Hansen Transmissions International has announced its results for the 3 months ended 31 March 2010 and for the 12 months ended 31 March 2010.
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Highlights of the financial year 2010 are:
- Revenue decline of 12.6%, in line with adjusted guidance of approximately 15% revenue decline given on 20 January 2010
- EBITDA margin at 7.8% (financial year 2009:15.4%) up from 6.0% for the first half of the financial year. Net loss of? € 8.6 million , compared to a net profit of € 45 million for last year
- Net financial debt at € 129 million on 31 March 2010 - reduction of € 59 million in the last quarter of the financial year, as a result of intensified working capital management & careful deployment of expansion capex
- Consolidated Net Senior Debt / EBITDA of 3.42 x at 31 March 2010, well within the renegotiated covenant level of 5.25 x for that period
- Actively managing phasing of capacity expansion plan while maintaining a target of delivering 14,300MW of capacity in financial year 2013. Reduced capex in FY 2010 and FY 2011 to better align with anticipated customer demand