Announcement no. 01 - 2010/11 June 17, 2010
Annual report for the financial year ended April 30, 2010
The Board of Directors of Thrane & Thrane A/S today approved the company's
annual report for the financial year ended April 30, 2010.
“The financial year under review was impacted by the global economic downturn,
and our revenue declined slightly. However, firm adjustments of our processes,
organization and costs enabled us to maintain good profitability,” said
Chairman Waldemar Schmidt, commenting on the financial statements.
CEO Walther Thygesen, “Towards the end of the year, there were positive signs
of growth. Our intake of new orders indicated growing demand for our products.
Demand was lifted by last year's strong innovation of our product offering.”
Financial highlights
• Thrane & Thrane's revenue and operating profit for 2009/10 were slightly
higher than the guidance provided in the third quarter interim report released
on February 25, 2010.
• In 2009/10, Thrane & Thrane generated revenue of DKK 1,051 million against
DKK 1,235 million last year.
• Revenue in the aeronautical market and systems revenue increased by 8% and
15%, respectively.
• Operating profit before restructuring costs was DKK 114 million (DKK 150
million). The operating margin was 10.8% (12.1%), and the profit for the year
was DKK 59 million (DKK 85 million).
• Q4 operating profit was DKK 54 million (DKK 45 million), equal to an
operating margin of 17.1% (13.7%).
• Q4 profit was DKK 33 million (DKK 18 million), equal to a net profit margin
of 10.4% (5.5%).
• Cash flows from operating activities were DKK 302 million in 2009/10 (DKK 198
million). The free cash flow from operating and investing activities excluding
acquisitions and financing was DKK 187 million (DKK 84 million).
• DKK 145 million was used in product development and product maintenance (DKK
159 million), equivalent to 13.8% of revenue (12.9%).
• Equity amounted to DKK 864 million at April 30, 2010 (DKK 816 million), and
the equity ratio was 51.9% (47.6%).
• Return on invested capital was 8.3% (11.4%).
• For the 2010/11 financial year, Thrane & Thrane expects revenue of around DKK
1,075-1,125 million (2009/10: DKK 1,051 million) and an operating margin of
11-13% (10.8%).
• Thrane & Thrane's Board of Directors intends to recommend to the shareholders
at the annual general meeting to be held on June 28, 2010 that a dividend of
DKK 6.00 per share of DKK 20 be paid (DKK 5.50).
Supplementary information and personal comments
Further to the release of the annual report, Thrane & Thrane's CEO, Walther
Thygesen, and CFO, Svend Åge Lundgaard Jensen, will be available for individual
interviews with journalists and analysts.
Interviews will take place by prior appointment today between noon and 2:30
p.m. over the phone or at the offices of Thrane & Thrane A/S, Lundtoftegårdsvej
93D, 2800 Lyngby.
If you wish to make an appointment, please call John Alexandersen on (+45) 22
72 38 22 or send an e-mail to ja@thrane.com.
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, EXPLORERTM, SAILOR® and
AVIATOR through distributors and partners. Thrane & Thrane is listed on NASDAQ
OMX in Copenhagen (THRAN). www.thrane.com.
