Forecast for the full year 2016 confirmed, with the order backlog remaining high at EUR 1.6 billion

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 507.1 million after nine months (previous year: EUR 534.3 million). Total revenue depends on performance milestones and delivery dates in the respective projects and therefore does not follow a linear pattern as scheduled. Time shifts of these events from one reporting period to another lead to high volatility in total revenue on a quarter-over-quarter basis during the year. The scheduled achievement of further significant project milestones is planned for the fourth quarter.

Operating profit (EBITDA) reached EUR 37.5 million after nine months, almost exactly matching the figure of EUR 37.4 million for the same period last year. The operating EBITDA margin rose to 7.4% after nine months of 2016, up from 7.0% in the comparable period of the previous year. EBIT, which was also nearly identical at EUR 28.6 million compared to EUR 28.7 million in the prior year, resulted in an EBIT margin that increased accordingly to 5.6% from 5.4% in the prior year. The EBIT margin on the significantly higher value added compared to the previous year thus reached 8.9% after nine months, compared to 9.9% in the prior-year period. Lower interest income reduced the financial result to EUR -3.1 million, compared to EUR -2.1 million in the prior-year period. This resulted in a profit from ordinary activities that was approximately 4% lower after the first nine months of 2016, amounting to EUR 25.4 million (prior year: EUR 26.6 million). Income and income taxes, which remained virtually unchanged at EUR 8.1 million (previous year: EUR 8.2 million), reduced consolidated net income for the period by just under 6% to EUR 17.3 million (previous year: EUR 18.4 million).

The Space Systemsdivision’s unconsolidated total revenue of EUR 387.2 millionwasapproximately 5% lower than the EUR 407.9 million reported for the first nine months of the previous year. This resulted in a 13% increase in operating profit (EBITDA) to EUR 24.7 million, up from EUR 21.8 million in the prior year.

The segment’s EBIT rose by approximately EUR 2.8 million, or 17%, to EUR 19.2 million (previous year: EUR 16.4 million). The EBIT margin, based on total revenue of approximately 5.0%, also increased (previous year: 4.0%).

The EBIT margin relative to internal value added declined slightly due to a sharp increase of approximately 21% in internal value added, reaching 9.2% compared with 9.5% in the same period of the previous year.

The unconsolidated total revenue of theAerospace + Industrial Productsdivision declined by approximately 6% in the first nine months of fiscal year 2016 to EUR 123.3 million (previous year: EUR 130.9 million). Despite a decrease of approximately 14% in expenses for materials and purchased services during the reporting period—from EUR 54.8 million to EUR 63.6 million in the prior year—this resulted in a 16% reduction in operating profit (EBITDA) to EUR 13.1 million, compared to EUR 15.7 million in the prior year.

The segment’s lower EBIT of EUR 9.8 million (previous year: EUR 12.3 million) is due to constant depreciation and amortization. The EBIT margin relative to total unconsolidated revenue declined to 7.9% (prior year: 9.4%). The EBIT margin relative to the company’s own value added—which was down by a good 3%—decreased to 8.7% from 10.5% in the prior-year period.

The OHB Group’s order backlog stood at EUR 1,601 million after nine months of the current 2016 fiscal year, down from EUR 1,684 million as of December 31, 2015. Of this amount, EUR 1,145 million—or just over 71%—is attributable to OHB System AG.

At the end of the reporting period, cash and cash equivalents (excluding securities) stood at EUR 61.5 million, significantly higher than the level at the end of the prior-year period (EUR 34.3 million). As of September 30, 2016, the OHB Group’s total assets stood at EUR 724.1 million, an increase of EUR 85.4 million—or a solid 13%—compared to December 31, 2015 (EUR 638.7 million). Equity in the Group increased by EUR 15.0 million to EUR 183.7 million. The equity ratio was thus 25% as of September 30, 2016, virtually unchanged from the 26% recorded as of December 31, 2015.

The Executive Board expects the OHB Group’s consolidated total revenue for fiscal year 2016 to amount to EUR 750 million. The operating profit metrics EBITDA and EBIT are projected to amount to EUR 54 million and EUR 42 million, respectively, in 2016. OHB SE thus reaffirms the forecast for fiscal year 2016 issued in February. Given the high order backlog and the positive outlook for the current fiscal year, the Executive Board expects the earnings, financial, and asset situation to continue to develop favorably.