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 Pipeline™ 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.
Other important events in the half-year reported previously: