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Hexagon Composites — Earnings Release 2022
May 12, 2022
3619_rns_2022-05-12_e248b629-0381-4ee0-99b2-2c9178d8e7e5.html
Earnings Release
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Hexagon Composites ASA: First quarter 2022
Hexagon Composites ASA: First quarter 2022
Strong growth year over year
12 May 2022: Hexagon (excluding Hexagon Purus) generated NOK 913 (690) million
in revenues and recorded an operating profit before depreciation (EBITDA) of NOK
84 (87) million. Overall demand remains high and top-line growth was achieved
across all segments. Margins were, however, adversely impacted by increased cost
of materials and components. Mitigating actions such as price increases and
productivity programs are expected to gradually reverse the margin compression
in the coming quarters.
Hexagon Purus generated NOK 159 (52) million in revenue and recorded operating
profit before depreciation (EBITDA) of NOK -93 (-62) million. The strong growth
path in Hexagon Purus continued due to both the newly acquired Wystrach business
and organic growth. Hexagon Purus remains fully consolidated in the Hexagon
Group accounts after its spin-off in December 2020, with Hexagon currently
retaining a 73% ownership.
Hexagon Group, including Hexagon Purus, generated NOK 1 016 (692) million in
revenues and recorded an operating profit before depreciation (EBITDA) of NOK -9
(25) million.
"We see continued strong momentum across all business areas and our significant
order backlog is already covering the majority of 2022," says Jon Erik Engeset,
CEO of Hexagon Group.
A complete portfolio of clean fuel storage solutions
In April, Hexagon took the next step to complete its portfolio of clean fuel
storage solutions, acquiring 40% of Cryoshelter GmbH with an option to acquire
the remaining interest over the next 3-10 years. Liquid (renewable) natural gas
(LNG) offers higher energy density and an even longer driving range than
compressed natural gas (CNG). This is critical for long-haul operations in
Europe as European truck design limits space available for fuel systems. LNG
technology is well supported in Europe, including a fast-growing filling station
network.
"Cryoshelter has developed potential disruptive technology for liquid gas
storage solutions (cryogenic), including liquid (renewable) natural gas (LNG)
and a liquid hydrogen unit (LH2). Hexagon will support Cryoshelter in its
industrialization and commercialization in the years ahead" says Engeset.
Together with clients and partners, Hexagon is finding ways to make near-zero
and zero emission energy solutions available and affordable while delivering on
its purpose of driving energy transformation.
For further details, please see the attached first quarter 2022 report and
presentation.
Presentation of the results today at 08:30 am CEST
Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at
08:30 am today in Oslo. The presentation will be held in the Auditorium at
Hexagon Composites' offices, Haakon VIIs gate 2, on the lower level.
The presentation will also be broadcasted live via:
https://channel.royalcast.com/landingpage/hegnarmedia/20220512_4/.
For more information:
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | [email protected]
(mailto:[email protected])
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | [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 (http://www.hexagongroup.com) and follow @HexagonASA on
Twitter and LinkedIn.