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Hexicon AB (publ) publishes interim report January-March 2024

Hexicon
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JANUARY – MARCH 2024
• Net revenue: SEK 0.5 (1.7) million
• Operating profit/loss: SEK -19.9 (-54.5) million
• Profit/loss before tax for the period: SEK -32.1 (-47.4) million
• Earnings per share basic and diluted: SEK -0.09 (-0.13)
• Cash flow from operating activities: SEK -18.1 (-38.6) million
 
Key highlights during the quarter

  • On February 22nd, Hexicon signed a Sales and Purchase Agreement to acquire 80% of the shares in the MunmuBaram project in South Korea, for a favourable price. The agreement is subject to regulatory approval, which will take place in 2024.
  •  With the agreement, Hexicon will become the 100% owner of the MunmuBaram project. Hexicon does not intend to run the project as sole owner and has therefore, during the quarter, initiated the process to establish a new ownership structure for the project.
  • The acquisition will be financed within the framework of the loan facility with the Nuveen Infrastructure (formerly Glennmont Partners) but has resulted in reprioritisation of the pace of development in the project portfolio having to be done. Hexicon has therefore, during the quarter, reduced the pace of development in the TwinHub project in England.

Events after the quarter

  • Hexicon has focused on the regulatory approval process in the MunmuBaram project. This is an important step towards establishing a new long-term ownership structure. 
  • Hexicon has increased the activities related to future divestments of project shares in line with its overall strategy.

 
Webcast
A presentation of the company’s interim report for the first quarter 2024 will be held today at 10:00 a.m. (CEST) by Marcus Thor, CEO of Hexicon. If you wish to participate via webcast please use the link below. Via the webcast, you have an opportunity to ask written questions.
https://ir.financialhearings.com/hexicon-q1-report-2024
 
Telephone Conference
If you wish to participate via teleconference, please register on the link below. After registration, you will be provided phone numbers and a conference ID to access the conference.
https://conference.financialhearings.com/teleconference/?id=5003473

For more information, please contact:

Hexicon’s Communications Department
communications@hexicongroup.com

About Hexicon

Hexicon is an early project developer in floating wind, opening new markets in deep water areas, and a technology provider with a patented floating wind design – TwinWind™. The dual business model supports the world’s transition to sustainable energy. Floating wind is an important part of the future energy mix. It can be deployed quickly and at scale, contributing to the electrification of society at large. Hexicon operates in several markets across Europe, Africa, Asia, and North America. Hexicon is listed on Nasdaq First North Premier Growth Market (ticker HEXI). Certified Adviser is FNCA Sweden AB.

www.hexicongroup.com

This information is information that Hexicon AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-29 08:00 CEST.

Attachments

Q1 2024 Hexicon Interim Report 29May2024 EN