Hexagon Composites ASA: Results for the second quarter and first half year 2017
(Thomson Reuters ONE) -
In the second quarter 2017 Hexagon Composites (OSE:HEX) generated NOK 372.0
(315.6) million in operating income and made an operating profit before
depreciation (EBITDA) of NOK 47.8 (37.0) million. Operating profit (EBIT) was
NOK 29.1 (19.7) million and profit/loss before tax came to NOK 18.0 (18.4)
million.
The financial statements include the Group's fifty-percent share of Agility Fuel
Solutions ("Agility") results accounted for under the equity method. In
addition, the fully consolidated financial results of the acquired xperion
Energy & Environment ("xperion") and related group subsidiaries are included.
There are no restatements to previously reported figures as a result of these
transactions which occurred, and were first reported, in the fourth quarter
2016.
Overall, Group operating profit has markedly improved versus the second quarter
2016, and the previous quarter. Operating results in the second quarter were
impacted positively by an 18% growth in revenues versus the same period last
year. The Low-Pressure segment continued profitable growth. However, sales
volumes were not strong enough within Mobile Pipeline(®) and Light-Duty Vehicles
to generate overall profit within the High-Pressure segment.
The first half year of 2017 provided an operating income of NOK 718.2 (607.2)
million and had an operating profit before depreciation (EBITDA) of NOK 82.9
(55.6) million. The operating profit (EBIT) was NOK 45.8 (22.9) million and
profit before tax was NOK 24.2 (15.8) million. The results are not comparable
due to the impacts of the M&A transactions occurring in the fourth quarter
2016, as earlier referenced. Therefore, the underlying improvements are stronger
than as is visible in the reported numbers.
Key developments
* Consecutive quarter of record high sales and record EBITDA for a single
quarter in the Low-Pressure segment
* Agility expands new Powertrain Systems business unit through acquisition,
accelerating product sales
* Sales volumes within Light-Duty Vehicles were negatively impacted by a
delayed customer acceptance; acceptance was achieved towards the end of the
quarter
* Significant sales orders received for composite CNG cylinder vehicle
conversions in Indonesia.
Key developments after balance sheet date
* Received a major development award for hydrogen cylinders for new fuel cell
electric vehicle (FCEV) models
* Hexagon Ragasco LPG received a major order from Iraq with a total value of
approximately NOK 120 million
* Expanded into the fuel cell heavy-duty truck market with deliveries to
Toyota and ASKO.
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
Hexagon Composites ASA is a publicly listed company with its headquarters in
Aalesund, Norway. The Group develops and produces composite pressure cylinders
and systems for storage and transportation of various gases. | www.hexagon no
Follow us on Twitter: (at)HexagonASA
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
HEX Q2 2017 Presentation:
http://hugin.info/132600/R/2127372/812370.pdf
HEX Q2 2017 Report:
http://hugin.info/132600/R/2127372/812369.pdf
Attachment_1:
http://hugin.info/132600/R/2127372/812371.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.08.2017 - 07:50 Uhr
Sprache: Deutsch
News-ID 556704
Anzahl Zeichen: 4478
contact information:
Town:
Ã…lesund
Kategorie:
Business News
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