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Hexagon Composites ASA: Results for the first quarter 2016

In the first quarter 2016 Hexagon Composites generated NOK 291.6 (401.6)
million in operating income and made an operating profit before depreciation
(EBITDA) of NOK 18.6 (52.9) million. Operating profit (EBIT) was NOK 3.2
(39.5) million and profit/loss before tax came to NOK -2.6 (53.3) million.
Operating results in the first quarter were impacted positively by a 17%
growth in revenues within the Low-Pressure Cylinders segment versus the same
period last year. However weak sales volumes for Mobile PipelineTMsolutions
has hampered overall profitability for the Group, within the High-Pressure
Cylinders segment. The cost initiatives executed in 2015 are being realized
in 2016.
Key developments:

* Profitability impacted by weak Mobile PipelineTMsales.
* Solid growth in Low-Pressure Cylinders.
* 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
* Awarded a significant Mobile PipelineTMorder 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 |

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 |

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 |

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

HEX Q1 2016 Presentation
HEX Q1 2016 Report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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


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