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Surge in earnings - OHB Technology AG

Published by Sigurd De Keyser on Fri Nov 11, 2005 8:01 pm
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PRESS RELEASE; OHB Technology AG

Surge in earnings to 60 Cent per share (previous year 27 Cent) due to first-time consolidation of MT Aerospace AG
Earnings forecast FY 2005 of around 70 Cent per share

OHB Technology AG (Prime Standard, ISIN: DE0005936124) took benefit in the third quarter from first-time consolidation of MT Aerospace AG in the OHB Group as of July 1st, 2005 in accordance to IFRS 3.

The OHB Group’s total revenues in the first nine months of 2005 came to EUR 73.4 million, slightly up on the year-ago figure of EUR 73.3 million. It can thus be seen that the previous year-on-year shortfall of some EUR 10 million in total revenues in the first half of 2005 has been completely made up for with the acquisition of MT Aerospace.

Including the non-recurring income from the negative goodwill arising from the first-time consolidation of MT Aerospace, the Group posted EBITDA of EUR 14.7 million (previous year: EUR 7.7 million) and EBIT of EUR 11.3 million (previous year: EUR 5.5 million) in the first nine months of 2005.

Net income for the first nine months came to EUR 8.9 million, substantially exceeding the year-ago figure of EUR 3.9 million. Earnings per share of EUR 0.60 for the period were inflated by the addition of the non-recurring income of EUR 0.36 per share from the negative goodwill arising from first-time consolidation. A further EUR 0.02 per share is attributable to the operating earnings again – following a weak first half – posted by MT Aerospace in the third quarter of 2005. Otherwise, OHB Technology AG in the structure which it possessed a year ago contributed EUR 0.22 per share, equivalent to a year-on-year decline of EUR 0.05 per share. This drop in earnings is due to the lower total revenues generated in the Space Technology + Security business unit.

The increase of EUR 34.8 million to EUR 93.5 million in cash and cash equivalents at the Group level as of September 30, 2005 compared with December 31, 2004 is essentially due to the first-time consolidation of MT Aerospace AG.

Order books worth EUR 393.1 million on September 30, 2005, with an order backlog of EUR 272.4 million recorded by MT Aerospace making a key contribution after first-time consolidation. The pro-forma order backlog for OHB Technology AG (i.e. the same structure as in the previous year) of EUR 120.7 million (previous year: EUR 145.2 million) ) includes the additions to the contract for SAR-Lupe IT security as well as telematics orders worth EUR 20.7 million. As a result, order backlog exceeds all the previous quarters of 2005 as well as the figure of EUR 110.8 million reported at the end of 2004.

With unconsolidated total revenues of EUR 67.2 million (previous year: EUR 66.2 million), the Space Technology + Security business unit dominated the Group in the first nine months of 2005 even more than before following the acquisition of MT Aerospace. On a particularly encouraging note, MT Aerospace AG turned the corner in the third quarter, posting EBIT of EUR 1.5 million again following a weak first half. This was achieved by internal improvements to costs and structures as well as the greater number of successful ARIANE 5 missions in the second half of 2005.

The Telematics business unit posted unconsolidated total revenues of EUR 8.7 million in the first nine months of 2005, thus falling short of the year-ago period by just under 8 % (EUR 9.4 million). EBITDA of EUR 1.9 million (previous year: EUR 1.2 million) and a sharp rise in EBIT to EUR 0.9 million (previous year: EUR 0.5 million) in spite of continued high depreciation expenditure testify this business unit’s return to sustained profitability. As usual, the figures for the Satellite Services business unit (EBITDA of EUR 0.055 million and EBIT of EUR 0.054 million) are included in the above numbers.

OHB Technology AG will be able to report substantially higher earnings per share for fiscal 2005 as a whole primarily as a result of the consolidation of MT Aerospace AG. Although total revenues are down on the previous year on a stand-alone basis (excluding MT Aerospace), margins for OHB in its old structure are wider. As in the third quarter, MT Aerospace will continue its turnaround in the fourth quarter and make a positive contribution to EBIT.

For the year as a whole, the Management Board expects consolidated total revenues including MT Aerospace AG to be slightly up on the previous year (EUR 114.1 million), with earnings per share coming to around EUR 0.70.

The Management Board assumes that MT Aerospace will continue its turnaround in 2006 and make a contribution to both operating earnings and net income. Adjusted for exceptionals, earnings per share will climb in 2006. A dividend payout is planned for both fiscal 2005 and fiscal 2006.

Earnings
figures
at a glance (EUR 000)
Q3
/ 2004
Q3
/ 2005
Q1-Q3
/
2004
Q1-Q3
/
2005
+/-
Q1-Q3
2005/04
Sales
28,687
36,419
69,322
66,266
-
4 %
Total
revenues
30,301
40,431
73,254
73,432
+/-
0
EBITDA
2,836
10,079
7,689
14,737
+
92 %
EBIT
2,108
8,252
5,459
11,300
+
107 %
EBT
2,697
7,625
6,476
11,273
+
74 %
Net
profit
1,632
6,559
3,927
8,895
+
127 %
EPS
in EUR
0.11
0.44
0.27
0.60
+
122 %
Liquid
funds
67,528
93,496
67,528
93,496
+
38 %

For further details and information please contact:

OHB Technology AG
Michael Vér, Investor Relations
Karl-Ferdinand-Braun-Str. 8
D – 28359 Bremen
Phone: +49 -421 -2020 -8
Fax: +49 -421 -2020 -613
mailto: ir@ohb-technology.de

ABOUT OHB

OHB is a leading player in the manned space flight segment. Even the cosmonauts on board the MIR worked with technology originating from the Bremen-based company. The Company is also participating in what is currently the largest space project, the ISS International Space Station, having garnered numerous orders. OHB-System is playing a leading role in the construction of the ISS as well as the provision of scientific apparatus for the research laboratories. In fact, it is the only company to be involved in assembling all the experimental equipment for the COLUMBUS European research laboratory. As well as this, it is the principal contractor for the EPM medical laboratory.

Via its share in BEOS GmbH, OHB is offering a service for future ISS users ranging from scientific advice to space transportation and the submission of the results to the customer.

In addition, it is responsible for the world’s largest space aquarium. Thus, fish, snails and water plants will be inhabiting an autarkic aquatic biosystem housed in an eight-liter tank to be used for studying space and sea sickness.

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