Hansen Transmissions International NV - Interim Management Statement for the third quarter of financ

(Thomson Reuters ONE) - Edegem/Antwerp, Belgium - London, UK  -  28 January 2010 Hansen TransmissionsInternational NV ("Hansen", "the Group" or "the Company") today announces itsInterim Management Statement for the 3 months ended 31 December 2009. Thefinancial information reported in this release is presented in EURO and has beenprepared in accordance with the recognition and measurement criteria of IFRS asadopted by the European Union. The accounting policies and methods ofcomputation followed for the 9 months ended 31 December 2009 are the same asthose followed in the consolidated annual accounts as per 31 March 2009. Thefinancial information in this release is unaudited; the statutory auditor hasconducted a limited review for the period. The interim report is in compliancewith IAS 34.HIGHLIGHTS Q3 FY 2010 * Revenue 136.6 million EUR compared to 155.4 million EUR for the same period in the previous year * EBITDA1 margin 9.8%, up from 6.7% in Q2 and from 5.2% in Q1 of the current financial year 2010 * Challenges in the near-term wind market continue to cause volume and pricing pressure, and this has been reflected in our recent change to guidance * In the short term, the Company remains focused on building on its successful cost reduction measures to mitigate the impact on profitability resulting from the current operating environment * Communication of refocused Hansen's strategy to drive value in the medium to longer term * Free float increased to 74% following the secondary placing of 236 million depositary interests by Suzlon on 19 November 20091 EBITDA = earnings before interest, tax, depreciation & amortisationIvan Brems, CEO of Hansen commented:"Hansen continues to be confronted with considerable volatility and challengesfrom the global wind energy market. During the third quarter of financial year2010, this trend has not changed. While the results over this period were inline with the Company's expectations, we believe that the operating environmentfor the Company will remain challenging for at least the next two quarters.Although the order book has seen significant rescheduling, the ongoing dialoguewith our customers continues to suggest some optimism for improving industryinvestment from the second half of the 2010 calendar year."HANSEN TRADING UPDATE | | | | | | | Hansen Group For the 3 |% change|For the 3 | |For the 9 | %|For the 9 | Consolidated months| | months| | months| change| months| ended | | ended | | ended | | ended | | | | | | | |   31 December| | 31 | | 31 | | 31 | 2009| | December| | December| | December| | | 2008| | 2009| | 2008| | | | | | | |   Unaudited|  | Unaudited| | Unaudited|  | Unaudited|---------------------------+--------+----------+ +----------+-------+----------+   (EUR000)|  | (EUR000)| | (EUR000)|  | (EUR000)| | | | | | | |    |  |  | |  |  |  | | | | | | | | Revenue 136,614| (12%)| 155,374| | 422,560| (6%)| 450,602|---------------------------+--------+----------+ +----------+-------+----------+    |  |  | |  |  |  | | | | | | | | EBITDA1 13,448| (33%)| 20,119| | 30,543| (54%)| 66,338| | | | | | | | Margin   9.8%|  |   12.9%| |   7.2%|  |   14.7%| | | | | | | | Depreciation & | | | | | | | amortization 11,585|   52%| 7,611| | 30,980|   47%| 21,041| | | | | | | | EBIT2 1,863| (85%)| 12,508| | (437)| -| 45,297| | | | | | | | Margin   1.4%|  |   8.1%| | (0.1%)|  |   10.1%| | | | | | | | | |   As at | As at | | |   31 December 2009 | 30 September 2009 | | |   Unaudited | Unaudited | -------------------+-------------------+   (EUR000) | (EUR000) | | |     |   | | | Net working capital 248,193 | 239,029 |-----------------------------------------+-------------------+ Net Financial Debt3 187,422 | 180,331 |-----------------------------------------+-------------------+1 EBITDA = earnings before interest, tax, depreciation & amortisation2EBIT = EBITDA after depreciation & amortisation3 Net Financial Debt = calculated as cash & cash-equivalents minus long- &short-term financial debtsREVENUESRevenue decreased by 12% in the third quarter of the financial year 2010compared to the same quarter last year.This revenue decrease was due to a reduction in scheduled deliveries of bothindustrial and wind turbine gearboxes as Hansen worked with customers to managetheir requirements in line with the current operating and credit environment.EBITDA MARGINImprovement to 9.8% EBITDA margin on revenue in Q3, based upon the costalignment measures starting to have a positive impact.MEASURES TO REDUCE THE COST BASE AND IMPROVE CASH FLOWIn order to maintain flexibility, align its cost structure to the currentenvironment and support its EBITDA margins andcash flow, the Company continues to implement several cost containment measuresincluding: * Supply chain optimization; * Temporary unemployment for blue and white collar employees (under Belgian legislation); * A reduction in white collar headcount in Belgium of 6% in September 2009; * Discontinuing of 120 temporary blue collar contracts in since October 2009 in Belgium; * Savings programmes on general expenses; and * Inventory reduction.The effect of these cost containment measures has positively impacted the EBITDAmargin of the third quarter of the current financial year and additionally theCompany will continue to explore and exploit further cost reductionopportunities.ONE-TIME COSTSIn the third quarter of the financial year 2010, the Company incurred one-timecosts of 0.7 million EUR relating to the expansion projects. These costs areincluded in EBITDA and EBIT.WORKING CAPITALOverall net working capital has increased by 9 million EUR in the third quarter.This reflects a moderate decrease in inventory levels and accounts receivablesbalanced by a larger decrease in trade payables as a result of supply chainmanagement efforts.The absolute level of accounts receivables is partly caused by overdue paymentsfrom customers. This is being addressed in the context of normal businesspractices and contractual arrangements, in light of the current operatingenvironment.The Company's cash levels remain solid. The reduced sales volumes, the overduecustomer payments and the reduction of trade payables have resulted in a higherthan expected net debt situation at period end which is anticipated to reduceover the coming quarters.SHAREHOLDER STRUCTUREHansen noted the announcement made by AE Rotor Holding BV ("AERH") a whollyowned indirect subsidiary of Suzlon Energy Limited ("Suzlon") on 19 November2009 regarding the secondary placing of 236 million depository interests inHansen (the "Placing"). As a result of the Placing, AERH continues to hold26.1% of the total depository interests in Hansen, down from 61.3%, and Hansen'sfree float increased from 38.7% to 73.9%."STRONGER THAN WIND" - refocusing of Hansen's strategyHansen has assessed its strategic goals and refocused to drive value in themedium to longer term.Hansen reconfirms the target for 14,300 MW manufacturing capacity by financialyear 2013.Throughout the organization, Hansen defined updated key elements of reachingthis target with a strategic plan that aims for sustainable, profitable growthwith a diversified customer base, state-of-the-art manufacturing facilities inEurope, India and China supported by a global supply chain and a highlymotivated and skilled workforce.OUTLOOKSince early 2009, the volatility and challenges impacting the near term windmarket have been reflected in Hansen's financial results, including the recenthalf year Interim Results, where we outlined our caution resulting from theoperating environment.This trend has continued and Hansen believes the operating environment willremain challenging for at least the next two quarters, these being the first twoquarters of the 2010 calendar year (reporting quarters Q4 2010 and Q1 2011).As confirmed in Hansen's trading update published on 20 January 2010, therevenue guidance for financial year 2010 is for a decrease of approximately 15%from the level achieved for the financial year 2009.While the order book has seen significant rescheduling, our ongoing dialoguewith customers continues to suggest some optimism for improving industryinvestment from the second half of the 2010 calendar year. We continue to bewell-positioned with our customers and see the issues as predominantly relatingto the wind market as a whole. Our confidence in the medium and longer-termfundamentals of the wind industry remains.ANALYST AND INVESTOR CONFERENCE CALLHansen will host an Analyst and Investor meeting on the Q3 Interim ManagementStatement for financial year 2010With: Ivan Brems, CEO and Alex De Ryck, CFOOn: Thursday 28 January 2010 - 11 am UK timeAt: Peterborough Court,10th Floor, Room A,133 Fleet Street,London,EC4A 2BB.Dial-in details:  +44 20 8515 2302Please quote "Hansen Q3 Interim Management Statement" as the event title whenjoining the call and state your name and company.A replay of this analyst presentation will be available on the InvestorRelations section of Hansen's website as from Thursday evening 28 January 2010on http://www.hansentransmissions.com/en/reports_publications.htmlFor further information, please contact+------------------------------------------------------------------------------+|Hansen Transmissions International NV |+--------------------------------------------------------------+---------------+|Investor Relations |+32 3 450 58 62||Hans Ooms | ||De Villermonstraat 9 | ||2550 Kontich - Belgium | ||hans.ooms.ir(at)hansentransmissions.com | || | ||http://www.hansentransmissions.com/en/reports_publications.htm| ||l | |+--------------------------------------------------------------+---------------++----------------------------------------------------------------------------+|M:Communications |+-----------------------------------------------------------+----------------+|Eleanor Williamson |+44 20 7920 2339||Williamson(at)mcomgroup.com | |+-----------------------------------------------------------+----------------+Financial Calendar - Hansen FINANCIAL YEAR 2010 12 months period ending 31 March 2010+--------------------------------------+------------------------------------+|29 July 2009 |Interim statement Q1 2010 Results |+--------------------------------------+------------------------------------+|26 October 2009 |Press Release 1H 2010 Results |+--------------------------------------+------------------------------------+|28 January 2010 |Interim statement Q3 2010 Results |+--------------------------------------+------------------------------------+|17 May 2010 (*) |Press Release FY 2010 Results |+--------------------------------------+------------------------------------+|24 June 2010 |Annual Shareholders' Meeting FY 2010|+--------------------------------------+------------------------------------+ (*) date subject to final confirmationAbout Hansen TransmissionsHansen Transmissions International NV is an established global wind turbinegearbox and industrial gearbox designer, manufacturer and supplier, with aleading position (by MW supplied) in the wind turbine gearbox market. Thecompany supplies gearboxes to the world's major manufacturers of gear-drivenwind turbines and provides durable gear drives for a wide range of industrialapplications throughout the world. Both Hansen's wind energy and industrialactivities have established dedicated international service networks. Inaddition to its principal state-of-the-art manufacturing facilities located inFlanders, Belgium - i.e. a wind turbine and industrial gearbox plant and a fullyintegrated, dedicated wind turbine gearbox manufacturing facility - Hansen has aproduction plant for wind turbine gearboxes in Coimbatore, India and an assemblyand testing plant for the Chinese market, located in Tianjin, China. As such,Hansen plans to increase its wind turbine gearbox manufacturing capabilities,from 7,300 MW per annum in the financial year 2009 to 14,300 MW, by financialyear 2013. Strong in-house R&D operations maintain Hansen's technologicalleadership and the company employs over 2,300 people worldwide.http://www.hansentransmissions.com/en/http://www.hansentransmissions.com/en/investorrelations.htmlForward Looking StatementsThis press release may include statements that are "forward-looking statements".In some cases, these forward-looking statements can be identified by the use offorward-looking terminology, including the terms "believes", "estimates","forecasts", "plans", "prepares", "projects", "anticipates", "expects","intends", "may", "will", "should" or other similar words. Forward-lookingstatements may include, without limitation, those regarding Hansen's financialposition, business strategy, plans and objectives of management for futureoperations (including development plans and objectives relating to Hansen'sproducts) and the wind turbine and gearbox markets. Such forward-lookingstatements involve known and unknown risks, uncertainties and other factorswhich may cause the actual results, performance or achievements of Hansen, orindustry results, to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements. Such forward looking statements are based on numerous assumptionsregarding Hansen's present and future business strategies and the environment inwhich Hansen will operate in the future. These forward looking statements speakonly as of the date of this press release. Hansen expressly disclaims anyobligation or undertaking to release publicly any updates or revisions to anyforward-looking statement contained herein to reflect any change in Hansen'sexpectations with regard thereto or any change in events, conditions orcircumstances on which any such statement is based. #[HUG#1378026] Press Release (PDF): http://hugin.info/139494/R/1378026/338761.pdf

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Datum: 28.01.2010 - 02:15 Uhr
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