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Hexagon Composites ASA: Results for the second quarter and first half year 2015

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 PipelineTMsolutions. 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 PipelineTMsales
* A consecutive record delivery performance in the quarter for Heavy-duty
* 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@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 |solveig.saether@hexagon.no

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

HEX Q2 2015 report
HEX Q2 2015 presentation


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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