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9

ABOUT HEXAGON COMPOSITES

BOARD OF DIRECTORS' REPORT FINANCIAL STATEMENTS

IMPORTANT EVENTS IN 2015

Q1

THE MARKET

• Record delivery volumes for Heavy-Duty Vehicle operations.

• Softer Mobile Pipeline™ sales due to order postponements.

• Hexagon Lincoln launched new 27-inch cylinder, its largest and lightest vehicle

fuel tank to date.

PRODUCTION

• Reasonable capacity utilization in the Low-Pressure Cylinders segment.

ANNUAL PROFIT 2014

• Operating income increased 30% from 2014 to NOK 1,650.8 million.

• EBIT was NOK 256.8 million and profit after tax was NOK 164.7 million.

Q2

THE MARKET

• Continued soft Mobile Pipeline™ sales due to order postponements.

• Consecutive record-delivery performance in the quarter for Heavy-Duty

Vehicle operations.

PRODUCTION

• Continued good capacity utilization in the Low-Pressure Cylinders segment.

FINANCIAL MEASURES

• Bondholder’s Meeting approved early redemption of NOK 300 million bond.

• Secured extended financing facilities in a club-deal that increased financing

capacity from NOK 685 million to NOK 1 billion on an unsecured basis.

DIVIDEND

• Dividend of NOK 0.62 per share paid for 2014.

Q3

THE MARKET

• Awarded extension of MAN Truck & Bus supplier nomination for global transit

bus market.

• Released 16-inch all-carbon cylinder for transit bus and refuse truck market.

• Secured new long-term Low-Pressure Cylinders distribution agreement with

Gasco in Saudi Arabia.

PRODUCTION

• Good capacity utilization in the Low-Pressure Cylinders segment.

OPERATIONS

• Operating losses driven by very weak Mobile Pipeline™ and low seasonal

Low-Pressure Cylinders sales.

• Restructured European Light-Duty Vehicles business unit according to plan.

• Initiated additional program of cost saving initiatives to enhance weak

short-term profitability.

Q4

THE MARKET

• Nominated by a leading international vehicle modifier, to supply CNG fuel tanks

to passenger vehicles in Europe.

OPERATIONS

• Profitability was restored, though at lower levels than in the previous year.

• All restructuring and cost initiatives completed.

Q1 2016

THE MARKET

• Awarded extension of long-term agreement with New Flyer Industries for the

North American transit bus market.

OPERATIONS

• Established a separate business unit for Hydrogen storage and transportation

systems.

M & A

• Acquisition of 67 % of a Brazilian entity to pursue fuel systems opportunities for

transit buses and heavy-duty trucks.

INVESTMENT

• The Group announced proposed private placement of new shares and strategic

cooperation agreement with Mitsui & Co., Ltd.

2015 AT A GLANCE

STRATEGY AND OBJECTIVES GROUP RESULTS

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