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Since early 2009, the volatility and challenges impacting the near term wind market have been reflected in Hansen Transmissions International’s financial results, most recently in the half-year interim results where we commented on our caution resulting from the operating environment remaining challenging and lacking visibility.
This trend has continued and although the results for Q3 2010 are anticipated to be in-line with the company’s expectations, Hansen believes the operating environment to remain challenging for at least the next two quarters, being the first two quarters of the 2010 calendar year (reporting quarters Q4 2010 and Q1 2011).
In particular, as a result of recent discussions with its customers, Hansen’s expectations for volumes in the last quarter of the financial year 2010, which historically has been its strongest quarter, have been reduced in order to meet with customers needs in the short-term.
Consequently, the company adjusts its revenue guidance from flat revenue for the full financial year 2010 to a revenue decrease of approximately 15% from the level achieved for the full financial year 2009. The company continues to build on its successful cost reduction measures to minimise the impact on profitability.
While the order book has seen significant rescheduling, the ongoing dialogue with our customers continues to suggest some optimism for improving industry investment from the second half of the 2010 calendar year. We continue to be well-positioned with our customers and see the issues as predominantly relating to the wind market as a whole. Our confidence in the medium and longer-term fundamentals of the wind industry remain.
On 28 January 2010 Hansen will publish its interim management statement for the three-month period, which ended on 31 December 2009.
Analyst and investor conference call
Hansen will host an analyst and investor conference call regarding this trading update with Ivan Brems, CEO and Alex De Ryck, CFO. The conference call will take place on Wednesday 20 January 2010 at 8.00am (UK time).
Dial-in details are as follows: +44 20 3037 9221. Please quote “Hansen” as the event title when joining the call, and state your name and company.
A replay of this conference call will be available:
- For 24 hours using the following dial-in details: +44 20 8196 1998, access PIN 8893785#
- On the investor relations section of Hansen’s website from the evening on Wednesday 20 January 2010
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