- Total revenues increased after six months to EUR 404 million (+14%)
- EBITDA increased to EUR 29.3 million (+14%)
- EBIT increased to EUR 21.0 million (+9%)
- EBT increased to EUR 19.0 million (+7%)
- Order books at high level of EUR 2,369 million
- Full-year guidance 2018 reiterated
Bremen, August 9, 2018. The OHB Group (ISIN: DE0005936124, Prime Standard) achieved a significant increase in total revenues to EUR 404.5 million after six months, an increase of a good 14% over the same period of the previous year (previous year: EUR 354.2 million).
The operating result (EBITDA) increased to EUR 29.3 million (previous year: EUR 25.8 million). At 7.2%, the operating EBITDA margin achieved in the first six months of 2018 almost matched the level of the comparable prior-year period of around 7.3%. Despite higher depreciation and amortisation of EUR 8.3 million in the current fiscal year after EUR 6.5 million in the previous year, EBIT rose to EUR 21.0 million after EUR 19.3 million in the previous year. The corresponding EBIT margin fell slightly to 5.2% (5.4% in the previous year). However, the EBIT margin on own value-added increased significantly, reaching 9.3% in the first half of 2018, after 8.7% in the previous year. Earnings before taxes (EBT) rose slightly after the first six months of 2018 to EUR 19.0 million (previous year: EUR 17.8 million). Despite higher income taxes of EUR 6.2 million (previous year: EUR 5.7 million) in the 2018 reporting period, the group achieved a slightly improved consolidated profit for the period of EUR 12.8 million (previous year: EUR 12.1 million).
At EUR 314.9 million, non-consolidated total revenues of the Space Systems business unit were significantly higher than the EUR 261.4 million recorded in the first six months of the previous year. The increased total operating performance resulted in a higher operating result (EBITDA) of EUR 20.2 million after EUR 15.1 million in the previous year. Despite higher depreciation and amortisation, the segment's EBIT of EUR 14.7 million was also above the previous year's level of EUR 11.2 million. The EBIT margin on non-nconsolidated total income rose slightly to 4.7% after 4.3% in the previous year.
Non-consolidated total revenues of the Aerospace + Industrial Products business unit amounted to EUR 93.6 million in the first six months of the fiscal year 2018 (previous year: EUR 98.4 million), a decline of almost 5% compared to the same period of the previous year. Costs of materials and purchased services in the reporting period were down by around 12% to EUR 41.0 million after EUR 46.7 million in the previous year. Nevertheless, this resulted in a slight decline in operating earnings (EBITDA) to EUR 9.2 million after EUR 10.7 million in the previous year. The segment's lower EBIT of EUR 6.4 million (previous year: EUR 8.1 million) was burdened by higher depreciation and amortisation. The EBIT margin in relation to unconsolidated total operating performance reached 6.8% after 8.2% in the previous year.
After the first six months of the 2018 financial year, the Group's order backlog amounted to EUR 2,369 million, compared to EUR 2,220 million in the prior-year period. Of this amount, OHB System AG accounted for around 83% (EUR 1,956 million).
At EUR 90.8 million at the end of the reporting period, cash and cash equivalents (excluding securities) increased significantly above the previous year (EUR 36.4 million). As of June 30, 2018, the OHB Group's total assets of EUR 763.7 million were approximately 6% higher than on December 31, 2017 (EUR 719.7 million). The approximately EUR 21 million lower equity in the Group as a result of the replacement of the previous accounting standards IAS 11 (construction contracts) and IAS 18 (revenues) by the new provisions of IFRS 15 (revenues from contracts with customers) from 2018 on, resulted in an equity ratio of 24.4% as of June 30, 2018, after 28.8% at year-end on December 31, 2017.
The Management Board expects consolidated total revenues of EUR 1,000 million for 2018, accompanied by EBITDA of EUR 65 million and EBIT of 47 million in 2018. Given the greater order backlog and upbeat outlook for the current year, the Management Board assumes that the Group’s net assets and financial condition will also remain strong.
|Key performance indicators at a glance (EUR 000s)||Q2 / 2017||Q2 / 2018||H1 / 2017||H1 / 2018||+/- H1 2017/18|
|Sales||185.703||206.150||332.709||384.084||+ 15,4 %|
|Total revenues||188.834||214.748||354.153||404.461||+ 14,2 %|
|EBITDA||13.069||15.071||25.796||29.313||+ 13,6 %|
|EBIT||9.838||10.809||19.254||21.029||+ 9,2 %|
|EBT||9.112||9.568||17.820||19.023||+ 6,8 %|
|Net profit for the period||6.096||6.426||12.146||12.785||+ 5,3 %|
|EPS in EUR||0,30||0,31||0,61||0,65||+ 6,6 %|
|Cash and cash equivalents incl. securities||37.519||91.478||37.519||91.478||+ 144 %|
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