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Hexagon AB –Tax Investigations & Auditor Change

July 28, 2023 – In further investigation of Hexagon’s subsidiaries, we highlight that “several ongoing tax audits” with “local taxing authorities” were highlighted by auditors EY in 2019. Not one other analyst appears to have acknowledged the significance or even questioned these audits/investigations.

This has taken considerable portions of Viceroy’s capacity in our ongoing investigations. Had analysts not been asleep at the wheel, they would have also picked up on this risk. “Tax audits” have not been a subject of any Hexagon conference calls since the disclaimer appeared.

Further to this disclaimer in 2019, we note that E&Y likely faced significant hurdles in its audit of aggressive-acquirer Hexagon when imposed with IFRS 15 changes in 2018, and IFRS 3 changes in 2020. We believe all of the above have had, and will have, sweeping changes in Hexagon’s reporting going forward.