Summary
2007/08 was a good year for Satair. We have accomplished a highly satisfactory
growth in revenues, and the profit for the year is somewhat above the
expectations announced at the start of the fiscal year. Satair follows the
activities described in the Delivering 500+ strategy plan and has achieved
results exceeding the targets laid down in the plan.
"We have seen a year with very positive market conditions. The growth in air
traffic has remained robust, and we have seen a record production of new
aircraft. We have made targeted efforts at utilizing the favorable market
conditions, and this has paid off in the form of highly satisfactory results
and an expansion of our market shares. Lately, however, developments have taken
a new turn. The high oil prices put pressure on airlines' profitability, and a
number of airlines have announced capacity reductions. This will affect our
activities in aircraft maintenance where the growth now looks set to be
somewhat lower than previously expected. At the same time, certain airlines are
currently deciding to cancel or postpone already placed orders. We feel,
however, that environmental issues, issues of fuel economy and the long-term
growth expectations for air traffic will lead to a continued high demand for
new aircraft in the coming years. Satair is prepared for a challenging - but
also interesting - 2008/09, where the focus will be on efficient execution and
utilization of those opportunities which are always available in difficult
times. We have shown our ability to do this on previous occasions, and so we
also expect to see continued growth in the coming year," says CEO John Stær.
• For 2007/08, revenues came to USD 423.7 million (+18%).
o The Aftermarket Division posted revenues of USD 287.9 million (+19%).
o The OEM Division posted revenues of USD 135.8 million (+16%).
• EBITDA before special items totaled USD 34.0 million (+34%)
• The EBITDA margin before special items totaled 8.0% against 7.1% last year.
• Profit before tax totaled USD 21.6 million (+28%)
• Net profit after tax came to USD 14.8 million (+8%). The increase in the tax
rate can be attributed to the fact that the costs of the incentives programs
are only partially deductible.
• Earnings per share rose by 8% in 2007/08.
• Both revenues and profits are on a par with the most recently announced
expectations (cf. release of 14 May 2008), but higher than expected at the
start of the fiscal year.
• The Board recommends that dividend for fiscal 2007/08 be declared at DKK 5.50
per share of DKK 20, corresponding to 34% of the profit for the year.
Outlook for 2008/09
• Satair expects continued growth despite the far more uncertain market
conditions.
• The outlook for 2008/09 includes revenues in the region of USD 445-465
million against USD 424 million in 2007/08. The increase of around 7% is a
reflection of continued organic growth.
• The outlook also includes EBITDA before special items in the region of USD
35-40 million (USD 34 million in 2007/08) and profit before tax in the region
of USD 20-25 million (USD 22 million in 2007/08).
Webcast
A teleconference and webcast concerning this release will be held on Wednesday
17 September 2008, at 10.00 CET. To participate, please dial in on tel. +45
7026 5040 five minutes before the start of the teleconference. The conference
may be attended by following this link:
http://www.satair.com/webcm/satair_webcm.nsf or via Satair's website at
www.satair.com. After the end of the teleconference, it will be made available
on Satair's website.
