OHB Technology AG / Quarter Results
10.11.2009
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- Increase in total revenues to EUR 210.5 million (previous year: EUR
178.2 million); EBIT at EUR 13.4 million (previous year: EUR 14.9
million)
- Order backlog of EUR 809.7 million as of September 30, 2009 (plus EUR
95 million from CGS as of August 31, 2009) and cashand cash equivalents
of EUR 53.5 million at a high level (previous year: EUR 37.7 million)
- Acquisition of Carlo Gavazzi Space (CGS), Italy, successfully completed
in October 2009
- Kayser-Threde GmbH focusing on space technology following sale of
automotive activities in October 2009
Bremen, November 10, 2009. In the first nine months of 2009, the OHB Group
(Prime Standard, ISIN: DE0005936124) increased its total revenues by 18 %
over the previous year, achieving a figure of EUR 210.5 million. 'Despite
challenging business conditions we could achieve a solid business
development. Moreover the acquisition of Carlo Gavazzi Space a successful
operator in the Italian space technology market is a further step of our
strategic decision to increasingly concentrate on European space
activities' commented Marco R. Fuchs, CEO of the Group, on the business
development of the Company in the current fiscal year. After the record
figure of EUR 829.6 million at the end of the first half of the current
year, orders remained at an ongoing high level of EUR 809.7 million
(excluding CGS) as of September 30, 2009, up from EUR 381.0 million for the
same period one year earlier. MT Aerospace AG accounts for roughly 59% or
EUR 480.7 million of the current order backlog (previous year: EUR 242.0
million). Additionally Carlo Gavazzi Space (CGS) has an order backlog of
EUR 95 million (August 31, 2009), with space agencies ESA and ASI figuring
amongst its main customers. CGS will be consolidated for the first time in
the fourth quarter of 2009.
At EUR 105.1 million in the first nine months of 2009, the cost of
materials exceeded the year-ago figure by just under 35 %, reflecting the
current business structure with project phases in which a greater
proportion of the work is outsourced. Staff costs rose by 8 % in the period
under review, coming to EUR 65.1 million (previous year: EUR 60.2 million).
Dragged down by the greater expenses, EBITDA contracted by EUR 1.3 million
over the previous year to EUR 20.0 million, with EBIT standing at EUR 13.4
million (previous year: EUR 14.9 million). Reduced interest income and
currency translation gains compared with the previous year caused net
financial expense to widen to EUR 3.3 million (previous year: net financial
expense of EUR 2.9 million). After tax, the OHB Group earned consolidated
net profit of EUR 6.9 million in the first nine months of 2009 (previous
year: EUR 8.6 million). This translates into earnings per share of EUR 0.38
for the period, down from EUR 0.48 in the previous year.
The sharp rise in total revenues in the Space Systems + Security business
unit in the first nine months of 2009 to EUR 56.2 million, up from EUR 45.1
million in the previous year, is materially due to the progresses made on
the SGEO and EnMAP projects. The cost of materials and services purchased
increased by a similar rate by EUR 11.0 million to EUR 33.5 million,
translating into a cost-of-materials ratio of just under 60 %, compared
with around 50 % in the previous year. Consequently, the segment's EBIT
margin relative to unconsolidated total revenues contracted to 6.0 %
(previous year: 10.4 %). EBIT came to EUR 3.4 million (previous year: EUR
4.7 million).
The Space Transportation + Aerospace Structures business unit generated
unconsolidated total revenues of EUR 104.3 million in the first nine months
of the year, up 8.4 % on the previous year (EUR 96.2 million). However, the
greater volume of external sourcing pushed EBITDA down to EUR 7.3 million,
i.e. below the year-ago figure of EUR 8.4 million. Consequently, the EBIT
margin narrowed to 7.0 %, down from 8.8 % in the previous year.
Total revenues in the Payloads + Science business unit increased
substantially in the period under review, rising from EUR 30.1 million in
the previous year to EUR 52.9 million in the first nine months of 2009. The
cost of materials and services purchased climbed to EUR 30.0 million
(previous year: EUR 9.1 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 2.4 million, roughly 75 % higher than in
the year-ago period. At 4.5 %, the EBIT margin was spot on the figure
recorded in the previous year.
The unconsolidated total revenues of the Telematics + Satellite Operations
business unit contracted by around EUR 0.5 million over the previous year
to EUR 11.2 million in the period under review. With cost of materials
virtually unchanged over the previous year, EBITDA held steady compared
with the first nine months of 2008, coming to EUR 1.2 million.
Amortization/depreciation expense equaled EUR 0.9 million, up on the
year-ago figure of EUR 0.8 million. This resulted in EBIT of EUR 0.3
million in the first nine months of 2009 (previous year: EUR 0.4 million).
The year-on-year increase of 13 % in total assets to EUR 349.1 million as
of September 30, 2009 is related to the numerous projects currently in the
implementation phase. On the assets side of the balance sheet, this is
reflected in the substantial year-on-year increase in inventories and trade
receivables to EUR 105.9 million and EUR 77.7 million, respectively
(previous year: EUR 90.5 million and EUR 71.3 million, respectively). At
the same time, the Group's cash and cash equivalents (net of non-current
securities) climbed from EUR 37.7 million to EUR 53.5 million. On the other
side of the balance sheet, current and non-current prepayments dominated
and the higher trade payables accounted for a roughly equal proportion. The
increase in total assets caused the equity ratio to contract to 24 % as of
the end of the period under review, down from 27 % on September 30, 2008.
On October 22, 2009, the OHB Technology Group sold all the shares in KT
Automotive GmbH, Munich, to the Kistler Group, which is domiciled in
Winterthur, Switzerland. The transaction also includes the activities of
the subsidiaries in China and the United States. Accordingly, the OHB
Technology Group is parting ways with its automotive crash test business.
As a result, the Payloads + Science business unit will now be concentrating
to a greater extent on projects and developments in the space segment.
The OHB Technology Group expects total revenues to increase to around EUR
300 million in 2009 as a whole, with EBITDA set to rise to EUR 31 million
EBIT (net of exceptionals) should also climb to around EUR 21 million in
2009.
|[![CDATA[|[pre|]]]|]
Earnings key figures(EUR 000) Q3 / Q3 / 9M / 9M / +/- 9M
2008 2009 2008 2009 2009/08
Sales 54,790 69,544 155,361 185,253 +19 %
Total revenues 61,200 74,997 178,209 210,481 +18 %
EBITDA 7,533 7,618 21,361 20,016 -6 %
EBIT 5,400 5,585 14,929 13,398 -10 %
EBT 3,975 4,418 12,047 10,132 -16 %
Net profit for the period 2,072 2,387 7,059 5,592 -21 %
EPS in EUR 0.14 0.16 0.48 0.38 -21 %
Cash andcash equivalents 37,720 53,541 37,720 53,541 +42 %
excluding long-term
securities
|[![CDATA[|[/pre|]]]|]
Contact for investors Contact for media representatives:
and analysts:
Michael Vér Steffen Leuthold
Investor Relations Corporate Communications
Tel.: +49(0)421-2020-727 Tel.: +49(0)421-2020-620
Fax: +49(0)421-2020-613 Fax: 49(0)421-2020-9898
E-Mail: ver@ohb-technology.de E-Mail: leuthold@ohb-technology.de
www.ohb-technology.de
This nine-month report and further information are available on our website
at www.ohb-technology.de.
10.11.2009 Financial News 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, 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 210.5 million
| Source: EQS Group AG