OHB Technology AG benefits from the new organizational structure due to the integration of MT Aerospace AG

Quarterly earnings increase to 12 Cent per share (previous year: 8 Cent)

Total revenues of EUR 36.9 million well up on the previous year (EUR 14.7 million excluding MT Aerospace)

The positive effects of the acquisition of MT Aerospace AG are not only reflected in the figures for the first quarter of 2006 of OHB Technology AG (Prime Standard, ISIN: DE0005936124) but also resulted in material changes to OHB Technology AG`s financials on account of the new organizational structure. Particularly encouraging is the sequential quarterly growth in margins and earnings at MT Aerospace AG achieved by means of internal improvements to costs and structures as well as the increased number of successful Ariane 5 missions.

In the first three months of the year, the OHB Group’s total revenues came to EUR 36.9 million, substantially exceeding the previous year’s figure (EUR 14.7 million), which does not include newly integrated MT Aerospace AG. Sales in the first quarter of 2006 amoun-ted to EUR 31.5 million (previous year: EUR 12.5 million).

In the first three months of 2006, the Group achieved EBITDA of EUR 4.9 million pre-vious year: EUR 2.1 million) and EBIT of EUR 3.1 million (previous year: EUR 1.3 million). A like-for-like comparison on the basis of the previous year’s segment structure yields pro-forma EBITDA for the first quarter of 2006 of EUR 2.1 million, i.e. unchanged over the previous year, and virtually identical EBIT of EUR 1.2 million in tandem with substantially improved profitability. At EUR 1.7 million, net income for the first three months exceeded the year-ago figure of EUR 1.1 million considerably despite the fact that in contrast to the first quarter of 2005 a normalized tax rate applied. Earnings per share resulted in 12 Cent (previous year: 8 Cent).

At EUR 1.0 million (previous year: EUR 0.9 million), the EBIT posted by the Space Sys-tems and Security business unit resulted in a substantially wider EBIT margin of 10.3 % compared with the previous year (7.6 %). This was due to lower unconsolidated total revenues of EUR 9.3 million in the first quarter of 2006 (previous year: EUR 12.2 million) but also a higher proportion of own content this fiscal year.

With unconsolidated total revenues of EUR 25.7 million in the first three months of 2006, the new Space Transportation + Aerospace Structure business unit, which was created following the acquisition of MT Aerospace AG, dominates the Group. EBITDA of EUR 2.9 million and substantially higher EBIT of EUR 1.9 million testify to the unabated growth in earnings from quarter to quarter. MT Aerospace AG’s return to sustained profitability is particularly demonstrated by the increase in the EBITDA margin (EBITDA as a percentage of total revenues) to 11.1% as well as the positive EBIT margin of 7.4%.

The Telematics + Satellite Operations business unit posted unconsolidated total reve-nues of EUR 2.7 million in the first three months of 2006, thus falling short of the year-ago figure by around 16 % (EUR 3.2 million). EBITDA of EUR 0.5 million (previous year: EUR 0.7 million) and continued high depreciation on a par with the previous year’s level resulted in EBIT of a good EUR 0.2 million (previous year: EUR 0.4 million).

The massive year-on-year increase of around EUR 43.5 million in cash and cash equivalents to EUR 94.3 million at the Group level as of March 31, 2006 is essentially due to the integration of MT Aerospace AG.

Firm orders were valued at EUR 399.6 million as of March 31, 2006, with the order intake of EUR 293.0 million recorded by MT Aerospace making a key contribution. In like-for-like terms based on the comparable organizational structure in force in the previous year, OHB Technology AG’s proforma order backlog was valued at EUR 106.6 million as of March 31, i.e. roughly in line with the year-ago quarter (EUR 111.5 million).

“This year, we expect the OHB Group including MT Aerospace to post consolidated total revenues of around EUR 175 million, with all business units making higher top-line contributions compared with 2005”, underlined Marco R. Fuchs, CEO of the Group, the earnings forecast and strengthened, “we forecast EBIT for the OHB Group of around EUR 13 – 14 million.”

Key figures at a glance (EUR `000) Q1 / 2005 Q1 / 2006 +/- 2006/05
Sales 12,461 31,525 + 153 %
Total revenues 14,667 36,936 + 152 %
EBITDA 2,097 4,921 + 135%
EBIT 1,283 3,109 + 142 %
EBT 1,620 3,316 + 105 %
Net income 1,120 1,716 + 53 %
EPS in EUR 0.08 0.12 + 50 %
Cash and cash equivalents 50,816 94,311 + 86 %

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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