ANNUAL REPORT 2017

Integrating the new business combination


2017 saw significant improvement in the High-Pressure segment profitability, together with a record performance within Low-Pressure.

For the year 2017, Group operating income increased by 17% to NOK 1,429.4 (1,220.5) million. Operating profit before depreciation (EBITDA) was NOK 174.0 (374.9) million. Operating profit (EBIT) was NOK 99.3 (299.3) million. Profit before tax was NOK 48.2 (311.9) million. All the above results for 2016 included an extraordinary gain of NOK 348 million related to the Agility transaction reported in the fourth quarter. Underlying profitability for the year, after normalizing for the gain, one-off costs and movements in accruals, increased significantly. This improvement is attributable to all business units within the Hexagon Composites Group.