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Hexagon Composites ASA: Results for the first quarter of 2020
May 20, 2020
In the first quarter of 2020, Hexagon Group generated NOK 825 (822) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 37 (150) million. This was driven by solid performances in Hexagon Ragasco LPG, Agility Fuel Solutions and Hexagon Mobile Pipeline. This performance helped to absorb the impacts of the planned production stop of a major customer of Hexagon Purus’ CNG Light-Duty Vehicles business, as well as initial COVID-19 impacts to the Group.
In the first quarter of 2019, EBITDA included the initial net gain on the Agility transaction of NOK 69 million.
The financial impacts of COVID-19 in the first quarter were limited and mostly contained to light duty vehicles and transit bus demand in Europe following temporary manufacturing shutdowns of several leading OEM companies.
- Mobile Pipeline was awarded an order for TITAN® XL modules for USD 1.7 million (approx. NOK 18 million) from a leading gas distributor in Mexico
- Mobile Pipeline was also awarded an order for X-STORE® modules to transport Renewable Natural Gas (RNG) from the production site to the gas grid in the U.K.
- Agility was awarded an order for USD 10 million (approx. NOK 105 million) in the U.S. to deliver transit bus compressed natural gas (CNG) fuel storage systems
- Hexagon successfully executed group wide contingency plans to manage potential own production, supplier and customer disruptions due to impacts of the COVID-19 pandemic
The results will be presented at 08:30 CET by CEO, Jon Erik Engeset and CFO, David Bandele.
Follow the webcast here: https://players.brightcove.net/2335723899001/experience_5ebd3d284707d500237016bc/share.html
For more information:
Jon Erik Engeset, CEO, Hexagon Composites
Telephone: +47 916 30 550 | email@example.com
David Bandele, CFO, Hexagon Composites
Telephone: +47 920 91 483 | firstname.lastname@example.org
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | email@example.com
About Hexagon Composites
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 including light-, medium- and heavy-duty vehicles, ground storage, distribution, marine, rail and backup power solutions.
With extensive experience in pressure vessel development since the early 1960s, our long and proud history is rooted in innovation and change. We have a strong international presence with facilities in Norway, Germany, USA and Canada, and sales representation in some of the world's most important clean energy markets in Europe, Asia and the Americas.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act