DGAP-News: OHB Technology AG: 42% increase in total

OHB Technology AG / Half Year Results

11.08.2010 07:12

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- 42% increase in total revenues to EUR 192.6 million(previous year: EUR
135.5 million)

- Further rise in order backlog to EUR 1.289 billion(previous year: EUR 830
million)

- Meteosat Third Generation (MTG) weather satellites: ESA, Thales Alenia
Space and OHB continuing negotiations

Bremen, August 11, 2010. The OHB Group (Prime Standard, ISIN: DE0005936124)
recorded a 42% year-on-year increase in total revenues in the first six
months of 2010 to EUR 192.6 million. This growth was materially due to the
favorable performance of the Space Systems + Security business unit and the
acquisition of Carlo Gavazzi Space S.p.A. (CGS), which has been integrated
within the Space International business unit. Consolidated net profit after
minorities came to EUR 3.6 million for the period, up from EUR 3.2 million
in the previous year.

Spurred by the good progress being made on the new projects, the cost of
materials and services purchased rose significantly, causing the cost of
materials ratio to widen to around 59%, up from just under 49% in the
year-ago period. The Group headcount rose by 257 primarily as a result of
consolidation effects, resulting in an increase of 20% in staff costs to
EUR 51.7 million. Despite this, the OHB Group's EBITDA rose by EUR 1.9
million or 15% to EUR 14.3 million accompanied by an increase of EUR 1.4
million or 17% in EBIT to EUR 9.2 million. Net finance expense widened by
EUR 1.4 million over the previous year to EUR 3.5 million chiefly as a
result of increased interest expenditure. As a result, the profit from
ordinary business activity contracted slightly by EUR 0.1 million to EUR
5.6 million. After income tax expense, which was also slightly lower, the
OHB Group earned net consolidated profit for the period of EUR 3.8 million,
on a par with the same period in the previous year. At EUR 3.6 million, the
net profit for the period attributable to OHB's shareholders after minority
interests was up 13% over the same period in the previous year.

Up EUR 47.4 million to EUR 79.0 million, non-consolidated total revenues in
the Space Systems + Security business unit made a crucial contribution to
the OHB Group's favorable performance in the first half of 2010. The strong
growth was materially related to the successful commencement of the
Galileo* project. This was accompanied by an increase of EUR 43.9 million
in the cost of materials and services purchased to EUR 61.7 million. EBIT
rose by EUR 1.2 million or 67% to EUR 3.0 million. The segment's EBIT
margin relative to non-consolidated revenues contracted to 3.8%, down from
5.6% in the previous year.

At EUR 29.6 million, non-consolidated total revenues in the Payloads +
Science business unit were down EUR 5.6 million on the previous year's high
level for invoicing-related reasons. With the cost of materials also down
substantially by EUR 5.5 million to EUR 14.9 million, EBIT in this segment
climbed by around EUR 1.7 million over the previous year's level (EUR 1.1
million). As a result, the EBIT margin widened from 3.2% in the previous
year to 5.9%.

Established on October 1, 2009 following the acquisition of CGS, the new
Space International business unit comprises the activities of CGS and
LUXSPACE and reported non-consolidated total revenues of EUR 22.4 million
in the first half of 2010. With the cost of materials and services
purchased coming to EUR 11.7 million, EBIT of EUR 1.6 million was
generated, translating into an EBIT margin of 7.1%.

At EUR 65.2 million in the first half of 2010, the non-consolidated total
revenues of the Space Transportation + Aerospace Structures business unit
were down EUR 4.1 million on the previous year. The cost of materials and
services purchased came to EUR 32.3 million and was thus virtually
unchanged over the previous year (EUR 33.4 million). Consequently, EBIT
fell by EUR 1.9 million to EUR 2.8 million, with the EBIT margin
contracting to 4.3%, down from 6.7% in the same period of the previous
year.

Non-consolidated total revenues in the Telematics + Satellite Operations
business unit in the first half of 2010 at EUR 7.1 million were down
slightly by EUR 0.1 million on the year-ago period. As the cost of
materials and services purchased also contracted by EUR 0.1 million to EUR
3.4 million, the business unit broke even at the EBIT level following the
previous year's loss of EUR 0.2 million.

The OHB Group's firm order backlog increased in value by around EUR 459
million as of the end of the first half of 2010, rising to EUR 1.289
billion, of which OHB-System AG accounted for EUR 700.0 million or 54%.

As of June 30, 2010, the OHB Group's total assets were up 14% or EUR 62.8
million compared with December 31, 2009. This increase was underpinned
almost entirely by current assets. On the other side of the balance sheet,
the main growth was in current and non-current prepayments received, which
rose by EUR 67.8 million to EUR 195.0 million. The equity ratio contracted
to 19% as of June 30, 2010 due to the increase in total assets, down from
22% as of December 31, 2009.

The OHB Technology Group 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 forms part of the Galileo program, which has been
initiated and is being funded by the European Union (EU). The European
Space Agency (ESA) is acting on behalf and in the name of the EU. 'Galileo'
is a registered trademark owned by the EU and ESA and registered under OHIM
application number 002742237.

Key performance indicators at a glance

|[![CDATA[|[pre|]]]|]
(EUR 000s) Q2 Q2 H1 H1 H1 +/ -
2009 2010 2009 2010 2010/09
Sales 60,446 84,602 115,709 167,190 +44.5%
Total revenues 68,891 94,865 135,484 192,582 +42.1%
EBITDA 5,113 6,710 12,398 14,304 +15.4%
EBIT 2,818 4,119 7,813 9,147 +17.1%
EBT 1,826 1,962 5,714 5,624 -1.6%
Net profit for the period
after minority interests 1,044 1,247 3,205 3,630 +13.3%
EPS in EUR 0.07 0.07 0.22 0.21 -4.5%
Cash and cash equivalents
including securities 63,904 100,341 63,904 100,341 +57.0%
|[![CDATA[|[/pre|]]]|]

The six-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

11.08.2010 07:12 Ad hoc announcement, Financial News and Press 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 Hamburg, MÃ¼nchen, DÃ¼sseldorf, Berlin, Stuttgart

End of News DGAP News-Service

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DGAP-News: OHB Technology AG: 42% increase in total revenues to EUR 192.6 million