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Hexagon Composites — Earnings Release 2020
Feb 17, 2021
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Earnings Release
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Hexagon Composites ASA: Results for the fourth quarter 2020
Hexagon Composites ASA: Results for the fourth quarter 2020
In the fourth quarter of 2020, Hexagon Group generated NOK 803 (942) million in
revenues and recorded an operating profit before depreciation (EBITDA) of NOK
69 (98) million. Agility Fuel Solutions experienced another record quarter for
profitability as it recovers strongly from the global pandemic that sharply
impacted the second quarter. Hexagon Ragasco results remained seasonally robust
while Hexagon Mobile Pipeline continued to suffer the pandemic's knock-on
impacts to the macro climate, particularly in the US and parts of Europe.
Hexagon Purus continued to build up its competitiveness ahead of sales growth in
the e-mobility business while CNG Light-Duty had a profitable quarter with a
gradual build up in sales to Volkswagen (VW), following their relocation of
assembly facilities.
Hexagon Group reported revenues of NOK 3,080 million for the year 2020 compared
with 3,416 million in 2019, and reported EBITDA was NOK 190 (360) million.
Agility Fuel Solutions had a record year in total, despite the impacts of COVID-
19, while Hexagon Ragasco recorded solid results given its resilience to the
impacts of the global pandemic. The CNG Light-Duty Vehicles business experienced
COVID 19 related shutdowns combined with the VW assembly relocation, which led
to approximately only 40% of sales volumes versus 2019. Hexagon Mobile pipeline
has been impacted by COVID-19 throughout the year, leading to lower volumes
versus 2019.
Key developments in the quarter
* Hexagon Purus (HPUR.OL) was successfully launched on the Euronext Growth
exchange in Oslo, Norway with Hexagon retaining a 75% ownership stake
* Hexagon Purus entered a frame agreement with Everfuel for hydrogen transport
in Europe with an estimated value of approximately EUR 14 million (approx.
NOK 144 million)
* Hexagon Purus has signed a contract with Stadler Rail to develop cylinder
storage system for the first hydrogen commuter train in the U.S.
* Hexagon Purus contributes to zero-emissions by delivering cylinders to the
world's first hydrogen-powered snow groomer
Presentation of the results
Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at
08:30 CET and the presentation will be broadcasted live. The presentation will
be held in English.
Link to webcast: https://hexagongroup.kg5.no/
A recording of the presentation will be made available on www.hexagongroup.com
(http://www.hexagongroup.com)
Contacts:
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | [email protected]
(mailto:[email protected])
Hiva Ghiri, VP Investor Relations
Telephone: +47 958 66 790 | [email protected]
(mailto:[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.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.