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Hexagon Composites ASA: Results for the second quarter and first half year 2015

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In the second quarter 2015 Hexagon Composites generated NOK 413.9 (394.2) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 37.4 (80.4) million. Operating profit (EBIT) was NOK 23.2 (62.8) million and profit/loss before tax came to NOK -11.7 (56.7) million.

Operating results declined compared with the second quarter of 2014, impacted by significantly lower sales volumes for Mobile PipelineTM solutions. Results were also impacted by the continued weak demand for light-duty vehicles in Europe. These effects were somewhat mitigated by continued strong sales volumes in the heavy-duty truck market in North America and transit bus markets in North America and Europe which reached record levels for a consecutive quarter, despite continued low oil prices. In addition, extraordinary costs related to the bond buy-back and refinancing had a negative impact on other financial items for the quarter. The full impact of savings in interest cost, following the refinancing, will take effect in the following quarters. 

The first half year of 2015 provided an operating income of NOK 815.5 (804.7) million and had an operating profit before depreciation (EBITDA) of NOK 90.2 (165.6) million. The operating profit (EBIT) was NOK 62.7 (129.9) million and profit before tax for continuing operations was NOK 41.6 (114.2) million.

Key developments:

  • Soft Mobile PipelineTM sales
  • A consecutive record delivery performance in the quarter for Heavy-duty vehicles
  • Good capacity utilization in the Low-Pressure Cylinders segment, but slightly down from second quarter 2014
  • Continued positive overall impacts of USD currency developments compared to same period last year.

 

Other important events in the half-year reported previously:

  • Executed early redemption of NOK 300 million bond
  • Secured financing facilities in a "club-deal" which extended financing capacity from NOK 685 million to NOK 1 billion on an unsecured basis 
  • Dividend of NOK 0.62 per share was paid on 7th May 2015.


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 | solveig.saether@hexagon.no


 

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

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