Interim Report
1H 2023
Highlights 1H 2023
Hynion AS
Hynion is a company committed to reducing fossil dependence in the transportation sector mainly across Scandi- navia's largest cities, and main roads. We specialize in constructing, owning, and managing hydrogen refueling stations strategically located in urban hubs.
Leveraging our extensive experience and proprietary technology developed over decades, we also offer turnkey hydrogen station solutions. These solutions are available through project sales to stakeholders or within collaborative partnerships and co-ownership arrange- ments. Our comprehensive packages can encompass certification, operation, and service agreements.
Our overarching ambition is to make a meaningful impact on reducing fossil fuel reliance in transportation. We achieve this goal by working closely with qualified partners who share our vision and commitment to a greener future.
FIRST HALF OF 2023
After the approval of the station in Gothenburg for public refueling in December 2022 Hynion Sverige operates three stations in Sweden, Gothen- burg, Arlanda and Sandviken. In Norway the station at Høvik, Oslo, is still busy, since it is the only public station in operation in the Oslo region. The station in Porsgrunn has been made ready for operation and tested by an independant third-party inspector with good results, and will be opened very soon.
The main focus of the management has been the acceleration of the design work for the new, large stations and the planning and preparations of the sites for the establishment of these stations in Västerås, Jönköping, Gothenburg and Malmö. Hynion has been able to finalize land agreements in three places, and Malmö is under way. Building permits have been filed for Västerås and Jönköping, where the stations shall be ready for operation in January 2024. The building permit for Västerås has been approved.
Hynion is now preparing for other coming projects, hydrogen stations as well as hydrogen production plants. Cooperation with various business partners will be essential for success. Hynion is a growth company and we need financing to follow our business strategy and plans. We constantly evaluate the best finance options for the company and our shareholders.
KEY EVENTS DURING THE PERIOD
Hynion reorganizes for powerful investment in Sweden and Slavica Djuric becomes deputy CEO of Hynion AS, while remaining CEO of Hynion Sverige and IR Manager.
Hynion Sverige becomes member of an innovation cluster for BioGenGas, which is formed and managed by Energigas Sverige for a three year program. Hynion Sweden refuels a new hydrogen truck from a leading vehicle manu- facturer, powered by a hydrogen combustion engine with Westport injection system.
Hynion Sverige signs attractive land agreements in Västerås, Jönköping and Gothenburg for the new, large hydrogen stations under building by Hynion.
IMPORTANT EVENTS AFTER THE PERIOD
Hynion AS receives an order for a demo hydrogen station and begins cooperation with Hydrogen Elektriske Byggeplasser AS for the establishment. The station will be put in operation in Kristiansand, and the order includes a service contract for five years.
Hynion Sverige AB has been granted building permit for the hydrogen station to be built in Västerås.
Hynion AS and Boson Energy has signed a Letter Of Intent regarding cooperation for the joint establishment of Boson gasification plants for hydrogen production from waste co-located with hydrogen refueling stations provided by Hynion.
KEY FINANCIALS DURING THE PERIOD
Hynion Group had revenues from hydrogen sales of MNOK 2.25 in 2023 compared to MNOK 1.68 in first half of 2022.
Net profit Hynion group was negative MNOK 18.0 compared to negative MNOK 15.8 in first half of 2022.
The cash balance end of period was MNOK 31.3 compared to MNOK 21.1 at the end of first half 2022.
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Letter from the CEO
HYNION GROUP
Consolidated Income
Statement
(unaudited)
Amounts in NOK | Note | 30.06.2023 | 30.06.2022 | FY 2022 |
Revenue | 1 | 2 254 109 | 1 682 098 | 4 356 290 |
Other operating income | 0 | 0 | 16 480 |
Dear Shareholders,
As we reach the midpoint of 2023, I'm pleased to update you on our progress for the past half-year.
New hydrogen refueling stations
This year began with some challenges with short-term disruptions with gas deliveries and delay of spare parts for our operating hydrogen refueling stations, but we sorted it out and could focus on our projects with establishing our two new stations in Västerås and Jönköping. These stations are designed with a capacity for heavy vehicles and when they are put in operation in January next year, we will have quite a large hydrogen refueling structure in place in Sweden.
Politics and funding in our favor
The EU is pushing hard to get the member states to establish a hydrogen infra- structure. They require a hydrogen refueling station in every major city and every 200 kilometers along core routes by 2030. Several programs are partly funded by the EU, one is the Greater4H program that will constitute a hydrogen corridor with 14 stations in the STRING megaregion. We are excited to be a part of this program as we will get to establish two of these stations, one in Gothenburg and one in Malmö.
Challenges with supply and price
When the hydrogen infrastructure grows, so does the need for hydrogen production. Unfortunately, we see a lack of corresponding investment and public funding of hydrogen production plants and we risk a hydrogen shortage. Parallel to this, there is also need for a more cost-efficient production, since the hydrogen price today is dependent on the electricity price, which we all now is increased and frequently changing. To ensure a consistent hydrogen sup- ply, we are actively seeking funding for hydrogen production and forging partnerships with emerging producers.
New exciting opportunities
Opportunities have presented them- selves, which have led us to revise our business model to also include sales of hydrogen refueling stations to other hydrogen infrastructure opera- tors. We are also open to cooperation agreements or joint ventures for both hydrogen stations and hydrogen production plants to broaden the reach of hydrogen infrastructure. One example is our partnership with Hydrogen Elek- triske Byggeplasser. They have ordered a hydrogen refueling station to start a small-scale test fleet for their hydrogen
vehicles and machinery. Another example is our parthership with Boson Energy (LOI signed after the period), a cooperation that means that we together will gain control over both cost and production of hydrogen. Boson Energy gasify non-recyclable waste and then convert the resulting syngas into hydrogen. In order to be able to distribute the hydrogen to vehicles, one or more hydrogen refueling stations need to be integrated with each gasification plant.
Still the leading hydrogen retailer in Scandinavia
We are all very proud to be the leading hydrogen retailer in Scandinavia and we aim to remain an important contributor to the transition to zero-emission traffic.
Finally, I want to thank you for your support and interest in our company and hope you are as excited as I am to follow the building progress of our new stations in Västerås and Jönköping in the coming months.
Slavica Djuric
CEO Hynion
Total operating income | 2 254 109 | 1 682 098 | 4 372 770 | |
Cost of materials | -3 986 850 | -3 055 525 | -7 987 063 | |
Staff costs | 2, 3, 4, 5 | -8 253 105 | -5 356 368 | -11 387 540 |
Depreciation of fixed assets | 6, 7 | -920 708 | -794 417 | -1 750 050 |
Write-down on fixed assets | 6, 7 | 0 | -504 000 | -808 000 |
Other operating expenses | 8, 9, 10 | -7 323 354 | -7 804 599 | -11 506 939 |
Sum operating expenses | -20 484 017 | -17 514 909 | -33 439 591 | |
Result of operations | -18 229 908 | -15 832 811 | -29 066 821 | |
Other interest income | 225 | 191 | 826 | |
Other financial income | 677 133 | 30 865 | 503 860 | |
Total financial income | 677 358 | 31 056 | 504 686 | |
Other interest charge | -2 736 | -662 | -83 | |
Other financial expense | -402 757 | -42 536 | -630 188 | |
Total financial expenses | -405 493 | -43 198 | -630 270 | |
Net financial items | 271 865 | -12 142 | -125 584 | |
Operating result before tax | -17 958 043 | -15 844 953 | -29 192 405 | |
Tax on extraordinary result | 11 | 0 | 0 | 0 |
Results of the period/year | -17 958 043 | -15 844 953 | -29 192 405 | |
Transfers | ||||
Transfers to/from reserves | -17 958 043 | -15 844 953 | -29 192 405 | |
Total transfers | -17 958 043 | -15 844 953 | -29 192 405 | |
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HYNION GROUP
Consolidated Statement
of Financial Position
30. June 2023 (unaudited)
Amounts in NOK | Note | 30.06.2023 | 30.06.2022 | 31.12.2022 |
ASSETS | ||||
Fixed assets | ||||
Intangible fixed assets | ||||
Concessions, patents, licenses | 7 | 145 149 | 202 874 | 168 239 |
Total intangible fixed assets | 145 149 | 202 874 | 168 239 | |
Tangible fixed assets | ||||
Property under construction | 6 | 2 217 114 | 0 | 2 217 114 |
Fixtures and fittings, tools | 6, 16 | 19 817 781 | 20 489 017 | 22 389 554 |
Total tangible fixed assets | 22 034 895 | 20 489 017 | 24 606 667 | |
Financial fixed assets | ||||
Investments in subsidiaries | 12 | 0 | 0 | 0 |
Other receivables | 158 624 | 154 304 | 151 248 | |
Total financial fixed assets | 158 624 | 154 304 | 151 248 | |
Total fixed assets | 22 338 668 | 20 846 195 | 24 926 154 | |
Current assets | ||||
Inventories | 155 083 | 71 107 | 123 929 | |
Total inventories | 155 083 | 71 107 | 123 929 | |
Receivables | ||||
Trade debtors | 469 865 | 607 984 | 1 374 125 | |
Other debtors | 2 254 393 | 1 290 134 | 2 031 054 | |
Total receivables | 2 724 258 | 1 898 119 | 3 405 179 | |
Bank and deposits | 13 | 31 289 480 | 21 091 526 | 41 617 248 |
Total bank and deposits | 31 289 480 | 21 091 526 | 41 617 248 | |
Total current assets | 34 168 821 | 23 060 752 | 45 146 356 | |
TOTAL ASSETS | 56 507 489 | 43 906 947 | 70 072 511 | |
HYNION GROUP
Consolidated Statement
of Financial Position
30. June 2023 (unaudited)
Amounts in NOK | Note | 30.06.2023 | 30.06.2022 | 31.12.2022 |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Paid in capital | ||||
Share capital | 14, 15 | 535 208 | 279 205 | 530 490 |
Share premium reserve | 15 | 39 196 809 | 40 500 498 | 55 171 273 |
Total paid in capital | 39 732 017 | 40 779 703 | 55 701 763 | |
Retained earnings | ||||
Total equity | 15 | 39 732 017 | 40 779 703 | 55 701 763 |
Liabilities | ||||
Other long-term liabilities | ||||
Other long-term liabilities | 6 | 150 000 | 150 000 | 150 000 |
Total other long-term liabilities | 150 000 | 150 000 | 150 000 | |
Total long-term liabilities | 150 000 | 150 000 | 150 000 | |
Current liabilities | ||||
Trade creditors | 1 765 869 | 1 414 599 | 2 062 617 | |
Public duties payable | 1 398 844 | 795 285 | 781 225 | |
Other short-term liabilities | 16 | 13 460 759 | 767 360 | 11 376 905 |
Total current liabilities | 16 625 472 | 2 977 244 | 14 220 748 | |
Total liabilities | 16 775 472 | 3 127 244 | 14 370 748 | |
TOTAL EQUITY AND LIABILITIES | 56 507 489 | 43 906 947 | 70 072 511 | |
HØVIK, September 13, 2023. | ||||
Lars Henrik Amnell | Markus Håkan Norström | Pål Midtbøen | Kurt Olof Dahlberg | Slavica Djuric |
Chair (sign.) | Board member (sign.) | Board member (sign.) | Board member (sign.) | CEO (sign.) |
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HYNION GROUP
Consolidated Cash Flow
Statement
(unaudited)
Amounts in NOK | 30.06.2023 | 30.06.2022 | 31.12.2022 |
Cash flows from operating activities | |||
Profit before tax | -17 958 043 | -15 844 952 | -29 192 405 |
Taxes paid in the period | 0 | 0 | |
Depreciation and amortization | 920 708 | 794 417 | 1 750 050 |
Write-down | 0 | 504 000 | 808 000 |
Change in other long-term receivables | 7 376 | -1 616 | 4 672 |
Change in inventories | -31 695 | -25 333 | -78 155 |
Change in trade receivables | 904 260 | -464 747 | -1 230 888 |
Change in trade payables | -296 748 | -1 686 253 | -1 038 235 |
Change in other working capital headings | 530 452 | 4 784 027 | 3 734 120 |
Net cash flows from operating activities | -15 923 691 | -11 940 457 | -25 242 841 |
Cash flows from investing activities | |||
Investments in plant and equipment | -14 529 422 | -7 431 269 | -13 133 396 |
Plant and equipment paid for with grants | 16 823 189 | 0 | |
Net cash flows from investing activities | 2 293 767 | -7 431 269 | -13 133 396 |
Cash flows from financing activities | |||
Payments for short-term loans | 2 701 473 | -442 910 | 10 152 574 |
Payments of equity | 600 683 | -33 233 | 28 901 516 |
Net cash flows from financing activities | 3 302 156 | -476 143 | 39 054 090 |
Net change in cash and cash equivalents | -10 327 768 | -19 847 869 | 677 853 |
Cash and cash equivalents at 1 Jan. | 41 617 248 | 40 939 395 | 40 939 395 |
Cash and cash equivalents at 30 June | 31 289 480 | 21 091 526 | 41 617 248 |
Notes to the
Condensed Consolidated
Financial Statements
CORPORATE INFORMATION
Hynion is a hydrogen fuel company where the main business is to sell hydrogen fuel through hydrogen stations owned by the company. Hynion was incorporated in 2019 and builds on legacy from Norsk Hydro, Statoil and HYOP. The company acquired two stations located in Norway from HYOP in 2019. In 2020, Hynion Sverige AB was established, and the company acquired an additional station in Gothenburg. In 2021 Hynion Sverige AB acquired a station at Stockholm Arlanda, and in February 2022 a station in Sandviken was acquired.
In July 2022 Hynion Sverige AB was granted a grant of 61.4 MSEK from the Swedish Energy Agency to be used as full financing of building two large hydrogen filling stations, one in Västerås and one in Jönköping.
In September 2022 Hynion Sverige AB was granted a grant of 2.4 MEUR (29 MSEK) from the EU to be used as part financing of building two large hydrogen filling stations within the EU program Greater4H, one in Gothenburg and one in Malmö. Hynion plans to expand the network over the next few years- aligned with the market demand.
Hynion´s headquarter is in Oslo, Norway with activities in Norway and Sweden. The shares in the company are traded at Euronext Growth, Oslo under the ticker "HYN". Organization number 922 110 611.
BASIS FOR PREPARATION
The consolidated financial statements on 30. June 2023 incorporates the financial statements of the Company and its subsidiaries which referred to combined as "the Group". The consolidated financial statements of the Group comprise of consolidated statement of income, financial position, cash flow and related notes. The consolidated statements of the Group for the date 30 June 2023 have been prepared in compliance with the Accounting Act and accounting principles generally accepted in Norway (NGAAP). The prepared half-year consolidated accounts are a complete interim account.
PRESENTATION CURRENCY AND FUNCTIONAL CURRENCY
The consolidated financial statements of the Group are expressed in NOK (Norwegian kroner). The functional currency in Hynion Sverige AB (subsidiary) is in SEK /Swedish kroner). The functional currency in the parent company Hynion AS is in NOK.
BASIS OF CONSOLIDATION
The Group's consolidated financial statements comprise the parent company and its subsidiaries as of 30 June 2023. Consolidated entities have been assessed as being controlled by the Group during the reporting period.
The conversion difference is due to difference exchange rate between SEK and NOK in the subsidiary Hynion Sverige AB.
Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
The group accounts can be handed over at the company's head office in Oslo, Norway.
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Hynion AS published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2023 07:12:07 UTC.