Revenue for the full financial year decreased 15.7% from the level achieved for the previous financial year.
The Hansen Group invested € 23.4 million in property, plant and equipment during the financial year which consisted entirely of maintenance capex, much lower than the € 79.3 million investments in property, plant and equipment the previous year as Hansen continues to maximise existing capacity utilisation. Following the divestment of the Industrial Gearbox business in March 2011, there was a decrease of some 1,100MW of available wind gearbox manufacturing capacity. In the financial year 2011, Hansen invested € 12.9 million in Research & Development, representing 3.4% of revenue and an increase of +8%. The Group's intention is to keep the level of Research & Development at 3% to 4% of revenue in the coming years. Hansen has three dedicated wind turbine gearbox plants in Belgium, India and China resulting in an overall global manufacturing capacity of 7,600MW in the financial year 2011. The Company's sales in wind turbine gearboxes decreased from 4,484MW in the financial year 2010 to 4,111MW in the financial year 2011. The average price per MW for wind turbine gearboxes decreased in the financial year 2011 to approximately € 92,000 from approximately € 100,000 in the previous year. Hansen's current expectation for revenue growth for the financial year 2012 ranges between +5% and +15% compared to the financial year 2011. This guidance will be updated quarterly.
The Hansen Group invested € 23.4 million in property, plant and equipment during the financial year which consisted entirely of maintenance capex, much lower than the € 79.3 million investments in property, plant and equipment the previous year as Hansen continues to maximise existing capacity utilisation. Following the divestment of the Industrial Gearbox business in March 2011, there was a decrease of some 1,100MW of available wind gearbox manufacturing capacity. In the financial year 2011, Hansen invested € 12.9 million in Research & Development, representing 3.4% of revenue and an increase of +8%. The Group's intention is to keep the level of Research & Development at 3% to 4% of revenue in the coming years. Hansen has three dedicated wind turbine gearbox plants in Belgium, India and China resulting in an overall global manufacturing capacity of 7,600MW in the financial year 2011. The Company's sales in wind turbine gearboxes decreased from 4,484MW in the financial year 2010 to 4,111MW in the financial year 2011. The average price per MW for wind turbine gearboxes decreased in the financial year 2011 to approximately € 92,000 from approximately € 100,000 in the previous year. Hansen's current expectation for revenue growth for the financial year 2012 ranges between +5% and +15% compared to the financial year 2011. This guidance will be updated quarterly.
