DGAP-News: OHB Technology AG: Total Revenues up 52 % to EUR 319.5 million
(firmenpresse) - OHB Technology AG / Key word(s): Interim Report
09.11.2010 07:10
---------------------------------------------------------------------------
- Total Revenues up 52 % to EUR 319.5 million
(previous year: EUR 210.5 million)
- Consolidated net profit after minorities up 75 % to EUR 9.8 million
(previous year: EUR 5.6 million)
- Acquisition of Antwerp Space N.V. completed - integration proceeding
according to schedule
Bremen, November 9, 2010. In the first nine months of 2010, the OHB Group
(Prime Standard, ISIN: DE0005936124) increased its total revenues by 52% to
EUR 319.5 million. This growth was materially underpinned by the favorable
performance of the Space Systems + Security and Space International
business units. The Space International business unit was spurred by the
acquisition of Carlo Gavazzi Space S.p.A. (CGS), which had been
consolidated for the first time as of October 1, 2009. The cost of
materials rose by 90% to EUR 199.6 million in the first nine months of
2010, reflecting the current project structures, which are characterized by
a greater proportion of external sourcing in the Space Systems + Security
business unit, as well as the first-time consolidation of CGS.
The first-time consolidation of Antwerp Space N.V. resulted in negative
goodwill of EUR 4.1 million, which was recognized through profit and loss
and had a positive effect on EBIT and EBITDA in the third quarter. The OHB
Group's EBITDA with EUR 20.8 million for the first nine months was up EUR
1.8 million or 9% on the previous year. Net of depreciation/amortization,
EBIT rose by EUR 0.7 million or 5% to EUR 14.1 million. The weaker earnings
in the Space Transportation + Aerospace Structures business unit of EUR 0.8
million (previous year: EUR 7.3 million) were chiefly due to lower sales
and a non-recurring price adjustment in the Ariane program. Net finance
expense contracted to EUR 1.8 million, down from EUR 3.3 million in the
previous year, primarily as a result of the inclusion of the profit of EUR
3.5 million distributed by MT Aerospace Guyane S.A.S., Kourou. Accordingly,
profit from ordinary business activities came to EUR 12.3 million in the
period under review, an increase of 22% over the previous year's figure of
EUR 10.1 million. Income tax expense declined to EUR 2.0 million thanks to
the negative goodwill and the share of profit of associates. The
consolidated net profit for the period attributable to OHB's shareholders
rose by 75% over the previous year to EUR 9.8 million.
In the first nine months of 2010, non-consolidated total revenues in the
Space Systems + Security business unit climbed almost three-fold by EUR
94.3 million over the year-ago period to EUR 148.2 million. This strong
growth was materially related to the successful commencement of the
Galileo* project. The heavy advance outlays caused the cost of materials
and services purchased to rise by EUR 87.6 million to EUR 120.4 million.
Consequently, the cost of materials ratio widened again in the period under
review to around 81%, up from 61% in the previous year. EBIT climbed by EUR
2.7 million or 94% to EUR 5.6 million. The segment's EBIT margin relative
to non-consolidated revenues contracted to 3.7%, down from 5.3% in the
previous year.
At EUR 40.3 million, non-consolidated total revenues in the Payloads +
Science business unit were down EUR 12.6 million on the previous year's
high level forbilling-related reasons. This was accompanied by a
substantial decline in the cost of materials, which dropped by EUR 11.3
million to EUR 18.7 million. As EBIT contracted by a disproportionately
small amount of EUR 0.5 million to EUR 1.8 million, the EBIT margin widened
slightly from 4.5% in the previous year to 4.6%.
The Space International business unit was established on October 1, 2009
with the acquisition of Carlo Gavazzi Space (CGS) and comprises the
activities of CGS and LUXSPACE Sàrl as well as Antwerp Space N.V. (formerly
Thales Alenia Space Antwerp), which was acquired in July 2010. In the first
nine months of 2010, the business unit generated non-consolidated total
revenues of EUR 35.1 million. With the cost of materials and services
purchased coming to EUR 19.3 million and depreciation/amortization expense
standing at EUR 1.2 million, EBIT of EUR 2.0 million was achieved,
translating into an EBIT margin of 5.6%.
At EUR 96.9 million in the first nine months, the non-consolidated total
revenues of the Space Transportation + Aerospace Structures business unit
were down EUR 7.4 million on the previous year. The cost of materials and
services purchased increased from EUR 49.8 in the year-ago period to EUR
51.4 million in the current year. Consequently, EBIT contracted by EUR 6.5
million to EUR 0.8 million, with the EBIT margin shrinking to 0.8%, down
from 7.0% in the same period of the previous year. The reduced EBIT was
chiefly the result of lower sales and a non-recurring price adjustment in
the Ariane program.
The Telematics + Satellite Operations business unit generated
non-consolidated total revenues of EUR 10.7 million in the first nine
months of 2010, i.e. down a slight EUR 0.5 million on the same period in
the previous year. As the cost of materials and services purchased also
contracted by largely the same rate by EUR 0.3 million to EUR 5.3 million,
the business unit reported EBIT of a small amount, following on from the
figure of EUR 0.3 million achieved in the previous year.
The OHB Group's firm order backlog increased in value by around EUR 435.4
million over the previous year to EUR 1.245 billion. Of this, OHB-System AG
alone accounts for EUR 647.2 million or around 52%.
As of September 30, 2010, the OHB Group's total assets were up 12% or EUR
54.6 million compared with December 31, 2009. Of this increase, current
assets accounted for EUR 53.6 million. On the other side of the balance
sheet, the main growth was in current and non-current prepayments received,
which rose by EUR 20.2 million to EUR 147.4 million as well as an increase
of EUR 18.8 million in trade payables to EUR 75.8 million. The equity ratio
climbed back to 20% as a result of the increased consolidated profit after
minority interests after contracting to 19% in the first six months of the
year due to the sharp increase in assets. As of December 31, 2009, the
equity ratio stood at 22%.
The OHB Technology Group expects total full-year revenues to increase to
EUR 420 - 440 million in 2010, accompanied by a rise in EBITDA to EUR 32 -
35 million. At the same time, EBIT should climb 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 (EUR 000s)
TEUR Q3 Q3 9M 9M +/- 9M
2009 2010 2009 2010 2010/09
Sales 69,554 114,255 185,253 281,445 51.9%
Total revenues 74,997 126,884 210,481 319,466 51.8%
EBITDA 7,618 7,503 20,016 21,807 8.9%
EBIT 5,585 4,969 13,398 14,116 5.4%
EBT 4,418 6,682 10,132 12,306 21.5%
Net profit for the period
afterminority interests 2,387 6,149 5,592 9,779 74.9%
EPS in EUR 0.16 0.35 0.38 0.56 47.4%
Cash and cash equiva-
lents including 53,541 73,644 53,541 73,644 37.5%
securities
The nine-month report and further information are available at:
www.ohb-technology.de.
Contact:
Investor Relations
Michael Vér
Tel.: +49 421 - 2020-727
Fax: +49 421 - 2020-613
E-Mail: ver(at)ohb-technology.de
Corporate Communications
Steffen Leuthold
Tel.: +49 421 - 2020-620
Fax: +49 421 - 2020-9898
E-Mail: leuthold(at)ohb-technology.de
09.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
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(at)ohb-technology.de
Internet: www.ohb-technology.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:Bereitgestellt von Benutzer: EquityStory
Datum: 09.11.2010 - 07:10 Uhr
Sprache: Deutsch
News-ID 32520
Anzahl Zeichen: 0
contact information:
Kategorie:Business News
Diese Pressemitteilung wurde bisher 207 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: OHB Technology AG: Total Revenues up 52 % to EUR 319.5 million"
steht unter der journalistisch-redaktionellen Verantwortung von
OHB Technology AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
DGAP-News: OHB Technology AG: Resolution passed at the annual general meeting to ...
DGAP-News: OHB Technology AG / Key word(s): AGM/EGM OHB Technology AG: Resolution passed at the annual general meeting to rename the European space and technology group OHB AG 12.05.2011 / 15:05 ----------------------------------------------------- ...DGAP-News: OHB Technology AG: Total Revenues up 23 % to EUR 119.8 million (previ ...
DGAP-News: OHB Technology AG / Key word(s): Quarter Results OHB Technology AG: Total Revenues up 23 % to EUR 119.8 million (previous year: EUR 97.7 million) 12.05.2011 / 07:10 --------------------------------------------------------------------- ...DGAP-News: OHB Technology AG: Total revenues up 41% to EUR 453.3 million(previou ...
DGAP-News: OHB Technology AG / Key word(s): Final Results OHB Technology AG: Total revenues up 41% to EUR 453.3 million(previous year: EUR 321.8 million) 16.03.2011 / 07:08 --------------------------------------------------------------------- - ...Alle Meldungen von OHB Technology AG
