DGAP-News: OHB Technology AG: Total revenues up 41% to EUR 453.3 million(previous year: EUR 321.8 million)
(firmenpresse) - 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
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- Total revenues up 41% to EUR 453.3 million(previous year: EUR 321.8
million)
- Operating result (EBIT) improved by 9.4% to EUR 22.7 million (previous
year: EUR 20.8 million)
- Proposal for 20% increase in dividend to 30 cents per share
- High order backlog of EUR 1,160 million (previous year: EUR 834
million) assures high capacity utilization with respect to operations
of all business units
- Further growth expected for 2011 and 2012 in terms of total revenues,
operating result, and consolidated net income
Bremen, March 16, 2011. At today's annual press conference in Bremen, the
Management Board of OHB Technology AG (Prime Standard, ISIN: DE0005936124)
presents the audited 2010 consolidated financial statements.
The OHB Group has continued its positive performance in fiscal year 2010
with respect to sales, total revenues, EBITDA, and EBIT. Total revenues
were increased from approx. EUR 322 million the previous year by 41% to
roughly EUR 453 million. Sales climbed 48% to roughly EUR 425 million after
EUR 287 million in the year before. In this respect it must be taken into
account that Carlo Gavazzi Space S.p.A., acquired as of October 1, 2009, is
included in consolidated financial statements for the first time relating
to the full year. The OHB Group achieved a 9.4% increase in the operating
result (EBIT), reaching EUR 22.7 million.
'For the current fiscal year 2011 we are expecting another increase in
total revenues by roughly EUR 150 million to more than EUR 600 million,'
says Marco R. Fuchs, CEO of OHB Technology AG, thus affirming the group's
positive outlook.
In the business unit Space Systems + Security, order situation and current
business showed a highly positive development. Non-consolidated total
revenues came to EUR 210.1 million in the year 2010 (previous year: EUR
89.9 million). Non-consolidated sales went up to EUR 206.8 million
(previous year: EUR 88.7 million). This very positive trend is accounted
for particularly by the progress in the Galileo* project and the
satisfactory development of orders received. The EBIT of this business unit
increased to EUR 7.5 million (previous year: EUR 3.4 million). The high
order backlog in excess of EUR 600 million as of December 31, 2010
guarantees high planning reliability over long periods and further growth.
The business unit Payloads + Science generated non-consolidated total
revenues in the amount of EUR 53.7 million in the year 2010 (previous year:
EUR 64.3 million) and sales of approx. EUR 42.7 million (previous year: EUR
62.0 million). The EBIT was EUR 3.8 million (previous year: EUR 4.1
million). This business unit will also participate considerably in the
success of the project acquisition Meteosat Third Generation in the future,
in addition to the segment Space Systems + Security. The targeted
contribution in this project amounts to some EUR 322 million.
In the course of the acquisition of Carlo Gavazzi Space, the new business
unit Space International was established in the OHB Technology Group,
enhancing the group's portfolio since October 1, 2009 and comprising space
activities outside of Germany. This segment is essentially represented by
Carlo Gavazzi Space (Milan). In addition, the segment integrates the
holdings LUXSPACE Sàrl and ELTA S.A., included in the segment Space Systems
+ Security until December 31, 2008. Furthermore, OHB Technology AG acquired
all shares in the space company Thales Alenia Space Antwerp N.V., Antwerp
(Belgium) in fiscal year 2010. This subsidiary has been included in the
basis of consolidation since August 1, 2010 by way of full consolidation
and has been operated under the name Antwerp Space N.V. since
October 28, 2010. Antwerp Space specializes in the development and
production of equipment for ground stations, particularly in the areas of
telecommunications and terrestrial observation. The business unit generated
non-consolidated total revenues of EUR 57.4 million in the year 2010
(previous year: EUR 19.9 million) and non-consolidated sales of EUR 53.2
million (previous year: EUR 17.7 million). The first full-year inclusion of
Carlo Gavazzi Space in the consolidated financial statements contributed
essentially to the increase in total revenues and sales. The business
unit's EBIT comes to EUR 1.8 million (previous year: EUR 3.7 million).
The business unit Space Transportation + Aerospace Structures generated
non-consolidated total revenues of EUR 138.3 million in 2010 (previous
year: EUR 151.0 million), non-consolidated sales amounted to EUR 133.2
million (previous year: EUR 123.2 million). As of January 1, 2010, the
companies MT Aerospace Guyane S.A.S., Kourou (GUF), and MT Aerospace
Satellite Products Ltd., Wolverhampton (GB), have been included in the
basis of consolidation as the result of an updated materiality assessment.
Both companies are 100% subsidiaries of MT Aerospace AG. The EBIT of
roughly EUR 6.1 million fell short of the prior-year level (previous year:
EUR 10.6 million) due to an adjustment to the valuation of a major project
as a result of a more cautious assessment.
The business unit Telematics + Satellite Operations achieved
non-consolidated total revenues of EUR 14.8 million in the year 2010 and
thus turned out below the prior-year period (EUR 18.6 million).
Non-consolidated sales amounted to EUR 14.3 million (previous year: EUR
17.1 million). Due to sales, the EBIT came to EUR -0.8 million (previous
year: EUR 0.7 million).
The OHB Group has continued the constant increase of the operating result
since the IPO in the year 2001 through fiscal year 2010. The operating
result before interest, taxes, depreciation and amortization (EBITDA)
gained about 6% to reach EUR 33.7 million in the year 2010 (previous year:
EUR 31.7 million). The year under report showed a 9.4% increase in the
operating result before interest and taxes (EBIT) to EUR 22.7 million
(previous year: EUR 20.8 million). Earnings before taxes of EUR 15.4
million were below the prior-year amount of EUR 18.0 million that included
proceeds from the sale of KT Automotive in the amount of 3.7 million. The
consolidated net income after non-controlling interests reached EUR 9.7
million in fiscal year 2010 (previous year: EUR 14.9 million). In addition
to the one-off effect from sale proceeds in the year before, this lower
result is due to the normalization of the group's taxation ratio which had
been at a lower level in the previous year. The decrease in earnings per
share from 96 cents in the previous year to 55 cents in fiscal year 2010 is
a result of the lower earnings after taxes and the higher average number of
shares due to the capital increase of September 2009.
Management Board and Supervisory Board will propose to the Annual General
Meeting an increase in dividend to 30 cents per share for the year 2010. A
dividend payment is scheduled for the current fiscal year 2011 as well. The
traditionally high liquidity (including securities) of the group came to
EUR 92.8 million as of December 31, 2010 (previous year: EUR 82.0 million).
Due especially to the signing of the contract with the EU or rather ESA for
the construction of 14 Galileo* satellites, the order backlog went up to
EUR 1,160 million as of December 31, 2010 (previous year: EUR 834 million).
Thus a high level of planning reliability and a high capacity utilization
rate with respect to operations of all business units continue to be
assured. For the current fiscal year 2011, the Management Board expects
another increase in the EBITDA to more than EUR 41 million and an increase
in the operating EBIT to more than EUR 27 million.
The complete 2010 consolidated financial statements of OHB Technology AG
will be presented in detail at today's (March 16, 2011) annual press
conference in Bremen and the analysts' conference that follows afterwards
in Frankfurt/Main.
* The OHB project is part of the Galileo program initiated and financed by
the European Union (EU). The European Space Agency (ESA) acts as an agent
of the EU. 'Galileo' is a trademark, registered by EU and ESA subject to
OHIM application number 002742237.
Annual press conference at 8:30 a.m. (CET) on March 16, 2011
on the premises of OHB Technology AG in Bremen
Analysts' conference (DVFA) at 2:00 p.m. on March 16, 2011
on the premises of DZ Bank AG, Frankfurt/Main
Key financial figures +/-*) 2010: proposal to the AGM
Overview (EUR'000) 2007 2008 2009 2010 2010/09
Sales 218,801 232,473 287,164 425,448 48.2%
Total revenues 223,340 260,029 321,818 453,323 40.9%
EBITDA 25,903 28,736 31,659 33,688 6.4%
EBIT 17,486 18,708 20,771 22,730 9.4%
EBT 18,373 16,092 18,039 15,384 -12.2%
Net income
after minorities 12,478 8,998 14,860 9,642 -35.1%
EPS in EUR 0.84 0.61 0.96 0.55 -42.7%
Dividend per share in EUR*) 0.25 0.25 0.25 0.30 20.0%
Cash and cash equivalents
(incl. securities) 73,058 67,077 82,005 92,798 13.2%
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
End of Corporate News
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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(at)ohb-technology.de
Internet: www.ohb-technology.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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Datum: 16.03.2011 - 07:08 Uhr
Sprache: Deutsch
News-ID 33473
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