Total revenue rises to EUR 354 million (+12%)

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue for the first six months reached EUR 354.2 million, an increase of 12% compared with the same period last year (prior year: EUR 316.4 million).

The company’s value added increased by 13% to EUR 221.1 million during the reporting period (previous year: EUR 195.0 million), while cost of materials also rose by 13%, a result of the strong progress made in development projects. Operating profit (EBITDA) rose to EUR 25.8 million (previous year: EUR 24.0 million). The operating EBITDA margin after six months of 2017 stood at 7.3%, compared to 7.6% in the comparable prior-year period. Despite slightly higher depreciation and amortization of EUR 6.5 million in the current fiscal year, compared to EUR 5.7 million in the prior year, EBIT rose to EUR 19.3 million from EUR 18.3 million in the prior year. The corresponding EBIT margin stood at 5.4%, compared to 5.8% in the prior year. In line with the increase in value added, profit from ordinary activities also rose by 13% to EUR 17.8 million after the first six months of 2017 (prior year: EUR 15.7 million). Correspondingly higher income and income taxes of EUR 5.7 million (previous year: EUR 5.2 million) in the 2017 reporting period resulted in an improved consolidated net income of approximately EUR 12.1 million (previous year: EUR 10.5 million).

At EUR 261.4 million, theSpace Systemsdivision’s unconsolidated total revenue significantlyexceededthe figure for the first six months of the previous year, which was EUR 236.6 million. The increase in total revenue resulted in only a slight rise in operating profit (EBITDA) to EUR 15.1 million, up from EUR 14.9 million in the prior year. Due to slightly higher depreciation and amortization, the segment’s EBIT of EUR 11.2 million was virtually unchanged from the prior year’s figure of EUR 11.3 million. Accordingly, the EBIT margin relative to unconsolidated total revenue declined slightly to 4.3% (prior year: 4.8%).

The unconsolidated total revenue of theAerospace + Industrial Productsdivision reached EUR 98.4 million in the first six months of fiscal year 2017 (previous year: EUR 81.8 million), an increase of 20% compared to the same period last year. Expenses for materials and purchased services, which rose by a good 29% in the reporting period, amounted to EUR 46.7 million, compared to EUR 36.1 million in the prior year. Nevertheless, this resulted in an operating profit (EBITDA) that increased by around 13% to EUR 10.7 million, compared to EUR 9.5 million in the prior year. The segment’s EBIT, which rose only slightly to EUR 8.1 million (previous year: EUR 7.4 million), resulted from increased depreciation and amortization. The EBIT margin relative to total unconsolidated revenue reached 8.2% compared to 9.0% in the previous year.

The Group’s order backlog reached EUR 2,220 million after the first six months of fiscal year 2017, up from EUR 1,645 million in the same period of the previous year. Of this amount, EUR 1,633 million—just under 74%—is attributable to OHB System AG.

At the end of the reporting period, cash and cash equivalents (excluding securities) stood at EUR 36.4 million, which was thus at a similar level to the end of the prior-year period (EUR 40.8 million). As of June 30, 2017, the OHB Group’s total assets stood at EUR 730.5 million, an increase of EUR 47.6 million (approximately 7%) compared to December 31, 2016 (EUR 682.9 million). Equity in the Group increased by EUR 9.8 million to EUR 193.4 million. The equity ratio was thus 26.5% as of June 30, 2017, virtually unchanged from 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.