Hexagon Composites — Interim / Quarterly Report 2016

Oct 27, 2016

Agility Fuel Solutions Merger Proforma Unaudited Financial Statements*

Full Year 2015

		Agility Fuel		Agility Fuel
INCOME STATEMENT	HEX CNG	Systems	Eliminations	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	5,1	0,9	0,0	6,0
Tax	(1,6)	(3,0)	0, 0	(4,6)
Reported Profit/Ioss after tax	3,5	(2,1)	0,0	1,4

Q2 2016

(USD million)

(USD million)				Q2 2016	YTD 2016
IINCOME STATEMENT	HEX CNG	Agility Fuel Systems	Eliminations	Agility Fuel Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
Operating income	11,3	23,8	(1,7)	33,4	78,9
Total operating expenses before depreciation	(12,0)	(23,3)	1,7	(33,6)		(75,7) includes reclassification of transaction
						related costs in Q1 2016
Deal Based EBITDA	(0,7)	0,5	0,0	(0,2)	2,6
EBITDA Margin %	$-6%$	2%		$-1%$	3%
Non-cash Accounting and one-off Adjustments	(2,9)	(2,9)		(5,8)		(9,8) includes MUSD 4.6 of transaction fees
Reported EBITDA	(3,6)	(2,4)	0,0	(6, 0)	(6, 6)
Depreciation and impairment	(0, 5)	(0, 8)	0, 0	(1,3)	(2,6)
Reported Operating profit (EBIT)	(4,1)	(3,2)	0,0	(7, 3)	(9,2)
Profit/loss from investments in associates and joint ventures	0,0	0.0	0, 0	0,0	0,0
Other financial items (net)	(0,1)	(0,2)	0,0	(0, 3)	(0,7)
Reported Profit/loss before tax	(4,2)	(3,4)	0,0	(7, 6)	(9, 9)
Tax	1,3	1,1	0,0	2,4	2,8
Reported Profit/loss after tax	(2.9)	(2.3)	0.0	(5, 2)	(71)

Based on Deal Basis not reported segment basis; No detailed IFRS/consolidation adjustments have been made;

Approximately MUSD 4.6 of transaction related costs have been accrued in total up to 30th June 2016.
Representations have not been subject to Group Audit; Actual final figures may vary; Does not include synergies from a ve

Agility Fuel Solutions Merger Proforma Unaudited Financial Statements*

31st December 2015

		Agility Fuel		Agility Fuel
BALANCE SHEET (DEAL BASIS)	HEX CNG	Systems	Eliminations	Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
ASSETS
Intangible assets	2,2	16,6		18,8
Tangible fixed assets	22.3	28.4		50.7
Investments in associates and joint ventures	1.0	1,0		2,0
Other financial fixed assets	0,0	0,8		0,8
Total non-current assets	25,5	46,8	0,0	72,3
Inventories	18.3	30,0		48,3
Receivables	12,9	23,6	(5,4)	31,1
Bank deposits, cash and similar	3.9	16.8		20.7
Total current assets	35,1	70,4	(5,4)	100,1
Total assets	60,6	117,2	(5,4)	172,4
EQUITY AND LIABILITIES
Total equity	50,1	67,8		117,9
Interest-bearing long-term liabilities	0.0	0,0		0,0
Other non-current liabilities	0, 1	13,0		13,1
Total non-current liabilities	0,1	13,0	0,0	13,1
Interest-bearing current liabilities	0,0	14,5		14,5
Other current liabilities	10,4	21,9	(5,4)	26,9
Total current liabilities	10,4
		36,4	(5,4)	41,4
Total liabilities	10,5	49,4	(5,4)	54,5
Total equity and liabilities	60,6	117,2	(5,4)	172,4

30th June 2016

		Agility Fuel		Agility Fuel
BALANCE SHEET (DEAL BASIS)	HEX CNG	Systems	Eliminations	Solutions
	Unaudited	Unaudited	Unaudited	Unaudited
ASSETS
Intangible assets	2,2	16,6		18,8
Tangible fixed assets	22,9	27.2		50,1
Investments in associates and joint ventures	2,0	1,0		3,0
Other financial fixed assets	0,2	0, 5		0.7
Total non-current assets	27.3	45,3	0,0	72,6
Inventories	22,8	23,1		45,9
Receivables	10,8	21,6	(1,4)	31,0
Bank deposits, cash and similar	1,9	15,1		17.0
Total current assets	35,5	59,8	(1,4)	93,9
Total assets	62,8	105,1	(1,4)	166,5
EQUITY AND LIABILITIES
Total equity
	51,4	65,7		117,1
Interest-bearing long-term liabilities	0.0	0,0		0,0
Other non-current liabilities	0, 0	12.8	(1,4)	11,4
Total non-current liabilities	0,0	12,8	(1,4)	11,4
Interest-bearing current liabilities	0,0	10,7		10,7
Other current liabilities	11,4	15.9		27,3
Total current liabilities	11,4	26,6	0,0	38,0
Total liabilities	11,4	39,4	(1,4)	49,4
Total equity and liabilities	62.8	105,1	(1,4)	166,5
* 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 any synergies.

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