In the third quarter 2017 Hexagon Composites generated NOK 352.8 (266.2) million in operating income and made an operating profit before depreciation and amortization (EBITDA) of NOK 51.2 (4.6) million. Operating profit (EBIT) was NOK 33.8 (-12.4) million and profit before tax came to NOK 21.8 (-18.4) million.

Overall, Group operating profit has markedly improved versus the third quarter 2016, and the previous quarter. Operating results in the third quarter were impacted positively by a 32% growth in revenues versus the same period last year. Both the Low-Pressure and High-Pressure segments contributed significantly to year-over-year growth in profitability, with the latter recording operating profits in the quarter for the first time in 2017.

The financial statements include the Group's fifty-percent share of Agility Fuel Solutions ("Agility") results accounted for under the equity method. In addition, the fully consolidated financial results of the acquired Hexagon xperion (renamed from xperion Energy & Environment) and related group subsidiaries are included. There are no restatements to previously reported figures as a result of these transactions which occurred, and were first reported, in the fourth quarter 2016. The underlying improvement is stronger than the reported numbers indicate.

Key developments:

  • Received and commenced work on a major development award for hydrogen cylinders for two new fuel cell electric vehicle (FCEV) models
  • Hexagon Ragasco received a major LPG order from Iraq with a total value of approximately NOK 120 million
  • Expanded into the hydrogen heavy-duty truck market with deliveries to Toyota and ASKO
  • Launched Hyon AS, a joint venture between Hexagon, Nel ASA and PowerCell Sweden AB

Key developments after balance sheet date

  • Received a new USD 11 million order for TITAN® modules for the North American industrial sector
  • Launched efficient requalification testing program for its Mobile Pipeline® cylinders minimizing customers' downtime during regulatory requalification.