In line with forcast for first half 2003
OHB presents Interim Report QII 2003 confirming forecast
First-half EPS of EUR 0.16
Total revenues up 48% to over EUR 45 million
Profit and total revenues continued to grow encouragingly in the second quarter of 2003. In the period under review, the OHB Technology Group generated total revenues of EUR 45.25 million in line with forecasts, an increase of 48.1% over the same period one year earlier. Earnings per share came to EUR 0.16.
Order books were valued at EUR 230.8 million on June 30, 2003. Cash and cash equivalents stood at EUR 31.84 million at the end of the quarter.
Once again, the Space Technology + Security business unit proved to be the OHB Group's business mainstay in the period under review. The SAR-Lupe program is continuing to progress well and remains on time and in budget.
The Galileo European satellite navigation system is now in the throes of industrial implementation. OHB-System is part of the industrial team under the auspices of Galileo Industries. OHB-System has landed a strategically important new contract in the missile defense area, under the terms of which it will be developing a satellite-based early-detection system for approaching hostile missiles. Named Focus-M, this study involves the use of heat-sensitive infrared technology. These activities are being backed up by a strategic partnership with the very successful US company Spectrum Astro, Inc., Arizona, with the aim of forging a Transatlantic alliance for the purpose of this project.
In the period under review, the Telematics business unit has shipped the equipment to BASF AG and Brenntag AG to the satisfaction of these two customers. A master agreement was signed with GEFCO Germany providing for the delivery of around 500 telematic consignment-tracking terminals, with shipments to commence in autumn 2003.
ORBCOMM LLC, in which OHB holds an equity interest and which offers satellite data transmission services all over the world, has received a contract from the General Electric subsidiary GE TIP providing for it to furnish data transmission services for trailers. This large-scale order will also generate new customers in Europe and Germany.
The growth forecasts for the first half of 2003 were achieved, a fact which underscores the high reliability of the OHB Group's guidance. The forecast of total revenues of over EUR 100 million for this year has been confirmed, with earnings per share set to rise substantially over with the previous year (EUR 0.23).