EBITDA up 26% to EUR 27.5 million (previous year: EUR 21.8 million)

EBIT up 16% to EUR 16.4 million (previous year: EUR 14.1 million)

Bremen, November 9, 2011. In the first nine months of 2011, the OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenues rose by EUR 48.0 million or 15% over the same period in the previous year to EUR 367.5 million.

At EUR 202.8 million, the cost of materials increased slightly in the first nine months of 2011, translating into a cost-of-materials ratio of 55%, compared with 62% in the previous year. The Group headcount increased by 672 chiefly due to new recruitments at OHB System and Kayser-Threde as well as first-time consolidation (Aerotech Peissenberg and OHB Sweden), causing staff costs to rise by 41% to EUR 110.1 million. EBITDA climbed in the first nine months of 2011 by EUR 5.7 million or 26% to EUR 27.5 million. After depreciation/amortization expense, which was up 45% over the previous year particularly due to consolidation effects, EBIT came to EUR 16.4 million, equivalent to an increase of 16% over the previous year. Net finance expense rose by EUR 3.8 million to EUR 5.6 million in the first nine months. At around EUR 10.8 million, profit from ordinary business activities was therefore down EUR 1.5 million on the previous year, which had been inflated by positive non-recurring factors, despite the growth in the Group’s operating business. After income tax expense, which was up EUR 0.6 million on the previous year, the OHB Group earned net consolidated profit for the period of EUR 8.2 million, i.e EUR 2.1 million less than in the same period in the previous year. At EUR 8.3 million, the net profit for the period attributable to OHB’s shareholders after non-controlling interests was EUR 1.5 million down on the same period in the previous year.

In the first nine months of 2011, non-consolidated total revenues in the Space Systems business unit climbed by EUR 27.4 million or 12% over the year-ago period to EUR 250.9 million. This growth was chiefly related to the successful commencement of the Galileo* project. The cost of materials and services purchased increased in absolute terms by EUR 5.8 million to EUR 164.2 million due to further advance outlays, translating into a cost-of materials ratio of 65%, compared with 71% in the previous year. EBIT improved by EUR 2.7 million or 29%, rising to EUR 12.0 million. The EBIT margin in this segment relative to non-consolidated total revenues thus widened to 4.8%, up from 4.2% in the previous year. At 8.7%, the EBIT margin relative to the segment’s own manufacturing input fell short of the year-ago level of 9.7% due to higher other operating expenses.

In the Aerospace + Industrial Products business unit non-consolidated total revenues in the first nine months of 2011 at EUR 138.5 million were up EUR 30.9 million or 29% on the year-ago period mostly due to the first-time consolidation of Aerotech Peissenberg. The cost of materials ratio contracted to 44%, down from 53% in the year-ago period. EBIT climbed by EUR 1.7 million to EUR 2.5 million, with the EBIT margin widening to 1.8%, up from 0.7% in the same period of the previous year. The EBIT margin relative to the segment’s own manufacturing input rose from 0.8% in the previous year to 2.0% in the period under review.

At the end of the first nine months of 2011, the firm orders held by the OHB Group were valued at EUR 1.116 billion and thus EUR 129 million down on the figure for the previous year (EUR 1.245 billion), which had been inflated substantially by a large-scale contract.

As of September 30, 2011, the OHB Group’s total assets were up 25% or EUR 118.3 million compared with December 31, 2010, rising to EUR 584.7 million. On the assets side of the balance sheet, non-current assets contributed EUR 16.5 million and current assets EUR 101.5 million to this increase. On the other side of the balance sheet, the increase was chiefly due to prepayments received (EUR 77.8 million), current and non-current provisions (EUR 20.3 million) and financial liabilities (EUR 17.1 million). The equity ratio contracted to 18% as of September 30, 2011 due to the increase in total assets, down from 23% as of December 31, 2010.

The OHB Group reaffirms its earlier forecast of an increase in EBITDA to more than EUR 41 million. EBIT should also climb to over EUR 27 million in 2011. Thanks to improved margins, the earnings targets should be achieved even if total revenues are somewhat lower than previously expected.

Despite the high order backlog and resultant favorable capacity utilization across the Group as a whole, it is currently too early to provide any precise guidance for 2012. Even so, it is predictable that an increase of the most important earnings key figures can be expected also for 2012.

* The OHB project forms part of the Galileo program, which has been initiated and is being funded by the European Union (EU). The European Space Agency (ESA) is acting on behalf and in the name of the EU. "Galileo" is a registered trademark owned by the EU and ESA and registered under OHIM application number 002742237.