OHB SE Presents Its 2019 Three-Month Interim Report:

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue rose to EUR 190.9 million after three months, remaining virtually unchanged from the previous year (previous year: EUR 189.7 million). Operating profit (EBITDA) increased significantly from EUR 14.2 million in the prior year to EUR 19.5 million. Positive effects amounting to approximately EUR 2.5 million, resulting from the first-time application of IFRS 16, contributed in part to this increase. The operating EBITDA margin thus rose to 10.2% in the reporting period, compared to 7.5% in the comparable prior-year period. EBIT rose to EUR 12.4 million in the first three months of the current fiscal year, compared to EUR 10.2 million in the prior year. The corresponding EBIT margin consequently increased to 6.5% from 5.4% in the prior-year period. The EBIT margin on own value added also rose to 10.2% (prior year: 9.6%).

The financial result of EUR -0.5 million improved slightly compared with the same period last year due to foreign exchange gains (prior year: EUR -0.9 million). Earnings before taxes (EBT) rose by 27% to EUR 11.9 million after the first three months of 2019 (prior year: EUR 9.4 million). Higher income and income taxes of EUR 3.9 million (previous year: EUR 3.0 million) in the 2019 reporting period resulted in a 25% improvement in consolidated net income to EUR 8.0 million (previous year: EUR 6.4 million).

The Space Systems division’s unconsolidated total revenue of EUR 146.3 million was on par with the first three months of the previous year (EUR 147.1 million). This nearly constant total revenue resulted in a significantly higher operating profit (EBITDA) of EUR 14.8 million (previous year: EUR 9.9 million). Despite higher depreciation and amortization, the segment’s EBIT of EUR 9.3 million was also higher than the prior-year figure of EUR 7.2 million. The EBIT margin relative to unconsolidated total revenue thus increased from 4.9% in the prior year to 6.3% in the reporting period.

The unconsolidated total revenue of the Aerospace + Industrial Products division exceeded the previous year’s figure of EUR 44.0 million in the first three months of fiscal year 2019, reaching EUR 46.0 million. Operating profit (EBITDA) for this division amounted to EUR 4.5 million, remaining virtually unchanged from the previous year (EUR 4.4 million). Due to slightly higher depreciation and amortization, EBIT also declined slightly from EUR 3.0 million in the prior year to EUR 2.9 million. The EBIT margin relative to unconsolidated total revenue thus reached 6.2% after 6.9% in the prior year.

The Group’s order backlog remained virtually unchanged at EUR 2,286 million after the first three months of fiscal year 2019, compared with EUR 2,397 million in the same period of the previous year. Of this amount, EUR 2,131 million, or approximately 93%, is attributable to OHB System AG. As of March 31, 2019, the OHB Group’s total assets stood at EUR 842.1 million, up by a good 12% from the level as of December 31, 2018 (EUR 753.6 million), due in part to the first-time application of IFRS 16. Key drivers of this development are the items newly included in the balance sheet: right-of-use assets from lease liabilities on the assets side amounting to EUR 57.2 million, and on the liabilities side, current and non-current lease liabilities totaling EUR 57.4 million. The slight increase in equity from EUR 200.0 million to EUR 204.3 million was disproportionately smaller than the balance sheet growth and resulted in an equity ratio of 24.3% as of March 31, 2019, down from 26.5% at the end of the year on December 31, 2018.

The Executive Board expects the OHB Group’s consolidated total revenue for the 2019 fiscal year to reach EUR 1.05 billion. The operating profit metrics EBITDA and EBIT are expected to reach EUR 80 million and EUR 50 million, respectively, in 2019. 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.

Key performance indicators at a glance