The Executive Board of OHB SE (ISIN: DE0005936124, Prime Standard) is presenting the audited 2015 consolidated financial statements at today’s annual press conference in Bremen. In the past fiscal year, earnings contributions from the former subsidiary Aerotech Peissenberg GmbH & Co. KG (ATP) were not included in OHB SE’s consolidated financial statements for the first time (deconsolidated in May 2014).
In fiscal year 2015, the Group generated total revenue of EUR 730 million (previous year: EUR 773 million), thereby returning to the previous year’s level on a pro forma comparable basis excluding ATP (EUR 730 million). The target figure (>EUR 800 million) could not be fully met due to schedule delays in major satellite projects that were pushed into subsequent quarters.
The target for EBIT (>EUR 40 million) was met at EUR 40.2 million and remained stable compared to the previous year’s figure (EUR 40.4 million). On a pro forma comparable basis excluding ATP (EUR 33.8 million), earnings improved compared to 2014.
The target of >EUR 53 million for EBITDA was nearly met at EUR 52.1 million (previous year: EUR 53.4 million); on a pro forma basis, excluding ATP (EUR 45.3 million), earnings also improved.
The balance sheet structure has continued to improve, with equity increasing by EUR 23.4 million year-over-year to EUR 168.8 million, while total assets decreased slightly from EUR 640.6 million to EUR 638.7 million compared to the previous year, resulting in an equity ratio of 26.4% (22.7% in the previous year).
Consolidated net income after minority interests decreased to EUR 21.0 million (previous year: EUR 25.7 million) due to a normalized tax rate. This resulted in earnings per share of EUR 1.21 (both diluted and undiluted) for the 2014 fiscal year, compared with EUR 1.48 in the previous year.
In the “Space Systems” business segment, total revenue before consolidation amounted to EUR 553.1 million in 2015 (previous year: EUR 564.0 million). EBIT in this business segment increased significantly from EUR 14.0 million in the prior year due to positive project developments in the satellite programs and amounted to EUR 24.0 million before consolidation. The EBIT margin relative to unconsolidated total revenue thus stands at 4.3% (up from 2.5% in the prior year).
The unconsolidated total revenue of the “Aerospace + Industrial Products” division amounted to EUR 187 million in fiscal year 2015, down EUR 26.8 million, or 13%, from the previous year. The division’s EBIT decreased by EUR 3.4 million to EUR 16.0 million (previous year: EUR 19.4 million). The change in these key figures is primarily attributable to the deconsolidation of Aerotech Peissenberg in fiscal year 2014. The A+I segment achieved an EBIT margin of 8.6% (previous year: 9.1%).
The Executive Board and Supervisory Board will propose an increased dividend of 40 cents per share to the Annual General Meeting for the 2015 fiscal year (previous year: 37 cents per share). A dividend payment is also planned for the current 2016 fiscal year. The Group’s cash and cash equivalents (including securities) amounted to EUR 62.1 million as of December 31, 2015 (previous year: EUR 55.0 million).
The order backlog remains at a high level, totaling EUR 1,684 million (previous year: EUR 2,106 million); the “Space Systems” division accounts for the majority of the order backlog, amounting to EUR 1,466 million, while the order backlog in the “Aerospace + Industrial Products” division stood at EUR 218 million as of the balance sheet date. Sufficient planning certainty is ensured for the future, and high operational capacity utilization is also expected to continue in all divisions.
The Executive Board expects consolidated total revenue of EUR 750 million for the full year 2016. The operating profit metrics EBITDA and EBIT are expected to amount to EUR 54 million and EUR 42 million, respectively.
OHB SE’s complete 2015 consolidated financial statements will be discussed in detail at today’s (March 17, 2016) earnings press conference in Bremen and the subsequent analyst meeting in Frankfurt am Main.
Earnings Press Conference at 8:30 a.m. on March 17, 2016, at
, at the OHB SE offices in Bremen
Analyst Conference (DVFA) at 1:30 p.m. on March 17, 2016
at the DZ Bank AG headquarters in Frankfurt am Main
| Key Financial Ratios at a Glance (in thousands of euros) | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|---|---|---|---|---|
| Revenue | 555.689 | 615.982 | 680.121 | 728.147 | 719.706 |
| Total output | 555.292 | 632.729 | 700.063 | 772.954 | 730.368 |
| EBITDA | 43.101 | 46.126 | 52.803 | 53.416 | 52.135 |
| EBIT | 27.276 | 31.013 | 36.353 | 40.400 | 40.214 |
| EBT | 19.517 | 23.995 | 29.728 | 33.874 | 36.698 |
| Net income after minority interests | 13.523 | 14.826 | 19.436 | 25.713 | 20.975 |
| EPS per share in EUR | 0,78 | 0,85 | 1,12 | 1,48 | 1,21 |
| Dividend per share *) | 0,35 | 0,37 | 0,37 | 0,37 | 0,40 |
| Cash and cash equivalents, including securities | 99.778 | 95.415 | 58.911 | 54.989 | 62.052 |
*) 2015: Proposal to the Annual General Meeting