Order backlog of EUR 829.6 million at a new record level

Cash and cash equivalents of EUR 57.4 million as of June 30, 2009; up from EUR 48.8 million in the previous year

Outlook for 2009: total revenues of around EUR 300 million, EBITDA of around EUR 31 million and EBIT of around EUR 21 million confirmed

Bremen, August 6, 2009. The OHB Group (Prime Standard, ISIN: DE0005936124)
increased its total revenues by 16 % to EUR 135.5 million in the first half of 2009, up from EUR 117.0 million in the previous year. "In the first half of the year, we continued to work on existing projects as well as signing new contracts. The OHB Group's established position in the European aerospace industry is also mirrored in its increased order backlog" comments Marco R. Fuchs, CEO of the Group, on the business development of the Company in the first half-year. The order backlog rose again to EUR 829.6 million as of June 30, 2009, up from the previous record of EUR 781.2 million achieved at the end of the first quarter of 2009. By comparison, the order backlog was valued at EUR 406.0 million at the end of the first half of 2008.

At EUR 66.3 million, the cost of materials increased by 30 % year on year in the first six months of 2009, reflecting the commencement of project phases which entail a greater volume of external sourcing. Personnel expenses in the period under review were also up on the previous year, coming to EUR 43.0 million (previous year: EUR 39.6 million). Dragged down by the greater expenses, EBITDA contracted by EUR 1.4 million over the previous year to EUR 12.4 million, with EBIT coming to EUR 7.8 million (previous year: EUR 9.5 million). Reduced interest income compared with the previous year caused net financial expense to widen to EUR 2.1 million (previous year: net financial expense of EUR 1.5 million). After tax, the OHB Group earned consolidated net profit of EUR 3.8 million in the first six months of 2009 (previous year: EUR 5.9 million). This translates into earnings per share of EUR 0.22 for the period, down from EUR 0.34 in the previous year.

The unconsolidated total revenues of the Space Systems + Security business unit came to EUR 33.1 million in the first six months of 2009, up by EUR 3.2 million compared to the year-ago period. Internal revenues stood at EUR 6.5 million (previous year: EUR 0.1 million). At EUR 18.1 million, the cost of materials rose by EUR 3.5 million, translating into a cost-of-materials ratio of 55 %, compared with 49 % in the previous year. Consequently, the segment's EBIT margin relative to unconsolidated total revenues contracted to 6.7 % (previous year: 12.3 %). EBIT came to EUR 2.2 million (previous year: EUR 3.7 million).

Total revenues in the Payloads + Science business unit increased substantially in the period under review, rising from EUR 19.5 million in the previous year to EUR 35.2 million in the first six months of 2009. The cost of materials climbed to EUR 20.4 million (previous year: EUR 5.8 million) primarily due to the progress being made on the EnMAP and TET satellite projects. Thanks to the higher total revenues, segment EBIT came to EUR 1.1 million, almost one third higher than in the year-ago period. On the other hand, however, the EBIT margin contracted by 1.2 percentage points over the previous year to 3.2 %.

The Space Transportation + Aerospace Structures business unit generated unconsolidated total revenues of EUR 69.3 million in the first six months of the year, up 8.2 % on the first half of 2008 (EUR 64.1 million). However, the greater volume of external sourcing pushed EBITDA down to EUR 6.6 million, i.e. just below the year-ago figure of EUR 6.9 million. Consequently, the EBIT margin narrowed to 6.7 % (EBIT: EUR 4.7 million), down from 7.8 % in the previous year (EBIT: EUR 5.0 million).

The unconsolidated total revenues of the Telematics + Satellite Operations business unit rose by EUR 0.4 million to EUR 7.2 million in the period under review. As the cost of materials also increased by EUR 0.5 million over the previous year, EBITDA was virtually unchanged over the year-ago period, coming as it did to EUR 0.5 million. Amortization/depreciation expense equaled EUR 0.7 million, up on the year-ago figure of EUR 0.6 million. This resulted in a loss of EUR 0.2 million at the EBIT level in the first six months of 2009 (previous year: loss of EUR 0.023 million).

The year-on-year increase of 17 % in total assets to EUR 360.4 million as of June 30, 2009 is related to the numerous projects currently in the implementation phase. At the same time, the Group's cash and cash equivalents (excluding long-term securities) climbed from EUR 48.8 million to EUR 57.4 million.  The increase in total assets caused the equity ratio to contract to 22 % as of the end of the period under review, down from 27 % on June 30, 2008.

In view of the increase in inventories and the commencement of sourcing activities for important projects the Management Board continues to forecast consolidated total revenues of around EUR 300 million for 2009 together with an increase in EBITDA to EUR 31 million and in EBIT to EUR 21 million.