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The information contained in these press releases and statements was accurate, in all material respects, at the time of issuance. However, Continental Aerospace Technologies GmbH assumes no obligation to update the information to reflect subsequent developments.

Nov. 14, 2007
Thielert with further growth

  Hamburg - Thielert AG has reported an increase in turnover of 57 percent to a total of EUR 63.2 (previous year: 40.2) million for the first nine months of the 2007 financial year with the Aircraft Engines segment making a key contribution here with sales up by 108 percent at EUR 38.5 (18.5) million. Over the same period, the Technology & Prototyping segment recorded revenue growth of 14 percent totalling EUR 24.7 (21.8) million.

The key earnings indicators EBITDA, EBIT and EBT all enjoyed positive development too. EBITDA at EUR 16.5 (11.9) million exceeded the previous year?s level by 38 percent. EBIT rose by 39 percent to EUR 12.7 (9.1) million, while EBT at EUR 10.6 million outperformed that of the previous year by 32 percent amounting to EUR 8.1 million. On the basis of overall development, consolidated profit stood at EUR 8.1 (5.4) million.

The winning of new OEM customers affected the growth significantly, but also lead to the high start-up funding needs for serial production purposes and for further product development with regard to the engines CENTURION 2.0 and CENTURION 4.0. Nevertheless, an overall positive development in cash flow is apparent, which is expected to continue in the last quarter assuming business develops as planned. It should also be pointed out in this connection that net financial liabilities and the ratio of working capital to sales have both declined.

1. Key data of Thielert AG according to IFRS:

Sales (01.01.-30.09.2007): 63.2 million Euro
Sales (01.01.-30.09.2006): 40.2 million Euro
Sales (Changes): 57%

Gross profit on sales (01.01.-30.09.2007): 30.3 million Euro
Gross profit on sales (01.01.-30.09.2006): 26.1 million Euro
Gross profit on sales (Changes): 16.3%

EBITDA (01.01.-30.09.2007): 16.5 million Euro
EBITDA (01.01.-30.09.2006): 11.9 million Euro
EBITDA (Changes): 38%

EBIT (01.01.-30.09.2007): 12.7 million Euro
EBIT (01.01.-30.09.2006): 9.1 million Euro
EBIT (Changes): 39.1%

EBT (01.01.-30.09.2007): 10.6 million Euro
EBT (01.01.-30.09.2006): 8.1 million Euro
EBT (Changes): 31.8%

Consolidated net profit (01.01.-30.09.2007): 8.1 million Euro
Consolidated net profit (01.01.-30.09.2006): 5,4 million Euro
Consolidated net profit (Changes): 50.6%

2. Aircraft Engines Segment

Sales (01.01.-30.09.2007): 38.5 million Euro
Sales (01.01.-30.09.2006): 18.5 million Euro
Sales (Changes): 108%

Gross profit on sales (01.01.-30.09.2007): 20.7 million Euro
Gross profit on sales (01.01.-30.09.2006): 12.1 million Euro
Gross profit on sales (Changes): 71%

EBITDA (01.01.-30.09.2007): 13.2 million Euro
EBITDA (01.01.-30.09.2006): 7.2 million Euro
EBITDA (Changes): 84%

EBIT (01.01.-30.09.2007): 10.8 million Euro
EBIT (01.01.-30.09.2006): 5.9 million Euro
EBIT (Changes): 83%

3. Technology & Prototyping Segment

Sales (01.01.-30.09.2007): 24.7 million Euro
Sales (01.01.-30.09.2006): 21.8 million Euro
Sales (Changes): 13.6%

Gross profit on sales (01.01.-30.09.2007): 9.6 million Euro
Gross profit on sales (01.01.-30.09.2006): 13.9 million Euro
Gross profit on sales (Changes): -31%

EBITDA (01.01.-30.09.2007): 3.3 million Euro
EBITDA (01.01.-30.09.2006): 4.8 million Euro
EBITDA (Changes): -31%

EBIT (01.01.-30.09.2007): 1.8 million Euro
EBIT (01.01.-30.09.2006): 3.2 million Euro
EBIT (Changes): -42.3%

4. Outlook

In view of the weak US dollar, increasing energy and raw material prices, and a lack of qualified staff, export-oriented German engineering manufacturers and aviation companies are facing special challenges. In the current year, the market for piston aircraft has exhibited a negative trend, with a minus of 6 percent. Aircraft that are equipped with a kerosene piston engine ex-works, i.e. the models of Thielert customers Diamond Aircraft Industries and Apex Aircraft, have thus far been an exception. The volume of incoming orders and orders on hand for Thielert aircraft engines continues to increase. Apart from existing OEM customers, in particular new customer business, which is being continually expanded, will play a major role in this regard. Moreover, the company is also pushing the development of the Technology & Prototyping segment, particularly the integration of Superior Air Parts. Key components and systems continue to be manufactured, and development orders continue to be exe cuted for defence technology customers. Existing business relations will further intensified. Provided developments proceed according to plan, this perspective will be reflected in the financial figures. "Even with this more difficult market environment it is still possible to achieve our revenue targets", said Frank Thielert, CEO and president of Thielert AG.

The complete interim financial report is available on the internet in the service block on this websites investor relations section.


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