OHB Technology increases 9-month earnings per share to 60 cents
Total revenues of EUR 129.9 million after nine months already above the full-year 2005
EBIT guidance for the full year 2006 increased to some EUR 20 million
Higher earnings per share of 79 cents anticipated for 2006
The OHB Technology Group (Prime Standard, ISIN: DE0005936124) also profited from the successful takeover and integration of MT Aerospace AG in the third quarter 2006. The group’s order backlog, total revenues and earnings reached new dimensions and have already exceeded the prior year’s 2005 values after nine months. Overall, the perspectives for the OHB Group are better than expected.
After nine months, total OHB Group revenues of EUR 129.9 million significantly exceeded the previous year’s figure (EUR 73.4 million), which also included the figures from the integrated MT Aerospace AG for one quarter. The rise in total revenues in the third quarter 2006 to EUR 44.3 million particularly stands out (previous year: EUR 40.4 million already including MT Aerospace). For the first time, direct y-o-y growth rates for the quarter, in terms of sales and total revenues, have been set up on a like-for-like operating basis. As a result of the initial consolidation of MT Aerospace in the first nine months 2005, the group achieved a one-time special income of 36 cents per share. In consequence, the operating profit per share in the third quarter 2005 stood at 8 cents per share. In the third quarter 2006 the OHB Group achieved a significant increase to 14 cents per share.
In the first nine months of the fiscal year, the group generated an EBITDA of EUR 20.9 million (previous year: EUR 14.7 million) and an EBIT of EUR 15.5 million (previous year: EUR 11.3 million) including the integrated MT Aerospace. Interest expenses on the “newly acquired“ pension obligations of nearly EUR 2.6 million in the first nine months were, for the first time, more than outweighed by interest income from prepayments received in the first nine months of EUR 2.1 million, as well as currency gains of a good EUR 0.8 million. Earnings before taxes (EBT) amounted to EUR 15.8 million (previous year: EUR 11.3 million). The net income of EUR 9.0 million for the first nine months only marginally exceeded the previous year’s figure of EUR 8.9 million due to a normalised tax rate this year. This yields earnings per share of 60 cents for the first nine months 2006, which is unchanged against the previous year’s figure.
As of September 30, 2006 the group’s cash and cash equivalents increased by EUR 12.6 million to EUR 85.6 million against the end of the first half (previous year: EUR 93.5 million).
The order backlog as of 30 September 2006 was virtually unchanged to the end of the first half 2006 at EUR 433.0 million (June 30, 2006: EUR 440.0 million). This is considerably above the like-for-like value of the previous year’s EUR 391.1 million. This item is significantly impacted by MT Aerospace AG’s consolidated order backlog of EUR 311.4 million.
The non-consolidated total performance for the Space + Security business unit of EUR 38.3 million cannot be compared with the value of the previous year, due to the new organisational structure established in the first quarter 2006. Compared to the value of around 7 % in the first half of this year, the EBIT margin has leapt to more than 10% after nine months. The already reduced cost-of-materials ratio of around 56 % for the first six months, decreased by another one percentage point to a good 55 %.
The new Aerospace Transportation + Aerospace Structures business unit, created through the takeover of MT Aerospace AG, is dominating the group performance with unconsolidated total revenues of EUR 75.9 million for the first nine months 2006. EBITDA of EUR 6.8 million and a significantly higher EBIT of EUR 3.9 million document the constant increase of MT Aerospace AG earnings.
In the first nine months 2006, the Telematics + Satellite Services business unit generated unconsolidated total revenues of EUR 10.9 million, implying considerable growth of more than 25 % vis-à-vis the level of the previous year (EUR 8.7 million). EBITDA was reduced to EUR 1.6 million (previous year: EUR 1.9 million) due to much higher material expenses, stemming from the production of telematics systems. Constantly high depreciation/amortisation expenses, which have been unchanged year-on-year, resulted in an EBIT of a good EUR 0.6 million (previous year: EUR 0.9 million).
For the fiscal year 2006 the Management Board expects a consolidated total performance of some EUR 175 million for the OHB Group including MT Aerospace AG. The OHB Technology AG has already generated an EBIT of EUR 15.5 million after nine months, mainly due to income of EUR 7 million, stemming from the assumption by OHB Technology AG of a third-party liability from a subsidiary. Therefore an EBIT of around EUR 20 million and earnings per share of ca. 79 cents for the full year 2006 is expected.
|Key figures at a glance
|Q3 / 2005||Q3 / 2006||9 months 2005||9 months 2006||+/- 9M 2006/05|
|Sales||36,419||37,023||66,266||108,000||+ 63 %|
|Total revenues||40,431||44,334||73,432||129,864||+ 77 %|
|EBITDA||10,079||5,286||14,737||20,926||+ 42 %|
|EBIT||8,252||3,464||11,300||15,479||+ 37 %|
|EBT||7,625||3,829||11,273||15,826||+ 40 %|
|Net income||6,559||2,197||8,895||8,990||+ 1 %|
|EPS in EUR||0.44||0.14||0.60||0.60||+/- 0|
|Cash and cash equivalents||93,496||85,584||93,496||85,584||- 8 %|