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Hexagon Composites — Earnings Release 2019
Feb 12, 2020
3619_rns_2020-02-12_96d55dfb-3df9-4393-b129-5d78111b6680.html
Earnings Release
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Hexagon Composites ASA: Results for the fourth quarter 2019
Hexagon Composites ASA: Results for the fourth quarter 2019
In the fourth quarter of 2019 Hexagon Group generated NOK 942.0 (426.8) million
in revenues and recorded an operating profit before depreciation (EBITDA) of NOK
99.1 (55.2) million. This was driven by strong performances in Agility Fuel
Solutions and Hexagon Purus' CNG Light-Duty Vehicles business as well as Hexagon
Ragasco. In the fourth quarter of 2019 depreciation and amortization increased
to NOK 62.6 (35.9) million, primarily related to the inclusion of both tangible
and intangible amortization from the Agility acquisition.
In the fourth quarter of 2018, EBITDA included a positive impact of NOK 18.4
million from a reversal of an earn-out obligation related to the xperion
acquisition in 2016.
Reported Hexagon Group revenues for the year 2019 increased by 130% to NOK
3,416.2 million compared with 1,486.5 million in 2018 and reported EBITDA was
NOK 360.7 (234.5) million. This was primarily driven by strong performances in
Agility Fuel Solutions, which has been consolidated entirely after the
acquisition on 4 January 2019, and Hexagon Purus' CNG Light-Duty Vehicles
business. The acquisition of Agility entailed a total profit impact for the full
year of NOK 44.2 million. EBITDA for the year 2018 included a positive impact of
NOK 108.5 million related to a reversal of an earn-out obligation related to the
xperion acquisition.
KEY DEVELOPMENTS
* Agility entered into a three-year exclusive agreement with UPS with a total
estimated value of USD 65 to 95 million (approx. NOK 600 to 900 million)
* Awarded fuel systems order for twelve hydrogen buses by Solaris
* Selected by CaetanoBus for delivery of two fuel systems for hydrogen buses
* Received RNG order for TITAN® modules from new customer, U.S. Gain, with
value of USD 1.4 million (approx. NOK 13 million)
* Awarded Mobile Pipeline® order from NG Advantage with value of USD 4.2
million (approx. NOK 38 million)
* A consortium, including Hexagon, was granted NOK 37.6 million to deliver
hydrogen to ferries and cruise ships in the Geirangerfjord
For more information
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | [email protected]
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | [email protected]
Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | [email protected]
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our
solutions enable storage, transportation and conversion to clean energy in a
wide range of mobility, industrial and consumer applications.
For more information, please visit www.hexagongroup.com
(http://www.hexagongroup.com)
Follow us on Twitter: @HexagonASA
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act