OHB Technology continuing its successful course in the first half of 2004
Total revenues of EUR 43 million in line with forecasts
Substantial improvement in margins
Earnings per share of EUR 0.16
In the first half of 2004, OHB Technology AG (ISIN: DE0005936124) continued its successful course, with margins in particular substantially improved. In spite of a small decline in total revenues, OHB posted EBITDA of EUR 4.9 million between January and June 2004, up from EUR 3.5 million in the year-ago period. As a result, the EBITDA margin widened sharply from 7.8% to 11.3%. At the same time, EBIT rose by a good 26% from EUR 2.7 million to EUR 3.4 million, leading to a substantial improvement in the EBIT margin from 5.9% in the previous year to 7.8% in the first half of 2004. Consolidated net income was largely unchanged over the previous year at EUR 2.3 million, equivalent to earnings of EUR 0.16 per share.
In the first half of the year, the OHB Technology Group generated total revenues of EUR 43.0 million. The small decline of 5% over the same period one year earlier is due solely to the milestone-based billing system of individual services and thus caused by shifts within the fiscal year. The Space Technology + Security business unit posted unconsolidated total revenues of EUR 38.7 million unchanged over the previous year (EUR 39.4 million). With unconsolidated total revenues of EUR 5.8 million, the Telematics and Satellite Services business unit was down a good 13% on the previous year (EUR 6.7 million). However, for the first time the margin in this business unit exceeded that achieved by the Space Technology + Security business unit. Cash and cash equivalents at the end of the first half stood at EUR 79.6 million, up EUR 47.8 million on the year-ago period (EUR 31.8 million).
Turning to the SAR-Lupe project, all the milestones set for the first half of 2004 were reached again, with the customer, the German Federal Office of Defense Technology and Procurement, stating at the scheduled 7th management review at the end of July that it was very satisfied with the technical progress being made on the project.
The Telematics and Satellite Services business unit managed to make major forays into the Italian market for passenger car security telematics after gaining an order for roughly 15,000 telematics systems for automobile theft-prevention systems.
“The pace of the OHB Technology Group’s growth is unabated. For 2004 as a whole, we expect to achieve substantial organic top-line growth to over EUR 120 million thanks to the orders already received. Earnings per share will also rise in 2004,” says Marco R. Fuchs, CEO of OHB Technology AG, describing the upbeat business outlook for the rest of 2004.
The full first-half report is available on the Internet at: www.ohb-technology.de.