Hexagon Composites ASA: Annual Report 2018
March 20, 2019 - Stock Exchange Release
The Board of Directors of Hexagon Composites ASA (OSE:HEX) has approved the Annual Report for 2018 and the Final Accounts for 2018.
Group revenue increased by 4% to NOK 1,486.5 million in 2018 compared with NOK 1,429.4 million in 2017, which was positively impacted by NOK 21.5 million from the sale of certain assets to related party Agility. Operating profit before depreciation (EBITDA) was NOK 234.5 (174.0) million. EBITDA for the year 2018 included a positive impact of NOK 108.5 million associated with the reduction of the earn-out obligation related to the xperion acquisition. Operating profit (EBIT) was NOK 140.2 (99.3) million.
In the fourth quarter of 2018, Hexagon signed an agreement to acquire the remaining 50% share in Agility Fuel Solutions, the leading clean fuel systems and solutions provider. The transaction was closed on 4 January 2019. With this acquisition, Hexagon has strengthened its position as the globally leading clean fuel solutions provider.
The Group's aggregated consolidated operating revenue for the year 2018, including 100% of Agility Fuel Solutions, amounted to NOK 2,881 million, nearly doubling actual reported revenue. EBITDA on an aggregated basis amounted to NOK 363 million and EBITDA adjusted for non-cash stock compensation charges was NOK 396 million.
The Board does not propose a dividend for 2018.
To learn more, please visit Hexagon's annual report 2018 site at: www.hexagongroup.com
The General Meeting is scheduled for Wednesday 24 April 2019 in Aalesund in accordance with the financial calendar. Notice of General Meeting and the agenda with attachments will be published through Oslo Stock Exchange and the company's website.
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | email@example.com
Hiva Ghiri, Vice President Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | firstname.lastname@example.org
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | email@example.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.
For more information, please visit www.hexagongroup.com
Follow us on Twitter: @HexagonASA