OHB Technology AG starts into fiscal 2005 according to plan

Total revenues of EUR 15 million and earnings per share of EUR 0.08 unchanged from the previous year

With higher profitability, Telematics still on the road to success with commercial vehicle manufacturers

The start of OHB Technology AG (Prime Standard, ISIN: DE0005936124) into the first quarter 2005, traditionally the weakest quarter of the year, went according to plan. Profit as a percentage of sales (ROS 9.0% compared to previous year ROS 8.6%) has continued to increase; as a percentage of the almost unchanged total revenues, profitability has stabilised (return on total revenues 7.6% compared to 7.5% in the previous year) at the level of the year before.

Sales of EUR 12.5 million in the first quarter 2005 (previous year: EUR 13.0 million) were 4% below the previous year’s level due to accounting issues, whereas the unchanged total revenues of EUR 14.7 million met the planned figure.

OHB generated an EBITDA of EUR 2.1 million (previous year EUR 2.3 million) and an EBIT of EUR 1.3 million (previous year EUR 1.6 million) in the first quarter 2005. However, the lower accounting-related margins in terms of EBITDA (14.3% compared to previous year 15.8%) and EBIT (8.7% against 10.8% in the previous year) as a percentage of total revenues resulted in a net income of EUR 1.1 million, which was slightly above the previous year (+ 1%). Earnings per share of EUR 0.08 are unchanged from the value of the year before.

The Space Technology & Security division still dominates the Group performance and posted stable unconsolidated total revenues of EUR 12.2 million (previous year EUR 12.3 million) in the first quarter 2005. The EBIT of EUR 0.9 million (previous year EUR 1.9 million) is significantly impacted by high expenses related to the offering as well as marketing efforts.

The Telematics division achieved unconsolidated total revenues of EUR 3.2 million and thus exceeded the previous year (EUR 3.1 million) by more than 5%. A normalised EBITDA of EUR 0.7 million (previous year EUR 0.3 million) and a considerably higher EBIT of EUR 0.4 million (previous year EUR 0.05 million) despite high depreciation document the momentum of the Telematics division in the recent past. “The operating EBITDA margin increase to nearly 22% (previous year ca. 9%) as well as the again satisfactory EBIT margin of a good 12% (previous year almost 2%) particularly emphasise Telematics’ sustainable profitability comeback“, affirmed OHB Technology AG CEO Marco R. Fuchs on the positive development of this division.

The Group’s cash and cash equivalents of EUR 50.8 million by the end of the quarter again show the business model’s ability to generate cash. The decline in cash and cash equivalents by ca. EUR 7.9 million compared to the year-end 2004 results from order-related project development and processing. In the first quarter 2005 this primarily caused an increase in capitalised internal services, whereas liabilities and advance payments received were settled, or as the case may be, finalised.

As of 31 March 2005, fixed orders on hand amounted to EUR 111.5 million and still lie at the level of year-end 2004 (EUR 110.8 million). “Due to the technologically higher performance of the SAR-Lupe project and orders in the Telematics division, we expect a higher order backlog in the second quarter“, explained Marco R. Fuchs on the future business prospects. In conclusion he added that “OHB Technology AG will also increase earnings per share in the current financial year 2005.“

Key figures at a glance (EUR 000) Q1 / 2004 Q1 / 2005 +/- 2005/04
Sales 12,971 12,461 - 4 %
Total revenues 14,739 14,667 +/- 0
EBITDA 2,327 2,097 - 10 %
EBIT 1,587 1,283 - 19 %
EBT 1,755 1,620 - 8 %
Net income 1,111 1,120 + 1 %
EPS in EUR 0.08 0.08 +/- 0
Cash and cash equivalents 40,576 50,816 + 25 %

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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