OHB SE — Earnings Release 2009

May 13, 2009

News Details

Corporate | 13 May 2009 07:05

OHB Technology AG: 29% increase in total revenues to EUR 66.6 million (previous year: EUR 51.7 million)

OHB Technology AG / Quarter Results

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• 29% increase in total revenues to EUR 66.6 million (previous year: EUR
  51.7 million)

• Increase in cash and cash equivalents to EUR 73.6 million (previous
  year: EUR 59.3 million)

• Order backlog with EUR 781 million at record level

Bremen, May 13, 2009. The OHB Group (ISIN: DE0005936124, Prime Standard),
can look back on a favourable three months despite the deteriorating
general economic conditions in the first quarter of 2009. The Group's order
books reached a record volume of EUR 781 million, an increase of EUR 247
million over the end of 2008, and sufficient to ensure full capacity
utilization over the next years.

In the first quarter of 2008, the OHB Group recorded total revenues of EUR
66.6 million, an increase of 29 % over the previous year. This growth was
particularly underpinned by the Payloads + Science business unit.

With the commencement of work on the EnMAP and Small GEO projects as well
as the progress made on the PB lot for Ariane 5, the cost of materials rose
sharply from EUR 20.9 million in the previous year to EUR 32.9 million in
the first three months of 2009. EBITDA climbed by 11 % to EUR 7.3 million
(previous year: EUR 6.6 million). As consolidated amortization and
depreciation expense was unchanged over the previous year, earnings before
interest and taxes (EBIT) rose by 16 % to roughly EUR 5.0 million (previous
year: EUR 4.3 million). Net borrowing costs stood at EUR 1.1 million in the
first quarter of 2009, up from EUR 0.8 million in the previous year due to
lower interest income. Consequently, earnings before taxes (EBT) came to
EUR 3.9 million, up 9 % on the year-ago figure of EUR 3.6 million. Net of
tax, consolidated net profit for the first quarter of 2009 stands at EUR
2.2 million and is thus unchanged over the previous year. As in the
previous year, earnings per share came to EUR 0.15.

The Space Systems + Security business unit recorded unconsolidated total
revenues of EUR 16.8 million, i.e. well in excess of the year-ago figure of
EUR 12.1 million. At EUR 9.3 million, the cost of materials almost doubled,
with the cost of materials ratio widening from 40 % in the previous year to
55 %. EBIT in this business unit dropped to EUR 1.4 million, resulting in
an EBIT margin relative to the business unit's unconsolidated total
revenues of 8.6 %, down from 17.4 % in the previous year.

In the first three months of 2009, the Payloads + Science business unit was
able to more than double its unconsolidated total revenues from EUR 9.2
million in the previous year to EUR 20.1 million. The cost of materials
rose to EUR 12.6 million (previous year: EUR 3.0 million) primarily due to
progress made on the EnMAP and TET satellite projects. EBITDA came to EUR
1.4 million (previous year: EUR 0.5 million), with EBIT standing at EUR 0.9
million (previous year: EUR 0.080 million). The EBIT margin widened
substantially to 4.6 %.

With unconsolidated total revenues of EUR 33.8 million (previous year: EUR
28.8 million), the Space Transportation + Aerospace Structures business
unit made the greatest contribution to consolidated total revenues. At EUR
3.1 million, EBITDA was virtually unchanged over the previous year (EUR 3.0
million). EBIT came to EUR 2.2 million (previous year: EUR 2.1 million),
with the EBIT margin contracting from 7.2 % to 6.4 %.

Unconsolidated total revenues in the Telematics + Satellite Operations
business unit came to EUR 3.6 million in the first quarter of 2009, up on
the year-ago figure of EUR 3.2 million. At the same time, EBIT widened
substantially to EUR 0.5 million (previous year: EUR 0.066 million) thanks
to the reduced cost-of-materials ratio compared with the previous year,
translating into an EBIT margin of 12.7 %.

As of March 31, 2009, firm orders had reached a record level of EUR 781.2
million (previous year: EUR 381.0 million), with MT Aerospace making a
material contribution of EUR 463.5 million (previous year: EUR 242.0
million).

Total consolidated assets increased to EUR 353.8 million as of March 31,
2009 (March 31, 2008: EUR 304.8 million) due primarily to short-term and
long-term advance payments for current projects (including the PB lot for
the Ariane 5 launch vehicle). This was also reflected in the Group's cash
and cash equivalents, which increased to EUR 73.6 million as of March 31,
2009, up from EUR 59.3 million in the previous year. Inventories were also
up year on year, rising by EUR 9.3 million to EUR 92.4 million. The
increase in total assets resulted in a decline in the equity ratio to 23 %
as of March 31, 2009 (previous year: 27 %).

The OHB Technology Group projects total revenues of around EUR 300 million
for 2009, with EBITDA expected to rise to EUR 31 million. EBIT (net of
exceptionals) should also climb to around EUR 21 million in 2009.

Earnings key figures(EUR 000) Q1 / 2008 Q1 / 2009 +/- Q1 2009/08
Sales 40,167 55,263 + 37.6%
Total revenues 51,718 66,593 + 28.8%
EBITDA 6,552 7,285 + 11.2%
EBIT 4,323 4,995 + 15.5%
EBT 3,572 3,888 + 8.8%
Net income for the period 2,156 2,161 + 0.2%
EPS in EUR 0.15 0.15 ± 0.0%
Cash incl. securities 59,297 80,144 + 35.2%

Contact:
Michael Vér
Investor Relations
Tel.: +49 (0)421 - 2020-727
Fax: +49 (0)421 - 2020-613
E-Mail: ver@ohb-technology.de
www.ohb-technology.de

The three-month report 2009 and further information, you will find at:
www.ohb-technology.de
13.05.2009 Financial News transmitted by DGAP

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Language: English
Issuer: OHB Technology AG
Karl-Ferdinand-Braun-Str. 8
28359 Bremen
Deutschland
Phone: +49 (0)421 2020 8
Fax: +49 (0)421 2020 613
E-mail: ir@ohb-technology.de
Internet: www.ohb-technology.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Düsseldorf, Stuttgart

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