Summary
Satair recorded sustained high revenue growth in 2Q 2007/08. Total revenue
outperformed expectations at USD 101.0 million, up 20% from the year-earlier
level. The Aftermarket Division achieved strong growth in all regions and the
OEM Division posted high growth rates in the main markets in Europe and China.
The EBITDA level in 2Q also performed above expectations. On the basis of the
positive developments in 1H the Group is making an upward adjustment of the
outlook for FY 2007/08 with regard to revenue and EBITDA and now expects an
EBITDA in the range of USD 34 million.
Profit before tax and fair value adjustments of interest hedge contracts is now
forecast at around USD 23-24 million.
2Q 2007/08 in brief
Revenue came to USD 101.0 million, up 20% from the year-earlier level
The Aftermarket Division: USD 68.8 million and a growth rate of 19%
The OEM Division: USD 32.2 million and a growth rate of 21%
The gross margin came to 22.6 against 20.4 in the same quarter last year
The EBITDA margin before special items in 2Q stood at 8.9% against 7.3% last
year
EBITDA came to USD 7.7 million - up 25%
Profit before tax came to USD 3.7 million - unchanged from last year
The cash flow from operating activities was negative in an amount of USD 5.4
million against a negative cash flow of USD 5.4 million last year.
1H 2007/08 in brief
Revenue came to USD 201.3 million, up 20% from the year-earlier level
The gross margin came to 21.9 against 20.4 in the same period last year
The EBITDA margin before special items in 1H stood at 9.5% against 7.1% last
year
EBITDA came to USD 18.0 million - up 53%
The cash flow from operating activities was negative in an amount of USD 8.3
million against a negative cash flow of USD 10.8 million last year.
Outlook for 2007/08
Based on developments in 1H 2007/08 and the outlook for 2H the Group is making
an upward adjustment of the outlook for revenue and EBITDA for FY 2007/08. The
Group now expects total revenue in 2007/08 in the range of USD 415 million
against the previous level of USD 400-410 million. The higher revenue level is
expected to result in an improved operating income, leading to an EBITDA margin
of around 8.0% against the previous outlook of around 7.6%. This corresponds to
an improvement in EBITDA of an estimated USD 2 million to around USD 34
million.
Profit before tax and fair value adjustments of interest hedge contracts is now
forecast at around USD 23-24 million against the previously announced forecast
of USD 21-22 million.
On Wednesday, February 6, 2008 at 10.30am, a conference call and webcast on
this release will be held in which CEO John Stær and CFO Michael Højgaard will
comment on the results and outlook for the full year.
To attend, call tel. +45 7026 5040 at 10.25am. The conference may be accessed
via the link on Satair's website www.satair.com. The conference will
subsequently be available on Satair's website.
For further information please contact
CEO John Stær, jst@satair.com or
CFO Michael Højgaard, mih@satair.com
