Hansen Transmissions International has announced its results for the 3 months ended 30 September 2010 and for the 6 months ended 30 September 2010. 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. Revenue during 1H FY 2011 was € 239 million compared to € 286 million for the same period in the previous year. EBITDA margin increased to 9.5% up from 6.0% for the same period last year, primarily driven by the implementation of cost reduction measures. During the period, the company generated € 55.2 million operating cash flow. The total investment in property, plant and equipment for the first half of the financial year 2011 was € 7.2 million, which related primarily to maintenance investments. The total investment for the full financial year 2011 is expected to reach approximately € 30 million. 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. 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.
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. Revenue during 1H FY 2011 was € 239 million compared to € 286 million for the same period in the previous year. EBITDA margin increased to 9.5% up from 6.0% for the same period last year, primarily driven by the implementation of cost reduction measures. During the period, the company generated € 55.2 million operating cash flow. The total investment in property, plant and equipment for the first half of the financial year 2011 was € 7.2 million, which related primarily to maintenance investments. The total investment for the full financial year 2011 is expected to reach approximately € 30 million. 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. 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.
