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Mar. 27, 2006
Record earnings in 2005 – most successful year in corporate history

- Sales up 55 percent to 37.6 million euros

Hamburg/Frankfurt, Germany - Thielert AG presented its full year-end financial statement and annual report for 2005 in Frankfurt, Germany today. For the Hamburg-based aircraft engine producer, 2005 was the most successful year in the company’s history with consolidated sales up by 55.2 percent to 37.6 million euros. In the year of its flotation – Thielert has been listed on the stock market since November 2005 – earnings showed a significant increase with its EBITDA rising to 16.1 million euros, 42.3 percent up on the level of the previous year. Operating profits (EBIT) increased by 50.9 percent and amounted to 13.1 million euros in 2005. The annual surplus rose by an impressive 106.7 percent to end at 7.7 million euros. The average number of employees in 2005 increased from 191 to 231. Thielert currently employs 273 staff at its factories in Hamburg and Lichtenstein in Germany.

Thielert’s operating business breaks downs into two segments - Aircraft Engines and Technology & Prototyping. In the Aircraft Engines segment, jet fuel aircraft engines are developed, certified and distributed. The production of engine components and the provision of development services are grouped in the Technology & Prototyping segment. The Aircraft Engines segment contributed 22.2 million euros to total sales in 2005, a plus of 55.5 percent as compared with the previous year. EBITDA improved by 42.0 percent to total 9.5 million euros. Operating profits (EBIT) in this segment stood at 7.8 million euros, 50.5 percent up on those of the previous year. Production output in respect of the core product – the jet fuel aircraft engine Centurion 1.7 –doubled to a total of 810 units in the year under review. Since the start of serial production in 2003, more than 1,500 engines have been built and supplied.

The Technology & Prototyping segment also reported significant growth in sales in 2005 with revenue totalling 15.4 million euros, 54.9 percent up over that of the previous year. EBITDA stood at 6.6 million euros, 42.6 percent higher while EBIT amounted to 5.4 million euros (+ 51.6 percent). Further development orders from the military technology industry made a significant contribution to the growth in sales in this segment.

Income position of Thielert AG as per IFRS

Sales 2005: 37,6 mil. EUR
Sales 2004: 24,2 mil. EUR
Change: 55,2 percent

Gross earnings from sales 2005: 23,4 mil. EUR
Gross earnings from sales 2004: 19,1 mil. EUR
Change: 22,5 percent

EBITDA 2005: 16,1 mil. EUR
EBITDA 2004: 11,3 mil. EUR
Change: 42,3 percent

EBIT 2005: 13,1 mil. EUR
EBIT 2004: 8,7 mil. EUR
Change: 50,9 percent

EBT 2005: 9,1 mil. EUR
EBT 2004: 5,3 mil. EUR
Change: 70,3 percent

Net profit 2005: 7,7 mil. EUR
Net profit 2004: 3,7 mil. EUR
Change: 106,7 percent


Segment Aircraft Engines

Sales 2005: 22,2 mil. EUR
Sales 2004: 14,3 mil. EUR
Change: 55,5 percent

Gross earnings from Sales 2005: 13,8 mil. EUR
Gross earnings from Sales 2004: 11,3 mil. EUR
Change: 21,7 percent

EBITDA 2005: 9,5 mil. EUR
EBITDA 2004: 6,7 mil. EUR
Change: 42,3 percent

EBIT 2005: 7,8 mil. EUR
EBIT 2004: 5,2 mil. EUR
Change: 50,5 percent


Segment Technology & Prototyping

Sales 2005: 15,4 mil. EUR
Sales 2004: 9,9 mil. EUR
Change: 54,9 percent

Gross earnings from Sales 2005: 9,6 mil. EUR
Gross earnings from Sales 2004: 7,8 mil. EUR
Change: 23,8 percent

EBITDA 2005: 6,6 mil. EUR
EBITDA 2004: 4,6 mil. EUR
Change: 42,6 percent

EBIT 2005: 5,4 mil. EUR
EBIT 2004: 3,5 mil. EUR
Change: 51,6 percent


The signs are that the company will register significant growth in the current year too. The factors contributing to the positive expectations include the new factory in Altenburg in the German state of Thuringia and the take-over of Superior Air Parts, Inc. (SAP) based in Coppell near Dallas in Texas, USA. SAP is the world’s leading producer of engine spares for small aircraft used for general aviation purposes. Moreover, the company also manufactures petrol engines for such aircraft.

„We have good reasons to have an optimistic view on the future – our engines are helping our customers to grow“, Frank Thielert said. The cost of the integration of SAP into the group’s IT and logistics system stands at around 3 million US dollars. As far as sales are concerned, our sights are set on a total of 50 million euros, whereby the positive impact of the SAP acquisition has not yet been taken into account. In profit terms too, Thielert is confident of a similarly dynamic development as in 2005. „The first quarter of 2006 will be very good. Our order books are well filled and we consider the significant growth rates in earnings before taxes achieved in 2005 as being feasible for 2006 too”.


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