Hexagon Composites Reports First Quarter Results

The company's first quarter revenue was driven by the strong performance of Agility Fuel Solutions which it completed the acquisition of in January.

In the first quarter 2019, Hexagon Group generated NOK 821.8 (416.3) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 150.3 (66.5) million, driven by the strong performance of Agility Fuel Solutions, consolidated for the first time in this quarter after its acquisition on January 4. The acquisition included a net gain on the transaction of NOK 69.4 million. Operating profit (EBIT) was NOK 92.2 (47.3) million and profit/loss before tax came to NOK 66.1 (31.3) million.

Key developments

  • Closed the Agility Fuel Solutions transaction on January 4, 2019
  • Agility extended exclusive long-term agreement with New Flyer Industries with total value of MUSD 75 (approximately MNOK 640)
  • Awarded order for TITAN transport modules from Certarus with a total value of MUSD 8.1 (approximately MNOK 70)
  • Completed a private placement raising MNOK 493 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
  • Awarded contract from Audi to supply hydrogen tanks for development and small FCEV serial production

Key developments after balance sheet date