For the period January to March 2024, Hexicon reports a decline in net revenue, with an operating loss improvement compared to the previous year. Additionally, strategic moves include a significant acquisition and project portfolio adjustments.
Hexicon reports net revenue of SEK 0.5 million, a decrease from SEK 1.7 million in the same period last year.The company recorded an operating loss of SEK 19.9 million, an improvement compared to the SEK 54.5 million loss reported last year. The loss before tax was SEK 32.1 million, down from SEK 47.4 million in the previous year. Basic and diluted earnings per share were SEK -0.09, compared to SEK -0.13 last year. Cash flow from operating activities amounted to SEK -18.1 million, an improvement from SEK -38.6 million in the same period last year.
During the quarter, Hexicon signed a Sales and Purchase Agreement to acquire 80% of the shares in the MunmuBaram project in South Korea at a favourable price. The agreement is subject to regulatory approval, expected in 2024. Once approved, Hexicon will own 100% of the MunmuBaram project. However, Hexicon does not plan to manage the project as a sole owner and has initiated the process to establish a new ownership structure.
The acquisition will be financed through a loan facility with Nuveen Infrastructure (formerly Glennmont Partners). This financing has necessitated a reprioritisation of the project portfolio's development pace. As a result, Hexicon has reduced the development pace of the TwinHub project in England during the quarter.
