The Hexagon Group had a fourth quarter turnover of 183.1 MNOK (210.7), an operating profit before depreciation (EBITDA) of 15.5 MNOK (37.8). Operating profit (EBIT) was 0.9 MNOK (22.9). Profit before tax for the fourth quarter was 0.8 MNOK (-24.4). The final quarter of 2009 has been weak. This was expected and is due to the ramp-up of operations at the new Lincoln Composites factory, the reconstruction within the Ragasco factory and a weak market for Devold AMT.
2009 has been the best ever year for Hexagon Composites. The Group achieved a turnover of 866.2 MNOK for the year which is an increase of 13% in relation to 2008. Operating profit before depreciation (EBITDA) was 128.5 MNOK (105.6). Operating profit (EBIT) was 71.9 MNOK which is 21% better than 2008. Profit before tax amounted to 86.4 MNOK (-9.8).
Important events in the Group since the previous interim report:
- Ragasco has completed the factory reconstruction providing an increased production capacity which is expected to give a production level of 2 million units by the end of 2010.
- The high-pressure business unit has completed the qualification program for the new TITAN(TM) containers.
- The high-pressure business unit has received a 12 MNOK order for the sale of TITAN(TM) modules to PetroVietnam
Ragasco delivered an operating profit of 10.2 MNOK (17.6) in the fourth quarter. In the high-pressure container business unit (Lincoln/Raufoss) an operating result of -2.4 MNOK (-1.7) was realised. The composite reinforcement business unit (Devold AMT) reported an operating result of -4.0 MNOK (7.9)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)