Hexagon Composites ASA: Results for the second quarter and first half year 2019

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In the second quarter of 2019 Hexagon Group generated NOK 882.1 (366.8) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 62.0 (73.6) million. This was driven by continued positive developments in Hexagon Purus’ CNG Light-Duty Vehicles and Agility Fuel Solutions, which is consolidated entirely after the acquisition on 4 January.

The EBITDA for the second quarter of 2018 included a positive impact of NOK 40.0 million from a reduction of an earn-out obligation related to the xperion acquisition in 2016. In the second quarter of 2019 depreciation and amortization increased to NOK 59.0 (19.3) million. This was primarily due to the Agility acquisition.

Operating profit (EBIT) was NOK 2.9 (54.3) million and profit/loss before tax came to NOK -31.3 (69.0) million. It was influenced by negative foreign exchange fluctuation effects of NOK -12.4 (18.1) million and interest payments related to the unsecured bond issued for the financing of the Agility transaction.

The first half of 2019 provided revenues of NOK 1,703.9 (783.0) million and an operating profit before depreciation (EBITDA) of NOK 212.3 (140.1) million. The operating profit (EBIT) was NOK 95.2 (101.6) million and profit before tax came to NOK 34.8 (100.3) million.

Jon Erik Engeset, CEO, Hexagon Composites ASATelephone: +47 916 30 550 | jon.erik.engeset@hexagongroup.com

David Bandele, CFO, Hexagon Composites ASATelephone: +47 920 91 483 | david.bandele@hexagongroup.com

Hiva Ghiri, VP Investor Relations, Hexagon Composites ASATelephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com

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Globe Newswire: 06:00 GMT Wednesday 14th August 2019

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