Increase in total revenues to EUR 51.7 million in Q1 2008 (2007: EUR 40.5 million)

EPS of EUR 0.15 in the first three months (2007: EUR 0.14)

Expectations 2008 for total revenues of around EUR 290 million and EBIT of roughly EUR 23 million confirmed

The OHB Group’s (ISIN: DE0005936124, Prime Standard) total revenues in the first three months of 2008 came to EUR 51.7 million, well up on the year-ago figure of EUR 40.5 million. This was primarily due to the first-time consolidation of Kayser-Threde GmbH on July 1, 2007 (share in total revenues attributable to Kayser-Threde in the first quarter of 2008: EUR 9.2 million) as well as Luxspace Sàrl as of the first quarter of 2008 (EUR 0.750 million).

In the first quarter of 2008, the Group generated EBITDA of EUR 6.6 million (previous year: EUR 5.8 million), while EBIT came to EUR 4.3 million (previous year: EUR 4.0 million). Consolidated net profit for the first quarter equaled EUR 2.2 million (previous year: EUR 2.1 million).

Unconsolidated revenues in the Space Systems + Security business unit came to EUR 12.1 million (previous year: EUR 11.4 million). As a result of the reduction in the cost of materials ratio to around 40% (previous year: around 44%) and the resultant high percentage of internally produced items in total revenues as well as the first-time consolidation of Luxspace Sàrl, this led to a temporary increase in the EBIT margin to 17.4% (previous year: 13.2%), although this is not indicative of expected full-year performance.

Consolidated for the first time on July 1, 2007, the Payloads + Science business unit comprises the newly acquired company Kayser-Threde GmbH together with its subsidiaries and associates. This business unit generated unconsolidated total revenues of EUR 9.2 million in the first quarter of 2008. With EBITDA coming to EUR 0.5 million and EBIT to EUR 0.1 million for seasonal reasons, this business unit’s bottom line offers potential for considerable improvements over the next few quarters.

With a further increase in unconsolidated total revenues to EUR 28.8 million in the first three months of 2008 (previous year: EUR 26.5 million), the Space Transportation + Aerospace Structures business unit dominates the Group’s performance. EBITDA came to EUR 3.0 million (previous year: EUR 3.4 million), with EBIT also dropping correspondingly to EUR 2.1 million (previous year: EUR 2.4 million) primarily as a result of due diligence expenses and consulting fees in connection with the now terminated negotiations to buy three Airbus/EADS plants.

The Telematics + Satellite Operations business unit reported unconsolidated total revenues of EUR 3.2 million in the first three months of 2008 (previous year: EUR 3.3 million). Thanks to a reduction in the cost of materials ratio to around 39% (previous year: 43%), EBITDA was virtually identical at EUR 0.4 million (previous year EUR 0.4 million). Continued high depreciation expense resulted in EBIT of EUR 0.1 million (EUR 0.1 million).

Consolidated cash and cash equivalents dropped to EUR 59.3 million as of March 31, 2008 (previous year: EUR 82.2 million). At around EUR 22.9 million, this was materially due to the decline in liabilities.

Firm orders were valued at EUR 436.0 million as of March 31, 2008 (previous year: EUR 443.0 million), with the orders of EUR 285.8 million (previous year: EUR 281.3 million) received by MT Aerospace making a key contribution after consolidation. The volume of additional orders arising as a result of the first-time consolidation of Kayser-Threde is valued at EUR 26.4 million.

“We expect total consolidated revenues of around EUR 290 million and EBIT of roughly EUR 23 million for the OHB Group in 2008. This translates into estimated earnings per share of EUR 0.80 for this year“, Marco R. Fuchs, Chief Executive Officer of the Group, summarized the earnings expectations and added „an increase of EUR 0.19 over the previous year’s adjusted figure (EUR 0.61). We assume that a dividend will be paid to shareholders for both this year and next. Cash and cash equivalents will be at a high level towards the end of fiscal 2008“.

Earnings key figures
(EUR 000)
Q1 / 2007 Q1 / 2008 +/- Q1 2008/07
Sales 36.363 40.167 + 10.5 %
Total revenues 40.474 51.718 + 27.8 %
EBITDA 5.833 6.552 + 12.3 %
EBIT 3.974 4.323 + 8.8 %
EBT 3.645 3.572 - 2.0 %
Net income for the period 2.052 2.156 + 5.1 %
EPS in EUR 0,14 0,15 + 7.1 %
Cash and cash equivalents 82.166 59.297 - 27.8 %

Contact for media

Günther Hörbst
Head of Corporate Communications

Karl-Ferdinand-Braun-Str. 8
28359 Bremen

Phone.: +49 421 2020-9438
Mobile: +49 171 1931041
Email: guenther.hoerbst@ohb.de

Julia Riedl
Corporate Communications

OHB System AG
Manfred-Fuchs-Straße 1
82234 Weßling - Oberpfaffenhofen

Phone: +49 8153 4002 249
Mobile: +49 172 10 80 716
Email: julia.riedl@ohb.de

You can reach both of us with an email to pr@ohb.de