Total revenues rises to EUR 425 million (+5%) after six months,
EBITDA rises to EUR 36.0 million (+23%),
EBIT rises to EUR 21.6 million (+3%),
Order backlog at a high level of EUR 2,063 million
Outlook for 2019 confirmed


Bremen, August 13, 2019. The OHB Group (ISIN: DE0005936124, Prime Standard) recorded an increase in total revenues of EUR 425 million after six months, an increase of a good 5% over the same period last year (previous year: EUR 404.5 million). The operating result (EBITDA) increased significantly from EUR 29.3 million in the previous year to EUR 36.0 million. Positive effects of around EUR 5.0 million resulting from the first-time application of IFRS 16 contributed to this increase. The operating EBITDA margin thus rose to 8.5% in the reporting period, compared with 7.3% in the same period of the previous year. EBIT rose to EUR 21.7 million in the first six months of the current financial year, up from EUR 21.0 million in the previous year. The corresponding EBIT margin of 5.1% remained almost unchanged compared to the same period of the previous year (5.2%). At 8.7%, the EBIT margin on own value added was down on the previous year (9.3%).

The financial result of EUR -2.2 million was slightly worse than in the same period of the previous year (EUR -2.0 million). Earnings before taxes (EBT) rose slightly after the first six months of 2019 to EUR 19.5 million (previous year: EUR 19.0 million). In combination with slightly higher income taxes of EUR 6.5 million (previous year: EUR 6.2 million), these key figures resulted in a consolidated profit for the period of EUR 13.0 million (previous year: EUR 12.8 million).

At EUR 338.8 million, the unconsolidated total revenues of the Space Systems division were above the level of the first six months of the previous year (EUR 314.9 million). The increased total revenues resulted in a significantly higher operating result (EBITDA) of EUR 28.9 million (previous year: EUR 20.2 million). At EUR 17.8 million, EBIT for the segment was also significantly higher than the previous year's figure of EUR 14.7 million. The EBIT margin in relation to unconsolidated total revenues thus increased from 4.7% in the previous year to 5.3% in the reporting period.

At EUR 87.8 million, the unconsolidated total revenues of the Aerospace + Industrial Products business unit in the first six months of fiscal 2019 were below the previous year's figure of EUR 93.6 million. The operating result (EBITDA) for this business unit fell to EUR 7.2 million compared to the same period of the previous year (EUR 9.2 million). Combined with increased depreciation and amortization, this led to a lower EBIT of EUR 3.9 million (previous year EUR 6.4 million). The EBIT margin in relation to unconsolidated total revenues thus reached 4.5% after 6.8% in the previous year.

After six months of the 2019 financial year, the Group's firm order backlog amounted to EUR 2,063 million after EUR 2,369 million in the previous year. OHB System AG accounted for around 80 % or EUR 1,655 million of this total. At EUR 879.1 million as of June 30, 2019, the OHB Group's total assets were a good 14 % higher than at December 31, 2018 (EUR 753.6 million), due in part to the first-time application of IFRS 16. The main drivers of this development are the new items included in the balance sheet - rights of use from leasing agreements - on the assets side in the amount of EUR 55.6 million and the items on the liabilities side - current and non-current leasing liabilities in the amount of EUR 55.9 million. The slight increase in shareholders' equity from EUR 200.0 million to EUR 202.4 million was disproportionately lower than the increase in the balance sheet total and resulted in an equity ratio of 23.0% as of June 30, 2019, compared with 26.5% at the end of the year on December 31, 2018.

At EUR 30.0 million at the end of the reporting period, cash and cash equivalents were well below the exceptionally high level of the previous year (EUR 90.8 million).

The Management Board expects the OHB Group to generate consolidated total revenues of EUR 1.05 billion in fiscal 2019. EBITDA and EBIT are expected to reach EUR 80 million and EUR 50 million respectively in 2019. Based on the high order backlog and the positive outlook for the current fiscal year, the Management Board assumes that the financial position and net assets will continue to develop well.

Key performance indicators at a glance

EUR (000s)					+/- 6M
	Q2 / 2018	Q2 / 2019	6M / 2018	6M / 2019	2018/2019
Sales	206,150	229,465	384,084	411,903	+ 7%
Total revenues	214,748	233,720	404,461	424,665	+ 5%
EBITDA	15,071	16,524	29,313	36,024	+ 23%
EBIT	10,809	9,304	21,029	21,662	+ 3%
EBT	9,568	7,550	19,023	19,458	+ 2%
Consolidated
net profit	6,426	5,034	12,785	13,008	+ 2%
EPS in EUR	0.31	0.26	0.65	0.68	+ 5%
Cash and cash equivalents at the end of the period	90,803	29,975	90,803	29,975	-67%

 

The six-month interim report for 2019 and further information are available at:
www.ohb.de

Contact:
Investor Relations
Martina Lilienthal
Tel.: +49 421 - 2020-720
Fax: +49 421 - 2020-613
E-Mail: [email protected]

Corporate Communications
Günther Hörbst
Tel.: +49 421 - 2020-9438
E-Mail: [email protected]