Hexagon Composites ASA: Results for the second quarter and first half year 2015
(Thomson Reuters ONE) -
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(TM) 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 Pipeline(TM) 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(at)hexagon.no
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele(at)hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether(at)hexagon.no
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
HEX Q2 2015 presentation:
http://hugin.info/132600/R/1945276/705190.pdf
HEX Q2 2015 report:
http://hugin.info/132600/R/1945276/705189.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Hexagon Composites ASA via GlobeNewswire
[HUG#1945276]
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Datum: 13.08.2015 - 08:30 Uhr
Sprache: Deutsch
News-ID 413389
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