Hexagon Purus Asa · OSL:HPUR
Hexagon Purus Asa — Q1 2024 Earnings Presentation
42 slides from Hexagon Purus Asa's earnings presentation, May 3, 2024
Slide 1: Hexagon Purus Q1 2024
Hexagon Purus Q1 2024 3 May 2024
Slide 2: Disclaimer and important notice
Disclaimer and important notice This company presentation (the “Presentation”) has been prepared by Hexagon Purus ASA (“Purus” or the “Company”). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company make
Slide 3: Agenda
Agenda 1 2 3 Q1 2024 FINANCIALS OUTLOOK HIGHLIGHTS AND Q&A 3
Slide 4: Highlights Q1 2024
4 Highlights ~ (HEXAGON PURUS
Slide 5: Key highlights from Q1 2024
Key highlights from Q1 2024 STRONG REVENUE GROWTH SOLID CUSTOMER DEMAND ACROSS PROFITABILITY IMPROVING SEVERAL APPLICATIONS ACCORDING TO PLAN LAST-TWELVE MONTHS EBITDA MARGIN -29% NOK YoY Q1’24 407m +67% NOK YoY LTM¹ 1,483m +41% -49% Q1 Q1 22 24 5 Note: 1) Last-twelve-months
Slide 6: Continue to deliver on revenue growth and profitability improvement
Continue to deliver on revenue growth and profitability improvement STRONG QUARTERLY GROWTH >40% ANNUALIZED REVENUE GROWTH YOY POSITIVE EBITDA MARGIN TRAJECTORY Revenue, NOKm Last twelve months revenue, NOKm Last-twelve months EBITDA margin, % +41% +67% 1,483 407 -29% 1,326 1,320 -32% -34% 1,168 -34
Slide 7: Strong revenue growth in hydrogen mobility and hydrogen distribution
Strong revenue growth in hydrogen mobility and hydrogen distribution Q1 2024 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM • Increased sales of hydrogen distribution +163 offset by somewhat lower activity in (+67%) refueling- and stationary storage 407 systems in hydrogen infrastructure 30 8 +60% • Strong un
Slide 8: Current order backlog provides strong line-of-sight to FY 2024 revenue target
Current order backlog provides strong line-of-sight to FY 2024 revenue target ORDER BACKLOG¹ (NOKM) Q1 2024 ORDER BACKLOG DISTRIBUTION (%) OTHER APPLICATIONS 1,357 1,249 1,278 1,242 1,147 BATTERY ~15% ELECTRIC MOBILITY⁵ ~1% SPLIT PER APPLICATION HYDROGEN ~25% MOBILITY⁴ Q1 2023 Q2 2023 Q3 2023 Q4 202
Slide 9: Further call-offs on existing customer agreements expected in 2024
Further call-offs on existing customer agreements expected in 2024 …WITH SEVERAL OPPORTUNITIES STRONG EXISTING PORTFOLIO OF CUSTOMERS ACROSS APPLICATIONS… IN EMERGING HYDROGEN APPLICATIONS HYDROGEN HYDROGEN HYDROGEN BATTERY HYDROGEN MARITIME DISTRIBUTION SYSTEMS TRANSIT BUS ELECTRIC TRUCKING ELECTRI
Slide 10: Battery-electric truck for Hino to be unveiled at ACT Expo
The battery-electric truck to be delivered to Hino will be unveiled at the Advanced Clean Transportation (ACT) Expo in Las Vegas on May 20th 10 www.terntrucks.com
Slide 11: The global manufacturing footprint is close to completion
The global manufacturing footprint is close to completion G HQ A E F D B C H BATTERY SYSTEMS AND VEHICLE INTEGRATION HYDROGEN MOBILITY AND INFRASTRUCTURE OTHER A KELOWNA B ONTARIO C DALLAS D WESTMINSTER E WEEZE F KASSEL G ÅLESUND H SHIJIAZHUANG ENGINEERING CENTER VEHICLE INTEGRATION VEHICLE INTEGRAT
Slide 12: Battery modules and systems produced in Kelowna in Q1 2024
A Battery modules and systems produced in Kelowna in Q1 2024 12
Slide 13: New vehicle integration facility in Dallas expected in Q3 2024
C New vehicle integration facility in Dallas expected to be completed in Q3 2024 13
Slide 14: Ramp-up of hydrogen cylinder facility in Kassel continuing
E Ramp-up of state-of-the-art hydrogen cylinder facility in Kassel continuing 14
Slide 15: Ramp-up in Weeze proceeding according to plan
F Ramp-up in Weeze proceeding according to plan 15
Slide 16: Construction completed – preparation for local approval process initiated
H Construction completed – preparation for local approval process initiated 16
Slide 17: Manufacturing capacity build-out largely on track
Manufacturing capacity build-out largely on track BATTERY SYSTEMS AND VEHICLE INTEGRATION HYDROGEN MOBILITY AND INFRASTRUCTURE OTHER KELOWNA ONTARIO DALLAS WESTMINSTER KASSEL WEEZE ÅLESUND SHIJIAZHUANG A B C D E F G H BATTERY SYSTEMS & PROTOTYPE VEHICLE CYLINDER CYLINDER INFRASTRUCTURE MARITIME CYLI
Slide 18: Financials Q1 2024
Financials Q1 2024
Slide 19: New segment reporting from Q1 2024
New segment reporting from Q1 2024 HYDROGEN MOBILITY BATTERY SYSTEMS & INFRASTRUCTURE (HMI) & VEHICLE INTEGRATION (BVI) Hexagon Purus’ hydrogen cylinder and systems Hexagon Purus’ battery system and manufacturing business in Europe and North America, as vehicle integration business in North America
Slide 20: Group P&L | Q1 2024
Group P&L | Q1 2024 PROFIT & LOSS (NOK ‘000) Q1 2024 Q1 2023 FY 2023 FY 2022 FY 2021 • Revenue was up 67% YoY in Q1 2024, Total revenue 407,147 243,977 1,319,614 963,925 507,718 mainly driven by higher activity within the Cost of materials 220,589 156,157 776,841 588,525 324,566 Hydrogen Mobility an
Slide 21: Hydrogen Mobility & Infrastructure (HMI) segment
Hydrogen Mobility & Infrastructure (HMI) segment BUSINESS UNIT IN BRIEF PRODUCT PORTFOLIO AND END-USE MARKETS • Hydrogen cylinders and systems manufacturing and assembly HYDROGEN CYLINDERS in Europe (Kassel and Weeze, Germany) and the US (Westminster, Maryland). Includes the Company’s industrial gas
Slide 22: Hydrogen Mobility & Infrastructure (HMI) | Q1 2024
Hydrogen Mobility & Infrastructure (HMI) | Q1 2024 Q1 2024 REVENUE | NOKM Q1 2024 EBITDA | NOKM Hydrogen Infrastructure Hydrogen Mobility Other Q1 2023 Q1 2024 +66% 388 79 (20%) 100 -16 233 (26%) 49 32 (21%) (14%) 209 152 (54%) -34 (65%) % OF Q1 2023 Q1 2024 -15% -4% REVENUE • Growth momentum contin
Slide 23: Battery Systems & Vehicle Integration (BVI) segment
Battery Systems & Vehicle Integration (BVI) segment BUSINESS UNIT IN BRIEF PRODUCT PORTFOLIO AND END-USE MARKETS • Battery systems production and complete vehicle integration BATTERY ELECTRIC HEAVY-DUTY TRUCKS BATTERY SYSTEMS of battery electric and fuel cell electric vehicles for the North American
Slide 24: Battery Systems & Vehicle Integration (BVI) | Q1 2024
Battery Systems & Vehicle Integration (BVI) | Q1 2024 Q1 2024 REVENUE | NOKM Q1 2024 EBITDA | NOKM Q1 2023 Q1 2024 -5% 20 19 -25 -32 % OF -160% -134% REVENUE Q1 2023 Q1 2024 • Revenue in Q1 2024 driven by extraordinary payment from an OEM • Extraordinary payment from OEM customer with no associated
Slide 25: Group balance sheet | Q1 2024
Group balance sheet | Q1 2024 ASSETS | NOKM EQUITY & LIABILITIES | NOKM 4,832 4,832 67 297 243 359 515 3,773 3,773 577 242 67 542 220 • Issuance of convertible bond in Q1 275 2024 with corresponding cash 979 479 482 proceeds and investments in 518 1,381 facilities and production equipment are main d
Slide 26: Group cash flow | Q1 2024
Group cash flow | Q1 2024 NOKm OPERATING: INVESTING: FINANCING & FX: NOK (211)M (132)M NOK 1,001M • Operating losses and increased working capital were the main drivers +658 of negative operating cash flow in the (+214%) quarter 965 16 • The working capital increase reflects expectations of continue
Slide 27: Outlook and Q&A Q1 2024
ee So Outloo % kan Eee at HEXAGON PURUS
Slide 28: Turning the page to the third and final chapter of the 5-year plan
We are turning the page to the third and final chapter of the 5-year plan CHAPTER 1 CHAPTER 2 CHAPTER 3 SECURE DEMAND BUILD OUT PRODUCTION CAPACITY SECURE PROFITABILITY • Validate the market – • Execute investment program – • Scale-up volume – increase confidence that industrial install capacity to
Slide 29: Reiterating full-year 2024 and 2025 targets
Reiterating full-year 2024 and 2025 targets SHORT TERM MEDIUM TERM FULL-YEAR 2024 TARGETS FULL-YEAR 2025 TARGETS REVENUE ≥ 50% NOK 4-5 billion revenue growth year-over-year in revenue target for 2025 Significant improvement EBITDA in EBITDA margin Breakeven in 2025 year-over-year 29
Slide 30: Strong line of sight to 2024 revenue target
Strong line of sight to 2024 revenue target NOKm ≥50% >2,000 1,143 1,550 CURRENT GAP TO FY 2024 TARGET REVENUE EXPECTED TO BE MAINLY COVERED BY CALL OFFS UNDER EXISTING CUSTOMER AGREEMENTS 407 Q1 2024 Current 2024 Secured FY 2024 FY 2024 order backlog revenue as of Q1 2024 30
Slide 31: The key priority for 2024 is to improve profitability
The key priority for 2024 is to improve profitability MAXIMIZING CAPACITY DRIVE OPERATIONAL MINIMIZE UTILIZATION IMPROVEMENTS CAPITAL SPEND 31
Slide 32: Q&A
Q&A 32
Slide 33: Appendix
APPENDIX HEXAGON PURUS
Slide 34: Strong and diversified portfolio of long-term agreements
Hexagon Purus has strong and diversified portfolio of long-term agreements across several applications supporting future growth prospects HYDROGEN DISTRIBUTION SYSTEMS BATTERY ELECTRIC MOBILITY FUEL-CELL ELECTRIC MOBILITY LONG-TERM AGREEMENT LONG-TERM AGREEMENT FOR MULTI-YEAR SUPPLY AGREEMENT MAJOR
Slide 35: Quarterly Group revenue and EBITDA development
Quarterly Group revenue and EBITDA development +67% +12% +37% 407 1 483 372 380 366 +90% 1 320 330 REVENUE 259 964 244 210 222 NOK 159 MILLION 508 94 103 48 46 53 52 33 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q3’24 Q1’24 FY2021 FY2022 FY2023 LTM Q1’2
Slide 36: Financial statements | Group P&L
Financial statements | Group P&L Profit & Loss (NOK ‘000) Q1 2024 Q1 2023 FY 2023 FY 2022 FY 2021 Revenue from contracts with customers 405,360 243,375 1,311,811 959,205 506,039 Other operating income 1,456 295 7,803 4,720 1,679 Total revenue 407,147 243,977 1,319,614 963,925 507,718 Cost of materia
Slide 37: Financial statements | Segments P&L
Financial statements | Segments P&L Segments Profit and Loss (NOK’000) Q1 2024 Q1 2023 FY 2023 Hydrogen Mobility & Infrastructure (HMI) Revenue from contracts with customers 386,009 232,600 1,268,493 Other operating revenue 1,536 344 6,396 Total revenue 387,545 232,944 1,274,889 Total operating expe
Slide 38: Financial statements | Group Balance sheet
Financial statements | Group Balance sheet Balance sheet (NOK'000) Q1 2024 Q1 2023 FY 2023 FY 2022 Property, plant and equipment 978,546 621,919 867,212 494,990 Right-of-use assets 567,483 161,416 544,765 152,300 Intangible assets 863,013 858,319 841,672 802,654 Investment in associates and joint ve
Slide 39: Financial statements | Group Cash flow
Financial statements | Group Cash flow Cash flow (NOK '000) Q1 2024 Q1 2023 FY 2023 FY 2022 Profit before tax (167,320) (154,702) (691,310) (440,898) Depreciation, amortisation and impairment 44,392 27,801 149,785 95,089 Net interest expense 45,760 5,579 13,236 4,501 1) Changes in net working capita
Slide 40: Investor relations information
Investor relations information EXCHANGE INFORMATION SHARE TRADING STATISTICS INVESTOR BASE1 • TICKER SYMBOL: HPUR ~6,806 • ISIN: NO0010904923 • EXCHANGE: OSLO STOCK EXCHANGE NOK ~1.5bn SHAREHOLDERS MARKET CAPITALIZATION1 38.4% OWNED BY HEXAGON COMPOSITES ASA³ NOK ~10.3m DAILY TURNOVER2 52.4% FREE FL
Slide 41: Top 20 shareholders
Top 20 shareholders # SHAREHOLDER NUMBER OF SHARES HELD % OF SHARES OUTSTANDING 1 HEXAGON COMPOSITES ASA 106 296 225 38.4 % 2 CLEARSTREAM BANKING S.A. 45 325 773 16.4 % 3 Sumitomo Mitsui Trust Bank (U.S.A) 20 934 815 7.6 % 4 FLAKK COMPOSITES AS 10 268 728 3.7 % 5 MP PENSJON PK 7 530 282 2.7 % 6 DANS
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