During 2020, Hexagon focused its efforts on g-mobility, e-mobility, world-class manufacturing and digitalization. On 14 December 2020, Hexagon successfully spun off its e-mobility business area, Hexagon Purus, listing it on the Euronext Growth Market in Norway. Hexagon Composites ASA maintains a majority share of 74.7% in Hexagon Purus AS. Hexagon sees significant growth opportunities in the accelerating energy transition and in the increasing focus on cleaner fuels, and digital solutions. It expects to continue allocating direct resources and investments to exploiting these prospects.
Hexagon Composites ASA is listed on the Oslo Stock Exchange (OSE:HEX). Its share capital was NOK 20.2 (18.3) million at the end of 2020, divided into 201.6 (183.3) million shares with a nominal value of NOK 0.10. Hexagon has one class of shares. See the Corporate Governance section in this report for more information on the Group’s policies and procedures relating to shareholders and shares. In August 2020 the company raised NOK 907 million in gross proceeds through a private placement of 18,329,064 new shares at a price per share of NOK 49.50.
As of 31 December 2020, the market value of the Group’s shares was NOK 11,028 (6,663) million, based on a price per share of NOK 54.70 (36.35). The share price closed the year 50.5% above the closing price for 2019. The highest daily closing price during the year was NOK 60.45 and the lowest recorded closing price was NOK 19.86. By comparison, the OBX Total Return Index (OBX) increased by 3.5%. The Group remains well positioned for significant growth in both the medium- and long-term as a result of continued demand for sustainable business opportunities.
Hexagon is listed on the Oslo Stock Exchange. All shares are freely transferable. In 2020, 145.1 (130.2) million shares were traded with a turnover rate of 74% (71%), computed on the average number of shares outstanding.
The number of shareholders in Hexagon Composites ASA increased by 102% to 5,113 (2,535) in 2020. The number of foreign shareholders was 375 (268), representing 50.0% (43.8%) owner- ship in the Group. The majority of the foreign shareholders are from Japan, Luxembourg, the U.S., Sweden and the U.K. Hexagon’s largest shareholder is Mitsui & Co., Ltd., with an ownership interest of 22.7% (25.0%).
Hexagon’s second-largest shareholder is Flakk Rollon AS, which, including related parties, controls 14.6% (16.0%) of the shares. Flakk Rollon AS is a wholly owned subsidiary of KTF Holding AS. Knut Flakk, who is Chairman of Hexagon, owns 100% of KTF Holding AS.
The 20 largest shareholders owned 71.5% (77.5%) of the Group. Other shareholders are primarily private individuals, institutions and small- and medium-sized companies. Several employees of Hexagon, including key management personnel, hold shares and share options in the Group.
Hexagon is focusing on developing its business in high-growth markets and intends to make the investments necessary to realize its growth ambitions. Its main objective is to provide competitive returns to shareholders, primarily through increasing the intrinsic value of its business. Dividend payments are dependent on financial performance and excess cash after key investment requirements. For the year 2019, Hexagon did not pay a dividend.
10 largest shareholders as of 31 December 2020
|Shareholder||Number of shares||Share of total||Country|
|MITSUI & CO LTD||45 833 321||22.73 %||JPN|
|FLAKK COMPOSITES AS||20 000 000||9.92 %||NOR|
|CLEARSTREAM BANKING S.A.||18 653 617||9.25 %||LUX|
|MP PENSJON PK||11 909 966||5.91 %||NOR|
|BRØDR. BØCKMANN AS||7 900 000||3.92 %||NOR|
|NØDINGEN AS||5 350 000||2.65 %||NOR|
|KTF FINANS AS||5 000 000||2.48 %||NOR|
|VERDIPAPIRFONDET ALFRED BERG GAMBA||4 708 274||2.34 %||NOR|
|FOLKETRYGDFONDET||2 985 951||1.48 %||NOR|
|State Street Bank and Trust Comp||2 849 914||1.41 %||USA|
|Total 10 largest shareholders||125 191 043||62.09 %|
|Remaining||76 428 669|
|Total number of shares||201 619 712|
A detailed overview of the largest shareholders at 31.12.2020 is disclosed in Note 17 in the Financial Statements.
As a part of the Hexagon Purus spin-off which took place in December 2020, Hexagon Composites ASA distributed a dividend in the form of shares in Hexagon Purus to Hexagon's shareholders. The dividend-in-kind was 0.15 Hexagon Purus shares per Hexagon Composites ASA share. Numbers of shares in both companies were identical at the date of approval.
The General Meeting on 22 April 2020 granted the authority to the Board to buy back shares in the Group up to a combined nominal value of NOK 1.8 million, or 10% of the current issued share capital. This authority pertains to a buy-back of shares in connection with either: i) acquisitions, mergers, demergers or other transfers of business; ii) share equity programs for employees; iii) subsequent deletion of shares. The General Meeting also approved an authorization to increase the share capital by a maximum of NOK 1.8 million, which amounts to 18.3 million shares or 10% of the existing share capital. Based on this authorization, in August 2020, the Company raised approximately NOK 907 million in gross proceeds through a private placement (the "Private Placement") of 18.3 million shares (the "New Shares"), at a price per share of NOK 49.5. The Board authorizations are valid until the Group’s Annual General Meeting in 2021, though no longer than 30 June 2021.
Given Hexagon’s numerous growth opportunities, the Board does not propose any further dividend for 2020.
Key figures shares
|Closing Price NOK||54.70||36.35||24.45||27.50||26.90|
|Tax value per share NOK (Norway)||55.70||37.18||24.80||26.95||26.70|
|Total return||50.5 %||48.7 %||-9.9 %||2.2 %||17.5 %|
|Market capitalization (NOK 1 000)||11 028 598||6 662 615||4 074 051||4 582 266||4 482 290|
|Turnover by no. of shares (1 000)||150 149||130 248||26 957||15 852||51 607|
|Number of days traded||252||249||249||251||253|
|Turnover rate||74.5 %||71.2 %||16.2 %||9.5 %||32.8 %|
|Earnings per share||-0.78||0.63||0.86||0.42||1.40|
|Cash flow from operations per share||1.20||0.86||0.94||0.55||-0.03|
|Dividend per share||0.00||0.00||0.00||0.30||0.00|
|Equity per share||17.83||11.75||9.24||8.48||8.00|
|Share capital (NOK 1 000)||20 162||18 329||16 663||16 663||16 663|
|Closing number of shares (1 000)||201 620||183 291||166 627||166 627||166 627|
|Number of shareholders, Norwegian||4 738||3 939||2 346||2 101||2 208|
|Number of shareholders, foreign||375||268||189||197||182|
|Ownership share, foreign||50.0 %||43.8 %||39.4 %||40.9 %||39.8 %|