RESULTS Q2 2014

Hexagon Composites ASA achieved operating income in the second quarter of 2014 of NOK 394.2 (322.0) million, a growth of 22% compared with second quarter 2013, and had an operating profit before depreciation (EBITDA) of NOK 80.5 (66.9) million. The operating profit (EBIT) was NOK 62.8 (52.0) million and profit before tax for continuing operations was NOK 56.8 (50.9) million.

The first half year of 2014 provided an operating income of NOK 804.7 (627.9) million, a growth of 28%, and had an operating profit before depreciation (EBITDA) of NOK 165.6 (114.9) million. The operating profit (EBIT) was NOK 130.0 (86.3) million, a growth of 51%, and profit before tax for continuing operations was NOK 114.2 (85.4) million.

Important developments since the previous report:

  • Retaining overall strong margins
  • Hexagon Ragasco experienced production challenges in June impacting output and profit margins
  • Continued ramp-up of Phase I expansion capacity in Hexagon Lincoln
  • Preparation for joint venture with Agility Fuel Systems
  • Hexagon Lincoln introduced TITANTM XL, the largest CNG trailer of its kind
  • Hexagon Lincoln received a new order valued at approx. USD 11.8 million (approx. NOK 71 million) for TITANTM modules to serve as mobile pipelines in North America
  • Hexagon Raufoss was nominated by a major car manufacturer to supply fuel cylinders
  • Temporary softening of the US Class 7-8 market

Other important events in the Half-year reported previously:

  • Hexagon Lincoln Inc entered into a joint venture agreement with Agility Fuel Systems
  • Sale of Hexagon Devold completed
  • Hexagon Ragasco received two new large orders from Qatar and Iraq to supply LPG cylinders
  • Dividend of NOK 0.33 per share was paid on 5th May 2014