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ER - Hexagon Composites ASA : Interim results for Q4 2013

Company: Hexagon Composites Date: 2014-02-13 Language: English Register to download

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 Hexagon Composites ASA : Interim results for Q4 2013

# Hexagon Composites ASA : Interim results for Q4 2013

  

  

  

In the consolidated financial statements for the fourth quarter and year-end  

results for 2013, Hexagon Devold is presented on a separate line as 'held for  

sale', since the company was divested in January 2014. Hexagon Devold is  

therefore no longer included in the consolidated financial statements.  

Comparable figures have been amended correspondingly.  

  

In the fourth quarter 2013, Hexagon Composites ASA (excluding Hexagon Devold)  

generated NOK 306.5 (211.5) million in operating income, and made an operating  

profit before depreciation (EBITDA) of NOK 31.3 (7.4) million. Operating profit  

(EBIT) came to NOK 12.8 (-7.5) million, whilst profit before tax totaled NOK  

7.8 (-11.7) million. The results in the quarter were negatively affected by  

guarantee provisions of NOK 10 million and inventory write-downs of NOK 11  

million. The quarterly result was positively impacted by an insurance refund of  

NOK 7.4 million. Goodwill in Hexagon Raufoss has been written down by NOK 3.9  

million during the quarter. Operating profit in the quarter includes a charge of  

NOK 1.9 million from the Russian joint venture company Rugasco.  

  

Significant events since the previous report:  

  

\* Sale of Hexagon Devold to Saertex GmbH & Co. KG  

\* Strong growth in demand for Heavy-Duty Vehicle fuel tanks  

\* Substantial sales of TITAN(TM) modules in North and South America  

\* Introduction of the Euro 6 standard with effect from 1 January 2014, which  

makes natural gas powered buses more competitive in comparison with diesel  

buses  

\* Several orders for LPG cylinders from markets outside Europe  

\* Formal Russian approval of Rugasco's LPG cylinder  

Excluding Hexagon Devold, the Group generated operating income of NOK 1,280.1  

(857.4) million for the year 2013, an increase of 49%. Operating profit before  

depreciation (EBITDA) was NOK 201.9 (87.0) million, an increase of 132%.  

Operating profit (EBIT) amounted to NOK 139.1 (31.9) million. Profit before tax  

totaled NOK 128.2 (19.2) million.  

  

For more information:  

Jon Erik Engeset, CEO, Hexagon Composites ASA  

Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no  

  

David Bandele, CFO, Hexagon Composites ASA  

Telephone: +47 920 91 483 | david.bandele@hexagon.no  

  

Solveig D Saether, Communication Manager, Hexagon Composites ASA  

Telephone: +47 906 34 977 | E-mail: solveig.saether@hexagon.no  

  

  

  

This information is subject of the disclosure requirements pursuant to section  

5-12 of the Norwegian Securities Trading Act.  

  

  

\[HUG#1761563\]