OHB Group pushes revenues up 52 per cent
In the first nine months of 2010, the OHB Group increased its total revenues by 52% to EUR 319.5 million. This growth was materially underpinned by the favorable performance of the Space Systems + Security and Space International business units.
The Space International business unit was spurred by the acquisition of Carlo Gavazzi Space S.p.A. (CGS), which had been consolidated for the first time as of October 1, 2009. The cost of materials rose by 90% to EUR 199.6 million in the first nine months of 2010, reflecting the current project structures, which are characterized by a greater proportion of external sourcing in the Space Systems + Security business unit, as well as the first-time consolidation of CGS.
The first-time consolidation of Antwerp Space N.V. resulted in negative goodwill of EUR 4.1 million, which was recognized through profit and loss and had a positive effect on EBIT and EBITDA in the third quarter. The OHB Group's EBITDA with EUR 20.8 million for the first nine months was up EUR 1.8 million or 9% on the previous year. Net of depreciation/amortization, EBIT rose by EUR 0.7 million or 5% to EUR 14.1 million.
The weaker earnings in the Space Transportation + Aerospace Structures business unit of EUR 0.8 million (previous year: EUR 7.3 million) were chiefly due to lower sales and a non-recurring price adjustment in the Ariane program. Net finance expense contracted to EUR 1.8 million, down from EUR 3.3 million in the previous year, primarily as a result of the inclusion of the profit of EUR 3.5 million distributed by MT Aerospace Guyane S.A.S., Kourou. Accordingly, profit from ordinary business activities came to EUR 12.3 million in the period under review, an increase of 22% over the previous year's figure of EUR 10.1 million. Income tax expense declined to EUR 2.0 million thanks to the negative goodwill and the share of profit of associates. The consolidated net profit for the period attributable to OHB's shareholders rose by 75% over the previous year to EUR 9.8 million.