In the third quarter 2018 Hexagon Composites generated revenues of NOK 276.7 million compared with NOK 352.8 million in the corresponding period last year, which was positively impacted by the sale of certain assets to related party Agility. The operating profit before depreciation and amortization (EBITDA) was NOK 39.2 (51.2) million while operating profit (EBIT) was NOK 19.4 (33.8) million and profit before tax came to NOK 25.9 (21.8) million. EBITDA for the quarter included a positive impact of NOK 50 million triggered by a reduction of the earn-out obligation related to the 2016 xperion acquisition.

This adjustment was related to, and offset the negative impact from, the introduction of the Worldwide Harmonized Light Vehicles Test Procedures (WLTP).

The Hydrogen business segment reported EBITDA of NOK -14.8 million.

Key developments:

  • Received the first TITAN® 53 order from XNG with a total value of USD 10.6 million (approx. NOK 86 million) Awarded an order for TITAN® modules from Certarus, with a total value of USD 14.6 million (approx. NOK 121 million)
  • Hexagon Ragasco celebrated 15 million cylinders sold worldwide
  • The new WLTP testing rules caused delays for OEMs

Key developments after balance sheet date

  • The new WLTP testing rules caused delays for OEMsSelected by a third OEM to supply hydrogen tanks for serial production of fuel cell electric vehicles (FCEV). Combined value for development and serial production in the range of USD 50 to 70 million (approx. NOK 420 million to NOK 590 million
  • Acquired technology company Digital Wave Corporation, enabling unique, integrated testing capabilities for requalification of pressure cylinders