Half-year earnings 2007 of 45 cents per share (previous year: 46 cents)
Result of operations increases in the first half-year by 65% to adjusted 28 cents per share (previous year, adjusted: 17 cents)
Total half-year revenues up to EUR 93.0 million (PY: EUR 85.5 million)
Kayser-Threde takeover creates further potential for growth
With the takeover of Kayser-Threde GmbH – the third largest aerospace company in Germany – the Group OHB Technology AG (Prime Standard, ISIN: DE0005936124) expands its product portfolio by the segment Science + Payloads, improves the tapping of further development potential and will be positioned upon an even broader base with altogether four business units in the future.
Group performance, project and product results, orders received and order backlog, sales, and key financial figures continue to record peak values and the takeover of Kayser-Threde altogether present significantly brighter prospects for the OHB Group than previously expected.
At EUR 93.0 million after six months, the OHB Group’s total revenues are considerably above the prior-year amount (EUR 85.5 million). Particularly noteworthy is the increase in total revenues in the second quarter of 2007 to EUR 52.6 million (previous year: EUR 48.6 million) despite positive non-recurring income to the amount of roughly EUR 7.0 million in the second quarter of the past year 2006 (previous year, adjusted: EUR 41.6 million), as it is up on the total revenues of EUR 40.5 million generated in this year’s first quarter as well.
The EBITDA of the second quarter of 2007 climbs to EUR 4.7 million (2006, adjusted: EUR 3.7 million) in spite of a considerable increase in the cost of materials according to higher sales figures. The EBIT reached an amount of EUR 2.8 million (2006, adjusted: EUR 1.9 million). The net income for the period came to EUR 4.6 million in the second quarter. Special items and one-off effects amount to 17 cents per share in the second quarter of 2007 and 29 cents in the previous year. The adjusted earnings per share are 14 cents in the second quarter of 2007 (previous year, adjusted: 5 cents).
In the first six months of this fiscal year, the Group generated an EBITDA of EUR 10.5 million (previous year: EUR 15.6 million) and an EBIT of EUR 6.7 million (previous year: EUR 12.0 million). The adjusted amounts are EUR 10.5 million (2006, adjusted: 8.6 million) for the EBITDA and EUR 6.7 million (2006, adjusted: EUR 5.0 million) for the EBIT.
The unconsolidated total revenues of the business unit Space Systems + Security, at EUR 31.6 million significantly higher than the year before (EUR 24.0 million), result in a considerably improved EBIT margin of 8.5% as opposed to the prior-year value of 7.0% despite a slightly increased cost of materials ratio of just under 59% (previous year: above 56%).
The business unit Space Transportation + Aerospace Structures keeps dominating the Group performance with another increase in unconsolidated total revenues which come to EUR 56.3 million in the first six months of 2007 (previous year: EUR 49.5 million). An EBITDA of EUR 5.8 million (previous year: EUR 4.8 million) and a clearly increased EBIT to the amount of EUR 4.0 million (previous year: EUR 2.8 million) result in corresponding margin improvements for MT Aerospace AG.
After six months into 2007, the business unit Telematics + Satellite Operations records unconsolidated total revenues of EUR 7.2 million (previous year: EUR 6.7 million). Project delays and high product development costs lead to an EBIT of roughly EUR 0.1 million (previous year: EUR 0.5 million) and an EBITDA of EUR 0.8 million (previous year: EUR 1.1 million).
Net income for the first half of the year stands at EUR 6.7 million, i.e. virtually unchanged over the year-ago period (EUR 6.8 million). As in the previous year, earnings per share were affected by exceptionals. Adjusted for these effects, earnings per share came to EUR 0.28 in the first half of 2007 (previous year: EUR 0.17). Earnings per share before adjustment equaled EUR 0.45 (previous year: EUR 0.46) in the first half of the year.
Taking into consideration the changes in the investment portfolio, the Group’s cash and cash equivalents gain EUR 20.0 million on the prior-year amount 2006 (previous year: EUR 73.0 million) to reach EUR 93.2 million as of June 30, 2007.
The order backlog amounted to EUR 407.0 million as of June 30, 2007 (previous year: EUR 440.0 million) and is represented to a large extent by the order backlog of MT Aerospace AG to the amount of EUR 268.9 million (previous year: EUR 317.1 million).
“For the current fiscal year 2007, we are expecting consolidated total revenues of about EUR 200 million for the OHB Group, not including Kayser-Threde GmbH, and an EBIT of approximately EUR 17 million.”, said Marco R. Fuchs, the Group’s CEO, who confirmed the outlook and restated “that earnings per share of 55 cents adjusted by positive special items are expected. The positive special item from the income from investments of 17 cents in the second quarter increases the outlook for 2007 of 55 cents per share by said amount to 72 cents per share in the current fiscal year. We assume for the current fiscal year as well as the next fiscal year that dividends will be paid to the shareholders.”
The first consolidation of Kayser-Threde as of this year’s July 1 will result in a significant increase in the Group’s total revenues. An appraisal of this effect and the corresponding adjustment of the outlook for 2007 will probably be presented together with the publication of the results of this year’s third quarter.
|Key financial figures (EUR thousand)||Q2 / 2006||Q2 / 2007||HY 1 / 2006||HY 1 / 2007||+/- HY 2007/06|
|Sales||39.452||47.109||70.977||83.472||+ 18 %|
|Total revenues||48.594||52.557||85.530||93.031||+ 9 %|
|EBITDA||10.719||4.660||15.640||10.493||- 33 %|
|EBIT||8.906||2.762||12.015||6.736||- 44 %|
|EBT||8.681||5.868||11.997||9.513||- 21 %|
|Net income||5.077||4.646||6.793||6.698||- 1 %|
|EPS in EUR||0,34||0,31||0,46||0,45||- 2 %|
|Cash and cash equivalents||73.001||93.178||73.001||93.178||+ 28 %|
For further information please refer to the 6-Month Report 2007 (pdf | 840 kB).