Hexagon Annual Report 2019

2020 2021 2022 2023 2024 THEREAFTER 0 212 072 0 1 085 986 0 0 ESTIMATED REPAYMENT STRUCTURE FOR NON-CURRENT LIABILITIES (NOK 1 000) AS OF 31.12.2019 The current financing facility is a bilateral facility with DNB Bank. The overall size of the facility is NOK 1 billion, comprising a main revolving credit with overdraft facility of NOK 600 million and an optional ancillary facility of NOK 400 million. There are no breaches of the financial covenants under the financing facility agreements. On 8 November 2018, the Company executed a commitment with DNB bank for a MUSD 125.0 bridge facility for the purposes of financing the acquisition of the remaining interests in Agility Fuel Solutions. This facility was drawn on completion of the acquisition on 4 January 2019. In concurrence with the transaction the revolving credit facility stated above was amended to include the introduction of further share pledges indirectly or directly on the Group's German and US subsidiaries. This is in addition to share pledges registered in 2018 on the Norwegian Group subsidiaries. On 7 March 2019 the Group completed a new senior unsecured bond issue (ticker HEX03) of NOK 1.1 billion with maturity in March 2023 and a coupon of 3-month NIBOR + 3.75% p.a. with quarterly interest payments. Settlement date for the bond issue was 15 March 2019, and the proceeds were used to take out the Bridge loan facility. The bond is listed at Oslo Stock Exchange under the ticker HEX03. (NOK 1 000) NON-CURRENT FINANCIAL LIABILITIES FINANCIAL LEASING OBLIGATIONS TOTAL Liabilities 1 January 2018 374 871 12 025 386 897 Cash flow from financing activities 128 347 -6 238 122 109 Exchange differences 12 537 -18 12 518 Additions financial liabilities 0 0 0 Other transactions without cash settlement 408 0 408 Balance 31 December 2018 516 163 5 769 521 932 Liabilities 1 January 2019 516 163 516 163 Addition from acquisition of companies 73 254 716 026 Repayment of non-current liabilities -1 523 330 -380 New non-current liabilities 2 242 266 Exchange differences 3 322 66 249 Other transactions without cash settlement -13 617 Balance 31 December 2019 1 298 058 1 298 058 RECONCILIATION FOR LIABILITIES ARISING FROM FINANCING ACTIVITIES Finance lease obligations is replaced by leases under IFRS16 from 2019 (see separate note). (NOK 1 000) 2019 2018 SECURED Current interest-bearing liabilities 2 857 0 1st year’s instalments, non-current interest-bearing liabilities 0 5 769 1st year’s instalments lease liabilities 47 703 Total 50 560 5 769 NOTE 21 SHORT-TERM INTEREST-BEARING LOANS Current short-term interest-bearing debt is subject to the same financial terms as the secured non-current interest- bearing debt disclosed in note 20. The overdraft facility in Norway is subject to NIBOR + margin, in addition to a periodic commission on the facility. As at 31.12.2019 the Group had drawn NOK 2 857 thousand on these facilities. 46 132 2019 AT A GLANCE FROM THE BOARD ROOM FINANCIAL STATEMENTS