Hexagon Composites ASA: Results for the second quarter and first half year 2019
14 August 2019 - 6:00AM
Hexagon Composites ASA: Results for the second quarter and first
half year 2019
In the second quarter of 2019 Hexagon Group
generated NOK 882.1 (366.8) million in revenues and recorded an
operating profit before depreciation (EBITDA) of NOK 62.0 (73.6)
million. This was driven by continued positive developments in
Hexagon Purus’ CNG Light-Duty Vehicles and Agility Fuel Solutions,
which is consolidated entirely after the acquisition on 4
January.
The EBITDA for the second quarter of 2018 included
a positive impact of NOK 40.0 million from a reduction of an
earn-out obligation related to the xperion acquisition in 2016. In
the second quarter of 2019 depreciation and amortization increased
to NOK 59.0 (19.3) million. This was primarily due to the Agility
acquisition.
Operating profit (EBIT) was NOK 2.9 (54.3) million
and profit/loss before tax came to NOK -31.3 (69.0) million. It was
influenced by negative foreign exchange fluctuation effects of NOK
-12.4 (18.1) million and interest payments related to the unsecured
bond issued for the financing of the Agility transaction.
The first half of 2019 provided revenues of NOK
1,703.9 (783.0) million and an operating profit before depreciation
(EBITDA) of NOK 212.3 (140.1) million. The operating profit (EBIT)
was NOK 95.2 (101.6) million and profit before tax came to NOK 34.8
(100.3) million.
KEY DEVELOPMENTS
- Agility launched high-performance battery packs and electric
drivetrains, which will be delivered to multiple truck OEM electric
vehicle programs
- Awarded order for TITAN® transport modules from Certarus with
total value of USD 5.2 million (approx. NOK 45 million)
- Hexagon Purus is expanding capacity in Kassel, Germany with a
total investment of around EUR 6.0 million (approx. NOK 58
million). Commissioning scheduled in second half of 2019
- Hexagon joined H2Bus Consortium to provide complete hydrogen
storage and delivery solutions to drive zero-emission public
transportation in Europe
OTHER IMPORTANT EVENTS IN THE FIRST HALF OF
2019
- Closed the Agility Fuel Solutions transaction on 4 January
2019
- Agility extended exclusive long-term agreement with New Flyer
Industries with total value of USD 75 million (approx. NOK 640
million)
- Awarded USD 8.1 million (approx. NOK 70 million) TITAN® order
from Certarus
- Completed a private placement raising NOK 493 million of new
share capital
- Placed a new senior unsecured bond of NOK 1.1 billion to
complete the long-term financing of the Agility transaction at
attractive terms
- Awarded contract from Audi to supply hydrogen tanks for
development and small FCEV serial production
KEY DEVELOPMENTS AFTER BALANCE SHEET DATE
- Received order for TITAN® 53 transport modules, with value of
USD 4 million (approx. NOK 34 million) for efficient delivery of
Renewable Natural Gas (RNG)
- Awarded USD 7.3 million (approx. NOK 62 million) TITAN® order
from Certarus
- Hexagon was informed of an indefinite delay of a fuel cell
vehicle program for reasons unrelated to Hexagon
For more information
Jon Erik Engeset, CEO, Hexagon Composites ASATelephone: +47 916
30 550 | jon.erik.engeset@hexagongroup.com
David Bandele, CFO, Hexagon Composites ASATelephone: +47 920 91
483 | david.bandele@hexagongroup.com
Hiva Ghiri, VP Investor Relations, Hexagon Composites
ASATelephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com
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.
For more information, please visit www.hexagongroup.com
Follow us on Twitter: @HexagonASA
- HEX Q2 2019 Report
- HEX Q2 2019 Presentation