Announcement no. 02 - 2009/10 June 17, 2009
ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED APRIL 30, 2009
The Board of Directors of Thrane & Thrane A/S today approved the company's
annual report for the financial year ended April 30, 2009.
Performance 2008/09
• Thrane & Thrane recorded operating profit before restructuring costs of DKK
150 million against DKK 188 million in 2007/08. Profit after restructuring
costs amounted to DKK 125 million, almost doubling last year's figure of DKK 63
million.
• In a difficult market, revenue was almost retained, decreasing by just 1% to
DKK 1,235 million from DKK 1,253 million last year. The land mobile market
reported growth of 19%.
• Cash flows from operating activities were DKK 198 million (DKK 209 million),
and the free cash flow from operating and investing activities excluding
acquisitions and financing was DKK 84 million (DKK 26 million).
• DKK 159 million (DKK 216 million) was used in product development and product
maintenance in 2008/09, equivalent to 13% of revenue (17%).
• Equity amounted to DKK 816 million at April 30, 2009 (2007/08: DKK 758
million), and the equity ratio was 48% (43%).
• Return on invested capital was 11.4% (14.4%).
• In February 2009, we acquired Swedish company Naval Electronics AB. The
acquisition meant that we gained access to a new product area as Naval
Electronics offers professional equipment for TV reception and distribution on
board vessels.
• For the 2009/10 financial year, Thrane & Thrane expects revenue of around DKK
1,000-1,200 million (2008/09: DKK 1,235 million) and an operating margin of
7-12% (2008/09: 12.1%). The guidance is subject to significantly greater
uncertainty than is normally the case due to the short-term market uncertainty.
• Thrane & Thrane's Board of Directors intends to recommend to the shareholders
at the annual general meeting to be held on June 26, 2009 that a dividend of
DKK 5.50 per share of DKK 20 be paid (unchanged).
Thrane & Thrane will hold an investor presentation at 13:00 local time today at
NASDAQ OMX Copenhagen, Nikolaj Plads 6, Copenhagen K. At the presentation, the
Management Board will review the company's performance, outlook for 2009/10 and
the perspectives for the further development of the company.
The company's annual report is available for download at www.thrane.com.
For further information, please contact
John Alexandersen, Vice President, Corporate Communications & Investor Relations
Tel. +45 39 55 88 35 or +45 22 72 38 22 (mobile)
E-mail ja@thrane.com
About Thrane & Thrane
Thrane & Thrane is the world's leading manufacturer of equipment and systems
for global mobile communication based on sophisticated satellite and radio
technology. Since its incorporation in 1981, the company has established a
strong position within global mobile communication solutions based on the
Inmarsat system, and today Thrane & Thrane provides equipment for maritime,
land-based and aeronautical use. The company's communication products are sold
throughout the world under the brands Thrane & Thrane, EXPLORER® and SAILOR®
through distributors and partners. Thrane & Thrane is listed on NASDAQ OMX
Copenhagen (THRAN). www.thrane.com.
