Total revenues for nine months 2007 increase to EUR 152.2 million (previous year: EUR 129.9 million)
Nine months earnings of 64 Cent per share (previous year: 60 Cent)
Forecast for full year 2007 earnings raised to 78 Cent per share
First-time consolidation of Kayser-Threde GmbH leads to an increased forecast of total revenues of EUR 220 million for 2007
The OHB Technology AG’s (Prime Standard, ISIN: DE0005936124) total revenues in the first nine months of 2007 came to EUR 152.2 million, well up on the year-ago figure of EUR 129.9 million. Increase in total revenues in the third quarter of 2007 due to the first-time consolidation of Kayser-Threde GmbH (share attributable EUR 9.9 million) to EUR 59.1 million (previous year: EUR 44.3 million) should be mentioned especially.
EBITDA rose to EUR 6.2 million in the third quarter of 2007 (previous year: EUR 5.3 million). EBIT came to EUR 4.0 million (previous year: EUR 3.5 million). Consolidated net income for the third quarter amounted to EUR 2.8 million (previous year: EUR 2.2 million).
In the first nine months of 2007, the Group generated EBITDA of EUR 16.7 million (previous year: EUR 20.9 million) and EBIT of EUR 10.7 million (previous year: EUR 15.5 million). EBITDA adjusted for consolidation effects stood at EUR 15.9 million in 2007 (2006 adjusted for non-recurring earnings of some EUR 7.0 million in the second quarter of 2006: EUR 13.9 million), while adjusted EBIT came to EUR 10.3 million in 2007 (2006 adjusted: EUR 8.5 million).
At EUR 46.1 million, unconsolidated total revenues in the Space Systems + Security business unit were well up on the previous year (EUR 38.3 million), resulting in a slightly higher EBIT margin of 8.7% compared with the first half of 2007 (8.5 %) without reaching the previous year’s excellent figure of 10.2%.
The newly acquired company Kayser-Threde GmbH together with its subsidiaries and associates comprise the Payloads + Science business unit, consolidated for the first time on July 1 of this year. This business unit generated unconsolidated total revenues of EUR 9.9 million in the third quarter of 2007. With EBITDA of EUR 0.8 million and EBIT of EUR 0.3 million, this business unit’s bottom line offers potential for considerable improvements over the next quarters.
With an increase in unconsolidated total revenues to EUR 87.3 million in the first nine months of 2007 (previous year: EUR 75.9 million), the Space Transportation + Aerospace Structures business unit dominates the Group’s performance. EBITDA of EUR 9.2 million (previous year: EUR 6.8 million) and a substantial increase in EBIT to EUR 6.5 million (previous year: EUR 3.9 million) yielded correspondingly wider margins, thus testifying to the steady upward movement in MT Aerospace AG’s earnings.
The Telematics + Satellite Operations business unit reported unconsolidated total revenues of EUR 12.2 million in the first nine months of 2007 (previous year: EUR 10.9 million). EBITDA fell to EUR 1.1 million (previous year: EUR 1.6 million) on account of a substantial increase in the cost of materials related to the production of telematics systems. Continued high depreciation expense caused EBIT to decline to virtually zero (previous year: EUR 0.6 million).
Despite all the exceptionals recorded in both years, net income for the first nine months of 2007 came to EUR 9.5 million (previous year: EUR 9.0 million), benefiting from the substantially lower tax rate in anticipation of the positive effects of the 2008 corporate tax reform. Earnings per share of EUR 0.64 were achieved in the first nine months of 2007 (previous year: EUR 0.60; 2006 adjusted: EUR 0.31).
The payment of the acquisition price for Kayser-Threde and the subscription to the capital increase at SpaceDev were the two largest items contributing to the decline of around EUR 15.7 million in the Group’s liquid funds (including changes to securities held) to EUR 73.7 million as of September 30, 2007 (previous year: EUR 89.4 million).
Firm orders were valued at EUR 476.0 million as of September 30, 2007 (previous year: EUR 433.0 million), with the orders of EUR 308.4 million (previous year: EUR 311.4 million) received by MT Aerospace making a key contribution after consolidation. The volume of additional orders arising as a result of the first-time consolidation of Kayser-Threde is valued at EUR 27.1 million.
„For 2007 as a whole, the Management Board expects consolidated total revenues of around EUR 220 million and EBIT of roughly EUR 18 million for the OHB Group including Kayser-Threde, which was consolidated for the first time on July 1, 2007.” concludes Marco R. Fuchs CEO of OHB Technology the earnings forecast and elaborates further, „on the strength of the favorable exceptional effect of around EUR 0.17 caused by the share in ORBCOMM’s profits in the second quarter plus the effects of corporate tax reform in Germany, the full-year earnings forecast has been increased to EUR 0.78 per share.“
|Key financial figures
|Q3 / 2006||Q3 / 2007||9M / 2006||9M / 2007||+/- 9M 2007/06|
|Sales||37.023||62.816||108.000||146.288||+ 35,5 %|
|Total revenues||44.334||59.149||129.864||152.180||+ 17,2 %|
|EBITDA||5.286||6.246||20.926||16.739||- 20,0 %|
|EBIT||3.464||3.982||15.479||10.718||- 30,8 %|
|EBT||3.829||3.386||15.826||12.899||- 18,5 %|
|Net income for the period||2.197||2.830||8.990||9.528||+ 6,0 %|
|EPS in EUR||0,14||0,19||0,60||0,64||+ 6,7 %|
|Cash and cash equivalents||85.584||73.655||85.584||73.655||- 13,9 %|
For further information please refer to the 9-Month Report 2007 (pdf | 280 kB).