Financial Highlights

1 Earnings before business acquisition and consolidation (“BA&C”) expenses, other income, interest, taxes, depreciation and amortization and equity in income (loss) and write-down of an investment in affiliated companies.
2 Excludes BA&C expenses and other acquisition related costs, net of applicable tax benefits, a write-down of an investment in affiliated companies, and a US effective tax provision of 36% in 1997.


A Corporate Profile

Hexcel Corporation: the world’s leading advanced structural materials company. Following a series of acquisitions, Hexcel today is a global enterprise with over $1 billion in annual sales.

Hexcel is the largest US producer of carbon fiber; the world’s largest manufacturer of structural fabrics; the leading global producer of fiberglass electronic materials; the number one producer of composite materials such as honeycomb, prepregs, film adhesives and sandwich panels; and a leading manufacturer of composite parts and structures.

The company markets its products to customers in the commercial aerospace, space and defense, electronics, recreation and general industrial markets. Manufacturing facilities located in 12 countries around the world are operated by an experienced multinational management team.

Hexcel materials are used on virtually every commercial and military aircraft produced in the western world, and in thousands of other products, from satellites and launch vehicles, to high speed trains and ferries, cars and trucks, cellular telephones, laptop computers, skis and golf clubs, and construction materials.

Founded over 50 years ago, Hexcel has adopted a corporate mission to combine people, materials and science to deliver superior performance to our customers.


Letter to Stockholders

Operational Excellence

Commercial Aerospace

Space and Defense




Risks, Uncertainties, Other Factors with Respect to“Forward-Looking Statements”

Certain statements contained in this document constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and, accordingly, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1999 filed with the Securities and Exchange Commission, along with Quarterly Reports on Form 10-Q subsequently filed with the SEC.