10.05.2017 09:49:37

CORRECTION: Hexagon Composites ASA: Results for the first quarter 2017

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This is a correction of the announcement from 07:55 10.05.2017 CEST. Reason for the correction: Financial attachment added to the release


In the first quarter 2017 Hexagon Composites generated NOK 346.2 (291.6) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 35.1 (18.6) million. Operating profit (EBIT) was NOK 16.6 (3.2) million and profit/loss before tax came to NOK 6.3 (-2.6) million.

The financial statements for the first quarter 2017 include the Group's fifty-percent share of Agility Fuel Solutions results accounted for under the equity method. In addition, the fully consolidated financial results of the acquired xperion Energy & Environment ("xperion") and related group subsidiaries are included. There are no restatements to previously reported figures as a result of the transactions which occurred and were first reported in the fourth quarter 2016.

Overall, the quarter's Group results show a marked improvement in profitability both versus the first quarter 2016 and the previous quarter. Operating results in the first quarter were impacted positively by a 42% growth in revenues within the Low-Pressure segment versus the same period last year. Sales volumes of Mobile Pipeline® were solid for a second consecutive quarter, however generated profit from this business unit was not enough to achieve profitability overall within the High-Pressure segment.

Key developments

  • Record high sales in the Low-Pressure segment 
  • Strong Mobile Pipeline® sales driven by large order deliveries to oil and gas customer
  • Received an order for gas container modules from EGAS in Pakistan with a total estimated value of EUR 2.6 million (around NOK 21 million)
  • Awarded a substantial order for cylinders from Air Products for hydrogen transportation in Germany
  • Finalized the joint venture agreement with Nel ASA and PowerCell Sweden AB for integrated hydrogen projects initially focused on the maritime and marine segments.

After balance sheet date

  • Entered into long-term agreement with Certarus and received a TITAN® order worth USD 20.6 million (around NOK 177 million).

For more information:

Jon Erik Engeset, CEO, Hexagon Composites ASA

Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no

David Bandele, CFO, Hexagon Composites ASA

Telephone: +47 920 91 483 | david.bandele@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA

Telephone: +47 906 34 977 | solveig.saether@hexagon.no

About Hexagon Composites ASA

Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group is a leading global supplier of composite pressure cylinders and systems for storage and transportation of various gases.

For more information: www.hexagon.no

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

HEX Q1 2017 presentation


HEX Q1 2017 report

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Hexagon Composites ASA via Globenewswire

Attachment 1: HEX Q1 2017 report.pdf
Attachment 2: HEX Q1 2017 presentation.pdf
Attachment 3: Attachment1.pdf

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