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Hexagon Composites Investor Presentation 2016

Oct 27, 2016

3619_rns_2016-10-27_d370651e-e23c-47ae-ad68-e4a43129fe50.pdf

Investor Presentation

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JON ERIK ENGESET, CEO DAVID BANDELE, CFO

DISCLAIMER AND IMPORTANT NOTICE

This company presentation (the "Presentation") has been prepared by Hexagon Composites ASA ("Hexagon" or the "Company"). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not purport to be complete in any way. The information included in this Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forwardlooking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forwardlooking statements or to conform these forward-looking statements to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with the Oslo Stock Exchange or press releases. This Presentation has been prepared for information purposes only. This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Presentation speaks as of 27 October 2016, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above.

AGENDA

  • •Group highlights
  • •Group financials & segment overview
  • •Outlook
  • •Q & A

BOTTOMING OUT

OPERATING REVENUES

HIGHLIGHTS Q3 2016

  • • Growth of 52% in revenue in the LPG segment versus Q3 2015
  • •Weak Mobile Pipeline® sales in the quarter
  • •Pickup in US Heavy-Duty Truck market
  • • Healthy CNG and Hydrogen Light-Duty Vehicle development
  • Selected by Daimler AG to supply cylinders for the new Mercedes-Benz GLC F-CELL
  • • The closing of Agility Fuel Solutions (50% JV) was completed on 3 October
  • • Acquisition of xperion in Germany significantly strengthens our world wide leadership position

1ST QUARTER 2015 3RD QUARTER 2016 FINANCIALS

FINANCIAL HIGHLIGHTS Q3 2016

  • • Key factors impacting profit this quarter:
  • Strong Low-Pressure performance
  • Weak Mobile Pipeline® volumes
  • Positive impacts of cost initiatives
  • Hydrogen remains dilutive to current results
  • • Double-digit year-over-year growth in Low-Pressure
  • • Pickup in overall Heavy-Duty volumes in CNG North America versus second quarter
  • • Continued profitable year-over-year growth in Light Duty Vehicles
  • • Positive operating working capital movement
  • Net Positive impacts driven by reduced inventory levels
  • • Draw down of debt at end of Q3
  • held as cash for the subsequent acquisition of xperion Energy & Environment
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SUMMARY COMMENTS YEAR TO DATE

  • • Approximately NOK 200 million lower top-line as a consequence of:
  • Lower Mobile Pipeline® volumes
  • Lower Heavy-Duty US truck and rest of world transit bus volumes
  • • However, matched 2015 EBITDA level despite the volume effect – consequence of cost initiatives executed Q4 2015
  • • LPG, US transit bus and Light Duty Vehicles are growth businesses in 2016
  • • Balance sheet and financing facilities reshaped for our strategic initiatives and added flexibility
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Q3 2016 GROUP INCOME STATEMENT

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Q3 '16 V '15 INCOME STATEMENT HIGHLIGHTS

Positive effects of cost initiatives have helped reduce losses in a low sales volume environment

margin)

SEGMENT SHARES Q3 2016

BEFORE GROUP ELIMINATIONS*

147

20795High-Pressure: CNG Automotive (Global) High-Pressure: Mobile Pipeline® High-Pressure: Hydrogen Low-Pressure: LPG (Propane) Q3 2016 NOK261*millionNOK269*millionQ3 2015 172 15 1163High-Pressure: CNG Automotive (Global) High-Pressure: Mobile Pipeline® High-Pressure: Hydrogen Low-Pressure: LPG (Propane)

SHARE OF OPERATING INCOME

Q3: HIGH-PRESSURE CYLINDERS

  • • Weak Mobile Pipeline® sales
  • Sound backlog for Q4
  • • Solid overall Heavy-Duty volumes
  • ˗Strong Transit Bus demand in USA; soft outside USA
  • ˗Recovering Truck and Refuse volumes
  • •Continued profits in Light-Duty Vehicles
  • • Hydrogen business unit still in incubation phase
  • Orders and prospects are increasing ahead of realized sales
  • NOK 7 million negative effect of phased development income/cost
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Q3: LOW-PRESSURE CYLINDERS

  • •52% year-over-year sales growth
  • • Solid profitability despite seasonally lower sales volume
  • • Increased product portfolio and branding options yielding success
  • •Continued geographic spread
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GROUP CASH MOVEMENTS Q3 2016

Group cash reflects readiness to execute Agility and xperion transaction after quarter end

FINANCIAL POSITION V PREVIOUS QUARTER

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New loan drawn to fund acquisition after quarter end

•

•

Offsetting working capital effects in quarter

Inventory being steadily reduced after large bulk purchases – positive impact

Increased Current Assets including transaction related costs held on balance sheet –negative impact

BALANCE SHEET PREPARED FOR TRANSACTIONS

UPDATE: AGILITY TRANSACTION

  • • Transaction closed successfully on 3rd October 2016 and will be equity accounted for from Q4 onwards
  • • Will recognize a deferred tax charge against the significant gain arising from the transaction
  • • Further information will be available in due course and reported in Q4 earnings
  • • Please refer to attachment to Q3 release for more information based on non audited proforma statements

FURTHER INFORMATION ON IMPACTS TO FINANCIAL REPORTING: XPERION

  • • Hexagon Group has on 4th October 100% acquired xperion Energy & Environment
  • • Enterprise value of the transaction is Euro 43.5 million with an additional potential earn-out of up to Euro 11.5 million
  • • Excess over Net Assets should be approximately Euro 32 million
  • • The new venture will be consolidated 100% from Q4
  • • Please refer to the announcement released on October 5th for further details including non audited proforma statements

MOBILE PIPELINE®

  • • Good order book for Q4
  • TITAN® XL to US customers
  • TITAN® 4 to US and Latin America
  • SMARTSTORE® to Europe
  • • Strong environmental drivers in Europe favor biomethane
  • First SMARTSTORE® deliveries to UK completed
  • • Lower CNG prices paired with higher transport efficiency improve competitiveness of Mobile Pipeline® operators
  • • New rigs opt for CNG due to higher flexibility than LNG and lowest distributed cost compared to diesel
  • • Existing large industrial clients and utilities increase their commitments

LIGHT-DUTY VEHICLES

  • • Improving market prospects and profitable growth in CNG Light-Duty Vehicles segment
  • Deliveries of new CNG models commencing in Q4
  • new CNG model to be launched in Q2 2017
  • • Deliveries to Daimler's first serial production of Fuel Cell Electric Vehicles (FCEVs) targeted for end 2017

Hexagon CNG fuel cylinder displayed at Indonesian BKV news channel 6 October 2016

The new Mercedes-Benz GLC F-CELL

AGILITY FUEL SOLUTIONS

  • • High-Pressure CNG Heavy- and Medium-Duty demand gradually getting firmer
  • • North American Heavy-Duty Truck volumes firming up in Q4
  • •Steady Refuse Truck market
  • • European and RoW Transit Bus market still sluggish
  • •US Transit Bus strong

LPG CYLINDERS

  • •Increased market recognition through co-branding
  • •Seasonally slow sales in Q4, but production for deliveries next year
  • •Robust outlook

We will do more of the same

XPERION ENERGY & ENVIRONMENT- OUR NUMBER 1 ACQUISITION TARGET

XPERION – A HIGHLY RESPECTED MARKET PLAYER

  • • A leading manufacturer of Type 4 high-pressure composite cylinders
  • Light-duty vehicles, heavy-duty trucks, transit buses and gas transportation
  • • Production units in Kassel, Germany and Ohio, US
  • Altogether 140 employees
  • • Operating income of MEUR 39 and EBITDA of MEUR 5.2 on an adjusted basis in 2015
  • • Has more than 100,000 gas cylinders in operation worldwide

OPTION ON US OPERATION

  • •xperion Energy & Environment, in Germany acquired on October 4th
  • • Option to acquire xperion Energy & Environment, Ohio, USA, before December 20th 2016
  • Consulting with relevant stakeholders before execution

STRONG STRATEGIC FIT

  • • Combining the two leading firms in three of four core segments
  • Hydrogen
  • Mobile Pipeline®

  • Light-Duty Vehicles

  • •Expansion of global footprint

  • •Strong presence in Germany

EXPANDING OUR GEOGRAPHICAL FOOTPRINT

www.hexagon.no

STRONG STRATEGIC FIT

  • • Combining the two leading firms in three of four core segments
  • Hydrogen
  • Mobile Pipeline®
  • Light-Duty Vehicles
  • •Expansion of global footprint
  • •Strong presence in Germany
  • • Broadening of product and technology portfolio
  • •Enabling synergies and reduced costs

XPERION - STRONG MARKET POSITIONS

  • • Cylinder supplier to Audi A3 g-tron and VW Golf TGI
  • • X-STORE orders (Mobile Pipeline) to Pakistan, Vietnam and Australia
  • •Bus cylinders to South Africa
  • • Hydrogen cylinders to two globally leading distributors of industrial gases (total value MEUR 3.4)

XPERION RECENTLY WON HYDROGEN ORDER FOR GERMAN ZERO-EMISSION TRAIN DEVELOPMENT

  • • Supplying cylinders to Alstom Germany for the world's first hydrogen-powered regional trains
  • ‒Long distances without refueling or charging
  • Low noise
  • • Facilitating the conversion from fossil fuels to electric drive
  • Still high number of diesel trains in Europe
    • –more than 4,000 locomotives in Germany
  • •Prototype order for two trains

* Coradia iLint: Pilot operation in the beginning of 2018. Sponsored by the Federal Ministry of Transport (National Innovation Program for Hydrogen)

Coradia iLint* CO2 emission-free regional train powered by hydrogen fuel cell

  • •600-800 km/tankful
  • •Up to 300 passengers
  • •140 km/h

ENERGY EFFICIENCY COMPARISONS

pathway 50% $50\%$ *1 20% Well-to-Wheen 1
40%
Natural gas
Membrane separation
reform		 67% 59%
Natural gas
Gas-fired Power
generation
Electricity		 33%
Crude oil
Refine
Gasoline		 84% 34%
Crude oil
Refine
Gasoline		 84% 19%
Hydrogen (70MPa) $*_{2}$
39%		 85%
40%
23%		 40%
*1 Tank-to-Wheel efficiency: measured in the Japanese 10-15 test cycle

(Source: Tatsuaki Yokoyama, "Progress & Challenges for Toyota's Fuel Cell Development," 2009 ZEV Symposium, September 21, 2009)

www.hexagon.no

MULTIPLE PLAYERS RACING TO DELIVER CLEAN HYDROGEN BASED ON NATURAL GAS

  • •Global hydrogen market growing at a CAGR of 5.2% from 2016 to 2021
  • •Projected to reach USD 152 bn USD by 2021

Photo: Marit Hommedal – Statoil

Source: US Department of Energy, Marketsandmarkets.com

PLUG IN + HYDROGEN HYBRID -THE ULTIMATE CLEAN VEHICLE

CALIFORNIA NOW TARGETING HEAVY & MEDIUM DUTY EMISSION REDUCTIONS

  • • Medium- and heavy-duty vehicles represent 3% of vehicles, yet, produce 23% of on-road greenhouse gas emissions
  • • The plan as of July 2016 calls for deploying over 100,000 zero emission medium and heavy duty by 2030

Source: California Energy Commission Remark: Medium- and heavy-duty includes vehicles above 10 000 lb. (4500 kg);

DELIVERED ON STRATEGIC AGENDA- TIME TO INTEGRATE AND REALIZE SYNERGIES

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OUTLOOK

  • • Recent strategic steps strengthen our position and are well-timed given the current market conditions
  • Integration and synergy realization
  • •High-Pressure demand gradually getting firmer
  • •Economic CNG value proposition improving with higher oil price

NATURAL GAS PRICE VS OIL

Source:DNB

OUTLOOK

  • • Recent strategic steps strengthen our position and are well-timed given the current market conditions
  • •High-Pressure demand gradually getting firmer
  • •Economic CNG value proposition improving with higher oil price
  • •Compelling environmental value propositions
  • •Momentum in the Low-Pressure area remains strong
  • Growth and harvesting synergies main priorities short and medium term

QUESTIONS PLEASE

Jon Erik Engeset, CEO David Bandele, CFO

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