Web site

A Danish company listed on the Copenhagen Stock Exchange, Satair is one of the world leaders in the distribution of logistic services and spare parts for aircraft maintenance and manufacture.

Compagnie du Bois Sauvage had a 7% holding at the end of 2009, for a total of EUR 7.4 million.

After enjoying uninterrupted growth for several years, Satair has been confronted with the economic crisis that has hit the aeronautical sector with particular force. Despite this extremely difficult environment, Satair has managed to limit the fall in turnover during 2008/09.

• 2008/09 turnover was USD 410.6 million, down 3% in relation to the previous financial year;
• 2008/09 EBITDA was USD 26.8 million against USD 37.3 million the previous year. This fall resulted primarily from the negative impact of long-term currency sale contracts. With no exchange hedging, the EBITDA would have been USD 38 million;
• The financial years’ net profit amounted to USD 9.8 million against USD 2.6 million at the end of the previous financial year.
  

At the time of publication of the half-yearly results at the end of 2009, management confirmed a slow but progressive recovery discernible in the aeronautical sector, in the Asian market in particular.

In view of this trend, the management has upwardly reviewed its profit forecasts for 2009/10. Earnings before tax for the current year are now estimated at USD 25 million against USD 7.7 million at the end of 2008/09.