Hansen Transmissions International NV - Trading Update
October 20 2010 - 2:01AM
UK Regulatory
TIDMHSN
Edegem/Antwerp, Belgium - London, UK - 20 October 2010 - 7:00 am UK time
GUIDANCE ADJUSTMENT FOR FINANCIAL YEAR 2011
Since early 2009, the volatility and challenges impacting the near term wind
market have been reflected in the financial results of Hansen Transmissions
International NV ("Hansen" or "the Company"), most recently in the Q1 Interim
Results announced on 26 July 2010, where we commented on our caution resulting
from the operating environment remaining challenging and lacking visibility.
Although the results for the second quarter of the financial year 2011 - ended
30 September 2010 - have improved compared to the first quarter for the current
financial year, Hansen believes the operating environment will remain
challenging for the next two quarters, being the last two quarters of the
financial year 2011.
As a result of recent significant adaptations by customers of wind gearbox
delivery schedules, volume expectations for the last two quarters of the
financial year 2011, which was anticipated to be back-end loaded, are reduced.
Consequently, the Company adjusts its total revenue guidance, from 5% to 10%
growth for the full financial year 2011, down to a revenue decrease of
approximately 10% from the level achieved for the financial year 2010.
The Company continues to build on its successful cost reduction measures to
minimise the impact on profitability and our confidence in the medium and
longer-term fundamentals of the wind industry remains.
COVENANT AMENDMENT
In order to maintain its financial flexibility, the Company has successfully
arranged amendments to its banking covenants.
The new banking covenants ratios are:
Previous Covenant New
Measurement period Date Ratios Covenant Ratios
(*) (*)
Q2 Financial Year 2011 30 September 2010 3.00x 3.25x
Q3 Financial Year 2011 31 December 2010 3.00x 3.25x
Q4 Financial Year 2011 31 March 2011 3.00x 3.00x
Q1 Financial Year 2012 30 June 2011 3.00x 3.00x
From Q2 Financial Year From 30 September
2012 and periods 2011 2.50x 3.00x
thereafter
(*)
Covenant Ratio: Consolidated Net Senior Debt [includes 9.0 mio EUR of bank
guarantees at 31 March 2010] divided by Last Twelve Months Consolidated EBITDA.
The Ratio of Consolidated Net Senior Debt to Consolidated EBITDA is tested end
of each quarter based on Last Twelve Months EBITDA
EBITDA: Operating Profit + depreciations and amortisation charges
Notwithstanding the re-negotiated banking covenants, the Company may exceed the
ratio of Consolidated Net Financial Debt to Consolidated EBITDA for not more
than two measurement periods prior to (and including) 31 March 2012 (such
periods may be consecutive), provided that the ratio of Consolidated Net
Financial Debt to Consolidated EBITDA does not at any time exceed 4.00.
Hansen confirms that the Company traded comfortably within its covenant level
for the quarter ending 30 September 2010.
1H FY 2011 RESULTS TO BE ANNOUNCED ON 28 OCTOBER 2010
The results for the first half ending 30 September 2010 will be announced on 28
October 2010.
ANALYST AND INVESTOR CONFERENCE CALL
Hansen will host an Analyst and Investor conference call regarding this Trading
Update
With: Alex De Ryck, CEO and Jan Willem Ruinemans, CFO
On: Wednesday 20 October 2010 - 08:00 am UK time
Dial-in details: +44 20 8515 2302
Please quote "Hansen" as the event title when joining the call and state your
name and company.
A replay of this conference call will be available on the Investor Relations
section of Hansen's website as from Wednesday evening 20 October 2010 on:
http://ir.hansentransmissions.com/ir/results/results_announcements
For further information, please contact:
Hansen Transmissions International NV
Investor Relations
Hans Ooms
De Villermontstraat 9
2550 Kontich - Belgium +32 3 450 58 61
hans.ooms.ir@hansentransmissions.com
http://ir.hansentransmissions.com/
Maitland
Sarah Hamilton +44 20 7395 0464
shamilton@maitland.co.uk +44 7836 295 291
Dan Yea +44 20 7395 0422
dyea@maitland.co.uk +44 7595 270 691
Financial Calendar - Hansen
FINANCIAL YEAR 2011
12 months period ending 31 March 2011
28 October 2010 Press Release 1H FY 2011 Results
27 January 2011 (*) Interim Management Statement Q3 FY 2011
19 May 2011 (*) Press Release Annual Results FY 2011
30 June 2011 Annual Shareholders' Meeting FY 2011
(*) date 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.
Neither the content of the Company's website nor the content of any other
website accessible from hyperlinks on the Company's website is incorporated
into, or forms part of, this announcement.
#
[HUG#1453307]
Press Release (PDF):
http://hugin.info/139494/R/1453307/393892.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Hansen Transmissions International NV via Thomson Reuters ONE
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