Revenue and second-quarter profitoutperformed expectations, and Satair posted USD 96.4 million in second-quarterrevenue, or 27% growth, of which 18% is organic. Profit before tax oncontinuing activities came to USD 5.9 million, up 48%, and the free cash flowamounted to USD 161.5 million of which USD 157.0 million is attributable to thedivestment of the OEM Division, compared to a negative amount of USD 3.1million in the same quarter last year.
Satair’s CEO JohnStær: ”Satair had an excellent quarter and first half. There is a positivetrend in the aerospace industry, with robust growth in both passenger traffic andcargo volumes, and we also note a positive development in sales of our newproduct lines. We have sharpened our customer focus and reorganized our salesforce, and the results are now visible in the form of closer customer relationsand added sales. We have also started an optimization of our supply chainprocesses, and this has resulted in clear improvements. The divestment of theOEM Division enables us to focus on the Aftermarket, and with the ongoingstrategy process progressing as planned, a bank deposit of USD 60 million andexpectations of sustained growth, Satair is ready for the future”.
Q2 2010/11 in brief
- Revenue: USD 96.4 million (27% of which 18% is organic)
- Gross margin: 20.2 (20.5)
- SG&A margin: 11.8 (13.5)
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EBITDA: USD 8.6 million (USD 6.2 million) and margin: 9.0% (8.2%)
- EBIT: USD 7.3 million (USD 5.0 million) and margin: 7.6% (6.6%)
- Profit before tax (continuing activities): USD 5.9 million (USD 4.0 million)
- Profit including discontinuing activities: USD 69.7 million
- Free cash flow before acquisitions/divestments of companies: USD 4.5 million (USD -3.1 million)
H1 2010/11 in brief
- Revenue: USD 185.3 million USD (30% of which 19% is organic)
- Gross margin: 20.6 (20.5)
- SG&A margin: 11.6 (13.9)
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EBITDA: USD 17.6 million (USD 11.1 million) and margin: 9.5% (7.8%)
- EBIT: USD 15.0 million (USD 8.6 million) and margin 8.1% (6.0%)
- Profit before tax (continuing activities): USD 12.3 million (USD 6.3 million)
- Profit including discontinuing activities: USD 75.7 million
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Free cash flow before acquisitions/divestments: USD 7.4 million
(USD -13.9 million)
Webcast: Wednesday, February 9, 2011, at 13:30. The conference call can be followed via a link on Satair’s website, www.satair.com, and will subsequently be available on the Group’s website.
Further information:
CEO John Stær, jst@satair.com, +45 4015 9286
CFO Michael Højgaard, mih@satair.com, +45 4030 4349
