Hexagon Composites ASA Announces Results for the Third Quarter of 2019

By November 5, 2019 2   min read  (256 words)

November 5, 2019 |

Hexagon Report Q3 2019

In the third quarter of 2019 Hexagon Group generated NOK 770.3 (276.7) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 49.3 (39.2) million.

This was driven by continued positive developments in Hexagon Purus’ CNG Light-Duty Vehicles business and Agility Fuel Solutions, which is consolidated entirely after the acquisition on 4 January 2019.

The EBITDA for the third quarter of 2018 included a positive impact of NOK 50.2 million from a reduction of an earn-out obligation related to the xperion acquisition in 2016. In the third quarter of 2019 depreciation and amortization increased to NOK 59.9 (19.9) million. This was primarily due to the Agility acquisition.

Key developments

  • Received order for TITAN® 53 transport modules, with value of USD 4 million (approx. NOK 34 million) for distribution of renewable natural gas (RNG)
  • Awarded USD 7.3 million (approx. NOK 63 million) TITAN® order from Certarus
  • Hexagon was informed of an indefinite delay of a fuel cell vehicle program for reasons unrelated to Hexagon
  • Granted approval for ultra-high-pressure hydrogen ground storage tanks by the California Occupational Safety and Health Standards Board (CalOSHA)

Key developments after balance sheet date

  • Agility entered into a three-year exclusive agreement with UPS with a total estimated value of USD 65-95 million (approx. NOK 600 to 900 million)
  • Received an additional RNG order for TITAN® modules from a new customer U.S. Gain with value of USD 1.4 million (approx. NOK 13 million)
  • Awarded fuel systems order for twelve hydrogen buses by Solaris
  • Selected by CaetanoBus for delivery of two fuel systems for hydrogen buses in 2019

Source: Hexagon

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