TIDMHSN
Edegem, Belgium - London, UK - 28 October 2010 - Hansen Transmissions
International NV ("Hansen", "the Group" or "the Company") (LSE ticker 'HSN')
today announces its results for the 3 months ended 30 September 2010 and for the
6 months ended 30 September 2010.
HIGHLIGHTS 1H FY 2011
* Revenue 239 million EUR compared to 286 million EUR for the same period in
the previous year
* EBITDA1 margin at 9.5% - up from 6.0% for the same period last year,
primarily driven by successful implementation of cost reduction measures
* The Company continues to manage its operating costs and capacity utilization
closely in line with the current trading environment
* During the period, the Company generated 55.2 million EUR operating cash
flow
* Reduction in Net financial debt to 88.3 million EUR on 30 September 2010 and
Consolidated Net Senior Debt/Last Twelve Months Consolidated EBITDA1 of
2.11 x on 30 September 2010, comfortably within the revised covenant level
of 3.25 x (previous level of 3.00 x)
1 EBITDA = earnings before interest, tax, depreciation & amortization
Alex De Ryck, CEO of Hansen commented:
"Current market conditions in the wind sector are challenging. With limited
growth in European markets and a near standstill in the US, it is clear that a
sustained improvement in order flows is taking longer than previously
anticipated, leading to our previously announced reduction in expected revenues
for the current financial year.
While demand for our products in Europe and the US remains under pressure, the
Chinese and Indian wind markets are experiencing significantly better growth
rates. Hansen is well positioned in these growing markets, although the current
revenue contribution from new Chinese customers remains small. In addition we
continue to focus on further client diversification worldwide and the widening
of our product offering.
Our balance sheet is strong, and we continue to retain a significant amount of
flexibility to manage the business through the continued challenging market
conditions.
Following the proposed divestment of our Industrial Gearbox business to Sumitomo
Heavy Industries, we will benefit from the sale proceeds, a reduction in our
currently underutilized manufacturing capacity and from becoming a pure
renewable energy business.
Our confidence in the wind industry's medium and longer term fundamentals
remains strong and we continue to be well placed to capture our share of this
market."
OUTLOOK
Since early 2009, the volatility and challenges affecting the near term wind
market have been reflected in the financial results of Hansen and this trend
continues.
As previously indicated, Hansen believes the operating environment will remain
challenging for some time, with limited short term visibility and volatility in
the order scheduling by our customer base, in line with the end demand for
turbines.
Reflecting this challenging trading environment, and as announced in Hansen's
trading update published on 20 October 2010, Hansen expects revenues for the
current financial year to decrease by approximately 10% from the level achieved
for the financial year 2010.
The Company continues to focus on ongoing cost reduction measures, production
optimization and capacity utilization measures to reduce the impact on
profitability of the reduced output levels.
ANALYST AND INVESTOR CONFERENCE CALL
Hansen will host an analyst presentation on the First Half Results of the
Financial Year 2011:
With: Alex De Ryck, CEO
Jan Willem Ruinemans, CFO
On: Thursday 28 October - 09:00 am UK Time
At: Bank of America Merrill Lynch
Auditorium
Bank of America Merrill Lynch Financial Centre
2 King Edward Street
London EC1A 1HQ
Dial-in details:
Dial-in number: +44 20 8996 3920
Pass code: 169088
A replay of this analyst presentation will be available on the Investor
Relations section of Hansen's website as from Thursday evening 28 October 2010
on http://ir.hansentransmissions.com/ir/results/results_announcements .
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 6 months ended 30 September 2010 are the same as
those followed in the consolidated annual accounts as per 31 March 2010. The
full report containing the Condensed Consolidated Interim Financial Statements
for the six month period ended 30 September 2010 including the Auditor's Report
is published on the website of Hansen under the Investor Relations section. The
financial information in this interim report is in compliance with IAS 34. For
the full set of Condensed Consolidated Interim Financial Statements, please
click here.
HANSEN CONSOLIDATED RESULTS - summary financial information
Condensed Consolidated Interim Financial Statements for the 6 months period
ended 30 September 2010 available on:
http://ir.hansentransmissions.com/ir/reports/interim_financial_statements
For the 6 |% change| For the 6 | For the 3 | %| For the|
months| | months| months|change| 3 months|
period| |period ended| period| | period|
ended| |30 September| ended| | ended|
30 September| | 2009| 30 | | 30 |
2010| | | September| |September|
| | | 2010| | 2009|
=--------------------------+--------+------------+ -----------+------+---------+
Unaudited| | Unaudited| Unaudited| |Unaudited|
=--------------------------+--------+------------+ -----------+------+---------+
KEUR| | KEUR| KEUR| | KEUR|
| | | | | |
| | | | | |
| | | | | |
Revenue 238,861| -16.5%| 285,946| 131,819|-11.9%| 149,685|
=--------------------------+--------+------------+ -----------+------+---------+
| | | | | |
| | | | | |
EBITDA1 22,794| +33.3%| 17,095| 16,115|+61.8%| 9,959|
| | | | | |
Margin 9.5%| | 6.0%| 12.2%| | 6.7%|
| | | -----------+------+---------+
Net | | |
profit/(loss) | | |
for the period (9,981)| | (8,902)|
| | |
| | |
=--------------------------+--------+------------+
Total shares - | | |
weighted av. 670,104,208| | 670,104,208|
| | |
EPS - Basic | | |
(in EUR) (0.015)| | (0.013)|
| | |
| | |
=--------------------------+--------+------------+
Net debt | | |
(cash) 88,288| -51.0% | 180,331|
=--------------------------+--------+------------+
Purchase | | |
property, | | |
plant & | | |
equipment. 7,160| | 46,481|
=--------------------------+--------+------------+
Headcount 2,110| | 2,376|
=--------------------------+--------+------------+
(1) EBITDA = earnings before interest, tax, depreciation & amortization
EXPLANATORY NOTE
The Group's results for the first half of the financial year 2011 were impacted
by the volatility and challenges faced by the wind market.
Although revenue for the second quarter of this financial year increased by
23.1% compared to the previous quarter of this financial year, total revenue in
the first half of the financial year 2011 decreased by 16.5% compared to the
same period last year due to a lower level of activity.
The following table provides a breakdown of the revenue per gearbox type for the
six months ended 30 September 2010 and the six months ended 30 September 2009:
+----------+----------+------+
in KEUR |1H FY 2011|1H FY 2010|Change|
+-----------------------------------------------+----------+----------+------+
|Revenue from the sale of Wind turbine gearboxes| 197,423| 245,123|-19.5%|
+-----------------------------------------------+----------+----------+------+
|Revenue from the sale of Industrial gearboxes | 41,438| 40,823| +1.5%|
+-----------------------------------------------+----------+----------+------+
| 238,861| 285,946|-16.5%|
+----------+----------+------+
The total investment in property, plant and equipment for the first half of the
financial year 2011 was 7.2 million EUR, which related primarily to maintenance
investments. The total investment for the full financial year 2011 is expected
to reach approximately 30 million EUR.
In order to align global manufacturing capacity with the reduced market demand,
Hansen has not invested in additional manufacturing capacity in the first half
of the financial year 2011.
PEOPLE
NEW CHIEF FINANCIAL OFFICER ("CFO")
Jan Willem Ruinemans joined on 1 September 2010 as CFO of Hansen.
Before joining Hansen, Jan Willem was CFO and an Executive Board member of BE
Semiconductor Industries, a leading Dutch manufacturer of assembly equipment for
the global semiconductor and electronics industry. Prior to this position he
worked at Philips for 13 years in a number of senior financial management
positions.
OTHER MANAGEMENT APPOINTMENTS
On 1 September 2010, Hansen appointed Mr. Mohan Nagamangala Srinivasan as Chief
Operating Officer. He takes over from Cliff Dawson who has decided to retire on
1 November 2010. Mohan, previously executive Director and member of the Board of
Hansen Drives Ltd, a subsidiary of Hansen Transmissions, has been key to the
successful development of the Coimbatore manufacturing facility in India.
On 22 September 2010, Hansen appointed Leszek Biskup-Koestner as Vice President,
Six Sigma. Leszek is a quality management specialist with over sixteen years of
Six Sigma experience gained at a number of best-in-class companies including
Siemens and GE Capital Fleet services and, more recently, Bombardier
Transportation and Wabco Vehicle Control Systems.
EMPLOYEES
The Company continued temporary unemployment schemes for blue and white collar
employees in Belgium to align its workforce to the current economic situation.
The total headcount of the Group at 30 September 2010 is 2,110, down from 2,193
on 31 March 2010 (-3.8%).
MARKET POSITION
WIND TURBINE GEARBOXES
Market update
As a consequence of the financial crisis, the wind sector outside of China has
been consistently weak for the past two years. The lack of available financing,
the lower electricity demand in Europe and the US, the uncertainty about US
regulation and the low gas prices all had an impact on the wind sector,
resulting in a lack of order flows for wind turbines and continued poor
visibility in the short term. The Chinese and Indian market on the other hand
experienced volume growth, driven by favourable government policies, increasing
power demand and available financing.
Hansen's position
Hansen is one of the world leaders in multi-MW Wind turbine gearboxes. Despite
the challenging market conditions of the past 24 months, Hansen has successfully
maintained its strong position with its clients. Additionally Hansen has
increased its client diversification program and will continue to do so.
Collaboration with Romax
To further strengthen its position as one of the leading designers and
manufacturers of high quality gear units, Hansen will work together with Romax,
the drive train and gearbox solutions specialists, to deliver to certain Chinese
and South Korean wind turbine manufacturers a complete and technically advanced
service for the design, development and supply of state-of-the-art gearboxes for
multi-MW wind turbines. This partnership is a clear commitment to strengthening
Hansen's resources, increasing and enhancing our offering, and targeting best-
in-class time-to-market in the Asian region.
INDUSTRIAL GEARBOXES - HANSEN INDUSTRIAL TRANSMISSIONS
The revenue of Hansen's industrial gearbox division, Hansen Industrial
Transmissions, increased by 1.5% compared to first half of the previous
financial year, showing signs of an improved operational environment.
Bid from Sumitomo HI for Hansen Industrial Transmissions
On 15 October 2010, Hansen announced that it had received an offer for its
industrial gearbox division (Hansen Industrial Transmissions ("HIT")) from
Sumitomo Heavy Industries ("Sumitomo HI") (the "Proposed Transaction"). The
management team and Board of Hansen have evaluated the Proposed Transaction in
detail and believe it presents an attractive opportunity for both its industrial
and wind gearbox businesses.
As a result of the Proposed Transaction, Hansen Transmissions will focus itself
as a pure renewable energy business. The Group's management and Board are
convinced that this is the right strategic path that will lead to a stronger and
more focused position in a sector with substantial long-term opportunities.
Hansen Transmissions has started the information and consultation process with
respect to the contemplated divestment. The Proposed Transaction requires the
Hansen plant in Edegem, Belgium, to be restructured before completion (the
"Restructuring"). The Restructuring may lead to a headcount reduction in Belgium
of up to 125 employees out of a total HIT headcount of 730 in seven countries
worldwide (514 in Belgium). It is envisaged that the management team of HIT will
transfer with HIT on completion of the Proposed Transaction.
The Proposed Transaction values HIT at 75 million EUR on a cash and debt free
basis, before costs that will be incurred and borne by Hansen Transmissions in
connection with the Restructuring of HIT prior to completion of the Proposed
Transaction. The final consideration will be payable in cash at completion. The
Proposed Transaction will be subject to the approval of Hansen's shareholders.
The final proceeds received by Hansen Transmissions in respect of the Proposed
Transaction will primarily be used to pay down debt.
PRODUCT
Besides an important focus on client diversification, Hansen is working hard to
broaden and enhance its product portfolio for the wind turbine market. The
development of eight new products, both for Hansen's existing and new clients,
is progressing as on schedule.
PRODUCTION
MANUFACTURING UNITS
Hansen has three dedicated wind turbine gearbox plants in Belgium, India and
China. The capacity of these fully integrated plants for gearboxes for wind
turbines, combined with capacity in the Edegem plant in Belgium, results in a
global manufacturing capacity for wind turbine gearboxes of 8,700 MW as of 30
September 2010.
Following any sale of the Industrial Gearbox business to Sumitomo HIT, Hansen
Transmissions plans to discontinue its wind gearbox activities in the Edegem
plant in Belgium, and concentrate the production, assembly and testing of wind
turbine gearboxes in its existing dedicated wind gearbox facilities. This will
reduce Hansen Transmissions' global wind turbine gearbox manufacturing capacity
of 8,700 MW by 1,100 MW. This reduction in capacity will help reduce the level
of over capacity in Hansen Transmissions' remaining facilities and is reflective
of the continued volatility and uncertainty in the global wind energy market.
Following the rescheduling of orders as announced by the Company on 20 October
2010, the global utilization rate for the dedicated wind gearbox factories is
expected to reach approximately 45% to 50% for the financial year 2011. The
potential sale to Sumitomo HI results in an improvement of utilization rate to a
level of approximately 50% to 55% based on the current year's expected volume.
MANUFACTURING CAPACITY
Based on current market conditions, Hansen continues to optimise the phasing of
its manufacturing capacity expansion plan up to financial year 2013.
In order to align global manufacturing capacity with the reduced market demand,
Hansen does not anticipate investing in additional manufacturing capacity in the
financial year 2011.
Hansen will continue to monitor closely the annual phasing of additional gear
manufacturing capacity in India and China, in order to align capacity to market
conditions and demand from customers. Hansen is currently reviewing its capacity
expansion plans and after the completion of the proposed sale of the Industrial
Gearbox business to Sumitomo HI, Hansen expects to update the market on the
likely phasing of capacity expansion for the following years.
P&L
OUTPUT
The Company's sales in wind turbine gearboxes decreased from 2,499 MW in the
first half of financial year 2010 to 2,042 MW in the first half of financial
year 2011.
The Company has recently completed a full review of order schedules with its
customers. Following this review, which resulted in significant rescheduling of
orders for the last quarter of the current financial year, Hansen announced on
20 October 2010 revised revenue guidance for the current financial year.
The majority of the revenue shortfall has occurred within our European customer
base. The Company continues to closely work with its customers to align
deliveries to their volume requirements.
OPERATING MARGINS
The following table provides a condensed breakdown of Hansen's cost of sales:
For the six|% of revenue| For the six|% of revenue
months| | months|
ended| | ended|
30 September| | 30 September|
2010| | 2009|
Unaudited| | Unaudited|
=-----------------------------------+------------+-----------------+------------
(EUR000)| | (EUR000)|
| | |
| | |
| | |
Sales of goods 238,861| | 285,946|
=-----------------------------------+------------+-----------------+------------
Cost of sales | | |
| | |
Materials 128,265| 53.7%| 161,377| 56.4%
| | |
Direct labour 12,159| 5.1%| 14,419| 5.0%
| | |
Variable works 18,313| 7.7%| 20,985| 7.3%
overheads | | |
| | |
Changes in 466| 0.2%| 7,030| 2.5%
overheads in | | |
inventory | | |
| | |
Fixed works 36,953| 15.5%| 36,230| 12.7%
overheads | | |
| | |
| | |
| | |
Gross Profit 42,705| 17.9%| 45,905| 16.1%
The Gross Profit margin for the first half of financial year 2011 improved to
17.9%, up from 16.1% the previous year.
With 16.5% lower sales compared to the first half of the prior financial year,
Hansen was able to keep Direct Labour and Variable Works Overheads broadly at
flat percentages of revenue, with a total of 12.8% in the first half for the
current financial year, compared to 12.3% the prior year. This cost control is
driven largely by the implementation of temporary unemployment measures in the
Belgium facilities and the lower cost base in India and China.
The materials costs decreased as a percentage of revenue to 53.7% from 56.4% the
previous year, primarily driven by supply chain optimization efforts.
The Gross Profit Margin was however negatively impacted by 2.8 pct. points
compared to prior year due to a higher percentage of Fixed Works Overheads,
driven by increased depreciation from investment in the previous year. Following
the decrease of revenue in the first half of the financial year 2011, the fixed
costs absorption rate of fixed overheads deteriorated. Depreciation for the full
financial year 2011 is expected to reach approximately 50 million EUR.
SALES, DISTRIBUTION & ADMINISTRATION
Sales, distribution & administration costs have decreased from 40.8 million EUR
in the first half last year to 39.3 million EUR (-4% or 1.5 million EUR lower)
driven by general cost savings implemented last year, notwithstanding additional
1.0 million EUR depreciation costs included in the first half administration
costs primarily for the factories in India and China.
RESEARCH AND DEVELOPMENT ACTIVITIES
In the first half of financial year 2011, Hansen invested 7.2 million EUR in
Research & Development, representing 3.0% of revenue. These costs are charged
directly to the income statement. The Group's intention is to maintain the level
of Research & Development investment in the coming years at approximately 3.0%
of revenue.
Innovation within the Group is not limited to Research & Development, but is
equally important in the manufacturing processes and methodologies of the
Company. These expenses are contained in fixed works overheads and variable
works overheads.
COST CONTROL PLAN
The Company continues to explore and exploit opportunities to maintain an
appropriate cost base, in line with its activity level.
Hansen has adjusted its direct costs and its supply chain in line with the lower
activity level. Additionally the Company remains flexible in its direct labour
planning thanks to the continued implementation of temporary unemployment for
blue and white collar employees in Belgium. Finally the Company continues to
focus on savings in its general costs.
During the first half of financial year 2011, EBITDA margins and cash flow have
improved as a result of the successful implementation of the above measures.
BALANCE SHEET
On 30 September 2010, the Company had a net financial debt position of 88
million EUR, calculated as cash and cash-equivalents minus long-term and short-
term financial debts.
In the first 6 months of this financial year, inventory was further reduced by
12.5%, from 162 million EUR at 31 March 2010 to 142 million EUR at 30 September
2010, as a result of lower volumes and Hansen's successful inventory reduction
program.
Trade receivables have further decreased to 107 million EUR at 30 September
2010 from 122 million EUR at 31 March 2010. This decrease is a result of the
Company working closely with its customers to reduce the levels of trade
receivables.
In order to maintain its financial flexibility, the Company has successfully re-
negotiated its banking covenants. The Consolidated Net Senior Debt to
Consolidated EBITDA ratio was 2.11 times at 30 September 2010, comfortably
within the revised covenant limit of 3.25 times, previously 3.00 times.
The revised banking covenants ratios are:
+----------------------+--------------------+------------------+---------------+
|Measurement period |Date |Previous Covenant | New |
| | | 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| 2.50x | 3.00x |
|2012 and periods|2011 | | |
|thereafter | | | |
+----------------------+--------------------+------------------+---------------+
Covenant: Ratio:
Consolidated Net Senior Debt (99.8 million EUR at 30 September 2010 - includes
11.5 million EUR of bank guarantees and IFRS interest adjustments at 30
September 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 + depreciation and amortization charges
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.
OUTLOOK
Since early 2009, the volatility and challenges affecting the near term wind
market have been reflected in the financial results of Hansen and this trend
continues.
As previously indicated, Hansen believes the operating environment will remain
challenging for some time, with limited short term visibility and volatility in
the order scheduling by our customer base, in line with the end demand for
turbines.
Reflecting this challenging trading environment, and as announced in Hansen's
trading update published on 20 October 2010, Hansen expects revenues for the
current financial year to decrease by approximately 10% from the level achieved
for the financial year 2010.
The Company continues to focus on ongoing cost reduction measures, production
optimisation and capacity utilization measures to reduce the impact on
profitability of the reduced output levels.
Selected financial information extracted from the condensed consolidated interim
financial statements prepared in accordance with International Financial
Reporting Standards
The full version of the condensed consolidated interim financial statements is
available on the Company's website:click here
Interim Consolidated Income |
Statement |
For the six months|
For the six months ended ended|
|
30 September 30 September|
20010 2009|
|
Unaudited Unaudited|
--------------------------------------------------+
(EUR000) (EUR000)|
|
|
|
Sale of goods 238,861 285,946|
|
|
=------------------------------------------------------------------------------+
Revenue 238,861 285,946|
|
|
|
Cost of sales (196,156) (240,041)|
|
|
=------------------------------------------------------------------------------+
Gross profit 42,705 45,905|
|
|
|
Other operating income 2,287 621|
|
Sales and distribution costs (18,497) (23,017)|
|
Administrative expenses (20,831) (17,819)|
|
Research and development (7,240) (7,990)|
|
|
=------------------------------------------------------------------------------+
Operating profit / (loss) (1,576) (2,300)|
|
|
|
Finance revenue 1,104 1,018|
|
Finance costs (8,856) (8,277)|
|
|
=------------------------------------------------------------------------------+
Profit / (loss) before tax (9,328) (9,559)|
|
|
|
Income tax expense (653) 657|
|
|
=------------------------------------------------------------------------------+
Profit / (loss) for the |
period from continuing |
operations(1) (9,981) (8,902)|
=------------------------------------------------------------------------------+
PROFIT / (LOSS) FOR THE |
PERIOD (9,981) (8,902)|
|
|
|
(1) Since there is no |
discontinued operation, |
profit for the period is |
equal to profit for the |
period from continuing |
operations. |
|
|
|
Earnings per share - adjusted |
for share split |
|
Basic, for profit for the |
period attributable to |
ordinary equity holders of |
the parent (0.015) (0.013)|
|
Diluted, for profit for the |
period attributable to |
ordinary equity holders of |
the parent (0.015) (0.013)|
|
|
|
Total shares (in thousands) - |
weighted average 670,104 670,104|
|
Diluted Shares (in thousands) |
- weighted average 670,104 670,104|
Interim Consolidated Balance Sheet As at| As at|
| |
30 September| 31 March|
| |
2010| 2010|
-------------+-----------+
(EUR000)| (EUR000)|
| |
Unaudited| Audited|
| |
ASSETS | |
| |
Non-current assets | |
| |
Property, plant and equipment (net) 569,772| 586,898|
| |
Goodwill and Intangible assets (net) 10,971| 11,409|
| |
Deferred tax assets 1,321| 1,400|
=---------------------------------------------------------------+-----------+
582,064| 599,707|
| |
Current assets | |
| |
Inventories (net) 141,747| 161,996|
| |
Trade receivables (net) 107,134| 121,839|
| |
Other receivables 18,575| 17,186|
| |
Cash and short-term deposits 131,572| 149,124|
| |
Deferred charges 15,105| 16,230|
=---------------------------------------------------------------+-----------+
414,133| 466,375|
=---------------------------------------------------------------+-----------+
TOTAL ASSETS 996,197| 1,066,082|
| |
| |
| |
EQUITY AND LIABILITIES | |
| |
Equity attributable to equity holders of the parent | |
| |
Issued capital 17,966| 17,966|
| |
Share premium 419,563| 419,563|
| |
Reserves 152,715| 161,438|
=---------------------------------------------------------------+-----------+
TOTAL EQUITY 590,244| 598,967|
| |
| |
| |
Non-current liabilities | |
| |
Interest-bearing loans and borrowings 170,473| 234,171|
| |
Derivative financial instruments 3,849| 4,965|
| |
Provisions 2,241| 2,536|
| |
Employee benefit liability 4,573| 3,800|
| |
Deferred income (grant) 4,349| 4,475|
| |
Deferred tax liability 34,597| 34,732|
=---------------------------------------------------------------+-----------+
220,082| 284,679|
| |
Current liabilities | |
| |
Trade and other payables 86,099| 94,469|
| |
Advanced payments 2,960| 1,675|
| |
Interest-bearing loans and borrowings 49,387| 43,751|
| |
Derivative financial instruments 1,124| 918|
| |
Taxes payable 376| 158|
| |
Wages and salaries payable 18,859| 17,606|
| |
Provisions 5,016| 5,015|
| |
Other current liabilities 12,517| 10,126|
| |
Accrued charges 8,900| 7,494|
| |
Deferred income (grant) 633| 1,224|
=---------------------------------------------------------------+-----------+
185,871| 182,436|
=---------------------------------------------------------------+-----------+
TOTAL LIABILITIES 405,953| 467,115|
=---------------------------------------------------------------+-----------+
TOTAL EQUITY AND LIABILITIES 996,197| 1,066,082|
Interim Consolidated Statement of Cash |
Flows For the period ended For the year ended|
|
30 September 30 September|
2010 2009|
|
Unaudited Unaudited|
----------------------------------------+
(EUR000) (EUR000)|
|
Operating activities |
|
Profit before tax from continuing |
operations (9,328) (9,559)|
|
Adjustments to reconcile profit before |
tax to net cash flows |
|
Non cash |
|
Depreciation and impairment of |
property, plant and equipment 23,369 18,755|
|
Amortization and impairment of |
intangible assets 1,001 640|
|
(Gain)/Loss on disposal of property, |
plant and equipment 11 114|
|
Finance revenue (506) (1,018)|
|
Finance costs 8,856 6,273|
|
Movements in provisions, pensions and |
government grants (1,011) 202|
|
Employee benefit expense 628 461|
|
Working capital adjustments |
|
(Increase)/decrease in trade |
receivables 14,705 (6,264)|
|
(Increase)/decrease in other |
receivables (1,389) 1,579|
|
(Increase)/decrease in deferred charges 1,125 (2,956)|
|
(Increase)/decrease in inventories 20,249 30,791|
|
Increase/(decrease) in trade and other |
payables (8,370) (44,556)|
|
Increase/(decrease) in advanced |
payments, taxes, wages and salaries |
payable, other current liabilities and |
accrued charges 6,553 409|
|
Income tax paid (694) (872)|
=------------------------------------------------------------------------------+
Net cash flows from operating |
activities 55,199 (6,001)|
|
Investing activities |
|
Proceeds from sale of property, plant |
and equipment - 6|
|
Purchase of property, plant and |
equipment (7,160) (46,481)|
|
Purchase of intangible assets (576) (646)|
|
Interest received 591 551|
|
Receipt of government grants 23 2,009|
|
Net cash flows used in investing |
activities (7,122) (44,561)|
|
Financing activities |
|
Interest paid (7,363) (5,217)|
|
Repayment of borrowings (64,503) (25,000)|
|
Proceeds from borrowings 6,013 76,068|
=------------------------------------------------------------------------------+
Net cash flows from financing |
activities (65,853) 45,851|
|
Net increase in cash and cash |
equivalents (17,776) (4,711)|
|
Net foreign exchange difference 224 (53)|
|
Cash and cash equivalents at 1 April 149,124 126,396|
=------------------------------------------------------------------------------+
Cash and cash equivalents at 30 |
September 131,572 121,632|
FINANCIAL CALENDAR - HANSEN TRANSMISSIONS INTERNATIONAL NV
FINANCIAL YEAR 2011
12 months period ending 31 March 2011
+---------------------------------------+------------------------------------+
|28 October 2010 |Press Release 1H 2011 Results |
+---------------------------------------+------------------------------------+
|27 January 2011 (*) |Interim statement Q3 2011 Results |
+---------------------------------------+------------------------------------+
|19 May 2011 (*) |Press Release Annual results FY 2011|
+---------------------------------------+------------------------------------+
|31 May 2011 (*) |Annual Financial Report FY 2011 |
+---------------------------------------+------------------------------------+
|30 June 2011 |ASM FY 2011 |
+---------------------------------------+------------------------------------+
(*) dates subject to final confirmation
For more information
+----------------------------------------------------------------------------+
|Hansen Transmissions International NV |
| |
|Investor & Press Relations |
+------------------------------------------------------------+---------------+
|Hans Ooms |+32 3 450 58 62|
|De Villermonstraat 9 | |
|2550 Kontich - Belgium | |
|hans.ooms.ir@hansentransmissions.com | |
|http://www.hansentransmissions.com/en/investorrelations.html| |
+------------------------------------------------------------+---------------+
+---------------------------------------------+
| Investors & Analysts |
| 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 |
+--------------------------+------------------+
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 2,100 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#1456300]
Press Release (PDF):
http://hugin.info/139494/R/1456300/396106.pdf
Condensed Consolidated Interim Financial Statements:
http://hugin.info/139494/R/1456300/396107.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
Hansen Tran. (LSE:HSN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hansen Tran. (LSE:HSN)
Historical Stock Chart
From Jul 2023 to Jul 2024
