Total revenue rises to EUR 165 million (+5%)

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue for the first three months amounted to EUR 165.3 million, an increase of 5% compared with the same period last year (prior year: EUR 157.4 million).

Value added increased significantly during the reporting period, and cost of materials decreased to EUR 88.8 million (previous year: EUR 92.4 million). Due to improved productivity, operating profit (EBITDA) rose to EUR 12.7 million (previous year: EUR 10.7 million). The operating EBITDA margin rose to 7.7% after three months of 2017, compared to 6.8% in the same period of the previous year. Despite slightly higher depreciation and amortization of EUR 3.3 million in the current fiscal year, compared to EUR 2.8 million in the previous year, EBIT increased to EUR 9.4 million from EUR 7.8 million in the previous year. The EBIT margin rose accordingly to 5.7% from 5.0% in the prior year. Profit from ordinary activities rose to EUR 8.7 million after the first three months of 2017 (prior-year figure: EUR 7.1 million). Correspondingly higher income and income taxes of EUR 2.7 million (previous year: EUR 2.2 million) in the 2017 reporting period resulted in an improved consolidated net income of approximately EUR 6.1 million (previous year: EUR 4.8 million).

At EUR 113.8 million, theSpace Systemsdivision’s unconsolidated total revenuefellslightly short of the EUR 118.6 million recorded in the first three months of the previous year. Increased productivity and higher value added resulted in an increase in operating profit (EBITDA) to EUR 8.6 million, up from EUR 8.0 million in the prior year. The segment’s EBIT rose by EUR 0.4 million, or just under 7%, to EUR 6.6 million (prior year: EUR 6.2 million). The EBIT margin based on total unconsolidated revenue of 5.8% also increased (previous year: 5.2%). The EBIT margin based on value added, which rose by just under 11%, reached 10.1% compared to 10.5% in the prior-year period.

The unconsolidated total revenue of theAerospace + Industrial Productsdivision reached EUR 55.2 million in the first three months of fiscal year 2017 (previous year: EUR 39.4 million), an increase of 40% compared with the same period of the previous year. Expenses for materials and purchased services, which rose by nearly 55% in the reporting period, amounted to EUR 29.1 million, compared to EUR 18.8 million in the prior year. Nevertheless, this resulted in an operating profit (EBITDA) that rose by approximately 52% to EUR 4.3 million, compared to EUR 2.8 million in the prior year. The segment’s EBIT, which also increased to EUR 3.0 million (prior year: EUR 1.8 million), is based on only slightly higher depreciation and amortization. The EBIT margin relative to total unconsolidated revenue rose to 5.4% from 4.6% in the prior year. The EBIT margin relative to the Group’s own value added—which rose significantly by 47%—also increased to 5.6% from 5.0% in the prior-year period.
The OHB Group’s firm order backlog stood at EUR 1,523 million after three months of fiscal year 2017, compared to EUR 1,744 million in the prior-year period. Of this amount, EUR 1,030 million, or just under 68%, is attributable to OHB System AG.

At the end of the reporting period, cash and cash equivalents (excluding securities) stood at EUR 56.1 million, thus returning to a level above that at the end of the prior-year period (EUR 42.8 million). As of March 31, 2017, the OHB Group’s total assets stood at EUR 710.2 million, an increase of EUR 27.3 million (approximately 4%) compared to December 31, 2016 (EUR 682.9 million). Equity in the Group increased by EUR 8.9 million to EUR 192.5 million. The equity ratio was thus 27.1% as of March 31, 2017, slightly above the 26.9% recorded as of December 31, 2016.

The Executive Board expects the OHB Group’s consolidated total revenue for the 2017 fiscal year to amount to EUR 800 million. The operating profit metrics EBITDA and EBIT are expected to reach EUR 60 million and EUR 44 million, respectively, in 2017. Given the high order backlog and the positive outlook for the current fiscal year, the Executive Board expects the financial and asset position to continue to develop favorably.