Hexagon Composites ASA: Results for the fourth quarter 2020

Feb 17, 2021

In the fourth quarter of 2020, Hexagon Group generated NOK 803 (942) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 69 (98) million. Agility Fuel Solutions experienced another record quarter for profitability as it recovers strongly from the global pandemic that sharply impacted the second quarter. Hexagon Ragasco results remained seasonally robust while Hexagon Mobile Pipeline continued to suffer the pandemic’s knock-on impacts to the macro climate, particularly in the US and parts of Europe. Hexagon Purus continued to build up its competitiveness ahead of sales growth in the e-mobility business while CNG Light-Duty had a profitable quarter with a gradual build up in sales to Volkswagen (VW), following their relocation of assembly facilities.

Hexagon Group reported revenues of NOK 3,080 million for the year 2020 compared with 3,416 million in 2019, and reported EBITDA was NOK 190 (360) million. Agility Fuel Solutions had a record year in total, despite the impacts of COVID-19, while Hexagon Ragasco recorded solid results given its resilience to the impacts of the global pandemic. The CNG Light-Duty Vehicles business experienced COVID 19 related shutdowns combined with the VW assembly relocation, which led to approximately only 40% of sales volumes versus 2019. Hexagon Mobile pipeline has been impacted by COVID-19 throughout the year, leading to lower volumes versus 2019.

Key developments in the quarter

  • Hexagon Purus (HPUR.OL) was successfully launched on the Euronext Growth exchange in Oslo, Norway with Hexagon retaining a 75% ownership stake
  • Hexagon Purus entered a frame agreement with Everfuel for hydrogen transport in Europe with an estimated value of approximately EUR 14 million (approx. NOK 144 million)
  • Hexagon Purus has signed a contract with Stadler Rail to develop cylinder storage system for the first hydrogen commuter train in the U.S.
  • Hexagon Purus contributes to zero-emissions by delivering cylinders to the world’s first hydrogen-powered snow groomer

Presentation of the results

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 CET and the presentation will be broadcasted live. The presentation will be held in English.

Link to webcast: https://hexagongroup.kg5.no/

A recording of the presentation will be made available on www.hexagongroup.com


Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Hiva Ghiri, VP Investor Relations
Telephone: +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.

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.