On Thursday, October 23, 2008, the Annual General Meeting of Satair took note
of the Chairman's report and approved the company's Annual Report 2007/08. The
Chairman announced that the Group had posted a total of USD 113.6 million in
consolidated first-quarter revenue for 2008/09, which is just under 25% of the
revenue forecast for the full year and on a par with expectations. The
full-year forecast for revenues and EBITDA before special items is maintained.
In 1Q 2008/09 the increasing USD rate had a negative impact on fair value
adjustments of currency hedging by USD 6.1 million.
The Chairman underscored the increased uncertainty in general about future
developments in aviation brought about by the negative global developments
after September 13, when Satair released its expectations for fiscal 2008/09.
It was decided to use the profit for the year as provided in the approved
Annual Report 2007/08 by declaring a dividend of DKK 5.50 per share of DKK 20,
corresponding to 34% of the profit for the year.
Board members Carsten L. Sørensen, Chan Nyuk Lin and Yves Liénart were
reelected in accordance with the proposal of the Board of Directors.
PricewaterhouseCoopers Statsautoriseret Revisionsaktieselskab was reelected
auditor of the company.
The Board was authorized to arrange for the company to acquire treasury shares
in the period until the next annual general meeting of up to 10% of the share
capital and at the buying price listed by the Copenhagen Stock Exchange
plus/minus up to 10%.
At the meeting it was also decided to introduce electronic communication
between the Group and its shareholders, and the Board of Directors was
authorized to decide a time for the introduction of such a system.
At the subsequent, first meeting of the Board of Directors, N. E. Nielsen was
reelected Chairman of the Board.
