Q1 2010/11 at a glance:
• Revenue: USD 88.9 million (32%, contributed by acquisition: 12%)
• Gross margin: 21.0 (20.5)
• EBITDA: USD 8.9 million (USD 4.8 million) and EBITDA margin: 10.1% (7.2%)
• EBIT: USD 7.7 million (USD 3.6 million) and an EBIT margin of 8.6% (5.4%)
• Profit before tax: USD 6.3 million (USD 2.3 million)
• Cash flow from operating activities: USD 2.1 million USD (USD -10.7
million USD)
Divestment of OEM activities
Satair divested its OEM activities effective from October 27, 2010, and the
profit on the sale will not be recognized until in the interim report for Q2
2010/11. The decision to sell the OEM activities was made in Q1 2010/11, and so
the OEM activities are considered discontinuing effective from July 1, 2010.
Accordingly, the main focus of this interim report will be on developments in
the Aftermarket.
Guidance for FY 2010/11
Satair maintains the guidance announced on October 25, 2010 in connection with
the divestment of the OEM activities: the revenue forecast is unchanged at
around USD 350-360 million for the continuing Aftermarket activities,
reflecting 15% in growth from the year-earlier level; the gross margin is
forecast at around 20.0; EBITDA at around USD 30.0 million and the EBITDA
margin at approx. 8.5%; profit before tax is forecast at approx. USD 22 million
less the result and profit for the discontinuing activities, and profit after
tax from the discontinuing activities is expected to contribute USD 66 million.
The full-year forecast for the cash flow from operating activities is around
USD 15 million.
