Earnings per share of EUR 0.34 for the first half of 2008 (previous year EUR 0.45, adjusted EUR 0.28)

Earnings forecast of EUR 0.80 per share confirmed for fiscal 2008 (previous year adjusted: EUR 0.61)

 

Bremen, 08-07-08

The OHB Group (Prime Standard, ISIN: DE0005936124) is continuing to grow both organically and via specific acquisitions and investments in the aerospace and aeronautics sector.

The OHB Group’s total revenues in the first six months of 2008 came to EUR 117.0 million, well up on the year-ago figure of EUR 93.0 million again. The main reason for this was the first-time consolidation of Kayser-Threde GmbH in the third quarter of 2007 and of Luxspace Sàrl in the first quarter of 2008.

In the first six months of 2008, the Group generated EBITDA of EUR 13.8 million (previous year: EUR 10.5 million), while EBIT came to EUR 9.5 million, an increase of 42 % (previous year: EUR 6.7 million). Earnings before taxes (EBT) in the first six months came to EUR 8.1 million, below the year-ago figure of EUR 9.5 million, which was inflated by non-recurring shares in the profits of associates of EUR 3.2 million. Consolidated net profit for the first half of the year equaled EUR 5.0 million (previous year: EUR 6.7 million; adjusted EUR 4.2 million). Hence, earnings per share amounted to EUR 0.34 (previous year: EUR 0.45, adjusted EUR 0.28).

Unconsolidated revenues in the Space Systems + Security business unit came to EUR 29.9 million (previous year: EUR 31.6 million). The EBIT margin widened to 12.3 % (previous year: 8.5 %) as a result of the reduction in the cost-of-materials ratio to around 49 % (previous year: around 59 %) and the resultant high percentage of internal sourcing in total revenues as well as the first-time consolidation of Luxspace Sàrl.

The Payloads + Science business unit reported unconsolidated total revenues of EUR 19.5 million in the first half of 2008. With EBITDA coming to EUR 1.8 million and EBIT to EUR 0.8 million for seasonal reasons, this business unit’s bottom line offers potential for considerable improvement over the next few quarters.

With a further increase in unconsolidated total revenues to EUR 64.1 million in the first six months of 2008 (previous year: EUR 56.3 million), the Space Transportation + Aerospace Structures business unit dominates the Group’s business. EBITDA of EUR 6.9 million (previous year: EUR 5.8 million) and EBIT of EUR 5.0 million (previous year: EUR 4.0) reflect the growth over Q1/2008.

The Telematics + Satellite Operations business unit reported unconsolidated total revenues of EUR 6.9 million in the first six months of 2008 (previous year: EUR 7.2 million). Despite a reduced cost-of-materials ratio of 44 % (previous year: around 49 %), EBITDA came to EUR 0.5 million, thus falling short of the previous year (EUR 0.8 million). Depreciation in the same amount resulted in a small loss at the EBIT level (previous year: EBIT of EUR 0.1 million).

Order backlog was valued at EUR 406.0 million as of June 30, 2008 (previous year: EUR 407.0 million), with the orders of EUR 263.4 million (previous year: EUR 268.9 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 30.8 million.

Consolidated cash and cash equivalents dropped to EUR 48.8 million as of June 30, 2008 (previous year: EUR 93.2 million). The change of around EUR 44.4 million is primarily due to the delay in signing the PB lot contract for the Ariane 5 launch vehicles.

The Management Board expects consolidated total revenues of around EUR 290 million and EBIT of roughly EUR 23 million for the OHB Group in 2008. This translates into projected earnings per share of EUR 0.80 for this year, an increase of EUR 0.19 over the previous year’s adjusted figure of EUR 0.61. “We assume that a dividend will be paid to shareholders for both this year and next. Cash and cash equivalents will be at a high level again towards the end of fiscal 2008” comments Marco R. Fuchs, CEO of the Group, on the outlook of the Company.

Earnings key figures (EUR 000)	Q2 / 2007	Q2 / 2008	H1 / 2007	H1 / 2008	+/- H1 2008/07
Sales	47,109	60,404	83,472	100,571	+ 20 %
Total revenues	52,557	65,291	93,031	117,009	+ 26 %
EBITDA	4,660	7,276	10,493	13,828	+ 32 %
EBIT	2,762	5,206	6,736	9,529	+ 41 %
EBT	5,868	4,500	9,513	8,072	- 15 %
Net income for the period	4,646	2,831	6,698	4,987	- 26 %
EPS in EUR	0.31	0.19	0.45	0.34	- 24 %
EPS in EUR (adjusted)	0.14	0.19	0.28	0.34	+ 21 %
Cash and cash equivalents	93,178	48,802	93,178	48,802	- 48 %

This six-month report and further information are available on our website
at www.ohb-technology.de.