OSLO, Norway--(BUSINESS WIRE)--Regulatory News:
NEL ASA (“NEL”) (OSE:NEL) reported breakeven adjusted EBITDA in the second quarter of 2015 on revenues of NOK 16 million. Through the acquisition of H2 Logic A/S (H2 Logic) of Denmark, the world's largest independent supplier of hydrogen refuelling stations, the company has significantly strengthened its strategic position.
NEL had a pre-tax loss of NOK 8.6 million in the second quarter, after transaction costs of NOK 5.3 million related to the completed acquisition of H2 Logic AS, compared to a pre-tax loss of 1.6 million in the first quarter of 2015. Comparisons are made with the preceding quarter as the business transformation makes comparisons to the second quarter of 2014 of no value.
Revenues in the second quarter were NOK 16.0 million, compared with NOK 17.6 million in the first quarter. EBITDA adjusted for the H2 Logic transaction costs was NOK 0.0 million, compared to NOK 1.5 million in the first quarter.
Through the previously announced acquisitions of H2 Logic AS and the increased ownership in Hyme AS, NEL is positioned to leverage the momentum in the hydrogen industry, as major car manufacturers are now introducing fuel cell electric vehicles. NEL is able to deliver a complete solution, from production of hydrogen to refuelling of vehicles.
H2 Logic is not yet consolidated in the profit and loss figures of NEL, but on a pro forma basis the combined companies would have had revenues of NOK 67.5 million and EBITDA adjusted for transaction costs of NOK 8.9 million in the first half of 2015.
At the end of the second quarter NEL had a cash balance of NOK 152.2 million. In connection with the acquisition of H2 Logic, NEL raised capital through a significantly oversubscribed private placement and subsequent offering. After these transactions the cash balance is currently approximately NOK 170 million.
About NEL
NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange. Since its foundation in 1927, NEL Hydrogen has a proud history of development and continual improvement of hydrogen plants. NEL is global a supplier of hydrogen solutions, covering the entire value chain from hydrogen production technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2 Logic A/S is a leading manufacturer of H2Station® hydrogen refueling stations that provides fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today. www.nel-hydrogen.com
This information was brought to you by Cision http://news.cision.com