Hansen Transmissions International NV - Interim Management Statement for the first quarter of financial year 2011
July 26 2010 - 2:15AM
UK Regulatory
TIDMHSN
Edegem/Antwerp, Belgium - London, UK - 26 July 2010 - Hansen Transmissions
International NV ("Hansen", "the Group" or "the Company") today announces its
Interim Management Statement for the 3 months ended 30 June 2010. The financial
information reported in this release is presented in euro and has been prepared
in accordance with the recognition and measurement criteria of IFRS as adopted
by the European Union. The accounting policies and methods of computation
followed for the 3 months ended 30 June 2010 are the same as those followed in
the consolidated annual accounts as per 31 March 2010. The financial information
in this release is unaudited; the statutory auditor has conducted a limited
review for the period. The interim report is in compliance with IAS 34.
HIGHLIGHTS - FIRST QUARTER FY 2011
* Revenue 107 million EUR compared to 136 million EUR for the same period last
year
* EBITDA1 of 6.7 million EUR - margin of 6.2%, up from 5.2% for the first
quarter of the previous financial year
* Net financial debt at 109.7 million EUR on 30 June 2010 - reduction of 19
million EUR in first quarter of the financial year, as a result of
intensified working capital management
* Consolidated Net Senior Debt to Consolidated EBITDA1 ratio of 2.98 times at
30 June 2010, well within the covenant level of 4.50 times for that period
* Ongoing management of cost base and continued improvement in operational
efficiencies
* Tentative signs of recovery in a market environment that remains
challenging, providing some optimism for an improvement in the second half
of calendar year 2010 and reflected in our maintained guidance
* Hansen continues to be well-positioned with its growing portfolio of major
customers and several new products to be released to the wind turbine market
in the short and medium term
1 EBITDA = earnings before interest, tax, depreciation & amortization
EBITDA is calculated after exceptional items, which fluctuate depending on
expansion projects and subsidies
Alex De Ryck, CEO of Hansen commented: "The wind turbine and wind gearbox market
has seen significant changes over the past 18 months and consequently we have
adapted our fixed cost and capital investment base and re-positioned our product
and customer portfolio. We continue to retain our market share with our existing
customer base and we are gaining new Chinese customers. Although the market
environment remains challenging, we see signs of improvement for the second half
of this calendar year. Our confidence in the wind industry's medium and longer
term fundamentals remains strong and we continue to be well placed in the market
with a growing portfolio of products and geographically well positioned major
customers."
HANSEN TRADING UPDATE
Hansen Group Consolidated For the 3 months ended|% change| For the 3 months|
| | ended|
| | |
30 June 2010| | 30 June 2009|
| | |
Unaudited| | Unaudited|
=-----------------------------------------------+--------+---------------------+
(EUR000)| | (EUR000)|
| | |
| | |
| | |
Revenue 107,042| -21%| 136,261|
=-----------------------------------------------+--------+---------------------+
| | |
| | |
EBITDA1 6,679| -6.4%| 7,136|
| | |
Ebitda Margin 6.2%| | 5.2%|
| | |
Depreciation & | | |
amortization 12,167| | 9,213|
| | |
EBIT2 -5,488| | -2,077|
| | |
Ebit Margin -5.1%| | -1.5%|
As at | As at |
| |
30 June 2010 | 31 March 2010 |
| |
Unaudited | |
---------------+---------------+
(EUR000) | (EUR000) |
| |
| |
| |
Net working capital 161,225 | 178,566 |
=-----------------------------------+---------------+
Net Financial Debt3 109,709 | 128,798 |
=-----------------------------------+---------------+
1 EBITDA = earnings before interest, tax, depreciation & amortization
2 EBIT = EBITDA after depreciation & amortization
3 Net Financial Debt = calculated as long- & short-term financial debts minus
cash & cash equivalents
REVENUES
During the first quarter of financial year 2011, the reported revenue decline of
21% was mainly due to a reallocation of scheduled deliveries in wind turbine
gearboxes as Hansen worked with customers to manage their requirements in line
with the current operating and credit environment.
Revenues for the first quarter of financial year 2011 came in at 107 million
EUR, largely in line with the 110 million EUR revenues for the last quarter of
the previous financial year.
EBITDA MARGIN
EBITDA of 6.7 million EUR with EBITDA margin of 6.2%, up from 5.2% for the first
quarter of the previous financial year.
BALANCE SHEET
On 30 June 2010, the Company had a net financial debt position of 110 million
EUR, calculated as long-term and short-term financial debts minus cash and cash
equivalents.
Cash and cash equivalents as at 30 June 2010 are 134 million EUR.
The Consolidated Net Senior Debt to Consolidated EBITDA ratio was 2.98 times at
30 June 2010, well within the renegotiated covenant limit of 4.50 times for that
period.
EXCEPTIONAL ITEMS
In the first quarter of the financial year 2011, the Company booked one-time
revenues of 0.2 million EUR relating to expansion projects, compared to 5.6
million EUR in the last quarter in financial year 2010. These revenues are
included in EBITDA and EBIT.
SHAREHOLDER MEETINGS
All the resolutions presented to the Annual, the Extraordinary and the Special
Shareholders' Meeting held on 24 June 2010 in Edegem, Belgium were adopted. At
the Special Shareholders' Meeting the resolution to appoint Mr. Martin Nègre as
the second (non-executive) Nominee Director was passed.
OUTLOOK
The volatility and challenges affecting the near term wind market have been
reflected in Hansen's financial results and this trend continues.
While the order book has seen rescheduling, our ongoing dialogue with customers
continues to suggest some optimism for improvements in the second half of the
2010 calendar year.
Hansen continues to expect revenue for the financial year 2011 to be back-end
loaded. Against this backdrop, we reiterate expected revenue growth for the full
financial year 2011 of around 5% to 10%, compared to the financial year 2010.
With 'phased' expansion plans, our growth strategy remains both operationally
and financially flexible. We aim for profitable growth and continue to diversify
our customer base.
We have several new products in development which we expect will be in
production within 24 months.
Our confidence in the wind industry's medium and longer-term fundamentals
remains strong and we continue to be well positioned in the market with a
growing portfolio of major customers and products.
ANALYST AND INVESTOR CONFERENCE CALL
Hansen will host an Analyst and Investor meeting on the Q1 Interim Management
Statement for financial year 2011
With: Alex De Ryck, CEO
On: Monday 26 July 2010 - 09:00 am UK time
At: Goldman Sachs,
River Court,
7th Floor, Room G&H,
120 Fleet Street,
London,
EC4A 2QQ
Dial-in details: + 44-20-8515-2302
(Please quote "Hansen Transmissions Presentation" as the event title when
joining the call and state your name and company)
A replay of this presentation will be available on the Hansen website as from
Monday evening 26 July 2010 on
http://ir.hansentransmissions.com/ir/results/results_announcements.
For further information, please contact:
+--------------------------------------------------------+
| Hansen Transmissions International NV |
| |
| Investor Relations |
+--------------------------------------+-----------------+
| Hans Ooms | +32 3 450 58 62 |
| De Villermontstraat 9 | |
| 2550 Kontich - Belgium | |
| hans.ooms.ir@hansentransmissions.com | |
| http://ir.hansentransmissions.com/ | |
+--------------------------------------+-----------------+
+---------------------------------------------+
| Investors & Analysts |
| Maitland |
+--------------------------+------------------+
| Sarah Hamilton | +44 20 7395 0464 |
| shamilton@maitland.co.uk | |
+--------------------------+------------------+
+---------------------------------------------+
| Financial Press |
| M:Communications |
+--------------------------+------------------+
| Eleanor Williamson | +44 20 7920 2339 |
| Williamson@mcomgroup.com | |
+--------------------------+------------------+
Financial Calendar - Hansen
FINANCIAL YEAR 2011
12 months period ending 31 March 2011
+--------------------------------------+---------------------------------------+
|26 July 2010 |Interim statement Q1 2011 Results |
+--------------------------------------+---------------------------------------+
|28 October 2010(*) |Press Release 1H 2011 Results |
+--------------------------------------+---------------------------------------+
|27 January 2011(*) |Interim statement Q3 2011 Results |
+--------------------------------------+---------------------------------------+
|19 May 2011(*) |Press Release FY 2011 Results |
+--------------------------------------+---------------------------------------+
| |Publication Annual Financial Report FY |
|31 May 2011(*) |2011 |
+--------------------------------------+---------------------------------------+
|30 June 2011 |Annual Shareholders' Meeting FY 2011 |
+--------------------------------------+---------------------------------------+
(*) dates subject to final
confirmation
About Hansen Transmissions
Hansen Transmissions International NV is an established global wind turbine
gearbox and industrial gearbox designer, manufacturer and supplier, with a
leading position (by MW supplied) in the wind turbine gearbox market. The
Company supplies gearboxes to the world's major manufacturers of gear-driven
wind turbines and provides durable gear drives for a wide range of industrial
applications throughout the world. Both Hansen's wind energy and industrial
activities have established dedicated international service networks. In
addition to its principal state-of-the-art manufacturing facilities located in
Flanders, Belgium - i.e. a wind turbine and industrial gearbox plant and a fully
integrated, dedicated wind turbine gearbox manufacturing facility - Hansen has a
production plant for wind turbine gearboxes in Coimbatore, India and an assembly
and testing plant for the Chinese market, located in Tianjin, China. As such,
Hansen plans to increase its wind turbine gearbox manufacturing capabilities
from 8,500 MW per annum in the financial year 2010 to 14,300 MW in financial
year 2013. Strong in-house R&D operations maintain Hansen's technological
leadership and the Company employs approximately 2,200 people worldwide.
http://www.hansentransmissions.com/en/
http://ir.hansentransmissions.com/
Forward Looking Statements
This press release may include statements that are "forward-looking statements".
In some cases, these forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes", "estimates",
"forecasts", "plans", "prepares", "projects", "anticipates", "expects",
"intends", "may", "will", "should" or other similar words. Forward-looking
statements may include, without limitation, those regarding Hansen's financial
position, business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to Hansen's
products) and the wind turbine and gearbox markets. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Hansen, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such forward looking statements are based on numerous assumptions
regarding Hansen's present and future business strategies and the environment in
which Hansen will operate in the future. These forward looking statements speak
only as of the date of this press release. Hansen expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in Hansen's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
#
[HUG#1433948]
Press Release (PDF): http://hugin.info/139494/R/1433948/379698.pdf
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Source: Hansen Transmissions International NV via Thomson Reuters ONE
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