Q2 2009/10 at a glance
• Revenue: USD 100.8 million (-2%, in local currency -3%)
• The Aftermarket Division: USD 76.8 million (4%, unchanged in local currency)
• The OEM Division: USD 24.0 million (-17%, in local currency -21%)
• Gross margin: 21.8 (22.0)
• EBITDA margin before special items: 7.9% (8.8%)
• EBIT: USD 7.5 million (USD 4.4 million) and an EBIT margin of 7.5% (4.3%)
• Profit before tax: USD 6.4 million (USD -4.2 million)
• Cash flow from operating activities: USD -2.8 million (USD -5.6 million)
H1 2009/10 at a glance
• Revenue: USD 197.3 million (-9%, unchanged in local currency)
• The Aftermarket Division: USD 145.1 million (-4%, unchanged in
local currency)
• The OEM Division: USD 52.2 million (-19%, in local currency -17%)
• Gross margin: 22.0 (21.8)
• EBITDA margin before special items: 8.1% (8.4%)
• EBIT: USD 15.0 million (USD 6.0 million) and an EBIT margin of 7.6% (2.8%)
• Profit before tax: USD 12.5 million (USD -4.1 million)
• Cash flows from operating activities: USD -13.5 million (USD -15.8 million)
The strong growth in EBIT and profit before tax was driven mainly by the net
effect on profit of foreign exchange and interest rate contracts, which
constituted an income item of USD 3.4 million in H1 2009/10 against a cost item
of USD 18.4 million in the same period last year.
Guidance for 2009/10
Based on the developments achieved in Q2 2009/10 the Group raises its guidance
for FY 2009/10. Accordingly, revenue is now forecast in the region of USD
405-420 million against previously USD 400-415 million, and the gross margin is
now forecast at around 22.0 against the previous level of 21.0-22.0. The EBITDA
margin before special items is now forecast at approx. 8.0-9.0% against the
previous level of 7.0-8.0%, and profit before tax is now forecast in the region
of USD 25 million against the previous forecast of around USD 18-22 million.
The cash flow from operating activities is still expected to remain positive
for the full year 2009/10.
