On Monday, October 25, 2010, the Annual Shareholders' Meeting of Satair took
note of the Chairman's report and approved the company's Annual Report 2009/10.
In his report, Board Chairman N. E. Nielsen explained about the recently
announced divestment of Satair's OEM activities and the future focus on the
Group's core business in the Aftermarket. The Chairman pointed out that, as a
result of the divestment, Satair is changing its full-year guidance as
announced earlier today. The financial guidance for FY 2010/11 for the
continuing Aftermarket activities is unchanged, but the divestment of the OEM
activities will be reflected in a change in the revenue forecast for FY 2010/11
from USD 450-460 million to USD 350-360 million; a change in the EBITDA
forecast from approx. USD 40 million to USD 30 million, and a forecast for
profit before tax of USD 22 million instead of the earlier level of USD 30
million. Financials are expected to reflect an improvement of approx. USD 2.0
million driven by the divestment.
It was decided to use the profit for the year as provided in the approved
Annual Report 2009/10, meaning that a dividend will be declared of DKK 8.00 per
share of DKK 20, corresponding to 29% of the profit for the year.
Board members Carsten Lykke Sørensen and Yves Liénart were reelected in
accordance with the proposal of the Board of Directors. William E. Hoover was
elected new member of the board. Information about William E. Hoover is
available on the Group's website www.satair.com under ‘Investors'.
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 shareholders' 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%.
The Annual Shareholders' Meeting also adopted a series of amendments to the
Articles of Association for the purpose of bringing them into line with the new
Danish Companies Act.
At the subsequent, first meeting of the Board of Directors, N. E. Nielsen was
reelected Chairman of the Board.
