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Half-year report, January – June 2011

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Second quarter of 2011 – Sharp growth with further improved margins

  • Net sales increased sharply and amounted to 1,776 MSEK (966).
  • Operating profit amounted to 230 MSEK (116), up 98 per cent.
  • The operating margin rose to 13.0 per cent (12.0).
  • Profit after tax increased sharply to 158 MSEK (80).
  • Earnings per share rose strongly and totalled 4.58 SEK (2.73*).
  • Operating cash flow amounted to 201 MSEK (117).

First half of 2011 – Sharp growth with strong margins – successful integration of Excel Polymers Group

  • Net sales increased sharply and amounted to 3,562 MSEK (1,716).
  • Operating profit amounted to 440 MSEK (203), up 117 per cent.
  • The operating margin rose to 12.4 per cent (11.8).
  • Profit after tax increased sharply to 297 MSEK (138).
  • Earnings per share rose strongly and totalled 9.30 SEK (4.70*). Earnings per share based on the number of shares outstanding at the close of the period amounted to 8.63 SEK.
  • Operating cash flow was 344 MSEK (179).
  • A new share issue was completed during the first half of the year, generating funds totalling approximately 539 MSEK.
  • Rapid and successful integration of Excel Polymers Group, which was acquired on November 30, 2010.
  • Cost synergies in the acquisition were more substantial and realised more rapidly than expected.

President’s comments

“Our forceful growth has continued with sharply higher sales in all units. We have also further improved our margins as a result of high capacity utilisation in most of our production units. The integration of Excel Polymers Group has been completed and the units are successfully integrated on a geographical basis in the HEXPOL Compounding business area.

Group sales rose 84 per cent, of which organic growth accounted for approximately 23 per cent, and, once again, we managed the volume growth in a flexible manner. Operating profit (EBIT) increased 98 per cent to 230 MSEK (116) and our operating cash flow remained strong, amounting to 201 MSEK (117). Earnings per share rose sharply and amounted to 4.58 SEK (2.73*).

Growth and earnings developments were strong during the first six months of the year. Earnings per share rose to 8.63 SEK (4.70*), based on the actual number of shares, with a continued strong operating cash flow and improved operating margins.”

Georg Brunstam, President and CEO

For further information, contact:

Georg Brunstam, President and CEO
Tel: +46 708 55 12 51

Urban Ottosson, CFO
Tel: +46 767 85 51 44

HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets) and wheels made of plastic and rubber materials for truck and castor wheel application (Wheels).Customers are primarily OEM manufacturers of plate heat exchangers and trucks, global systems suppliers to the automotive- and engineering industry and the medical technology industry. The Group is organised in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. HEXPOL's sales in 2010 amounted to approximately 3,800 MSEK. After the acquisition of Excel Polymers Group, the HEXPOL Group has approximately 3,100 employees in nine countries and pro forma sales in 2010 of above 6,300 MSEK. Read more at www.hexpol.com.

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