Hansen Transmissions’ revenue decreased by 8.5% in Q1 FY 2012

During the first quarter of financial year 2012, the reported revenue decreased by 8.5% to € 81 million compared to the first quarter of the previous financial year, mainly driven by lower demand. Based on the ongoing discussions with customers, the Company expects a strong 3rd and 4th quarter for the current financial year 2012.

EBITDA for the group is € 3.4 million. The margin declined to 4.2% of revenue in Q1 of the financial year 2012, compared to 6.7% for the same period the previous year. Costs relating to R&D have increased in Q1 FY 2012 with € 1.6 million to € 4.4 million EUR and represented 5.4% of revenue in Q1 FY 2012 (3.1% in Q1 FY 2011). The Group's intention is to keep the level of Research & Development at 3% to 4% of revenue in the coming years. The wind sector globally remains challenging and there is a lack of visibility in the short term. Hansen expects the second quarter of the financial year 2012 to remain challenging, with a material recovery in volumes expected in the second half of the financial year. As such, Hansen's current expectations for revenue growth remain unchanged for the financial year 2012: between +5% and +15% compared to the financial year 2011.