IR-Mitteilungen

Total revenues increased to EUR 354 million (+12%)

EBITDA increased to EUR 25.8 million (+5%),
EBIT increased to EUR 19.3 million (+7%),
EBT increased to EUR 17.8 million (+13%)

Order books increased significantly to EUR 2,220 million

Full year guidance 2017 reiterated

Bremen, August 10, 2017. The OHB Group’s total revenues (Prime Standard, ISIN: DE0005936124) came to EUR 354.2 million, increasing over the same period of the previous year by 12% (previous year: EUR 316.4 million).

The Group’s own manufacturing input rose by 13% in the period under review to EUR 221.1 million (previous year: EUR 195.0 million), accompanied by a 13% increase in the cost of materials, reflecting the good progress made in the completion of the development projects. Operating earnings (EBITDA) rose to EUR 25.8 million (previous year: EUR 24.0 million). The operating EBITDA margin narrowed to 7.3% at the end of the first six months of 2017, compared with 7.6% in the comparable prior-year period. Despite the slightly higher depreciation and amortization expense of EUR 6.5 million in the period under review (previous year: EUR 5.7 million), EBIT climbed to EUR 19.3 million, up from EUR 18.3 million in the previous year. The EBIT margin came to 5.4%, compared with 5.8% in the previous year. Profit from ordinary business activities also rose by 13% to EUR 17.8 million at the end of the first six months of 2017 (previous year: EUR 15.7 million), reflecting the increase in the Group’s own manufacturing input. With income tax rising to EUR 5.7 million in the first six months of 2017 (previous year: EUR 5.2 million), the OHB Group recorded higher consolidated net profit for the period of EUR 12.1 million (previous year: EUR 10.5 million).

At EUR 261.4 million, non-consolidated total revenues in the Space Systems business unit were up on the first six months of the previous year (EUR 236.6 million). The increase in total revenues resulted in only a small rise in operating earnings (EBITDA) to EUR 15.1 million, up from EUR 14.9 million in the previous year. Segment EBIT came to EUR 11.2 million and was thus nearly unchanged over the previous year’s figure of EUR 11.3 million due to the slight increase in depreciation and amortization expense. The EBIT margin relative to the segment’s non-consolidated total revenues contracted slightly to 4.3% (previous year: 4.8%).

In the first six months of 2017, non-consolidated total revenues in the Aerospace + Industrial Products business unit climbed by 20% over the year-ago period to EUR 98.4 million (previous year: EUR 81.8 million). The cost of materials and services purchased rose by a good 29% from EUR 36.1 million in the year-ago period to EUR 46.7 million in the period under review. Despite this, operating earnings (EBITDA) increased by roughly 13% to EUR 10.7 million, up from EUR 9.5 million in the previous year. The slightly higher segment EBIT of EUR 8.1 million only (previous year: EUR 7.4 million) was due to increased depreciation and amortization expense. The EBIT margin relative to non-consolidated total revenues came to 8.2%, compared with 9.0% in the previous year.

The firm orders held by the Group at the end of the first six months of 2017 were valued at EUR 2,220 million, up from EUR 1,645 million in the previous year. Of this, OHB System AG accounted for EUR 1,633 million or just under 74%.

Cash and cash equivalents (net of securities) came to EUR 36.4 million at the end of the period under review and were thus largely unchanged over the previous year (EUR 40.8 million). The OHB Group’s total assets increased by EUR 47.6 million or around 7% over the end of the previous year to EUR 730.5 million as of June 30, 2017 (December 31, 2016: EUR 682.9 million). Consolidated equity expanded by EUR 9.8 million to EUR 193.4 million. At 26.5% as of June 30, 2017, the equity ratio thus came close to the figure of 26.9% reported as of December 31, 2016.

The Management Board expects consolidated total revenues of EUR 800 million for 2017, accompanied by EBITDA of EUR 60 million and EBIT of 44 million. Given the greater order backlog and upbeat outlook for the current year, the Management Board assumes that the Group’s net assets and financial condition will also remain strong.

Key performance indicators at a glance (EUR 000s)


Q2 / 2016


Q2 / 2017


H1 / 2016


H1 / 2017

+/- H1 2017/16

Sales

146,023 185,703 291,319 332,709 + 14.2 %

Total revenues

158,992 188,834 316,361 354,153 + 11.9 %

EBITDA

13,322 13,069 23,998 25,796 + 7.5 %

EBIT

10,426 9,838 18,255 19,254 + 5.5 %

EBT

8,648 9,112 15,717 17,820 + 13.4 %

Net profit for the period
after minority interests

4,522 5,184 9,062 10,566 + 16.6 %

EPS in EUR

0.26 0.30 0.52 0.61 + 17.3 %

Cash and cash equivalents incl. securities

42,142 37,519 42,142 37,519 - 11.0 %

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Contact for investors and analysts:

Kathrin Folkerts

Phone: +49 421 - 2020-720
Fax: +49 421 - 2020-613
E-Mail: ir@ohb.de