Thrane & Thrane A/S
Annual report for the 2011/12 financial year
Thrane & Thrane A/S 06.06.2012 15:52 --------------------------------------------------------------------------- The Board of Directors of Thrane & Thrane today approved the company's annual report for the 2011/12 financial year, ended on April 30, 2012. Thrane & Thrane ending the year with strong Q4 performance -- Revenue for the 2011/12 financial year ended on April 30, 2012 increased by 3% to DKK 1,127 million (DKK 1,093 million). -- Revenue was thus at the upper end of the DKK 1,085-1,135 million forecast range most recently announced by management (February 2012). -- The increase was achieved despite severe floods in Thailand, which hit Thrane & Thrane's largest third-party supplier in November 2011. -- Q4 revenue increased by 11% to stand at DKK 349 million (DKK 314 million). -- Revenue in the aeronautical market was up by 57% to DKK 123 million (DKK 78 million), the highest-ever level. -- Revenue in the maritime area was in line with last year. Sales of the FleetBroadband terminals increased in Q4, and the company won a number of large projects. Furthermore, the SAILOR 900 VSAT recorded strong sales. -- Revenue generated in the land mobile market decreased, as was expected. However, both order intake and revenue improved towards the end of the financial year. -- Systems generated revenue of DKK 128 million (DKK 113 million), an increase of 14%. Financial highlights -- Operating profit was DKK 179 million (DKK 194 million) before adviser expenses totaling DKK 23 million in connection with Cobham's tender offer. -- The operating margin was 15.9% before adviser expenses and thus higher than management's most recent guidance (February 2012) of an operating margin of around 15%. -- After adviser expenses, the operating profit was DKK 156 million, equivalent to an operating margin of 13.8% (17.8%). -- The cash inflow from operating activities was DKK 300 million (DKK 318 million) before changes in working capital. -- DKK 160 million was used in product development and product maintenance (DKK 153 million), equivalent to 14.2% of revenue (14.0%). -- Equity amounted to DKK 1,047 million at April 30, 2012 (DKK 970 million), and the equity ratio was 64% (57%). -- Return on invested capital was 12.1% (15.4%). Tender offer from Cobham plc -- On April 19, 2012, Cobham plc announced a public tender offer for all shares of Thrane & Thrane A/S. -- The original offer was for DKK 420 for each share of DKK 20 each. Following negotiations with the Board of Directors of Thrane & Thrane, the offer was increased to DKK 435 per share on May 3, 2012. -- Following a strategic review and an assessment of alternative options, the Board of Directors decided, in connection with the negotiations with Cobham, to recommend to the company's shareholders that they accept the offer. -- The offer will expire on June 18, 2012. On May 22, 2012, Cobham announced that they had obtained acceptances from holders of more than 90% of the share capital. -- The Board of Directors will call an extraordinary general meeting for June 29, 2012. Outlook for 2012/13 -- The outlook for the 2012/13 financial year is set out on page 5 of the annual report. The company's annual report can be downloaded at www.thrane.com. For further information, please contact Walther Thygesen, CEO Tel. (+45) 23 33 75 01 (mobile) E-mail wat@thrane.com John Alexandersen, Vice President, Corporate Communications & Investor Relations Tel. (+45) 39 55 88 35 pr (+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 satellite and radio communication. Since its incorporation in 1981, the company has achieved a leading position within global mobile satellite services based on the Inmarsat system. The company provides equipment for use everywhere - on land, at sea and in the air. The company's communication products are marketed worldwide under the brands Thrane & Thrane, EXPLORER(TM), SAILOR(R) and AVIATOR through distributors and partners. The company's shares are listed on NASDAQ OMX Copenhagen (THRAN). News Source: NASDAQ OMX 06.06.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Thrane & Thrane A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010279215 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found