Business SummaryHansen Technologies Limited (HSN) is a provider of utility billing, customercare, and smart metering solutions for the electricity, gas, water andtelecommunications sectors. HSN also offers outsourcing and facilitiesmanagement services, and supports the Classic Superannuationadministration solution. HSN has offices in Australia, USA, New Zealand andthe United Kingdom.

Energy: HSNs Energy business offers 5 solutions. CIS Solutions providescapability to support large-scale metering, customer service and billingoperations for utilities and energy retailers. Meter Data Solutions is aConnection Management module to manage interval metering rollouts andongoing operations. Market Solutions is a transaction processing frameworkthat facilities integration between markets and the CIS. Complex billing andpricing solution is deal with demand response, transmission, real-time pricingand other complex billing requirements. Smart Grid Solution can addresssmart grid needs-including interval billing and dynamic pricing.

Telecom: Telecom business offers 3 solutions. Retail Solutions is formanaging customer acquisitions and sales campaigns, supporting point ofsale, and providing robust end-customer billing options. Customer Solutions,is for management of the clients customer interactions and the revenuecollection lifecycle. Provisioning Solution provides multiple services andcustomer-related assets with Intelligent Network integration.

IT Services: HSN offers 2 IT services. Data Centre and IT Solutions providedata centre and hosting, disaster recovery and IT management, withpurpose-built facilities. Applications Services is a billing and customer caresolutions designed to meet the needs of energy and telecommunicationutilities.

Solution: Solution business offers 5 solutions including Energy Solutions ,Telco Solutions, Superannuation Administration Solutions, Data Centre & ITSolutions, and Application Services.

GICS - Software/Services

Hansen Technologies Limited

ASX Code: HSN Price: $0.920

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Snapshot

DateMarket Cap.Shares on issue12 Month High12 Month Low

10 July 2012$145m158.1m$1.05$0.76

Investment FundamentalsFYE 30 Jun 2008A 2009A 2010A 2011A

Profit $m 15.4 8.1 11.1 13.5Profit (norm)* $m 15.4 8.1 11.1 13.5

EPS* ¢ 10.1 5.3 7.2 8.6EPS Growth % 383.2 -47.3 35.7 19.1P/E* x 9.1 17.3 12.7 10.7P/E Relative % 0.2 0.6 0.6 0.7

DPS ¢ 5.0 5.0 5.0 6.0Yield % 5.4 5.4 5.4 6.5Franking % 20.0 100.0 100.0 83.3* Adjusted for unusual itemsSource: Aspect Huntley historical financials

Share Price Chart

Total Return on $10,000 Investment

Profit & Loss ($M)2007A 2008A 2009A 2010A 2011A

Sales Revenue 51 39 54 58 58Total Revenue ex. Int. 52 39 55 58 59EBITDA 9 11 14 17 21Depreciation & Amort. -5 -4 -4 -4 -3Goodwill Amortisation -- -- -- -- --EBIT 4 7 10 13 17Net Interest 1 1 1 1 1Profit Before Tax 4 9 11 14 18Income Tax -1 -2 -3 -3 -5Outside Equity Int. -- -- -- -- --Profit after Tax 3 15 8 11 14Significant Items after Tax -- -- -- -- --Reported Profit after Tax 3 15 8 11 14Preferred Dividends -- -- -- -- --

Cash Flow ($M)2007A 2008A 2009A 2010A 2011A

Receipts from Customers 53 46 66 61 59Funds from Operations 8 12 15 16 14Net Operating Cashflow 8 14 13 12 10Capex -4 -4 -2 -2 -3Acquisitions & Investments -- -- -7 -- -1Sale of Invest. & Subsid. -- 10 -- -- --Net Investing Cashflow -2 6 -10 -2 -4Proceeds from Issues 0 0 0 0 0Dividends Paid -- -7 -4 -7 -9Net Financing Cashflow -1 -10 -4 -7 -8Net Increase Cash 5 10 -1 3 -2Cash at Beginning 7 12 22 21 23Exchange Rate Adjust. -- -- -- -- --Cash at End 12 22 21 23 21

Ratios and Substantial Shareholders2007A 2008A 2009A 2010A 2011A

Profitability RatiosEBITDA Margin % 17.35 27.91 26.32 29.73 35.62EBIT Margin % 7.50 18.47 18.47 22.95 29.97Net Profit Margin % 6.46 39.45 14.97 19.28 23.47Return on Equity % 9.13 36.79 17.74 22.33 25.61Return on Assets % 6.43 29.88 13.05 16.76 20.28

Debt/Safety RatiosNet Debt/Equity % -31.96 -52.09 -44.78 -47.00 -40.43Interest Cover x -6.30 -4.95 -10.82 -16.11 -18.13

Top 5 Substantial ShareholdersOthonna Pty Ltd (Kenneth A Hanson) 58.8%

Balance Sheet ($M)2007A 2008A 2009A 2010A 2011A

Cash & Equivalent 12 22 21 23 21Receivables 8 6 7 8 8Inventories -- -- -- -- --Other Current Assets 1 1 2 3 3Current Assets 22 28 29 34 32Prop. Plant & Equipment 4 3 4 3 5Intangibles 21 20 29 24 29Other Non-Current Assets 2 1 2 3 3Non-Current Assets 27 23 33 32 35Total Assets 49 52 62 66 67Interest Bearing Debt 0 -- -- -- --Other Liabilities 12 10 16 17 14Total Liabilities 13 10 16 17 14Net Assets 36 42 46 50 53Share Capital 50 48 48 49 50Reserves -0 -0 -0 -0 -2Retained Earnings -13 -6 -2 1 6Outside Equity Int. -- -- -- -- --Total Shareholders Equity 36 42 46 50 53

Current Analyst Recommendations *

* Source: Morningstar. This chart shows the spread of recommendations from thosebroker analyst's in Australia with research coverage of this stock.

Principals & DirectorsPrincipals

Company Secretary Mr Grant Lister

Directors

Mr Phillip James(Non-Executive Director)Mr Kenneth Hansen(Non-Executive Director)Mr Bruce Adams(Non-Executive Director)Mr Andrew Hansen(Chief Executive Officer,Managing Director)Mr David Osborne(Non-Executive Director)Mr David Dundas Trude(Non-Executive Chairman)

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Hansen Technologies Limited

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