Hexagon Composites — Interim / Quarterly Report 2017

Nov 1, 2017

Agility Fuel Solutions Proforma P&L	2017	2016	2017	2016	2016
As Reported by Agility USD m	Q3	Q3*	YTD	YTD*	Full Year*
	USD m	USD m	USD m	USD m	USD m
Revenue	41,0	37,4	124,8	116,3	153,1
Operating expenses	‐36,2	‐35,4	‐110,8	‐111,3	‐144,8
Adjusted EBITDA	4,8	2,0	14,0	5,0	8,3
Adjusted EBITDA margin	11,7 %	5,3 %	11,2 %	4,3 %	5,4 %
Share based compensation Transaction & other non‐recurring expenses	‐1,3 0,1	‐1,4 ‐5,1	‐4,4 0,0	‐3,6 ‐10,5	‐4,9 ‐10,8
Reported EBITDA	3,6	‐4,5	9,6	‐9,1	‐7,4
Depreciation and amortisation Interest expense	‐2,1 ‐0,3
Profit before tax	1,2
As Reported by Hexagon NOK m
	NOK m
HEX 50% share of Agility Fuel Solutions Profit before tax before adjustments	4,8
GAAP and other accounting driven adjustments	3,8
Elimination of unrealised profit from downstream transactions to Agility (50%)	‐10,7
Profit/(loss) from investments in associates and joint ventures before intangible amortisation	‐2,1
Intangible amortisation as recorded by Hexagon	‐3,3
Profit/(loss) from investments in associates and joint ventures	‐5,4

* ‐ Proforma comparative figures estimated on the basis that Agility Fuel Solutions combined results were effective throughout 2016