Hexagon Composites ASA Reports Operating Profit of NOK 37 (150) Million

May 25 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.

Key Developments

• 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


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