OHB Technology AG / Half Year Results
06.08.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Increase in total revenues to EUR 135.5 million (previous year:EUR
117.0 million); earnings for the first half of EUR 0.22 per share
(previous year: EUR 0.34)
- Order backlog of EUR 829.6 million at a new record level
- Cash and cash equivalents of EUR 57.4 million as of June 30, 2009; up
from EUR 48.8 million in the previous year
- Outlook for 2009: total revenues of around EUR 300 million, EBITDA of
around EUR 31 million and EBIT of around EUR 21 million confirmed
Bremen, August 6, 2009. The OHB Group (Prime Standard, ISIN: DE0005936124)
increased its total revenues by 16 % to EUR 135.5 million in the first half
of 2009, up from EUR 117.0 million in the previous year. 'In the first half
of the year, we continued to work on existing projects as well as signing
new contracts. The OHB Group's established position in the European
aerospace industry is also mirrored in its increased order backlog'
comments Marco R. Fuchs, CEO of the Group, on the business development of
the Company in the first half-year. The order backlog rose again to EUR
829.6 million as of June 30, 2009, up from the previous record of EUR 781.2
million achieved at the end of the first quarter of 2009. By comparison,
the order backlog was valued at EUR 406.0 million at the end of the first
half of 2008.
At EUR 66.3 million, the cost of materials increased by 30 % year on year
in the first six months of 2009, reflecting the commencement of project
phases which entail a greater volume of external sourcing. Personnel
expenses in the period under review were also up on the previous year,
coming to EUR 43.0 million (previous year: EUR 39.6 million). Dragged down
by the greater expenses, EBITDA contracted by EUR 1.4 million over the
previous year to EUR 12.4 million, with EBIT coming to EUR 7.8 million
(previous year: EUR 9.5 million). Reduced interest income compared with the
previous year caused net financial expense to widen to EUR 2.1 million
(previous year: net financial expense of EUR 1.5 million). After tax, the
OHB Group earned consolidated net profit of EUR 3.8 million in the first
six months of 2009 (previous year: EUR 5.9 million). This translates into
earnings per share of EUR 0.22 for the period, down from EUR 0.34 in the
previous year.
The unconsolidated total revenues of the Space Systems + Security business
unit came to EUR 33.1 million in the first six months of 2009, up by EUR
3.2 million compared to the year-ago period. Internal revenues stood at EUR
6.5 million (previous year: EUR 0.1 million). At EUR 18.1 million, the cost
of materials rose by EUR 3.5 million, translating into a cost-of-materials
ratio of 55 %, compared with 49 % in the previous year. Consequently, the
segment's EBIT margin relative to unconsolidated total revenues contracted
to 6.7 % (previous year: 12.3 %). EBIT came to EUR 2.2 million (previous
year: EUR 3.7 million).
Total revenues in the Payloads + Science business unit increased
substantially in the period under review, rising from EUR 19.5 million in
the previous year to EUR 35.2 million in the first six months of 2009. The
cost of materials climbed to EUR 20.4 million (previous year: EUR 5.8
million) primarily due to the progress being made on the EnMAP and TET
satellite projects. Thanks to the higher total revenues, segment EBIT came
to EUR 1.1 million, almost one third higher than in the year-ago period. On
the other hand, however, the EBIT margin contracted by 1.2 percentage
points over the previous year to 3.2 %.
The Space Transportation + Aerospace Structures business unit generated
unconsolidated total revenues of EUR 69.3 million in the first six months
of the year, up 8.2 % on the first half of 2008 (EUR 64.1 million).
However, the greater volume of external sourcing pushed EBITDA down to EUR
6.6 million, i.e. just below the year-ago figure of EUR 6.9 million.
Consequently, the EBIT margin narrowed to 6.7 % (EBIT: EUR 4.7 million),
down from 7.8 % in the previous year (EBIT: EUR 5.0 million).
The unconsolidated total revenues of the Telematics + Satellite Operations
business unit rose by EUR 0.4 million to EUR 7.2 million in the period
under review. As the cost of materials also increased by EUR 0.5 million
over the previous year, EBITDA was virtually unchanged over the year-ago
period, coming as it did to EUR 0.5 million. Amortization/depreciation
expense equaled EUR 0.7 million, up on the year-ago figure of EUR 0.6
million. This resulted in a loss of EUR 0.2 million at the EBIT level in
the first six months of 2009 (previous year: loss of EUR 0.023 million).
The year-on-year increase of 17 % in total assets to EUR 360.4 million as
of June 30, 2009 is related to the numerous projects currently in the
implementation phase. At the same time, the Group's cash and cash
equivalents (excluding long-term securities) climbed from EUR 48.8 million
to EUR 57.4 million. The increase in total assets caused the equity ratio
to contract to 22 % as of the end of the period under review, down from 27
% on June 30, 2008.
In view of the increase in inventories and the commencement of sourcing
activities for important projects the Management Board continues to
forecast consolidated total revenues of around EUR 300 million for 2009
together with an increase in EBITDA to EUR 31 million and in EBIT to EUR 21
million.
<pre>
Earnings key figures(EUR 000) Q2 / Q2 / H1 / H1 / +/- H1
2008 2009 2008 2009 2009/08
Sales 60,404 60,446 100,571 115,709 +15 %
Total revenues 65,291 68,891 117,009 135,484 +16 %
EBITDA 7,276 5,113 13,828 12,398 -10 %
EBIT 5,206 2,818 9,529 7,813 -18 %
EBT 4,500 1,826 8,072 5,714 -29 %
Net profit for the period 2,831 1,044 4,987 3,205 -36 %
EPS in EUR 0.19 0.07 0.34 0.22 -35 %
Cash andcash equivalents 48,802 57,390 48,802 57,390 +18 %
excluding long-term securities
</pre>
Contact:
Michael Vér
Investor Relations
Tel.: +49 (0)421 - 2020-727
Fax: +49 (0)421 - 2020-613
E-Mail: ver@ohb-technology.de
www.ohb-technology.de
This six-month report and further information are available on our website
at www.ohb-technology.de.
DGAP 06.08.2009
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Language: English
Issuer: OHB Technology AG
Karl-Ferdinand-Braun-Str. 8
28359 Bremen
Deutschland
Phone: +49 (0)421 2020 8
Fax: +49 (0)421 2020 613
E-mail: ir@ohb-technology.de
Internet: www.ohb-technology.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: OHB Technology AG: Increase in total revenues to EUR 135.5 million (previous year:EUR 117.0 million)
| Source: EQS Group AG