Third quarter in brief
• Revenue: USD 100.4 million (-10%, in local currency -6%)
• The Aftermarket Division: USD 71.3 million USD (-3%, unchanged in local
currency)
• The OEM Division: USD 29.1 million (-23%, in local currency -13%)
• Gross profit ratio: 25.0 (22.3)
• EBITDA margin before special items: 11.9% (8.3%)
• Net income from adjustments of currency and interest-rate contracts: USD 0.8
million (USD -0.2 million)
• Earnings before tax: USD 10.3 million (USD 5.6 million)
• Cash flow from operating activities: USD 10.1 million (USD -3.3 million).
First nine months in brief
• Revenue: USD 316.9 million (1%, in local currency 4%)
• The Aftermarket Division: USD 223.2 million (+6%)
• The OEM Division: USD 93.7 million (-8%, in local currency -1%)
• EBITDA margin before special items: 9.5% (8.1%)
• Net income from adjustments of currency and interest-rate contracts:
USD -17.5 million (USD -0.1 million)
• Earnings before tax: USD 6.3 million (USD 14.8 million)
• Cash flow from operating activities: USD -5.7 million (USD -11.5 million).
Guidance for 2008/09
The continued deterioration of the market environment causes Satair to lower
its revenue guidance for the full year to USD 410 million from the previous
level of USD 420-440 million. However, as a reflection of the improved gross
profit ratio and the reduc-tion in operating costs the level of earnings is
maintained at a high level. The Group expects an EBITDA before special items in
the region of USD 40 million against the previous guidance of USD 37-42
million, corresponding to an EBITDA margin before special items of around
9.0-10.0% against the previous guidance of 8.5-9.0%. Adjustments of currency
and interest-rate contracts are expected to have a total negative effect on
full-year earnings of around USD 19 million against the previous guidance of
USD 20 million. Earnings before tax are forecast at around USD 12 million
against the previous guidance of USD 10 million. For the remaining three months
of FY 2008/09 cash flows from operating activities are expected to be positive,
and the level of interest-bearing debt, net is expected to decline even
further.
