Third quarter at a glance
• Revenue: USD 101.2 million (up 1%, in local currency 0%)
• The Aftermarket Division: USD 78.0 million (up 9%, unchanged in local
currency)
• The OEM Division: USD 23.2 million (- 20%, in local currency -23%)
• Gross margin: 21.9 (25.0)
• EBITDA margin before special items: 8.5% (11.9%)
• EBIT: USD 6.7 million (USD 10.0 million) and an EBIT margin of 6.6% (9.9%)
• Profit before tax: USD 6.2 million (USD 10.3 million)
• Cash flow from operating activities: USD 8.1 million (USD 10.1 million).
First nine months at a glance
• Revenue: USD 298.5 million (-6%, unchanged in local currency)
• The Aftermarket Division: USD 223.1 million (0%, unchanged in local
currency)
• The OEM Division: USD 75.4 million (-20%, unchanged in local currency)
• Gross margin: 22.0 (22.8)
• EBITDA margin before special items: 8.2% (9.5%)
• EBIT: USD 21.7 million (USD 15.9 million) and an EBIT margin of 7.3% (5.0%)
• Profit before tax: USD 18.6 million (USD 6.3 million)
• Cash flow from operating activities: USD -5.4 million (USD -5.7 million).
The increase in EBIT and profit before tax in the first nine months of 2009/10
from the year-earlier level were driven by a positive effect of foreign
exchange and interest rate contracts (constituting an income item of USD 3.2
million in the first nine months of 2009/10 against a cost item of USD 17.5
million in the same period last year) and a negative effect of the revenue
decline of 6%.
Guidance for 2009/10
Based on its third-quarter performance the Group maintains its earnings
guidance for FY 2009/10. Revenue is forecast in the region of USD 405-410
million (previously USD 405-420 million) and the gross margin is forecast at
around 22.0. The Group expects an EBITDA margin before special items in the
region of 8.0-9.0%, and the forecast profit before tax is unchanged at approx.
USD 25 million.
The cash flow from operating activities is expected to be positive for the full
year 2009/10.
