DGAP-News: OHB Technology AG: Total Revenues up 23 % to EUR 119.8 million (previous year: EUR 97.7 million)
(firmenpresse) - 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
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- Total Revenues up 23 % to EUR 119.8 million (previous year: EUR 97.7
million)
- Consolidated net profit after minorities up 78 % to EUR 4.2 million
(previous year: EUR 2.4 million)
- Restructuring of the Group into the two new business unitsSpace Systems
and Aerospace + Industrial Products
Bremen, May 12, 2011. In the first three months of 2011, the OHB Group
(Prime Standard, ISIN: DE0005936124) increased its total revenues by 23% to
EUR 119.8 million. With an increase of EUR 21.6 million in non-consolidated
total revenues to EUR 85.9 million, the Space Systems business unit, in
which the previous business units Space Systems + Security, Payloads +
Science and Space International were pooled effective January 1, 2011,
materially drove the Group's growth. The second new business unit Aerospace
+ Industrial Products comprises the previous two segments Space
Transportation + Aerospace Structures and Telematics + Satellite Operations
and recorded non-consolidated total revenues of EUR 40.4 million, up EUR
3.7 million on the previous year.
The cost of materials rose by EUR 10.8 million or around 18 % to EUR 69.9
million in the first three months of 2011, reflecting the current project
structures, which are characterized by a greater proportion of external
sourcing in the Space Systems business unit. Newly consolidated companies
and capacity extensions caused the Group headcount to rise by 652,
resulting in a year-on-year increase of 29 % or EUR 7.3 million in staff
costs to EUR 32.2 million in the first quarter of 2011. At EUR 8.8 million,
EBITDA at the end of the first three months was up EUR 1.2 million or 16 %
on the same period in the previous year. After depreciation / amortization,
which rose by EUR 0.4 million or 17 % to EUR 3.0 million, EBIT climbed by
EUR 0.8 million or 16 % to EUR 5.8 million. Net finance expense contracted
by EUR 0.8 million in the first quarter of 2011 to EUR 0.6 million thanks
to higher interest income, reduced interest expense and currency
translation gains. Profit from ordinary business activities came to EUR 5.2
million, an increase of 43 % over the previous year's figure of EUR 3.7
million. At EUR 0.8 million, income tax expense was down by EUR 0.5 million
on the previous year. Accordingly, the OHB Group was able to report
consolidated net profit of EUR 4.5 million in the first quarter of 2011, up
from EUR 2.4 million in the yearago period. The net profit for the period
attributable to OHB's shareholders after non-controlling interests was up
78 % over the same period in the previous year, rising to EUR 4.2 million.
In the first three months of 2011, non-consolidated total revenues in the
Space Systems business unit climbed by EUR 21.6 million or 34 % over the
year-ago period to EUR 85.9 million. This growth was chiefly related to the
successful commencement of the Galileo* project. The continued heavy
advance outlays caused the cost of materials and services purchased to rise
by EUR 14.8 million to EUR 58.2 million. Consequently, the cost of
materials ratio came to 68 % and was thus unchanged over the same period
one year earlier (68 %). EBIT improved by EUR 1.4 million or 38 %, rising
to EUR 5.0 million. The EBIT margin in this segment relative to
nonconsolidated total revenues thus widened to 5.8 %, up from 5.6 % in the
previous year.
In the Aerospace + Industrial Products business unit at EUR 40.4 million in
the first three months of fiscal year 2011, non-consolidated total revenues
were up EUR 3.7 million or 10 % on the year-ago period, primarily as a
result of the first-time consolidation of Aerotech Peissenberg, effective
March 1, 2011. After the heavy advance outlays on material and services
purchased in the previous year, this item dropped by EUR 0.8 million or a
good 4 % to EUR 18.0 million in the first quarter of 2011. As a result, the
cost of materials ratio contracted to 44.5 %, down from 51.3 % in the same
period of the previous year. EBIT fell by EUR 0.5 million to EUR 0.9
million on account of depreciation / amortization, which was up EUR 0.4
million to EUR 1.8 million, with the EBIT margin contracting to 2.2 %, down
from 3.9 % in the same period of the previous year.
In the first quarter of 2011, the OHB Group's firm order backlog declined
in value by EUR 148 million compared with the first three months of 2010,
coming to EUR 1.214 billion. Of this, OHB-System AG accounted for EUR 544.8
million or around 45 %.
As of March 31, 2011, the OHB Group's total assets were up 10 % or EUR 47.0
million compared with December 31, 2010 primarily due to the first-time
consolidation of Aerotech Peissenberg. Current assets contribute EUR 26.9
million to this increase. Thus, inventories were up by EUR 30.8 million for
project-related reasons, while trade receivables climbed by EUR 24.8
million. Securities were EUR 11.0 million higher than at the end of 2010.
On the other hand, cash and cash equivalents were down EUR 41.9 million.
Acquiring new consolidated companies resulted in an addition of EUR 20.1
million to non-current assets. The increase on the other side of the
balance sheet is chiefly due to current liabilities, which were up EUR 23.6
million chiefly as a result of the first-time consolidation of Aerotech
Peissenberg. Non-current liabilities climbed by EUR 18.0 million, with
equity increasing by EUR 5.4 million primarily due to the retained
earnings. As of March 31, 2011, the equity ratio contracted to 21.5 %
mainly as a result of the sharp increase in total assets, down from 22.5 %
as of December 31, 2010.
For the full fiscal year 2011 the OHB Technology Group expects total
revenues to rise to over EUR 600 million, accompanied by an increase in
EBITDA to more than EUR 41 million. EBIT should also climb to over EUR 27
million in 2011. Despite the high order backlog and resultant favourable
capacity utilization across the Group as a whole, precise guidance for 2012
does not make sense. Even so, we feel confident in assuming further growth
of more than 10 % in all main financial parameters in that year.
* 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) Q1 Q1 +/- 3MThe three-month report and further information are available at:
2010 2011 2011/10
Sales 82,588 95,304 15.4%
Total revenues 97,717 119,822 22.6%
EBITDA 7,594 8,827 16.2%
EBIT 5,028 5,822 15.8%
EBT 3,662 5,247 43.2%
Net profit for the period
after minority interests 2,383 4,236 77.8%
EPS in EUR 0.14 0.24 71.4%
Cash and cash equiva-
lents including securities 145,155 61,974-57.3%
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
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: 12.05.2011 - 07:10 Uhr
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