continued to build a diverse internal talent
pool. This is achieved both through the Group’s
selection processes and the work environment it
promotes and supports. Preferential treatment
or discrimination in working conditions due
to gender, religion or ethnic background is
strictly prohibited. The Group has prioritized the
recruitment of female, despite the challenges
of a traditionally male-dominated, industrial
operating environment. The lowest proportion
of women employees is in production, while
the proportion of women in other areas such
accounting and finance, human resources and
administration is more balanced. Further details
about organization, diversity and inclusion can
be found in the Hexagon Composites Group´s
Sustainability Report for 2022 included in
Hexagon Composites ASA´s annual report.
Environmental report
Waste from production facilities, including
waste considered harmful to the environment,
is within regulatory limitations. Where the
Group’s operations are within regulation by
licenses or impositions, the operation is well
within the required levels. A significant portion
of the environmental work is concentrated on
establishing systems for measuring dust, physical
environment and noise in the production facilities.
The Group participates in Hexagon Composites
Group’s program for environmental
improvements. To address the challenges
associated with recycling composite waste,
Hexagon Purus and Hexagon Composites are
engaged in initiatives locally and in the EU
to develop circular value streams for ground
composite materials. The Group cooperates
with research partners such as SINTEF and the
Norwegian University of Science and Technology
(NTNU), as well as other manufacturers, to
explore potential reuses of composite materials.
Most of the manufacturing sites have recycling
programs ensuring landfill diversion. Carbon
fiber not used in production is sent for recycling.
The raw materials and pallets used for packaging
have been reduced . More information on
climate and environmental risks and how these
are managed can be found in the Hexagon
Composites Group´s Sustainability Report for
2022 included in Hexagon Composites ASA´s
annual report.
Research & development
To maintain a leading position within its markets,
Hexagon Purus invests in technological and
product development. Several research &
development (R&D) projects are carried out in
cooperation with major customers. The Group
expensed R&D costs amounting to NOK 77
(47) million in 2022. The Group has received
government contributions of NOK 2(2) million
towards research and development activities for
2022. The total net carrying amount of capitalized
technology and development amounted to
NOK 206 (141) million as of 31 December 2022,
while amortization of capitalized technology &
development amounted to NOK 15 (6) million.
The Group has 105 (78) full-time equivalents for
engineering and R&D activities who are mostly
directly expensed.
After balance sheet date
• Opened a new hydrogen cylinder
manufacturing facility in Westminster,
Maryland (U.S.). The 60 000 square foot
facility will support the annual production of
up to 10 000 cylinders for heavy duty vehicle
applications and will employ up to 150 skilled
workers. The new facility expands cylinder
production capabilities and capacity and allows
for further expansion.
• Received an order for mobile hydrogen
refueling stations and stationary storage from
Deutsche Bahn, a leading provider of mobility
and logistics services worldwide and the
number one railway operator in Europe. The
value of the order is approximately EUR 2.5
million (approximately NOK 25 million).
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• Selected by New Flyer for the third consecutive
year, to provide Type 4 hydrogen storage
cylinders for the serially produced Xcelior
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).
• On 1 March 2023 the Company successfully
raised total gross proceeds of approximately
NOK 1 300 million. The Offering comprised
of an Equity Private Placement raising gross
proceeds of approximately NOK 500 million
through the issuance of 18 518 519 new shares
(the “New Shares”) at a price of NOK 27.00 and
a Convertible Bond Private Placement, raising
gross proceeds of approximately NOK 800
million (the “Convertible Bonds”).
• In the Offering, Mitsui & Co., Ltd. (“Mitsui”)
subscribed for, and was allocated, NOK 500
million in the Convertible Bond Private
Placement. In addition, Mitsui has entered
into a deeper strategic alliance with the
Company and has signed a Memorandum of
Understanding (the “MoU”) whereby Mitsui
intends to participate as an anchor investor
in future capital raises for the years to come
and become a long-term significant minority
shareholder in the Company. The non-binding
MoU expresses the parties’ joint intentions
and has a total monetary scope of up to
NOK 2 000 million, including the NOK 500
million subscription in the Convertible Bond
Private Placement. Future investments from
Mitsui will be subject to, among other things,
the Company’s fulfilment of commercial and
operational milestones agreed between the
parties in good faith.
• 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.
• On 30 March 2023 the Company successfully
transferred from Euronext Growth Oslo to the
main list of the Oslo Stock Exchange.
• Hexagon Purus Systems USA LLC, a subsidiary
of Hexagon Purus ASA, signed a multi-year
agreement for the supply of lithium-ion battery
cells with Panasonic Energy. Panasonic will
supply battery cells for Hexagon Purus’ propri-
etary battery systems for heavy-duty vehicles in
North America. The supply of battery cells will
commence in early 2026. As part of the supply
agreement, Hexagon Purus will prepay approx-
imately USD 43 million (approximately NOK 450
million) through 2025, subject to the achieve-
ment of certain milestones. This prepayment will
secure battery cell capacity for Hexagon Purus
out of Panasonic’s production facility in Kansas.
• Opened a new engineering and manufactur-
ing facility for battery and hydrogen storage
systems in Kelowna, Canada. The 60.000 square
foot manufacturing facility will support the
annual production of more than 1.000 battery
systems for heavy-duty vehicle applications and
will employ up to 150 engineers and assembly
technicians. This is Hexagon Purus’ second
opening of a new manufacturing facility in
2023, following the successful opening of its
new hydrogen cylinder production facility in
Westminster, Maryland, USA in January.
There have been no other significant events after
the balance sheet date that have not already
been disclosed in this report.
Regarding the situation
in Ukraine and Russia
Hexagon Purus is closely following the tragic
events unfolding in Ukraine and the resulting
humanitarian crisis. Given the Group’s limited
investments and market activities in Russia and
Ukraine and their surrounding areas, manage-
ment does not assess the Russian invasion of
Ukraine to have a significant direct effect on
the reported figures as of 31 December 2022. In
the meantime, Hexagon Purus has stopped all
product shipments to Russia.
Outlook
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 therevenue
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 manufac-
turing.
Hexagon Purus has recently entered a long-
term distribution agreement with Hino Trucks
to supply complete battery electric heavy-duty
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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 heavy-duty 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 com-
mercial 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 infrastruc-
ture to different energy sources and suppliers.
According to the European Commission, addi-
tional investments of EUR 210 billion are needed
between now and 2027, including EUR 27 billion
for hydrogen infrastructure. To meet the ambi-
tion 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 transpor-
tation 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, includ-
ing 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-over-year
based on strong backlog and order trends.
Relative EBITDA margin is expected to signif-
icantly 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 expec-
tations 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
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assumptions underlying such forward-looking
statements are free from errors nor accept any
responsibility for the future accuracy of the opin-
ions 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 forward-looking statements whether
as a result of new information, future events or
otherwise.
Going concern
In March 2023, the Company raised NOK 1 300
million in gross proceeds through a combination
of a NOK 800 million convertible bond and an
equity private placement of NOK 500 million.
In accordance with the Norwegian Accounting
Act Section 3-3a, we confirm that the conditions
for continued operations are present and that
the annual report has been prepared under the
assumption of going concern. This assumption
is based on profit forecasts for 2023 as well as
the Company’s long-term strategic forecasts. At
the date of this report the Company has a solid
financial position with sufficient liquidity and a
robust equity ratio. The Company is predicting
strong growth in the years to come. This growth
will require further financing and the Board is of
the opinion that such financing will be available,
through equity and/or debt, given the outlook for
the Company and the industries it is operating in.
The parent company
The Parent Company Hexagon Purus ASA
incurred a loss for the year after tax of
NOK 8.7 million in 2022. The Board of Directors of
Hexagon Purus ASA propose the loss for the year
is allocated as follows
(NOK 1 000) 2022
Share premium (8.7)
Total allocation (8.7)
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Statement from the Board of Directors
and Chief Executive Officer
We confirm to the best of our knowledge that:
• the financial statements for the Group for 2022 have been prepared in accordance with applicable
accounting standards, and that the information provided in the financial statements gives a true and fair
view of the Group’s assets, liabilities, financial position and financial performance as a whole, and
• the Board of Directors’ Report gives a true and fair overview of the Group’s development, profit and
financial position, together with a description of the principal risks and uncertainties that they face.
Oslo, Norway, 22 April 2023
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chairman of the Board
Espen Gundersen
Board Member
Martha Kold Bakkevig
Board Member
Rick Rashilla
Board Member
Karen Romer
Board Member
Morten Holum
President & CEO
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Board of Directors
Jon Erik Engeset Espen Gundersen Martha Kold Bakkevig
Board position Chairman of the Board Board member Board member
Experience Jon Erik Engeset has been CEO & President
of Hexagon Composites since 2013. Prior to
joining Hexagon, Jon Erik was the CEO of
Saferoad Group, a leading European supplier
of road safety solutions. He also has extensive
experience from executive positions at Rolls
Royce and Norsk Hydro.
Espen Gundersen holds extensive experi-
ence from various executive positions. Until
February 2022 he was the CFO and Deputy
CEO of Tomra Systems. Espen started his
career at Arthur Andersen as an auditor
before moving to Selmer as VP of Corporate
Development. He has held various positions at
Tomra since 1999. He currently also sits on the
board of Scatec ASA, Kitron ASA and Kid ASA.
Martha Kold Bakkevig has extensive board
experience from various industries, including
Kongsberg and BW Group. She was the CEO
of Deepwell from 2007–2017.
Education Jon Erik holds an MSc and MBA from
NHH – Norwegian School of Economics.
Espen is a professional accountant and earned
his MBA from BI Norwegian Business School.
Martha holds two PhD’s, one of them
specializing in Strategies for Commercialization
of New Technology from BI.
Number of shares 60 518
1
20 619 4 124
1
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Board of Directors cont.
Rick Rashilla Karen Romer
Board position Board member Board member
Experience Rick Rashilla is SVP Sustainability at Hexagon
Composites ASA. Prior to this, he was SVP
Research & Development at Hexagon
Composites and has held several key manage-
ment positions in the Group, amongst other
as VP Hydrogen Automotive at Hexagon Purus’
location in Germany. He has 35+ years’ experi-
ence in managerial and R&D positions related
to filament wound pressure vessels and other
composites technology from General Dynamics,
Brunswick Defence and Lincoln Composites.
Karen Romer was appointed SVP
Communications in Hexagon Composites
in April 2020. Prior to joining Hexagon,
Karen was Senior Director at Hill & Knowlton
Norway (H+K) where she led the corporate
communications practice. Karen has extensive
experience from senior communications
positions at Lindorff, Couche-Tard/Statoil Fuel
& Retail and Aker Solutions.
Education Rick holds a Bachelor of Science in Industrial
Management from the University of
Cincinnati, USA.
Karen holds a Bachelor of Arts degree in
English Literature from Fordham University.
Number of shares 54 587 2 334
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Financial statements Group
Income statement Group
Statement of comprehensive income
Financial position of the Group
Cash flow statement Group
Statement of changes in equity
Notes
Note Corporate information
Note Basis of preparation and other significant
accounting policies
Note Basis for consolidation and business combinations
Note Changes in the Group structure
Note Discontinued operation
Note Operating segments
Note Revenue from contracts with customers
Note Payroll costs and number of employees
Note Property, plant and equipment
Note Intangible assets
Note Leases
Note Investments in associates
Note Non-current financial assets and other non-current
assets
Note Inventories
Note Trade receivables
Note Other current assets
Note Bank deposits, cash and cash equivalents
Note Net financial items
Note Financial assets and financial liabilities
Note Financial risk management
Note Short term provisions
Note Pensions
Note Share capital and share premium
Note Share-based payment
Note Earnings per share
Note Interest-bearing liabilities
Note Short-term interest-bearing loans
Note Other current liabilities
Note Related parties disclosure
Note Income tax
Note Government grants
Note Purchasing commitments
Note Climate risk assessment
Note Exchange rates
Note Events after the balance sheet date
Financial statements Parent Company
Income statement – Parent Company
Balance sheet – Parent Company
Cash flow statement – Parent Company
Equity statement – Parent Company
Notes – Parent Company
Note Accounting principles
Note Intra-group transactions and balances
Note Payroll, number of employees, remuneration, loans to employees etc.
Note Share-based payment
Note Pensions and benefit obligations
Note Net financial items
Note Tax
Note Shares in subsidiaries and associates
Note Non-current loans
Note Bank deposits
Note Share capital and shareholder information
Note Financial market risk
Note Events after the balance sheet date
Auditor’s report
Financial statements
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Income statement Group
1 JANUARY
–
31 DECEMBER
(NOK 1 000) Note 2022 2021
CONTINUING OPERATIONS
(
PURUS EMOBILITY
)
Revenue from contracts with customers
6, 7 958 636 505 797
Rental income
7 1 255 799
Other operating revenue
6, 7 4 034 1 122
Total revenue 963 925 507 718
Cost of materials
14 588 525 324 566
Payroll and social security expenses
8, 22, 24, 29 443 496 209 602
Other operating expenses
4, 11, 15, 21 337 408 245 327
Total operating expenses before depreciation 1 369 430 779 495
Operating profit before depreciation (EBITDA)
6 (405 505 ) (271 777 )
Depreciation, amortization and impairment
9, 10, 11 95 089 53 098
Operating profit (EBIT) (500 594 ) (324 875 )
Profit/loss from investments in associates
12 51 888 (2 957 )
Finance income
18, 19 37 356 14 250
Finance costs
18, 26 29 548 33 691
Profit/loss before tax from continuing operations (440 898 ) (347 273 )
Tax
30 (9 380 ) (2 120 )
Profit/loss after tax from continuing operations (431 518 ) (345 152 )
(NOK 1 000) Note 2022 2021
DISCONTINUED OPERATIONS
(
CNG LDV
)
Profit/loss after tax for the period from discontinued operations
5 - (8 552 )
Profit/loss after tax (431 518 ) (353 704 )
Attributable to:
Equity holders of the parent
23, 25 (432 328 ) (353 704 )
Non-Controlling interests 810 -
Earnings per share
Ordinary (NOK)
25 (1.67 ) (1.48 )
Diluted (NOK)
25 (1.67 ) (1.48 )
Earnings per share from continuing operations
Ordinary (NOK)
25 (1.67 ) (1.49 )
Diluted (NOK)
25 (1.67 ) (1.49 )
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Statement of comprehensive income
(NOK 1 000) Note 2022 2021
Profit/loss after tax (431 518 ) (353 704 )
OTHER COMPREHENSIVE INCOME:
Items that will be reclassified through profit or loss in subsequent periods
Exchange differences on translation of foreign operations 59 164 (11 553 )
Net total of items that will be reclassified through profit and loss in subsequent periods 59 164 (11 553 )
Total comprehensive income, net of tax (372 354 ) (365 258 )
Attributable to:
Equity holders of the parent (373 150 ) (365 258 )
Non-controlling interests 796 -
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Financial position of the Group
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
ASSETS
Property, plant and equipment
9 494 990 267 705
Right-of-use assets
11 152 300 52 219
Intangible assets
10 802 654 752 294
Investment in associates
12 33 029 7 024
Non-current financial assets
13, 19 80 531 -
Non current assets
13 2 499 2 476
Total non-current assets 1 566 003 1 081 718
Current assets
Inventories
14 332 218 261 235
Trade receivables
15, 19 228 930 220 286
Contract assets
7, 15, 19 9 488 4 165
Other current assets
16, 19 136 560 80 943
Cash and short-term deposits
17, 19 381 705 453 398
Total current assets continuing operation 1 088 901 1 020 027
Total assets 2 654 903 2 101 745
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
EQUITY AND LIABILITIES
Issued capital and share premium
23 1 568 708 1 407 170
Other equity 83 182 8 228
Equity attributable to holders of the parent 1 651 890 1 415 398
Non-controlling interests 35 731 -
Total equity 1 687 621 1 415 398
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
Non-current liabilities
Interest-bearing loans and borrowings
19, 20, 26 39 358 42 126
Lease liabilities
11, 26 132 479 31 794
Non -current provisions - 7 235
Other non-current financial liabilities
4, 19 39 789 109 106
Net employee defined benefit liabilities
22 1 439 1 892
Deferred tax liabilities
30 45 543 52 231
Total non-current liabilities 258 609 244 384
Current liabilities
Trade and other payables
19 255 712 191 409
Contract liabilities
7 212 792 121 827
Interest-bearing loans and borrowings
11, 19, 20, 26, 27 4 673 13 635
Lease liabilities, short term
11, 26, 27 22 230 21 285
Income tax payable
30 3 290 8 178
Other current financial liabilities
4, 19 75 052 -
Other current liabilities
28 96 699 72 747
Provisions
21 38 227 12 882
Total current liabilities 708 673 441 964
Total liabilities 967 282 686 347
Total equity and liabilities 2 654 903 2 101 745
Oslo, Norway, 22 April 2023
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chairman of the Board
Espen Gundersen
Board Member
Martha Kold Bakkevig
Board Member
Rick Rashilla
Board Member
Karen Romer
Board Member
Morten Holum
President & CEO
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Cash flow statement Group
(NOK 1 000) Note 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax from continuing operations (440 898 ) (347 273 )
Profit/loss before tax from discontinued operations - (8 414 )
Profit before tax (440 898 ) (355 687 )
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant and equipment
9 33 779 17 129
Depreciation and impairment of right-of-use assets
11 24 404 18 116
Amortization and impairment of intangible assets
10 36 906 17 853
Share-based payment expense
24 15 776 7 691
Share of net profit of associates
12 (51 888 ) 2 957
Movements in pensions
22 (453 ) (743 )
Working capital adjustments
Change in trade receivables and contract assets
15 (13 967 ) (147 288 )
Change in inventories
14 (70 983 ) (29 089 )
Change in trade and other payables, contract liabilities
28 155 268 33 607
Change in other accrual accounting entries
13, 27 (13 123 ) (28 822 )
Other adjustments to reconcile to operating cash flow
Interest received
18 (8 111 ) (1 625 )
Interest paid
18 12 612 9 506
Income tax paid (-refunded) for the period
30 (4 634 ) (908 )
Net cash flow from operating activities (325 313 ) (457 304 )
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
(NOK 1 000) Note 2022 2021
CASH FLOW FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment
9 (240 030 ) (107 711 )
Purchase and development of intangible assets
10 (52 625 ) (37 735 )
Cash related to acquisition of subsidiary net of cash acquired
4 - (146 189 )
Investments in associated companies
12 (41 481 ) (8 580 )
Proceeds from sale of shares in associated companies
12 - 665
Interest received
18 8 111 1 625
Loans to associated companies (11 989 ) -
Net cash flow used in investing activities (338 014 ) (297 923 )
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from loans
26 - 10 657
Repayment of loans
26 (11 731 ) (21 755 )
Interest payments
18 (10 141 ) (8 593 )
Repayment of principal portion of lease liabilities
11, 26 (23 656 ) (17 606 )
Interest on lease liabilities
11, 26 (2 471 ) (913 )
Proceeds from new equity
23 600 000 -
Transaction costs of issue of shares
23 (6 134 ) -
Proceeds from share capital increase in subsidiary 34 935 -
Net cash flow (used in)/from financing activities 580 802 (38 210 )
Net decrease/increase in cash and cash equivalents (82 525 ) (793 437 )
Net foreign exchange difference 10 832 483
Cash and cash equivalents at 1 January
17 453 398 1 246 351
Cash & cash equivalents outgoing balance 381 705 453 398
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Statement of changes in equity
(NOK 1 000) Issued capital Share premium
Other paid-in
capital
Foreign
currency
translation
reserve
Equity
attributable to
holders of the
parent
Non-controlling
interest Total equity
As of 1 January 2022 23 354 1 383 817 8 063 165 1 415 398 - 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 ) - 59 179 (373 150 ) 796 (372 354 )
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 cost - (6 134 ) (6 134 ) (6 134 )
As of 31 December 2022 25 828 1 542 880 23 839 59 344 1 651 890 35 731 1 687 621
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
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Income statement – Parent Company
HEXAGON PURUS ASA
(NOK 1 000) Note 2022 2021
Internal transactions 2 158 606 88 773
Other revenue 1 844 640
Total operating income 160 450 89 413
Payroll & social security expenses 3, 4, 5 92 577 45 225
Depreciation 513 224
Other operating expenses 4 102 810 91 202
Total operating expenses 195 899 136 652
Operating profit (EBIT) (35 450) (47 238)
Finance income 6 54 105 84 263
Finance expense 6 27 375 88 931
Profit/loss on ordinary activities before tax (8 719) (51 906)
Tax 7 - -
Profit/loss on ordinary activities (8 719) (51 906)
Profit/loss for the year (8 719) (51 906)
Share premium (8 719) (51 906)
Total transferred (8 719) (51 906)
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Balance sheet – Parent Company
HEXAGON PURUS ASA
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
ASSETS
Financial assets
Property, plant & equipment 1 312 1 726
Investments in subsidiaries
8 2 087 651 1 522 369
Investments in shares
8 44 618 10 880
Loans to group companies
9 230 540 192 005
Loans to associated companies 12 541 -
Other non-current assets 2 348 2 342
Total non-current assets 2 379 010 1 729 322
Current assets receivables
Trade receivables
2 33 169
Other receivables group
2 16 975 8 099
Other receivables
2 490 1 760
Bank deposits, cash and cash equivalents
10 333 483 372 387
Total current assets 350 981 382 416
- -
Total assets 2 729 992 2 111 738
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
EQUITY AND LIABILITIES EQUITY
Paid-in capital
Share capital 25 828 23 354
Share premium
11 2 649 302 2 066 629
Other paid-in capital 23 839 8 063
Total paid-in capital 2 698 968 2 098 046
Total equity 2 698 968 2 098 046
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
(NOK 1 000) Note 31 Dec 2022 31 Dec 2021
CURRENT LIABILITIES
Trade payables 3 620 3 861
Trade payables to group companies
2 7 366 1 736
Public duties payable 3 651 -
Other current liabilities 16 387 8 096
Total liabilities 31 023 13 692
Total equity and liabilities 2 729 992 2 111 738
Oslo, Norway, 22 April 2023
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chairman of the Board
Espen Gundersen
Board Member
Martha Kold Bakkevig
Board Member
Rick Rashilla
Board Member
Karen Romer
Board Member
Morten Holum
President & CEO
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Cash flow statement – Parent Company
HEXAGON PURUS ASA
(NOK 1 000) Note 2022 2021
Cash flow from operating activities
Profit before tax (8 719) (51 906)
Tax paid for the period - -
Depreciation 513 224
Share-based payment expense
4 15 776 7691
Change in receivables (8 740) 2 276
Changes in payables 5 389 (38 457)
Changes in other current items 13 206 4 454
Net cash flow from operating activities 17 424 (75 718)
Cash flow from investment activities
Purchase of property, plant & equipment and intangible assets (98) (1 951)
Investments in subsidiaries
8 (565 282) (1 456 524)
Investments in associated companies
8 (33 738) -
Loans to subsidiaries
2 (38 535) 745 820
Loans to associates (12 541) -
Net cash flow from investing activities (650 194) (712 655)
(NOK 1 000) Note 2022 2021
Cash flow from financing activities
Changes in long term loans
2 - (21 755)
Proceeds from issues of shares 600 000 -
Transaction costs (6 134) -
Net change in bank overdraft - -
Net cash flow from financing activities 593 866 (21 755)
Net change in cash & cash equivalents
10 (38 904) (811 863)
Cash & cash equivalents at beginning of period 372 387 1 184 250
Cash & cash equivalents at end of period 333 483 372 387
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Equity statement – Parent Company
HEXAGON PURUS ASA
(NOK 1 000) Issued capital Share premium
Other paid-in
capital Total equity
Equity as of 1 January 2022 23 353 2 066 629 8 063 2 098 046
Profit/loss for the year (8 719) (8 719)
Share-based payments 15 776 15 776
Share capital increase 2 474 597 526 600 000
Transaction costs (6 134) (6 134)
As of 31 December 2022 25 827 2 649 302 23 839 2 698 969
Equity as of 1 January 2021 22 909 1 974 971 372 1 998 253
Profit/loss for the year (51 906) (51 906)
Share-based payments 7 691 7 691
Share capital increase 444 143 628 144 072
Transaction costs (63) (63)
Equity at 31 December 2021 23 353 2 066 630 8 063 2 098 046
On 23 November 2021 related to the closing of the Wystrach acquisition, the company issued 4 444 430
consideration shares to the previous shareholders of Wystrach GmbH. The issued shares amounted to
NOK 144 million.
On 15 February 2022 related to a private placement the company issued 24 742 268 new shares at a price per
share of NOK 24.25. 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.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Notes – Parent Company
HEXAGON PURUS ASA
Note Accounting principles
The annual accounts have been prepared in
accordance with the provisions of the Norwegian
Accounting Act and generally accepted accounting
principles in Norway.
Sales revenue
Revenue from services is recognized as services are
rendered.
Classification and valuation
of balance sheet items
Current assets and liabilities include items due for
payment within one year of the date of acquisition.
Other items are classified as non-current assets/
liabilities.
Current assets are valued at the lower of cost of
acquisition and fair value. Current liabilities are
recognized at nominal value on the date of com-
mencement.
Non-current assets are measured at the cost of
acquisition but are written down to fair value if
impairment is identified which is not considered
to be of a temporary nature. Non-current liabilities
are recognized at nominal value on the date of
commencement. Costs associated with non-current
liabilities are amortized over the duration of the loan
using the effective interest method.
Receivables
Trade and other receivables are recognized in the
balance sheet at their nominal value, following
deductions for provisions for expected losses.
Provisions for losses are made on the basis of the
individual claims.
Assets and liabilities in foreign currency
Foreign currency transactions are recognized at the
exchange rate prevailing at the transaction date.
Foreign currency monetary items are valued using
the exchange rate prevailing at the balance sheet
date. Currency gains/losses on receivables/liabilities
are classified as financial items.
Property, plant and equipment
Property, plant and equipment is recognized and
depreciated over the asset’s expected useful life.
Direct maintenance of property, plant and equip-
ment is recognized under operating expenses as it
is incurred, while overheads or improvement costs
are added to the cost price of the asset and depreci-
ated in pace with the asset’s own depreciation. If the
recoverable amount of the asset is lower than it’s
carrying amount, this is written down to its recover-
able amount. The recoverable amount is the higher
of net realizable value and value in use. Value in use
is the present value of future cash flows the asset
will generate.
Financial instruments
In addition to traditional financial instruments
such as trade receivables, trade payables and
interest-bearing liabilities, the Company also uses
forward exchange contracts and interest rate swaps
to limit the Company’s currency and interest rate
exposure. The effects of these instruments are
recognized as they arise, together with the hedged
objects. The interest rate instruments are not meas-
ured at the fair value on the balance sheet date
because the Company uses hedge accounting. The
currency instruments are valued at fair value and
converted to the exchange rate specified on the
balance sheet date.
Shares
In the company accounts, the cost method of
accounting is used for all shares. All shares are
valued at cost in the company accounts.
Share-based payment
Share based payment are accounted for in
accordance with NRS 15A, applying IFRS 2 under
Norwegian Legislation. The fair value of share
options and PSUs are measured at the grant date
and the cost is recognized, together with a corre-
sponding increase in other paid-in capital, over the
period in which the performance and/or service
conditions are fulfilled. The fair value is calculated
using the Black & Scholes model. The employer’s
contribution is accrued over the period in which the
service conditions are fulfilled, based on the intrinsic
value.
Pension expenses
Pension premiums relating to defined contribution
plans are recognized as an expense as they are
incurred.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Tax
Tax expense in the income statement includes
income tax payable for the period and changes in
deferred tax. Deferred tax is calculated at 22 per
cent based on the temporary differences between
accounting and fiscal values and loss carryforwards
at the end of the financial year.
Interest-bearing loans and borrowing costs
Loans are recognized at the initial amount received
less directly related transaction costs. In subsequent
periods, interest- bearing loans are measured at
amortized cost using the effective interest method.
Profit and loss are entered in the income statement
when liabilities are deducted from the balance and
via amortization. Borrowing costs are expensed as
they arise.
Cash flow statement
The cash flow statement has been prepared using
the indirect method. Cash & cash equivalents
include cash and bank deposits.
Use of estimates
Preparation of the annual financial statements in
accordance with good accounting practice requires
the use of estimates and assumptions by manage-
ment which influence the income statement and the
valuation of assets and liabilities, and disclosures
on uncertain assets and obligations at the balance
sheet date.
Contingent losses which are probable and quantifi-
able, are expensed as incurred.
Note Intra-group transactions and balances
(NOK 1 000) 2022 2021
Income
Administrative services to subsidiaries 158 606 88 554
Total 158 606 88 554
Receivables and loans - -
Loans to group companies 230 540 192 005
Trade receivables 16 975 8 099
Total 247 515 200 104
Liabilities
Liabilities to group companies - current 7 366 1 736
Total 7 366 1 736
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Payroll, number of employees, remuneration, loans to employees etc.
Payroll costs
(NOK 1 000) 2022 2021
Wages/salaries and fees 16 827 8 719
Share-pased payments/bonuses 28 292 15 489
Employer’s contribution 5 091 2915
Contracted personnel 37 723 14 377
Board remuneration 2 533 2 590
Pension expense 1 716 934
Other contributions 395 200
Total 92 577 45 225
There were 12 (5 in 2021) employees in the Company during the financial year. Some key personnel are contracted
from subsidiaries in the Group and presented here as contracted personnel.
(NOK 1 000)
Salaries
and fees Paid bonus
Natural
combtribu-
tions
Paid pension
premium
Value of
vested
instruments
Total remu-
neration
2022
Executive management 18 775 9 802 338 1 363 8 513 38 791
Board of Directors 2 478 2 478
Total remuneration 21 253 9 802 338 1 363 8 513 41 269
2021
Executive management 11 510 5 252 311 715 2 047 19 836
Board of Directors 2 403 2 403
Total remuneration 13 913 5 252 311 715 2 047 22 239
The Chairman of the Board has no agreement relating to termination benefits. In his employment agree-
ment, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months’
severance pay. The management of the Group have a target-based bonus agreement. For further details, see
Remuneration Report for Hexagon Purus ASA.
Group management participate in the Company’s general pension arrangements, which are described in note 5.
No loans have been made, or security provided for loans, to any member of Group management, the Board or
other elected standing committees.
Group management participate in the Company’s share based incentive scheme, which are described in note 4,
Share- based Payment. As of 31.12.2022 the Group President holds 115 thousand shares, 234 thousand perfor-
mance share units (PSUs) and 73 thousand restricted share units (RSUs).
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Shares owned by board members or related parties
2022 2021
Jon Erik Engeset, (Chairman) 60 518 39 899
Espen Gundersen (Board Member) 20 619 -
Rich Rashilla (Board Member) 54 587 33 968
Knut Flakk (Board member) 4 781 061 4 698 587
Karen Romer (Board Member) 2 334 272
Martha Kold Bakkevig (Board Member) 4 124 -
Jannicke Hilland (Board member) 10 309 -
Shares held by key management personnel
2022 2021
Morten Holum - President and CEO 115 708 74 471
Salman Alam - CFO 8 247 -
Dilip Warrier - EVP Strategic Projects - -
Michael Kleschinski - EVP Light duty, Distribution & Cylinders 71 065 50 446
Todd Sloan - EVP Systems 45 787 45 787
Anne Lise Hjelseth - EVP People & Culture 41 237 -
Heiko Chudzik - EVP Operations 20 619 -
Frank Häberli - SVP Asia 60 664 50 355
Expensed auditors’ fees and comprised of the following services (not including VAT)
(NOK 1 000) 2022 2021
Statutory audit and auditing-related services 1 626 1 114
Other attestation services - 130
Tax advice - 618
Other non-auditing services 1 501 139
Total 3 127 2 002
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Share-based payment
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
five members of the executive management team.
Each eligible employee will in 2024 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 14 December 2020, the Company announced
that key members of Hexagon Purus’ executive
management team exercised their right to pur-
chase 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 421 242 related PSUs and 210 621
Restricted Stock Units (“RSUs”) to the executives.
The instruments are non-transferable and will vest
in 2024 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 calcu-
lated 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, was NOK 15.8 million as of
31 December 2022 ( NOK 7.7 million). The unamor-
tized 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).
There are no cash settlement obligations. As these
programs do not have a precedent in the Group,
the Group does not have a past practice of cash
settlement for outstanding instruments.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Instruments 2022 RSU key personnel
PSU executive
management
RSU executive
management
Opening balance 2022, number of instruments 561 000 421 242 210 621 - -
Grants 5 000 - - 988 686 91 350
Lapsed/cancelled (30 000) - - - (6 090)
Closing balance 31 December 2022, number of instruments 536 000 421 242 210 621 988 686 85 260
Contractual life (remaining) 1.50 1.50 1.50 5.17 5.17
Strike price
1
- - - 0.10 0.10
Share price
1
27.30 27.30 27.30 33.99 27.76
Expected lifetime
1
3.54 3.54 3.54 5.79 5.72
Volatility
1
30.00% 30.00% - 49.31% 30.00% - -
Interest rate
1
0.390% 0.390% 0.390% - -
Dividend
1
- - - - -
FV per instrument
1
27.30 20.83 27.30 33.99 27.76
Instruments 2021 RSU key personnel
PSU executive
management
RSU executive
management
Opening balance 2021, number of instruments 485 000 421 242 210 621
Grants 91 000 - -
Lapsed/cancelled (15 000) - -
Quantity 31 December 2021 (shares) 561 000 421 242 210 621
Contractual life
1
2.50 2.50 2.50
Strike price
1
- - -
Share price
1
27.30 27.30 27.30
Expected lifetime
1
3.54 3.54 3.54
Volatility
1
30.00% 30.32% 30.00%
Interest rate
1
0.390% 0.390% 0.390%
Dividend
1
- - -
FV per instrument
1
27.30 20.83 27.30
1
Weighted average parameters at grant of instrument.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Pensions and benefit obligations
The Company is legally obliged to have occupational pension arrangements under the Norwegian Mandatory
Occupational Pension Act. The Company’s pension arrangements satisfy the requirements of this Act.
The parent Company’s pension arrangements cover 12 (8) employees.
The defined contribution pension plan’s contribution rates is 7 per cent for salaries in the range of up to 7.1 times
the national insurance base rate (G) and 25.1 per cent for salaries in the range 7.1 to 12 G. Contributions for the
year were expensed at NOK 1 716 thousand (NOK 934.69 thousand) , excluding employer’s contributions.
Note Net financial items
Finance income
(NOK 1 000) 2022 2021
Interest income from group companies 15 153 19 923
Other interest income 7 660 1 194
Other finance income (currency gains) 31 293 63 146
Total finance income 54 105 84 263
Finance expense
(NOK 1 000) 2022 2021
Interest expenses to group companies - 7 617
Other interest expenses 4 155 -
Currency losses 22 214 80 602
Other finance expense 1 006 712
Total finance expense 27 375 88 931
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Tax
Tax expense for the year consists of
(NOK 1 000) 2022 2021
Income tax payable - -
Change in deferred tax - -
Total tax expense - -
Calculation of tax base for the year
(NOK 1 000) 2022 2021
Profit before tax (8 719) (51 906)
Permanent differences 36 308 21 136
Change in temporary differences 1 449 1471
Use of loss carryforwards (29 037) -
Tax base for the year - (29 300)
Overview of temporary differences
(NOK 1 000) 2022 2021
Receivables - -
Non-current assets (15) (166)
Provisions (3 205) (1756)
Pensions
Loss carryforwards (104 516) (135 956)
Reduction of tax asset due to uncertainty 107 736 137 878
Total - -
Deferred tax 22% - -
Note Shares in subsidiaries and associates
Subsidiaries
(NOK 1 000) Registered office
Ownership
share Voting share
Carrying
amount
Hexagon Technology H2 AS Ålesund, Norway 100% 100% 138 030
Hexagon Purus HK AS Ålesund, Norway 100% 100% 30
Hexagon Purus Maritime AS Ålesund, Norway 100% 100% 8 500
Hexagon Composites Germany GmbH Herford, Germany 100% 100% 1 335 630
Hexagon Purus NA Holding Inc. USA 100% 100% 605 461
2 087 651
Equity and profit/loss as reported in most recent annual accounts of subsidiaries (company)
(NOK 1 000)
Hexagon
Technology
H2 AS
Hexagon
Purus HK AS
Hexagon Purus
Maritime AS
Hexagon
Composites
Germany GmbH
Hexagon Purus
NA Holding Inc.
Cost of acquisition 138 030 30 8 500 1 335 630 605 461
Equity at 31 December 2022 82 405 (848) (1 222) 1 190 946 646 269
Profit 2022 (19 861) (813) (8 818) 1 398 -
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Joint ventures and associates
(NOK 1 000) Registered office
Ownership
share Voting share
Carrying
amount
Norwegian Hydrogen AS Norway 14.2% 14.2% 10 880
Cryoshelter LH2 GmbH Dobl-Zwaring, Austria 40% 40% 33 738
On 1 August 2022, Hexagon Purus made a EUR 3.4 (NOK 34) million investment and acquired 40 per cent of the
shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years.
Share of equity and profit/loss as reported in most recent annual
accounts of joint ventures and associates (company)
NOK 1 000) Cryoshelter LH2 GmbH Norwegian Hydrogen AS
Cost of acquisition 33 738 10 880
Equity at 31 December 2022 (7 845) 101 259
Profit 2022 (6 200) (2 845)
Note Non-current loans
(NOK 1 000) 2022 2021
Due for payment after 1 year - -
Loans to group companies 230 540 192 005
Loans to associated companies
1
12 541 -
Total 243 081 192 005
1
Loan to Cryoshelter LH2 GmbH
Note Bank deposits
(NOK 1 000) 2022 2021
Restricted tax withholdings 1 244 742
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Share capital and shareholder information
Share capital consists of
(Amounts in NOK) Number Nominal
Carrying
amount
A shares 258 278 937 0.10 25 827 893
The Company’s share capital consists of one class of shares and is fully paid-up.
20 Largest shareholders as of 31 December 2022 Number of shares Shareholding
HEXAGON COMPOSITES ASA 189 300 496 73.3%
CLEARSTREAM BANKING S.A. 20 123 019 7.8%
MITSUI & CO LTD 5 204 029 2.0%
Deutsche Bank Aktiengesellschaft 4 525 609 1.8%
FLAKK COMPOSITES AS 3 027 799 1.2%
Citibank Europe plc 2 508 592 1.0%
MP PENSJON PK 2 405 698 0.9%
Nordnet Bank AB 1 636 317 0.6%
The Bank of New York Mellon SA/NV 1 568 704 0.6%
UBS Switzerland AG 1 462 050 0.6%
BRØDR. BØCKMANN AS 1 363 120 0.5%
The Bank of New York Mellon SA/NV 1 230 208 0.5%
The Bank of New York Mellon SA/NV 984 120 0.4%
State Street Bank and Trust Comp 831 287 0.3%
KTF FINANS AS 756 950 0.3%
Skandinaviska Enskilda Banken AB 700 444 0.3%
Carnegie Investment Bank AB 566 788 0.2%
SIX SAF AG 545 022 0.2%
Saxo Bank A/S 545 021 0.2%
State Street Bank and Trust Comp 504 563 0.2%
Total 20 largest shareholders 239 789 836 92.8%
Remainder 18 489 101 7.2%
Total 258 278 937 100.0%
The total number of shareholders as of 31.12.2022 was 4 248 of whom 292 were foreign shareholders.
The number of shares held by foreign shareholders was 53 734 386 or 20.8%.
The Board proposes to the general assembly that there will be no dividend to be paid for the fiscal year 2022.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Note Financial market risk
The Company’s international activities expose it to currency risk and interest risk.
Interest rate risk
Interest rate risk arises in the short and medium term from the Company’s floating rate liabilities.
Currency risk
Fluctuations in exchange rates represent a financial risk to the Company, both directly and indirectly.
Note Events after the balance sheet date
On the 1
st
of march 2023 the Company successfully completed and raised total gross proceeds of approximately
NOK 1 300 million. The Offering comprised of the Equity Private Placement raising gross proceeds of approxi-
mately NOK 500 million through the issuance of 18 518 519 new shares (the “New Shares”) at a price of NOK 27.00
and a Convertible Bond Private Placement, raising gross proceeds of approximately NOK 800 million (the
“Convertible Bonds”).
In the Offering, Mitsui & Co., Ltd. (“Mitsui”) subscribed for, and was allocated, NOK 500 million in the Convertible
Bond Private Placement. In addition, Mitsui has entered into a deeper strategic alliance with the Company and
has signed a Memorandum of Understanding (the “MoU”) whereby Mitsui intends to participate as an anchor
investor in future capital raises for the years to come and become a long-term significant minority shareholder
in the Company. The non-binding MoU expresses the parties’ joint intentions and has a total monetary scope of
up to NOK 2 000 million, including the NOK 500 million subscription in the Convertible Bond Private Placement.
Future investments from Mitsui will be subject to, among other things, the Company’s fulfilment of commercial
and operational milestones agreed between the parties in good faith.
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Statsautoriserte revisorer
Ernst & Young AS
Langelandsvegen 1, DaaeGården
6010 Ålesund
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Hexagon Purus ASA
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Hexagon Purus ASA (the Company) which comprise the financial statements of the Company and the consolidated
financial statements of the Company and its subsidiaries (the Group). The financial statements of the Company comprise the balance sheet as at 31 December
2022 and the income statement, cash flow statement and equity statement for the year then ended and notes to the financial statements, including a summary of
significant accounting policies. The consolidated financial statements of the Group comprise the financial position of the Group as at 31 December 2022, the
income statement, statement of comprehensive income, cash flow statement and statement of changes in equity for the year then ended and notes to the
financial statements, including a summary of significant accounting policies.
In our opinion
• the financial statements comply with applicable legal requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December 2022 and its financial performance and cash
flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway,
• the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2022 and its financial performance
and cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the
requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for
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Independent auditor's report - Hexagon Purus ASA 2022
A member firm of Ernst & Young Global Limited
Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 5 years from the election by the general meeting of the shareholders in 2018 for the accounting year 2018.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for 2022. These matters
were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to
these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit
opinion on the financial statements.
Goodwill - Impairment assessment
Basis for the key audit matter
As at 31 December 2022, Hexagon Purus ASA Group reported goodwill of
NOK 524 million. The goodwill relates to only one cash flow generating unit.
Goodwill is subject to annual impairment testing and estimating the
recoverable amount of the related cash generating unit requires management
judgement of future revenues, gross margins, operating costs, terminal value
growth rates, capital expenditures and discount rate. No impairment was
recognized. The impairment test involves significant estimation uncertainty
and management judgment and is therefore a key audit matter.
Our audit response
We assessed the internal controls related to the impairment assessment. We
involved valuation specialists in our team to support testing of the
assumptions and methods used by management. We compared future cash
flows against board approved plan for the years 2023-2027 and considered
underlying assumptions for expected growth rates and the related cash flows.
We assessed the historical accuracy of managements estimates and
compared the assessment used for the acquisition. Furthermore, we tested
the input of the discount rate against comparable market data. We also tested
the mathematically accuracy of the impairment model and performed
sensitivity analysis of the assumptions used. We also assessed the
disclosures in note 10 Intangible assets in the financial statements.
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Other information
Other information consists of the information included in the annual report other than the financial statements and our auditor’s report thereon. Management (the
board of directors and the President & CEO) is responsible for the other information. Our opinion on the financial statements does not cover the other information,
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing so, consider whether the board of
directors’ report, the statement on corporate governance and the statement on corporate social responsibility contain the information required by applicable legal
requirements and whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that the other information is materially inconsistent with the financial
statements, there is a material misstatement in this other information or that the information required by applicable legal requirements is not included in the board
of directors’ report, the statement on corporate governance or the statement on corporate social responsibility, we are required to report that fact.
We have nothing to report in this regard, and in our opinion, the board of directors’ report, the statement on corporate governance and the statement on corporate
social responsibility are consistent with the financial statements and contain the information required by applicable legal requirements.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements of the Company in accordance with the Norwegian Accounting
Act and accounting standards and practices generally accepted in Norway and of the consolidated financial statements of the Group in accordance with
International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or
the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
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Independent auditor's report - Hexagon Purus ASA 2022
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Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Hexagon Purus ASA we have performed an assurance engagement to obtain reasonable assurance about
whether the financial statements included in the annual report, with the file name Hexagonpurusasa-2022-12-31-en.zip, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF
Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF Regulation. This responsibility comprises an adequate process
and such internal control as management determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual
report have been prepared in accordance with the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and
perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation.
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Independent auditor's report - Hexagon Purus ASA 2022
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As part of our work, we perform procedures to obtain an understanding of the company’s processes for preparing the financial statements in accordance with the
ESEF Regulation. We test whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging
of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the
audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Aalesund, 25 April 2023
ERNST & YOUNG AS
Ivar-André Norvik
State Authorised Public Accountant (Norway)
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Glossary
ASA Public Limited company in Norway
BAR Unit of pressure.
1 millibar = 100 N/m
2
BEV Battery Electric Vehicle
CHG Compressed Hydrogen Gas
CO
2
Carbon Dioxide
EBIT Earnings before interests and taxes
EBITDA Earnings before interest, taxes, depreciation and
amortization
EV Electric Vehicle
FCEV Fuel Cell Electric Vehicle
GHG Greenhouse Gas
HDV Heavy-Duty Vehicle
HSE Health, Safety & Environment. Collective term for activities
relating to health protection,
environmental protection, working environment and
employee safety.
HYDROGEN Light, colourless gas (Symbol H), produced on an
industrial scale
ISO International Organization for Standardization
– publishes standards in a large number of areas
JOINT VENTURE Legally signed contractual agreement whereby two or more
parties undertake an economic activity
COMPOSITE Combination of glass/carbon fibre and thermosetting
plastic, exploiting the malleability of the plastic and the
stiffness and strength of the glass/carbon fibre
LDV Light-Duty Vehicle
OEM Original Equipment Manufacturer
OSE Oslo Stock Exchange (Oslo Børs)
X-STORE® High-pressure composite cylinder for bulk transportation
and storage of CNG
RESIN Chemical adhesives for strengthening glass and/or
carbon fiber
SCM3 Standard cubic meters. Unit for volumetric measurement
of oil, natural gas and natural gas condensate at standard
conditions defined in the ISO standard ISO 13443
SINTEF Stifelsen for industriell og teknisk forskning / Foundation
for Industrial and Technical Research
TYPE 1 Steel cylinder
TYPE 2 Steel cylinder, composite-reinforced
TYPE 3 Composite cylinder with metal liner
TYPE 4 Composite cylinder with polymer liner
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Hexagon Purus ASA Annual report 2022Hexagon Purus ASA Annual report 2022
Contact us
IR contact
Mathias Meidell
Director Investor Relations
Phone: +47 90 98 22 42
mathias.meidell@hexagonpurus.com
Address
Hexagon Purus ASA
Korsegata 4B
6002 Ålesund
Norway
Phone: +47 70 30 44 50
contact@hexagonpurus.com
hexagonpurus.com
Financial calendar 2023
Annual General Meeting
25 May 2023
1
st
quarter 2023
9 May 2023
2
nd
quarter and
half year report 2023
15 August 2023
3
rd
quarter 2023
7 November 2023
4
th
quarter 2023
13 February 2024
Details
Interim report and presentation material will be released at
07:00 CET and made available on www.hexagonpurus.com
and www.newsweb.no
The interim results are presented live at 8:30 am CET.
Hexagon Purus ASA reserves the right to change the dates.
All presentations are broadcasted live and open to all
interested parties.
Two weeks before the presentation of the interim report
Hexagon Purus practice a quiet period where contact with
analysts, investors and media are limited. This is done
to minimize the risk of information leakage and potential
different information in the market.
CONTENTS
|
HEXAGON PURUS IN BRIEF
REFLECTING ON 2022
FROM THE BOARD ROOM
FINANCIAL STATEMENTS
APPENDIX
GO BACKGO BACK
APPENDIX | FINANCIAL CALENDARAPPENDIX | FINANCIAL CALENDAR
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