Hexagon Composites — Fund Information / Factsheet 2016

Aug 18, 2016

Agility Fuel Solutions Merger Proforma Unaudited Financial Statements*

Full Year 2015

INCOME STATEMENT	HEX CNG	Agility Fuel Systems	Eliminations	Agility Fuel Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
Operating income	86,8	166,9	(45,0)	208,7
Total operating expenses before depreciation	(72, 2)	(154, 9)	45,0	(182, 1)
Deal Based EBITDA	14,6	12,0	0,0	26,6
EBITDA Margin %	17 %	7%		13%
Non-cash Accounting and one-off Adjustments	(6, 0)	(7,7)		(13,7)
Reported EBITDA	8,6	4,3	0,0	12,9
Depreciation and impairment	(3,0)	(2,3)	0,0	(5,3)
Reported Operating profit (EBIT)	5,6	2,0	0,0	7,6
Profit/loss from investments in associates and joint ventures	0,0	0,0	0,0	0,0
Other financial items (net)	(0,5)	(1,1)	0,0	(1,6)
Reported Profit/loss before tax		0,9	0,0	6,0
Tax	5,1 (1,6)	(3,0)	0,0	(4,6)
Reported Profit/loss after tax	3,5	(2,1)	0,0	1,4

Q1 2016
(USD million)

		Agility Fuel		Agility Fuel
INCOME STATEMENT	HEX CNG	Systems	Eliminations	Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
Operating income	15,3	35,4	(5,2)	45,5
Total operating expenses before depreciation			5,2	(42,7)
	(13,7)	(34,2)
Deal Based EBITDA	1,6	1,2	0,0	2,8
EBITDA Margin %	10%	3%		6 %
Non-cash Accounting Adjustments	(1,2)	(2, 2)		(3,4)
Reported EBITDA	0,4	(1,0)	0,0	(0,6)
Depreciation and impairment	(0,5)	(0, 8)	0,0	(1,3)
Reported Operating profit (EBIT)	(0,1)	(1,8)	0,0	(1, 9)
Profit/loss from investments in associates and joint ventures	0,0	0,0	0,0	0,0
Other financial items (net)	0,0	(0,4)	0.0	(0, 4)
Reported Profit/loss before tax	(0,1)	(2,2)	0,0	(2,3)
Tax	0,1	0.3	0,0	0,4
Reported Profit/loss after tax	0.0	(1, 9)	0.0	(1, 9)
Based on Deal Basis not reported segment basis; No detailed IFRS/consolidation adjustments have been made; Representations have not been subject to Group Audit: Actual final figures may vary; Does not include synergies from a vertically integrated business;

Proforma HEX CNG financials excludes approximately MUSD 0.9m in attributable intercompany interest charges in 2015 as the transaction is on a debt free basis

Agility Fuel Solutions Merger Proforma Unaudited Financial Statements*

31st December 2015

Agility Fuel Agility Fuel Solutions HEX CNG Eliminations Systems Unaudited Unaudited Unaudited Unaudited 18,8 2,2 16,6 50,7 22,3 28,4 2,0 1,0 1,0 0,8 0,0 0,8 72,3 46,8 25,5 0,0 48,3 30,0 18,3 31,1 12,9 23,6 (5,4) 20.7 3,9 16,8 100,1 35,1 70,4 (5,4) 117,2 (5,4) 60,6 117,9 50,1 67,8 0,0 0,0 0,0 13,1 13,0 0,1 13,0 0,0 13,1 0,1 14,5 14,5 0,0 26,9 21,9 (5,4) 10,4 36,4 (5, 4) 41,4 10,4 54,5 10,5 49,4 (5, 4) 172,4 117,2 (5,4) 60,6
172,4
	BALANCE SHEET
	ASSETS
	Intangible assets
	Tangible fixed assets
	Investments in associates and joint ventures
	Other financial fixed assets
	Total non-current assets
	Inventories
	Receivables
	Bank deposits, cash and similar
	Total current assets
	Total assets
	JEQUITY AND LIABILITIES
	Total equity
	Interest-bearing long-term liabilities
	Other non-current liabilities
	Total non-current liabilities
	Interest-bearing current liabilities
	Other current liabilities
	Total current liabilities
	Total liabilities
	Total equity and liabilities

31st March 2016
(USD million)

		Agility Fuel		Agility Fuel
BALANCE SHEET	HEX CNG	Systems	Eliminations	Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
ASSETS
Intangible assets	2,2	16,6		18,8
Tangible fixed assets	22,5	28,0		50,5
Investments in associates and joint ventures	1,0	1,0		2,0
Other financial fixed assets	0,0	0,5		0,5
Total non-current assets	25,7	46,1	0,0	71,8
Inventories	26,1	26,6		52,7
Receivables	12,1	27,8	(3,0)	36,9
Bank deposits, cash and similar	3,5	13,4		16,9
Total current assets	41,7	67,8	(3, 0)	106,5
Total assets	67,4	113,9	(3,0)	178,3
IEQUITY AND LIABILITIES
Total equity	51,3	68,1		119,4
Interest-bearing long-term liabilities	0,0	0,0		0,0
Other non-current liabilities	0.1	13,0	(3,0)	10,1
Total non-current liabilities	0,1	13,0	(3,0)	10,1
Interest-bearing current liabilities	0,0	14,6		14,6
Other current liabilities	16.0	18,2		34.2
Total current liabilities	16,0	32,8	0,0	48,8
Total liabilities	16,1	45,8	(3,0)	58,9
Total equity and liabilities	67,4	113.9	(3, 0)	178,3
Based on Deal Basis not reported segment basis; No detailed IFRS/consolidation adjustments have been made; Penresentations have not heen subject to Group Audit: Actual final figures may vary: Does not include synergies from a vertically integrated business