OHB SE discloses 9M interim report 2019

• Total revenues rise to EUR 659 million (+4%) after nine months,
• EBITDA rises to EUR 57.9 million (+23%),
• EBIT rises to EUR 36.2 million (+5%),
• Outlook for 2019 confirmed

Bremen, November 12, 2019: The OHB Group (ISIN: DE0005936124, Prime Standard) reported an increase in total revenues to EUR 659 million after nine months, an increase of a good 4% over the same period last year (previous year: EUR 634 million). The operating result (EBITDA) increased significantly from EUR 47.1 million in the previous year to EUR 57.9 million. Positive effects of around EUR 7.6 million resulting from the first-time application of IFRS 16 contributed to this increase. The operating EBITDA margin thus rose to 8.8% in the reporting period, compared with 7.4% in the same period of the previous year. EBIT rose to EUR 36.2 million in the first nine months of the current financial year, up from EUR 34.4 million in the previous year. The corresponding EBIT margin of 5.5% remained almost unchanged compared to the same period of the previous year (5.4%). At 9.7%, the EBIT margin on own value added was down on the previous year (10.1%).

The financial result of EUR -3.1 million was slightly worse than in the same period of the previous year (EUR -2.7 million). Earnings before taxes (EBT) rose slightly after the first nine months of 2019 to EUR 33.0 million (previous year: EUR 31.7 million). In combination with slightly higher income taxes of EUR 11.3 million (previous year: EUR 10.8 million), these key figures resulted in a consolidated profit for the period of EUR 21.8 million (previous year: EUR 21.0 million).

At EUR 533.0 million, the unconsolidated total revenues of the Space Systems division were above the level of the first nine months of the previous year (EUR 498.6 million). The increased total operating performance resulted in a significantly higher operating result (EBITDA) of EUR 45.4 million (previous year: EUR 31.4 million). At EUR 28.6 million, EBIT for the segment was also significantly higher than the previous year's figure of EUR 23.1 million. The EBIT margin in relation to unconsolidated total revenues thus increased from 4.6% in the previous year to 5.4% in the reporting period.

At EUR 130.8 million, the unconsolidated total revenues of the Aerospace + Industrial Products business unit in the first nine months of fiscal 2019 were below the previous year's figure of EUR 140.6 million. The operating result (EBITDA) for this business unit fell to EUR 12.5 million compared to the same period of the previous year (EUR 15.6 million). Combined with increased depreciation and amortization, this led to a lower EBIT of EUR 7.6 million (previous year EUR 11.3 million). The EBIT margin in relation to unconsolidated total revenues thus reached 5.8% after 8.1% in the previous year.

After nine months of the 2019 financial year, the Group's firm order backlog stood at EUR 2,061 million, compared with EUR 2,408 million in the previous year. OHB System AG accounted for around 80 % or EUR 1,662 million of this total. At EUR 957.2 million as of September 30, 2019, the OHB Group's total assets were a good 27 % higher than at December 31, 2018 (EUR 753.6 million), partly due 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 53.7 million and current and non-current leasing liabilities on the liabilities side in the total amount of EUR 54.1 million. The slight increase in equity from EUR 200.0 million to EUR 206.3 million was disproportionately lower than the increase in the balance sheet total and resulted in an equity ratio of 21.6 % as of September 30, 2019, compared with 26.5 % as of the end of the year on December 31, 2018.

At EUR 63.4 million, cash and cash equivalents at the end of the reporting period were slightly down on the previous year (EUR 66.0 million).

The Management Board expects the OHB Group to generate consolidated total revenues of EUR 1.05 billion in 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.