DGAP-News: OHB Technology AG: 47% increase in total

OHB Technology AG / Quarter Results

19.05.2010 07:16

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- 47% increase in total revenues to EUR 97.7 million (previous year: EUR
66.6 million)

- Record order backlog of EUR 1.362 billion (previous year: EUR 781
million)

- OHB entering operational phase of the Galileo* FOC program; subcontract
worth EUR 230 million awarded to SSTL

Bremen, May 19, 2010. The OHB Group (Prime Standard, ISIN: DE0005936124)
recorded a 47% year-on-year increase in total revenues in the first three
months of 2010 to EUR 97.7 million. This sharp rise was materially due to
the acquisition of Italian company Carlo Gavazzi Space S.p.A. (CGS) and the
successful commencement of the Galileo* program. At EUR 2.4 million,
consolidated net profit for the period after minority interests was up EUR
0.2 million on the same period in the previous year.

First-time consolidation of CGS and the current project structures, which
are characterized by a greater proportion of external sourcing, caused the
cost of materials to rise by 79% to EUR 59.1 million. Staff costs climbed
by 21% to EUR 25.0 million particularly due to the increase of 246 in the
Group headcount following first-time consolidation. With advance outlays up
substantially, EBITDA improved by 4% to EUR 7.6 million. After
depreciation/amortization expense, which was up 12% due to the Group's
growth, EBIT came to EUR 5.0 million, thus remaining on a par with the very
good performance in the same period of the previous year. Heightened
interest expense caused net finance expense to rise by EUR 0.3 million to
EUR 1.4 million. The net profit for the period attributable to OHB's
shareholders after minority interests was up 10% over the same period in
the previous year. Earnings per share contracted by EUR 0.01 to EUR 0.14 in
the first three months of 2010 due to the increase in the total number of
shares outstanding following the issue of fresh equity.

In the first three months of 2010, non-consolidated total revenues in the
Space Systems + Security business unit climbed by EUR 18.5 million over the
year-ago period to EUR 34.6 million. This sharp rise was materially due to
successful commencement of the Galileo* program. In this connection, the
cost of materials and services purchased increased by EUR 17.0 million to
EUR 26.3 million. At the same time, EBIT rose by 61% to EUR 1.8 million
(previous year: EUR 1.1 million), while the EBIT margin in this segment
relative to non-consolidated total revenues shrank to 5.3%, down from 7.0%
in the previous year.

At EUR 17.6 million, non-consolidated total revenues in the Payloads +
Science business unit were EUR 2.5 million down on the previous year for
invoicing reasons. This was largely mirrored in a decline of EUR 2.2
million in the cost of materials to EUR 10.4 million. Segment EBIT rose to
EUR 1.1 million, up from EUR 0.9 million in the previous year. As a result,
the EBIT margin widened to 6.1% (previous year: 4.6%).

Established on October 1, 2009 the new Space International
business unit comprises the activities of Carlo Gavazzi Space S.p.A. and
LUXSPACE SÃ rl. In the first quarter of 2010, it reported non-consolidated
total revenues of EUR 12.0 million. With the cost of materials and services
purchased coming to EUR 6.7 million, EBIT of EUR 0.7 million was generated,
translating into an EBIT margin of 5.8%.

The non-consolidated total revenues of the Space Transportation + Aerospace
Structures business unit contracted slightly over the previous year by EUR
0.6 million to EUR 33.2 million (previous year: EUR 33.8 million) on
account of reduced deliveries in the first quarter of 2010. With order
backlog remaining strong, the cost of materials and services purchased
declined at a slower rate. This caused EBIT to contract by EUR 0.8 million
to EUR 1.4 million, resulting in an EBIT margin of 4.2%, down from 6.4% in
the same period one year earlier.

Non-consolidated total revenues in the Telematics + Satellite Operations
business unit in the first three months of 2010 were down slightly by EUR
0.1 million on the year-ago period. EBIT contracted to EUR 0.1 million
(previous year: EUR 0.5 million) primarily as a result of the increase of
EUR 0.4 million in the cost of materials and services purchased to EUR 1.6
million in connection with future projects. However, it should be noted in
this connection that EBIT in this segment had risen at a particularly sharp
rate in the previous year following the invoicing of several projects. In
fact, the Telematics + Satellite Operations business unit generated 65% of
its full-year EBIT for 2009 in the first quarter.

The OHB Group's firm order backlog of EUR 1.362 billion reached a new
record as of March 31, 2010 (previous year: EUR 781.2 million). Of this,
OHB-System alone accounts for EUR 741.8 million or around 54% (previous
year: EUR 204.3 million).

The OHB Group's total assets as of March 31, 2010 were up 22% or EUR 97.2
million on the figure recorded as of December 31, 2009, with cash and cash
equivalents within current assets rising in particular by a total of EUR
63.1 million to EUR 140.0 million. In addition, inventories increased by
EUR 10.2 million for project-related reasons, while trade receivables were
up EUR 21.6 million. On the other side of the balance sheet, the main
increase was in current and non-current prepayments received, which rose by
EUR 94.3 million. The equity ratio contracted to 18% as of March 31, 2010
due to the increase in total assets, down from 22% as of December 31, 2009.

The OHB Technology expects total revenues to grow to EUR 420-440 million in
2010 as a whole accompanied by an increase in EBITDA to EUR 32-35 million
and in EBIT to EUR 22-24 million.

* The OHB project is funded by, and part of, the Galileo programme which is
an initiative by the European Union (EU), and where the European Space
Agency (ESA) acts in the name of, and on behalf of, the EU. 'Galileo' is a
trademark subject to OHIM application number 002742237 by EU and ESA.

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Key performance indicatorsat a glance Q1 / 2009 Q1 / 2010 +/- Q1
(EUR 000s) 2009/10
Sales 55,263 82,588 + 49.5%
Total revenues 66,593 97,717 + 46.7%
EBITDA 7,285 7,594 + 4.2%
EBIT 4,995 5,028 + 0.7%
EBT 3,888 3,662 - 5.8%
Net profit for the period after minority 2,161 2,383 + 10.3%
interests
EPS in EUR 0.15 0.14 - 6.7%
Cash and cash equivalents including 80,144 145,155 + 81.1%
securities

|[![CDATA[|[/pre|]]]|]

The three-month report and further information are available at:
www.ohb-technology.de.

Corporate Communications
Steffen Leuthold
Tel.: +49 421 - 2020-620
Fax: +49 421 - 2020-9898
E-Mail: leuthold@ohb-technology.de

19.05.2010 07:16 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]

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Language: English
Company: 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, MÃ¼nchen, DÃ¼sseldorf, Hamburg, Stuttgart

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DGAP-News: OHB Technology AG: 47% increase in total revenues to EUR 97.7 million