OHB Group forecasts double digit growth rates for revenues and earnings in 2004

Space technology division – the ongoing driver for further growth of the Group

Management Board of OHB Technology AG (ISIN: DE0005936124) presented the audited consolidated financial statements 2003 on their annual accounts press conference in Frankfurt / Main today. OHB Group sales in 2003 made a huge jump by around 42 % to EUR 96.3 mill (previous year EUR 68.0 mill). The prevailing key figure of the Group – driven through the mainly project oriented space technology – total revenues achieved a growth in 2003 of around 34 % to EUR 105.8 mill (previous year EUR 78.9 mill) and over fulfilled the companys´ planning slightly. For the current fiscal year the management board expect total revenues in the amount of more than EUR 120 mill(previous year EUR 105.8 mill). “The high order backlog of around EUR 188 mill gives us the optimism of a significant growth in total revenues and earnings for the current year and offers also the opportunity for further increases in coming years,” underlined Marco R. Fuchs, CEO of OHB Technology AG.

An under proportionate increase in Group expenses, especially due to the rather constant level of personal costs result in an extraordinary strong earnings increase in EBITDA of 60% to EUR 8.5 mill (previous year EUR 5.3 mill) and in EBIT of 70% to EUR 6.3 mill (previous year EUR 3.7 mill). Higher adjustments for deferred tax liabilities of around EUR 1.7 mill result in an increase in net profit of 36% to EUR 4.6 mill (previous year 3.4 mill) and in earnings per share of nearly 35% to EUR 0.31 (previous year EUR 0.23). For the current fiscal year a double digit increase in earnings is planned.

Space technology division was the main driver of total revenues and earnings in fiscal 2003 with around 90% (EUR 94.2 mill) of total revenues and responsible for the complete earnings. “We are confident to achieve also profitability in the two other divisions telematics and satellite services in fiscal year 2004,” confirmed Marco R. Fuchs the current planning of the Group.

Management Board put specific attention on the large cash inflow from operating activities of around EUR 28 mill which resulted in liquid funds in the amount of EUR 43.1 mill (previous year EUR 15.6 mill) at year end. OHB Group is nearly completely free of debt (bank loans of EUR 1.4 mill) and is going to succeed the ongoing growth phase from a position of financial strength.

Management Board reported that Mr. Kurt Melching, till now Head of Finance and Controlling of the space technology division OHB System AG, was promoted to Group Head of Finance and Controlling of OHB Technology AG and granted with Group procuration on March 16th, 2004.

  2002 2003 +/- 2003/02
Sales 67,961 96,349 + 42 %
Total revenues 78,867 105,784 + 34 %
Cost of materials 51,026 75,048 + 47 %
Personal costs 16,023 16,140 + 1 %
EBITDA 5,331 8,508 + 60 %
EBIT 3,706 6,289 + 70 %
Net profit 3,409 4,554 + 36 %
EPS in EUR 0.23 0.31 +35 %

Annual accounts press conference
09:00 a.m., March 25th, 2004

Analysts` meeting (DVFA)
11:00 a.m., March 25th, 2004

in the conference area of DZ Bank AG
Westendstr. 1 (white tower)
D - 60265 Frankfurt/ Main

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Günther Hörbst
Head of Corporate Communications

Manfred-Fuchs-Platz 2-4
28359 Bremen

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