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ABOUT HEXAGON COMPOSITES
BOARD OF DIRECTORS' REPORT FINANCIAL STATEMENTS
IMPORTANT EVENTS IN 2014
Q1
THE MARKET
• Large CNG automotive order intake.
PRODUCTION
• Program for doubling TUFFSHELL
®
capacity (Phase 1) compared to 2013
commissioned. Ramp-up of production continued throughout the year.
DIVESTMENT
• Hexagon Devold (composite reinforcements) sold to Saertex GmbH & Co. KG.
ANNUAL PROFIT
2013 PRESENTED
• Restated operating income increased 49% from 2012 to NOK 1,271.6 million.
• Restated EBIT was NOK 142.1 million and proft after tax was NOK 89.6 million.
Q2
THE MARKET
• Two new large orders from Qatar and Iraq for LPG cylinders from Hexagon
Ragasco. Total value approximately NOK 186 million.
• Introduction of TITAN™ XL by Hexagon Lincoln, the largest CNG trailer of its kind.
• New orders of approximately NOK 71 million for TITAN™ modules from
Hexagon Lincoln to serve as mobile pipelines in North America.
M&A
• Joint venture agreement between Hexagon Lincoln and Agility Fuel Systems.
DIVIDEND
• Dividend of NOK 0.33 per share paid for 2013.
Q3
THE MARKET
• Hexagon Raufoss nominated by major car manufacturer to supply fuel cylinders
for an expected total value of NOK 500 million. First deliveries targeted for the
beginning of 2017, with the program scheduled to continue up to 7 years.
• Gas Distribution Products (Mobile Pipeline™) orders of approximately
NOK 129 million received by Hexagon Lincoln.
PRODUCTION
• Strong capacity utilization for Low Pressure Cylinders operating segment.
Q4
THE MARKET
• Two large TITAN™ orders from existing clients in North America and Latin
America received by Hexagon Lincoln. Approximate value NOK 138.7 million.
PRODUCTION
• Continued strong capacity utilization for Low-Pressure Cylinders segment.
M&A
• Acquisition of MasterWorks by Hexagon Lincoln securing key technology
and enhanced engineering capacity within the High-Pressure Cylinder segment.
Q1 2015
THE MARKET
• Hexagon Lincoln launched new 27-inch cylinder, its largest and lightest tank to date.
ABOUT HEXAGON COMPOSITES
BOARD OF DIRECTORS' REPORT
FINANCIAL STATEMENTS
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