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Hexagon Composites ASA : Interim results for Q4 2013

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In the consolidated financial statements for the fourth quarter and year-end results for 2013, Hexagon Devold is presented on a separate line as 'held for sale', since the company was divested in January 2014. Hexagon Devold is therefore no longer included in the consolidated financial statements. Comparable figures have been amended correspondingly. 

In the fourth quarter 2013, Hexagon Composites ASA (excluding Hexagon Devold) generated NOK 306.5 (211.5) million in operating income, and made an operating profit before depreciation (EBITDA) of NOK 31.3 (7.4) million. Operating profit (EBIT) came to NOK 12.8 (-7.5) million, whilst profit before tax totaled NOK 7.8 (-11.7) million. The results in the quarter were negatively affected by guarantee provisions of NOK 10 million and inventory write-downs of NOK 11 million. The quarterly result was positively impacted by an insurance refund of NOK 7.4 million. Goodwill in Hexagon Raufoss has been written down by NOK 3.9 million during the quarter. Operating profit in the quarter includes a charge of NOK 1.9 million from the Russian joint venture company Rugasco.

Significant events since the previous report:

  • Sale of Hexagon Devold to Saertex GmbH & Co. KG 
  • Strong growth in demand for Heavy-Duty Vehicle fuel tanks   
  • Substantial sales of TITAN(TM) modules in North and South America 
  • Introduction of the Euro 6 standard with effect from 1 January 2014, which makes natural gas powered buses more competitive in comparison with diesel buses 
  • Several orders for LPG cylinders from markets outside Europe  
  • Formal Russian approval of Rugasco's LPG cylinder 

Excluding Hexagon Devold, the Group generated operating income of NOK 1,280.1 (857.4) million for the year 2013, an increase of 49%. Operating profit before depreciation (EBITDA) was NOK 201.9 (87.0) million, an increase of 132%. Operating profit (EBIT) amounted to NOK 139.1 (31.9) million. Profit before tax totaled NOK 128.2 (19.2) million.

For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagon.no  

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | E-mail: solveig.saether@hexagon.no

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

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