Hexagon Composites ASA achieved sales of NOK 248.3 (231.8) million and an operating profit before depreciation (EBITDA) of NOK 9.8 (11.8) million in the fourth quarter of 2012. Operating profit (EBIT) was NOK -6.9 (-7.4) million and profit before tax was NOK -12.4 (-4.7) million.

The weak result is largely due to lower sales than expected in the Ragasco and Devold AMT business areas, while turnover in the High-Pressure area was satisfactory due to the increased level of activity in the U.S. The result has been negatively affected by production problems in the fourth quarter, as well as the effects of closing down Composite Scandinavia.

Significant events in the Group since the previous quarterly report:

* The closure of Composite Scandinavia and sale of equipment to JV in Russia has been completed
* Continued strong influx of new orders for TITAN(TM) bulk transport
* CNG passenger cars was formally transferred to Hexagon Raufoss from Ragasco. CNG cars is included in the High-Pressure area for reporting purposes from Q4 2012
* Hexagon Raufoss signed an agreement with a leading U.S. car manufacturer for the delivery of CNG containers valued at NOK 90 million over four years

The Group's annual sales in 2012 were NOK 1,033.0 (991.8) million. Operating profit before depreciation (EBITDA) was NOK 87.8 (108.0) million. Operating profit (EBIT) amounted to NOK 24.6 (35.3) million. Profit before tax was NOK 8.2 (28.4) million.

For more information:

Tore J. Fjell, Acting Group President, Hexagon Composites ASA
Telephone: +47 920 33 337 | [email protected]

Tor O. Husø, CFO, Hexagon Composites ASA
Telephone: +47 95 81 97 74 | E-mail: [email protected]

Solveig D. Saether, Communications Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | Email: [email protected]

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