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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.
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Apr. 13, 2007
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Annual Result 2006
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Hamburg - Aircraft engine manufacturer Thielert AG, quoted on the SDAX, is publishing its figures for the 2006 fiscal year in accordance with IFRS. Subject to the still outstanding audits of notes to the financial statements and management report, the auditors have announced that they will issue an unqualified opinion for revenues of 58.5 million euros and an EBT of 7.7 million euros. There are two important changes compared to the preliminary figures announced on 26 March 2006. Receivables from prior years, which were the subject of public criticism, were written off with an amount of 3.05 million euros. Furthermore revenues from development services with combined development and serial delivery orders are no longer included in the income statement. This change in accounting results in postponed revenues from 2006 to 2007 and beyond. In spite of the conservative accounting method selected in conjunction with the auditors, the company has been able to record an increas e in sales of 55.6 percent compared to last year.
Thielert?s operating business still breaks down into two segments - Aircraft Engines and Technology & Prototyping. In the Aircraft Engines segment, kerosene 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 business of Superior Air Parts, Inc. which has been acquired in 2006 are part of this segment, too.
Profit situation of the overall Thielert Group in accordance with IFRS:
Sales 2006: 58.5 Mil. euros
Sales 2005: 37.6 Mil. euros
Change: 55.6 Percent
Gross earnings from Sales 2006: 32.1 Mil. euros
Gross earnings from Sales 2005: 23.4 Mil. euros
Change: 37.2 Percent
EBITDA 2006: 13.0 Mil. euros
EBITDA 2005: 16.1 Mil. euros
Change: -19.3 Percent
EBIT 2006: 8.7 Mil. euros
EBIT 2005: 13.1 Mil. euros
Change: -33.6 Percent
EBT 2006: 7.7 Mil. euros
EBT 2005: 9.1 Mil. euros
Change: -15.4 Percent
Outlook
The foundation for growth in the years to come was laid in the 2006 fiscal year. Manufacturing capacity in all locations was decisively expanded and rationalised. Two fully developed engines have been in serial production in the form of the CENTURION 2.0 and 4.0. Over 1,800 type certifications respectively supplemental type certifications guarantee that already over 60 percent of the entire market (replacement engines and new aircraft equipment) can be covered in certification terms. Further important certifications are expected shortly.
"We have every reason to look to the future with optimism because the customer base is already in place for further growth," said Frank Thielert, Board Chairman and founder of Thielert AG. In terms of sales, Thielert still expects to see over 50 percent annual growth. For the profit situation, he also sees a positive development for fiscal year 2007.
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