Hexagon Composites ASA: Results for the second quarter and first half year 2016
(Thomson Reuters ONE) -
In the second quarter 2016 Hexagon Composites generated NOK 315.6 (413.9)
million in operating income and made an operating profit before depreciation
(EBITDA) of NOK 37.0 (37.4) million. Operating profit (EBIT) was NOK 19.7 (23.2)
million and profit/loss before tax came to NOK 18.4 (-11.7) million.
Operating results in the second quarter were impacted positively by a 20% growth
in revenues within the Low-Pressure Cylinders segment versus the same period
last year. However weak sales volumes within High-Pressure Cylinders continue to
hamper overall profitability for the Group. The realized cost initiatives
executed towards the end of 2015 are proving effective in countering the above
volume reductions.
The first half year of 2016 provided an operating income of NOK 607.2 (815.5)
million and had an operating profit before depreciation (EBITDA) of NOK 55.6
(90.2) million. The operating profit (EBIT) was NOK 22.9 (62.7) million and
profit before tax was NOK 15.8 (41.6) million.
Key developments:
* Strong performance in Low-Pressure Cylinders.
* Profitability impacted by soft Heavy-Duty Truck sales.
* Mobile Pipeline® sales have improved versus first quarter but still
relatively low
* Order intake for deliveries later in the year is healthy.
* Announced joint merger of Heavy- and Medium-Duty CNG Automotive Products
with Agility Fuel Systems to form Agility Fuel Solutions with closing
targeted for 1st October 2016.
* Repaid all outstanding bank loans in the quarter.
* Announced joint venture agreement with Siddha Gas Technik in India to pursue
opportunities in India's natural gas market.
Other important events in the half-year reported previously
* The Group received NOK 667 million from a private placement of new shares
and entered a strategic cooperation agreement with Mitsui & Co., Ltd.
* Awarded extension of long-term agreement with New Flyer Industries for the
North American transit bus market.
* Acquisition of 67% of a Brazilian entity to pursue fuel systems
opportunities for transit buses and heavy-duty trucks in South America and
Africa.
* Awarded a significant Mobile Pipeline® order for distribution of biomethane
in the UK.
* Commenced a business viability study of a proposed joint venture with Mitsui
& Co., and Toray Industries, to manufacture and sell high-pressure cylinders
for hydrogen vehicles in Japan.
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
About Hexagon Composites ASA
Hexagon Composites ASA is a publicly listed company with its headquarters in
Aalesund, Norway. The Group is a leading global supplier of composite pressure
cylinders and systems for storage and transportation of various gases.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Proforma Agility and Hexagon CNG Merger Financial Statements:
http://hugin.info/132600/R/2035718/758237.pdf
HEX Q2 2016 Presentation:
http://hugin.info/132600/R/2035718/758235.pdf
HEX Q2 2016 Report:
http://hugin.info/132600/R/2035718/758233.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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#2035718]
Unternehmensinformation / Kurzprofil:
Datum: 18.08.2016 - 08:30 Uhr
Sprache: Deutsch
News-ID 489857
Anzahl Zeichen: 4424
contact information:
Town:
Ã…lesund
Kategorie:
Business News
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