”Last quarter has been very eventful for
APRIL–JUNE 2023
- Net revenue amounted to
SEK 2 .5 (2.8) million - Operating profit/loss was
SEK -75 .9 (-44.0) million - Profit/loss before tax for the period was
SEK -65.5 (-44.5) million - Earnings per share basic and diluted was -0.18
(-0.12) SEK - Cash flow from operating activities was
SEK 16.9 (-27.5) million
SIGNIFICANT EVENTS DURING Q2
SWEDEN : Permit applications submitted for two offshore wind farms, Mareld of 2,500 MW and Cirrus of 2,000 MW.- TECHNOLOGY: Patent authorities dismissed objections on Hexicon’s patent regarding the TwinWind™.
HEXICON : Secured development loan of EUR 45 million for projects withGlennmont Partners .
SIGNIFICANT EVENTS AFTER Q2
HEXICON : After the period convertible loans ofSEK 82.5 million were repaid with interest by utilising the development loan facility.HEXICON : Secured financing ofSEK 75 million through a revolving credit facility which is complementary to the development loan facility.
COMMENT FROM CEO
SECURED FINANCING AND 4.5 GW OF NEW APPLICATIONS IN
Last quarter has been very eventful for
Our business model is to develop projects over several years before divesting them. Up to that point our project spending is taken as cost, and the value created is consequently not visible until a divestment is made. This means that, for accounting reasons, we are incurring losses during the project build-up phase, as visible in this report. Meanwhile we are continuously securing the liquidity required to fund the ongoing project development. In the second quarter we reached a point where we needed to get additional financing. Having secured that, we are now drawing it down at the necessary pace. We remain confident that we will achieve the targeted return on our project portfolio.
A lot of activity in the market
In
We see momentum in
An important ruling, a catalyst for TwinHub
On the technical side, we received a very important positive ruling during the quarter. The Swedish Patent and Registration Office (PRV) has rejected an objection regarding the patent relevant to Hexicon’s TwinWind™ design. This was an expected but still very welcome decision. We also see the decision as supportive of the entire patent family in all national validated patents, which also provides continued motivation in the development of TwinWind™ and related IP as well as the
Securing financial flexibility
A significant event in the quarter happened in late May when we entered into a long-term financing agreement with
In July, our Board received an indicative and conditional bid for the company at a value corresponding to a share price of
Promising times ahead
I am proud of what we have achieved during the period. The financing agreements that we have put in place are well suited for where
CEO
PRESENTATION
LINK TO THE REPORT
The report will be available for download at: https://www.hexicongroup.com/investors/reports-presentations/
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