Hexagon Purus Results Presentation Deck | Slidebook.io

Hexagon Purus Results Presentation Deck

February 2025, 29 slides

hexagon | Hexagon Purus

key figures million revenue operating profit before depreciation operating profit profit loss before tax profit loss for the period change change key developments in and after balance sheet date quarterly revenue of million in the fourth quarter of up from the fourth quarter of full year revenue ended at million up compared to revenue was million in the fourth quarter of compared to million in the same period last year this corresponds to an margin of in the fourth quarter of up from in the fourth quarter of for the margin ended at up from in the same period last year renewed year supply agreement with a leading bus manufacturer for delivery of hydrogen fuel storage systems until completed billion equity capital raise due to increased market and regulatory uncertainty the company is expecting to lay off approximately of its employees during the first half of seizing funding to and ending the development of liquid hydrogen storage solutions exited the quarter with order backlog consisting of firm purchase orders of million | Hexagon Purus

a word from the as we entered the fourth quarter of we had a full order book and a clear path towards another strong quarter however approximately million in planned revenue was pushed into around half of that was driven by customer requests to delay delivery and the other half was related to orders in process that were not completed in time for revenue recognition in still we grew revenue in the quarter by from last year and improved the margin by another percentage point we also met several important milestones during the quarter we raised proceeds of billion in equity capital and we delivered the first battery electric trucks to the program with a near term outlook and lower visibility we have decided to take appropriate measures to reduce our cost base hexagon has been rigged for growth and carries a cost base that requires higher revenue to break even as a significant part of revenue growth was expected to come from north we need to revise our planning and reduce our capacity costs we are therefore reducing our costs by approximately million including an approximate reduction in a large share of the annual cost savings is targeted to be captured in in addition we are launching a review of our overall business portfolio to make further adjustments needed to secure the company cash runway to and cash flow break even i firmly believe that hexagon is uniquely positioned to navigate through a challenging industry and market environment and the company is a highly relevant solutions provider for the energy transition we have a solid and diversified customer portfolio with significant exposure to market segments that are less impacted by the delayed energy transition with a solid balance sheet and a manufacturing footprint with limited need for additional investments combined with the measures we now take to reduce capacity costs i believe that hexagon is well positioned to face the current challenges and well positioned for the years ahead chief executive officer hexagon was another record year for hexagon we continued our strong growth journey increasing annual revenue by and we delivered a significant improvement in margin as in previous years hydrogen infrastructure was a sizable contributor to revenue growth but hydrogen mobility also grew substantially in driven mainly by increased demand from our transit bus customers when i view in light of our five year plan i see that we have achieved a lot of what we set out to do first we have moved the company forward by significantly growing revenue further strengthening our leading position with customers and continuing to build a strong and diversified customer portfolio that will provide a solid base for hexagon in the years to come second we have substantially improved the group performance almost achieving break even full year in the hydrogen mobility and infrastructure segment and third we have all but completed the year capacity expansion program which gives us a global manufacturing footprint that solidifies our leading industry position globally looking in the rear view mirror we are largely where we had planned to be looking forward the market appears more challenging the near term market outlook deteriorated significantly following the presidential election regulatory uncertainty has left customers sitting on the fence and not making purchasing decisions is the main market for the company zero emission truck offering and the state remains committed to the decarbonization of the transportation sector while some regulations and programs will be impacted by the views of the federal government we deem it likely that the market for zero emission trucks will continue to grow albeit at a pace in the political ambitions remain unchanged but progress is behind expectations | Hexagon Purus

hexagon and preliminary consolidated profit and loss in the fourth quarter of hexagon the company or the group generated revenue of million up from the corresponding period in hydrogen infrastructure hydrogen mobility and battery systems vehicle integration were the main drivers of growth year over year revenue ended at million up year over year compared with expectations of at least revenue growth the shortfall versus expectations was predominantly due to delay of completion of certain customer deliveries which is expected to be completed in and certain customer orders being shifted from to cost of materials as of revenue was in the fourth quarter of compared to in the fourth quarter of quarterly fluctuations in cogs margin are to be expected driven by product mix and special items for the cost of materials ratio was compared with for payroll related expenses showed a sequential decline in the fourth quarter of amongst other driven by lower activity level contribution from the funding in canada and capitalization of certain costs and made up of revenue in the quarter other operating expenses amounted to million in the fourth quarter of and kept stable compared to the third quarter total operating expenses in the fourth quarter of ended at million leading to an operating profit before depreciation of million equivalent to an margin of for the margin was a significant improvement compared to the same period last year and in line with expectations depreciation and impairment in the fourth quarter of was million up from million in the fourth quarter of of the million million relates to depreciation of property plant equipment and amortization of intangible assets and million relates to right of use assets depreciation furthermore an impairment of million was made in the fourth quarter of whereof million relates to impairment of goodwill in and million relates to impairment of fixed assets in the company operations the remaining million was an impairment charge related to exiting a legacy facility lease agreement in operating profit in the fourth quarter of ended at million and million for share of income from investments in associates which reflects hexagon minority in and hexagon hydrogen energy systems was million in the fourth quarter of given the decision to seize funding to an impairment charge of million related to the company in was recognized finance income in the fourth quarter of was million of which approximately million relates to interest income on bank deposits and approximately million relates to foreign exchange fluctuations the remaining million relates to non cash interest in kind related to funding of finance costs in the fourth quarter of was million of which approximately million relates to non cash interest on the and convertible bonds a further approximately million is driven by interest on lease liabilities and other interest bearing debt and million relates to foreign exchange fluctuations an impairment charge related to outstanding debt to of million was recognized as finance costs in the fourth quarter of tax expense in the fourth quarter of was million and net profit after tax ended at million for net profit after tax ended at million balance sheet total assets at the end of the fourth quarter of amounted to million the year over year increase in total assets is mainly driven by increases to property plant and equipment and right of use assets resulting from the company capacity expansion program combined with an increase in working capital to cater for higher revenue as well as a higher cash balance following the company equity capital raise completed during the fourth quarter of inventory amounted to million as of the end of the fourth quarter of and the majority of inventory consists of raw materials and items in work in progress trade receivables decreased sequentially in the fourth quarter of to million increases in equity and non current liabilities in the fourth quarter of compared to | Hexagon Purus

the fourth quarter of are mainly driven by the million gross equity raise completed during the fourth quarter of and an increase in lease liabilities related to production facilities and equipment as part of the company capacity expansion program trade payables stood at million and was sequentially down compared to the third quarter of at quarter end the company had an equity ratio of cash flow net cash flow from operating activities in the fourth quarter of was million changes in net working capital was stable compared to the third quarter of group net working capital net cash flow from investing activities was million in the fourth quarter of of which million relates to investments in production equipment and facilities related to the company capacity expansion program capitalized product development expenditure was million in the fourth quarter of and loans to associated companies amounted to million interest received on bank deposits in the fourth quarter of was million net cash flow from financing in the fourth quarter of was million whereof million was net proceeds from the equity capital raise completed during the quarter cash interest payments and repayment of lease liabilities amounted to million in the fourth quarter of while repayment of interest bearing loans amounted to million net change in cash and cash equivalents in the fourth quarter of was million and currency exchange differences on cash was million cash and cash equivalents ended at million as of the fourth quarter of hydrogen mobility and infrastructure hexagon hydrogen storage solutions is based on its leading type cylinder technology and enables the safe and efficient use of hydrogen in a variety of zero emission mobility and hydrogen infrastructure applications the hydrogen mobility and infrastructure segment covers hexagon hydrogen cylinder and systems manufacturing activities in and north as well as its and industrial gas business revenue | Hexagon Purus

financial development revenue for the segment in the fourth quarter of totaled million broadly unchanged compared to the corresponding period in for revenue amounted to million which represents growth of compared to of the segment revenue in the fourth quarter of stemmed from hydrogen infrastructure solutions which grew year over year within hydrogen infrastructure solutions hydrogen distribution solutions made up most of the revenue in the quarter with product deliveries to customers like air hydrogen and revenue from mobile refueling stations and stationary storage solutions also increased year over year as units were delivered to amongst other during the fourth quarter of hydrogen mobility which covers revenue from the sale of type hydrogen cylinders and cylinder systems for hydrogen powered on road and off road vehicles kept stable year over year in the fourth quarter of and made up of total segment revenue revenue from the transit bus segment continued to grow strongly in the quarter and was higher than the same period last year but was negatively offset by lower activity in the heavy duty vehicle and rail segment revenue from the company industrial gas business delivering solutions for stationary storage of primarily air gases such as nitrogen and oxygen to industrial customers grew by in the fourth quarter of compared to the same period last year the company activities which supports privately held space exploration companies in north with storage solutions for space expeditions kept stable year over year in the fourth quarter of combined these application areas made up of segment revenue in the fourth quarter of for the segment in the fourth quarter of ended at million equivalent to an margin of for ended at million equivalent to an margin of operational update the majority of the company capacity expansion program for hydrogen cylinder production and hydrogen infrastructure solutions assembly in and weeze has been completed with some spill over of final payments into given an uncertain near term demand outlook going into measures to reduce costs across the group is being implemented for short time work has been implemented for the company hydrogen distribution assembly site in weeze and approximately of the company employees at its facility is expected to be laid off during the first half of as mass adoption of hydrogen mobility for heavy duty vehicles is pushed out wide spread adoption of liquid hydrogen storage solutions for heavy duty mobility is no longer expected in the current decade consequently the company is seizing funding to and ending the development of liquid hydrogen storage solutions for heavy duty mobility battery systems and vehicle integration the battery systems and vehicle integration segment covers hexagon industry leading battery storage systems technology and complete vehicle integration services for medium and heavy duty trucks in north revenue financial development revenue for the segment in the fourth quarter of was million the year over year revenue growth was mainly driven by initial vehicle deliveries of the tern to as well as deliveries of battery systems to motors north for revenue ended at million | Hexagon Purus

segment ended at million in the fourth quarter of for ended at million operational update the significantly increased political risk for the company north operations following the us presidential election in is leading to a ramp up curve for the company battery electric vehicle program with given the continued regulatory and market uncertainty the company is expecting to lay off approximately of its employees in the business unit during the first half of outlook as discussed in the company report released in the new administration following the us presidential election has significantly increased uncertainty around the near term outlook for the energy transition and zero emission mobility in north customers especially in are awaiting clarification around legislation and funding mechanisms in addition the hydrogen industry and project realization is developing than expected in impacting the company customers with an uncertain near term outlook and lower visibility the company is launching a program targeting cost reduction of approximately million including an approximate reduction in the company is also launching a review of its overall business portfolio to make additional adjustments to secure the company cash runway to and cash break even the company has a well diversified customer base and are exposed to a range of attractive end use applications at varying stages of maturity the company hydrogen infrastructure business is profitable and is mainly based on large industrial gas companies need to cost efficiently transport gray hydrogen for industrial use cases a delay in roll out of green hydrogen projects will impact near term growth for the hydrogen infrastructure business but the company continues to expect a base level of demand for its distribution solutions for industrial use cases from its existing customer base of blue chip industrial gas companies the company hydrogen transit bus business is experiencing strong growth as end user demand is mainly made up of public authorities with local decarbonization agendas both in and north the company hydrogen and battery electric heavy duty vehicle business centered around the us market is on the other hand experiencing uncertainty and low demand visibility following the us presidential election year over year the battery electric business is expected to grow in but with a ramp up curve compared to expectations the company order backlog consisting of firm customer purchase orders stood at million by the end the fourth quarter of with about due for execution in and the remaining due for execution in the company is expecting a slow start to revenue wise and is currently projecting a significant sequential decline in revenue given the recent chain of events it is no longer deemed realistic that the market will grow as previously guided in the near term and the company has decided to postpone further guiding until better visibility is gained the company will first and foremost focus on making the current cash balance last until and cash break even forward looking statements the forward looking statements made above are by their nature subject to significant risks and uncertainties because they relate to events and depend on circumstances that are expected to occur in the future they are therefore not guarantees of future performance while the statements reflect the current views and expectations of hexagon 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 hexagon cannot provide any assurance that the assumptions underlying such forward looking statements are free from errors nor accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments actual results could differ materially from those expressed or implied in forward looking statements any forward looking statements are based only on conditions as of the date on which they are made and we are under no obligation to update or alter such forward looking statements whether as a result of new information future events or otherwise | Hexagon Purus

risks and uncertainties hexagon operates in markets with strict standards for quality and delivery deviations from which could result in significant additional costs lost sales and damage to the group reputation the group is exposed to production related risks such as production errors or shutdowns of its facilities which could have a material adverse effect on the group results of operations cash flow and financial condition the group is exposed to competing technologies and processes that could have a negative effect on the group competitive positioning and in turn profitability and financial position the group is exposed to developments in the prices and availability of its raw materials and in particular the cost of carbon fiber and lithium ion batteries the prices and availability of these raw materials are linked to various factors including developments in the price of oil precursor commodities and energy and the prevailing market balance where supply is dependent on a limited number of suppliers to mitigate the risk the group will from time to time enter into long term supply agreements locking in price and quantity even though the contracts are intended to mitigate supply risk it would also potentially add risk as they commit the group on material and components where actual demand can turn out to be lower than forecasted market prices can fall or the development could make the committed volumes technologically less relevant to the extent the group does not generate sufficient cash from operations to fund its existing and future business plans the group may need to raise additional funds to execute its growth strategy and to fund capital expenditures adequate sources of capital funding might not be available when needed or may only be available on unfavorable terms if funding is insufficient at any time in the future the group may be unable to inter fund acquisitions take advantage of business opportunities or respond to competitive pressures any of which could adversely impact the group financial condition and results of operations the group is also exposed to global developments including the impact of inflation supply chain constraints and rising interest rates in recent years there have been several hydrogen initiatives from governmental and international bodies around the world which puts a spotlight on the role hydrogen technology can play in the global energy transition the group faces potential impacts from changes to current and future incentives related to decarbonization or topics which could affect the adoption of hydrogen or battery electric technologies and consequently the group performance additionally shifts in policies and legislation following changes to government may introduce new regulatory challenges and support for clean energy initiatives posing further risks to the group performance it is not possible to know the precise impacts of such developments and to what extent these may or may not persist for additional information about risks and uncertainties we refer to hexagon annual report | Hexagon Purus

the board of directors of hexagon chair rick board member board member board member board member group president board member plaza board member lit wath eke | Hexagon Purus

hexagon group financial statements income statement revenue from contracts with customers other operating revenue total revenue cost of materials payroll and social security expenses other operating expenses total operating expenses before depreciation operating profit before depreciation depreciation and impairment operating profit share of profit loss from investments in associates and joint ventures finance income finance expense profit loss before tax note tax expense profit loss after tax attributable to equity holders of the parent non controlling interest earnings per share ordinary diluted | Hexagon Purus

comprehensive income statement profit loss after tax other income items that will be reclassified through profit or loss in subsequent periods exchange differences on translation of foreign operations net of total items that will be reclassified through profit and loss in subsequent periods total comprehensive income net of tax attributable to share premium non controlling interest | Hexagon Purus

balance sheet assets property plant and equipment right of use assets intangible assets investment in associates and joint ventures non current financial assets non current assets total non current assets inventories trade receivables contracts assets accrued revenue other current assets cash and short term deposits total current assets total assets note note equity and liabilities issued capital and share premium other equity equity attributable to equity holders of the parent non controlling interests total equity interest bearing loans and borrowings lease liabilities net employee defined benefit liabilities deferred tax liabilities total non current liabilities trade and other payables contract liabilities interest bearing loans and borrowings lease liabilities short term income tax payable other current financial liabilities other current liabilities provisions total current liabilities total liabilities total equity and liabilities | Hexagon Purus

cash flow statement profit before tax depreciation amortization and impairment net interest expense changes in net working capital other adjustments to operating cash flows net cash flow from operating activities purchase of property plant and equipment purchase and development of intangible assets settlement of contingent considerations and deferred payment related to acquisitions investments in associated companies loans to associated companies interest received net cash flow from investing activities net repayment proceeds from interest bearing loans and convertible bonds interest payments repayment of lease liabilities interests net proceeds from share capital increase in parent company net proceeds from share capital increase in subsidiary contribution net cash flow from financing activities net change in cash and cash equivalents net currency exchange differences on cash cash and cash equivalents beginning of period cash and cash equivalents end of period | Hexagon Purus

statement of changes in equity | Hexagon Purus

note general information and basis for preparation the condensed consolidated interim financial statements for the fourth quarter of which ended comprise hexagon and its subsidiaries together referred to as the group hexagon the parent of hexagon group is a public limited liability company with its registered office in the company headquarters are at gate hexagon is listed on under the ticker the condensed consolidated interim financial statements have been prepared in accordance with interim financial reporting for a more detailed description of accounting principles reference is made to the consolidated financial statements for the year ended available on the company investors note estimates the preparation of the interim accounts entails the use of valuations estimates and assumptions that affect the application of the accounting policies and the amounts recognized as assets and liabilities income and expenses the actual results may deviate from these estimates the accounting principles used in the preparation of these interim accounts are generally the same as those applied to the annual consolidated financial statements referred to above the group has not adopted any other standard interpretation or amendment that has been issued but is not yet effective these condensed consolidated interim financial statements were approved by the board of directors on the material assessments underlying the application of the group accounting policy and the main sources of uncertainty are the same as for the consolidated accounts for ies | Hexagon Purus

note revenue revenue from contracts with customers sale of cylinders and systems sale of services and funded development other revenues contracts with customers at a point in time sale of cylinders and systems sale of services and funded development other revenues contracts with customers over time total revenue from contracts with customers type of goods or service sale of cylinders and systems sale of services and funded development other revenues rental income total revenue | Hexagon Purus

note operating segments hydrogen mobility infrastructure comprised of hexagon hydrogen cylinder and systems manufacturing business in and north as well as the company and industrial gas business battery systems and vehicle integration comprised of the company battery storage systems technology and complete vehicle integration services for medium and heavy duty trucks in north other and eliminations comprised of china joint venture and maritime activities and corporate overhead revenues from contracts with customers other operating revenue total revenue depreciation impairment segment assets segment investments in the period segment liabilities battery hydrogen mobility systems vehicle other and infrastructure integration eliminations hydrogen mobility infrastructure total battery systems vehicle integration other and eliminations total | Hexagon Purus

revenues from contracts with customers other operating revenue total revenue depreciation impairment segment assets segment investments in the period segment liabilities battery systems vehicle other and hydrogen mobility infrastructure integration eliminations hydrogen mobility infrastructure total battery systems vehicle integration other and eliminations total note tangible assets property plant and equipment right of use assets total property plant and equipment right of use assets total carrying value as of additions disposals depreciations impairments currency translation differences carrying value as of pike pans a tae | Hexagon Purus

note impairment of goodwill and fixed assets basis for impairment testing the group assesses goodwill and fixed assets for impairment in accordance with impairment of assets goodwill is tested at least annually or when there are indicators of impairment while tangible and intangible fixed assets are tested whenever there is an indication of impairment when testing for impairment the assets are grouped in normally defined as separate sites or combination of sites if they operate as one unit the group are north china cylinder production company the recoverable amount of each is determined using the value in use approach which is based on discounted cash flows the basis for the estimated cash flows is the group business plan for the period on which basis different scenarios high base and low have been derived subsequently the scenarios have been weighted with for the high case for the base case and for low case the net present value is calculated based on a weighted average the cash flows projections relate to the cash generating unit in the current condition which means future investments not commenced has not been included in the valuation therefore the measured enterprise value calculated does not fully consider the longer term growth potential in the various markets the company is active in the calculations of value in use are sensitive to several assumptions the following are assessed as key assumptions in the measured value revenue growth margin discount rate weighted average cost of capital a revenue growth has been applied in the terminal value year for all the discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital the is based on year risk free interest rates in the market where the operates while the same market risk premium size premium beta factor and equity ratio has been applied across markets tax nominal discount rate is in the range of to the recoverable amount is sensitive to the discount rate used for the model as well as the expected future cash inflows and the growth rate used for extrapolation purposes all recognized goodwill in the group is allocated to the goodwill is a result of acquisition of mainly two companies in that are maintained as one operating unit carrying amount of goodwill for the total goodwill | Hexagon Purus

based on the assessment a goodwill impairment of million is recognized in the company accounts for the fourth quarter of the present value of the cash flow in the calculations made is among other things sensitive to changes in the discount rate growth rate and changes in the margin the sensitivity analysis uses the economic assumptions referred to above as its starting point calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged the calculations show that an increase in of percentage points would increase the recognized impairment with million a reduction of margin in the terminal value with would increase the impairment value with million and a reduction of revenue growth in terminal value year with increase the impairment value with million the group assesses property plant equipment and intangible assets for impairment when indicators of impairment exist indicators include a more uncertain near term market outlook and a market capitalization of the group that has fallen below the book value of equity impairment tests have been performed on the following north china cylinder production company carrying amount the covers hexagon hydrogen cylinder and systems manufacturing activities in the table below shows the sensitivity analysis for the range of percentage points in and percentage points in margin the amounts shown are after the impairment of goodwill is recognized percentage point change in margin terminal value change in | Hexagon Purus

north the north covers hexagon hydrogen cylinder and systems manufacturing activities in north as well as its business the table below shows the sensitivity analysis for the range of percentage points in and percentage points in margin percentage point change in margin terminal value change in the covers hexagon industry leading battery storage systems technology and complete vehicle integration services for medium and heavy duty trucks in north the table below shows the sensitivity analysis for the range of percentage points in and percentage points in margin percentage point change in margin terminal value change in | Hexagon Purus

china cylinder production company the china covers hexagon hydrogen cylinder manufacturing activities in china the table below shows the sensitivity analysis for the range of percentage points in and percentage points in margin the amounts shown are after the impairment of assets is recognized percentage point change in margin terminal value change in the group has identified the following where impairment was considered necessary china cylinder production company asset category property plant and equipment carrying amount before impairment impairment recognized carrying amount after impairment additional sensitivity the sensitivities in the table below show the change in assumptions that results in zero headroom all else being equal additional sensitivities for and china have not been included as the headroom in the evaluation is zero revenue in terminal value year revenue growth in the year margin in terminal year change in | Hexagon Purus

note interest bearing liabilities liabilities as of financing activities with cash settlement new liabilities transaction costs settlements in the period repayment of liabilities financing activities without cash settlement reclassification year installments exchange differences equity component of convertible bond other transactions without cash settlement liabilities as of non current bond loan non current bank loan current bank loan non current bond loan non current bank loan current bank loan total total convertible bonds the company has two outstanding senior unsecured convertible bonds and amounting to million at the respective time of issuance the convertible bond with an outstanding amount of was issued in march and carries a fixed interest rate of paid semi annually in kind through issuance of additional bonds the conversion price of the bond is set at and the conversion right can be exercised at any time between the loan issue and the last conversion date which is set to march being the date which is years after the shareholders meeting that resolved the convertible bond which subscribed for an amount of under the convertible bond entered into a year lock up on its investment in the convertible bond under which it may not transfer its bonds during this time period further entered into a day lock up for shares received upon conversion prior to years from the disbursement date of the convertible bond and a day lock up for shares received upon conversion after years from the disbursement date of the convertible bond furthermore has entered into an additional lock up in respect of the convertible bond and the convertible bond as described below the convertible bond with an outstanding amount of was issued in and carries a fixed interest rate of paid semi annually in kind through issuance of additional bonds the conversion price of the bond is set at and the conversion right can be exercised at any time between the loan issue and the last conversion date which is set to being the date which is years after the shareholders meeting that resolved the convertible bond which subscribed for an amount of under the convertible bond entered into a year lock up on its investment in the convertible bond under which it may not transfer its bonds during this time period further entered into a day lock up for shares received upon conversion prior to years from the issue date of the convertible bond and a day lock up for shares received upon conversion after years from the issue date of the convertible bond furthermore has entered into an additional lock up in respect of the convertible bond and the convertible bond as described below | Hexagon Purus

on the company signed an agreement with where the parties have agreed that shall not use a right to convert to ordinary shares or to dispose of any of its convertible bonds under the convertible bond or the convertible bond without the written consent of the board of directors of the company until the of i the date on which the company becomes profitable on a profit after tax pat basis measured by pat attributable to equity holders of the parent in the company group income statement and for the convertible bond and for the convertible bond respectively together referred to as the additional lock up the additional lock up applies to only and the rights for other holders of the convertible bond and convertible bonds are as per the original convertible loan agreements the additional lock up shall not apply in certain events including the occurrence of a corporate transaction event as defined in the terms for the convertible bonds event of default or tender offer relating to the company the terms of the existing lock up undertakings provided by as described above will remain in force the convertible bonds are compound financial instruments which contains an equity component and a debt component upon initial recognition the debt component is calculated as the discounted value of the bond assuming no conversion with an approximate market interest rate for similar loans without the conversion feature as the discount rate for calculation purposes a discount rate has been applied yielding a fair value at initial recognition of the debt component of million for the bond and million for the bond the equity component equals the residual difference between the fair value of the convertible bond at issuance and the fair value of the debt component and amounts thus to million for the bond and million for the bond transaction costs related to the bond issue amounted to million for the bond and million for the bond and have been capitalized pro rata between the debt and equity component see summarized tables related to the convertible bonds below convertible bond convertible bond accounting reconciliation liability component equity component total principal amount transaction costs amount at initial recognition accumulated interests convertible bond convertible bond accounting reconciliation liability component equity component total principal amount transaction costs amount at initial recognition accumulated interests accumulated amortized transaction costs accumulated amortized transaction costs carrying amount carrying amount | Hexagon Purus

note lease liabilities carrying value as of new lease liabilities recognized in the period cash payments for the principal portion of the lease liability cash payments for the interest portion of the lease liability interest on lease liabilities currency translation differences carrying value as of lease liabilities are largely related to lease agreements for office and production premises as well as leases for production equipment machinery and vehicles | Hexagon Purus

note share based payments as of the company had four share based long term incentive plans outstanding consisting of performance share units and restricted share units performance share unit programs as of number of instruments grants lapsed cancelled as of number of instruments fair value at grant date vesting period expiry restricted share unit programs as of number of instruments grants lapsed cancelled as of number of instruments fair value at grant date vesting period expiry programs all are non transferable and will vest subject to satisfaction of the applicable vesting conditions the actual number of vested will depend on performance and can vary from zero to the maximum awarded in each program program all are non transferable and will vest subject to satisfaction of the applicable vesting conditions the are subject to continued employment three years after date of grant and each participant will at such time receive such number of hexagon shares as corresponds to the number of allocated to them issued issued years years years issued years years issued years years the fair value of the are calculated on the grant date using black and monte simulation and the cost is recognized over the service period as of the fourth quarter of the year to date cost of the and schemes including social security was million the unamortized fair value of all outstanding and as of is estimated to be million million as of there are no cash settlement obligations | Hexagon Purus

note investments in associated companies an impairment charge of million related to the investment in was recognized in the profit and loss statement in the fourth quarter of this amount is comprised of an investment in shares million net of accumulated losses and outstanding debt of million including accrued interest note events after the balance sheet date renewed year supply agreement with a leading bus manufacturer for delivery of hydrogen fuel storage systems until alternative performance measures hexagon discloses certain alternative performance measures in addition to those normally required by as such performance measures are frequently used by analysts investors and other parties as supplemental information to gauge the group operational and financial performance the are also used internally to drive performance in terms of monitoring operating performance and long term target setting are adjusted measures that are defined calculated and used in a consistent and transparent manner over the years and across the group where relevant gross margin is defined as revenue less direct and indirect cost of goods sold before selling general administrative expenses is defined as earnings before interest tax depreciation amortization and impairment corresponds to operating profit loss before depreciation amortization and impairment is defined as earnings before interest and taxes corresponds to operating profit in the consolidated income statement in the report equity ratio is defined as total equity divided by total assets order backlog is defined as the estimated value of remaining work on firm purchase orders with agreed price volume timing terms and conditions | Hexagon Purus

shareholder information the total number of shares in hexagon as of was par value in the quarter the share price moved between and ending the quarter at the share price as of implies a market capitalization of billion for the company shareholders as per number of shares share of share of total hexagon composites banking a trust bank a the bank of new york mellon composites as markets analyse bank bank bank the bank of new york mellon the bank of new york mellon as state street bank and trust bank bank national association total of shareholders remainder total type ordinary nominee nominee ordinary nominee ordinary nominee ordinary ordinary nominee ordinary nominee nominee nominee ordinary ordinary nominee nominee nominee nominee citizenship japan united kingdom united kingdom united states united states united states | Hexagon Purus

forward looking statements this quarterly report the report has been prepared by hexagon hexagon or the company the report has not been reviewed or registered with or approved by any public authority stock exchange or regulated the company makes no representation or warranty whether express or implied as to the correctness or completeness of the information contained herein and neither the company nor any of its subsidiaries directors employees or advisors assume any liability connected to the report and or the statements set out herein this report is not and does not purport to be complete in any way the information included in this report may contain certain forward looking statements relating to the business financial performance and results of the company and or the industry in which it operates forward looking statements concern future circumstances and results and other statements that are not historical facts sometimes identified by the words believes expects predicts intends projects plans estimates aims foresees anticipates targets and similar expressions the forward looking statements contained in this report including assumptions opinions and views of the company or cited from third party sources are solely opinions and forecasts which are subject to risks uncertainties and other factors that may cause actual events to differ materially from any anticipated development none of the company or its advisors or any of their parent or subsidiary undertakings or any such person affiliates officers or employees provides any assurance that the assumptions underlying such forward looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this report or the actual occurrence of the forecasted developments the company and its advisors assume no obligation to update any forward looking statements or to conform these forward looking statements to the company actual results investors are advised however to inform themselves about any further public disclosures made by the company such as filings made with growth or press releases this report has been prepared for information purposes only this report does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction including the united states distribution of the report in or into any jurisdiction where such distribution may be unlawful is prohibited this report speaks as of and there may have been changes in matters which affect the company subsequent to the date of this report neither the issue nor delivery of this report shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the company have not since changed and the company does not intend and does not assume any obligation to update or correct any information included in this report this report is subject to law and any dispute arising in respect of this report is subject to the exclusive jurisdiction of courts with city court as exclusive venue by receiving this report you accept to be bound by the terms above | Hexagon Purus

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