Summary
Fiscal 2009/10 was an important year for Satair in which focus was partly on
efforts to emerge unscathed from the crisis, partly on developments of the
Group's strategic platform, and against this background several initiatives
were taken in the course of the year with the aim of strengthening Satair's
position. In view of the developments in the markets in the past year, Satair
generally did well and basically succeeded in maintaining its revenue level,
improving earnings and delivering a positive cash flow on a par with last year.
”Satair succeeded in achieving sizeable earnings growth in fiscal 2009/10
despite the challenges prevailing in the market. The aviation industry felt the
aftermath of the financial and economic crisis in fiscal 2009/10, however with
a gradual improvement of the environments in Satair's markets in the course of
the year in the form of a steady increase in passenger volumes. This had a
positive effect on developments in Satair's Aftermarket Division, whereas
decline in the demand for new aircraft meant a disappointing development for
Satair's OEM-division. We spent 2009/10 on a strengthening of Satair - both in
terms of organizational structure and the addition of new business. With the
adjustment and efficiencies achieved in the period in review, and with the
prospects of a considerable improvement in the markets, we believe that the
Group is in a fine position to deliver robust growth in both revenue and
earnings in coming years”, says John Stær, CEO.
• Revenue in FY 2009/10 came to USD 406.5 million down 1%):
o The Aftermarket Division posted USD 307.3 million (up 5%)
o The OEM Division posted USD 99.2 million (down 16%)
o EBITDA before special items totaled USD 35.1 million against USD 38.0
million last year, with an EBITDA margin of 8.6% against the year-earlier
level of 9.3%.
• Profit before tax came to USD 25.7 million against USD 9.8 million last year
which was affected by a loss on currency and interest-rate contracts
• The cash flow from operating activities came to USD 8.4 million against
USD 8.2 million last year
• Earnings per share rose 157% in 2009/10, to USD 4.62
• Both revenue and profit were on a par with the most recently announced
guidance (see the Release of 12 May 2010), but the Group posted a profit
above the level expected at the opening of the fiscal year.
• The Board of Directors recommends that a dividend be declared for fiscal
2009/10 of DKK 8.00 per share of DKK 20 reflecting an increase of 167%
in DKK.
GUIDANCE FOR FY 2010/11
The market outlook for fiscal 2010/11 is good, driven by the improvements in
the world economy. The Group expects rising passenger and cargo volumes, and
that will have a positive effect on the Aftermarket Division. There are also
expectations of a certain improvement in the market environment of the OEM
Division.
• Revenue in 2010/11 is forecast in the region of USD 450-460 million,
corresponding to an increase of approx. 12%. This reflects a significant
increase in revenue in the Aftermarket Division - driven by organic growth
as well as by the addition of new product lines and the acquisition of
activities - and a minor revenue decline in the OEM Division.
• The guidance for FY2010/11 includes an EBITDA in the range of USD 40 million
USD and a profit before tax of around USD 30 million.
Webcast
On Tuesday, September 14, 2010 at 10am a conference call and webcast will be
arranged concerning this release. To attend please dial +45 7026 5040 five
minutes before the stated time. The conference may be accessed through a link
on Satair's website at www.satair.com and will subsequently be available on the
website.
Further information
CEO John Stær, tel. +45 3247 0104, e-mail: jst@satair.com or CFO Michael
Højgaard, tel. +45 3247 0126, email: mih@satair.com.
