Hexagon Composites Releases 2018 Annual Report

Group revenue increased by 4%; the group's aggregated consolidated operating revenue for the year nearly doubled actual reported revenue.

The Board of Directors of Hexagon Composites ASA has approved the Annual Report for 2018 and the Final Accounts for 2018. 

Group revenue increased by 4% to NOK 1,486.5 million in 2018 compared with NOK 1,429.4 million in 2017, which was positively impacted by NOK 21.5 million from the sale of certain assets to related party Agility. Operating profit before depreciation (EBITDA) was NOK 234.5 (174.0) million. EBITDA for the year 2018 included a positive impact of NOK 108.5 million associated with the reduction of the earn-out obligation related to the xperion acquisition. Operating profit (EBIT) was NOK 140.2 (99.3) million.

In the fourth quarter of 2018, Hexagon signed an agreement to acquire the remaining 50% share in Agility Fuel Solutions, the leading clean fuel systems and solutions provider. The transaction was closed on January 4, 2019. With this acquisition, Hexagon has strengthened its position as the globally leading clean fuel solutions provider.

The group's aggregated consolidated operating revenue for the year 2018, including 100% of Agility Fuel Solutions, amounted to NOK 2,881 million, nearly doubling actual reported revenue. EBITDA on an aggregated basis amounted to NOK 363 million and EBITDA adjusted for non-cash stock compensation charges was NOK 396 million.  

The board does not propose a dividend for 2018.