Operating results in the third quarter were impacted positively by a 52% growth in revenues within the Low-Pressure segment versus the same period last year. However weak sales volumes of Mobile Pipeline® hamper overall profitability for the Group. The realized cost initiatives executed towards the end of 2015 have a positive year-over-year impact on results.

In the third quarter 2016 Hexagon Composites generated NOK 266.2 (256.9) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 4.6 (-31.0) million. Operating profit (EBIT) was NOK -12.4 (-43.8) million and profit/loss before tax came to NOK -18.4 (-56.0) million.

Key developments:

  • Strong Q3 performance in Low-Pressure.
  • Increase in US Heavy-Duty Truck cylinder sales.
  • Weak Mobile Pipeline® sales.
  • Profitable growth in the Light-Duty Vehicle business.
  • Selected by Daimler AG to supply hydrogen cylinders for the new Mercedes-Benz GLC F-CELL.

After balance sheet date

  • The merger of the Group's Heavy- and Medium-Duty CNG Automotive businesses with Agility Fuel Systems to create Agility Fuel Solutions (50% owned) was closed on 3 October 2016.
  • xperion Energy & Environment in Germany, one of the leading Type 4 cylinder manufacturers, was acquired on 4 October.

For more information:

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 |