Hexagon Composites ASA: Results for Q4 2021

Feb 17, 2022 - Stock Exchange Release

Hexagon generated record high revenues in the fourth quarter of 2021.

Key developments in the quarter:

  • Hexagon Agility received an additional set of orders from a major global logistics customer representing for an estimated value of USD 26.6 million (approx. NOK 242 million). Total orders placed to date by this customer with delivery targeted in 2022 represent an estimated value of USD 43.6 million (approx. NOK 396 million). Overall, orders received in 2021 under the customer agreement represent an estimated value of USD 131.6 million (approx. NOK 1.2 billion)
  • Hexagon Agility has been awarded an order for SMARTSTORE™ Mobile Pipeline® units from a major heavy-duty fleet in North America for an estimated total value of USD 7.2 million (approx. NOK 64 million). The SMARTSTORE™ units will be used to refuel the growing fleet of clean and renewable natural gas (CNG/RNG) vehicles. Hexagon Agility has also received orders for RNG/CNG fuel systems from the same heavy-duty fleet customer for delivery in 2022. Total orders received from this customer to date for delivery in 2022 represent an estimated value of USD 32.1 million (approx. NOK 285 million)
  • Hexagon Purus has been contracted by two major truck manufacturers in North America to deliver Hydrogen-powered class 8 truck pilots for a total sales value of USD 2.2 million (approx. NOK 20 million)
  • Hexagon Purus has signed an exclusive long-term supply agreement with a leading European bus OEM to deliver hydrogen fuel storage systems for fuel cell buses for an estimated sales value of EUR 30 million (approx. NOK 400 million)
  • Hexagon Purus has been awarded a contract from a leading designer of hybrid electric and fully electric vehicle propulsion solutions to deliver battery electric trucks for a value of approximately USD 1.7 million (approx. NOK 15 million)
  • Hexagon Purus has received an order for hydrogen fuel-cell electric yard trucks from a North American customer. The order has a value of approximately USD 2.1 million (approx. NOK 18 million)
  • Hexagon Purus acquired Wystrach GmbH, adding industry leading hydrogen systems capacity to its platform
  • Hexagon successfully completed refinancing of its bank financing facilities and on 23rd December repurchased the outstanding NOK 1.1 bn listed bond NO0010846280

In the fourth quarter of 2021, Hexagon (excluding Purus) generated NOK 1 013 (793) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 112 (124) million. Overall demand remains high with significant order backlog into 2022. The top-line growth, driven by both Hexagon Agility and Hexagon Ragasco, was 34% before negative year-over-year foreign currency translation effects of NOK -37 million. These impacts, mainly driven by US and German based operations, apply also to the cost base of those operations and are therefore less significant at EBITDA level.

For the year 2021, Hexagon (excluding Purus) generated NOK 3 277 (3 055) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 381 (328) million. The top-line growth, coming from all segments, was 15% before negative year-over-year foreign currency translation effects of approximately NOK -200 million.

“As global supply chains are still trying to recover from the effects of the pandemic, these results are not just a testament to the demand for our technology, but also the foresight, skill and discipline our team has to navigate supply constraints”, says Jon Erik Engeset, CEO Hexagon Group.

Presentation of the results:

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 CET. The presentation will be held in the Auditorium at Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level. As Covid-19 restrictions are lifted in Norway, we welcome those that want to attend the presentation in person.

The presentation will also be broadcasted live via: https://channel.royalcast.com/landingpage/hegnarmedia/20220217_16/

A recording of the presentation will be made available on www.hexagongroup.com

For more information:

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

Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.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. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn

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