OHB SE discloses 9M interim report 2018

• Total revenues increased to EUR 634 million (+17%),
• EBITDA increased to EUR 47.1 million (+13%),
• EBIT increased to EUR 34.4 million (+9%),
• Full year guidance 2018 confirmed

Bremen, November 13, 2018. OHB Group (ISIN: DE0005936124, Prime Standard) achieved total revenues of EUR 633.7 million after nine months, an improvement of a good 17% over the same period last year (previous year: EUR 541.0 million).

The operating result (EBITDA) increased to EUR 47.1 million (previous year: EUR 41.6 million). After nine months, the operating EBITDA margin stabilised at 7.4% (previous year: 7.7%). Despite the higher depreciation of EUR 12.7 million in the current fiscal year after EUR 9.9 million in the previous year, EBIT rose to EUR 34.4 million after EUR 31.7 million in the previous year. By contrast, the corresponding EBIT margin of 5.4% was down on the previous year (5.9%). The result from ordinary activities after the first nine months of 2018 increased to EUR 31.7 million (previous year: EUR 29.6 million). Increased income taxes of EUR 10.8 million (previous year: EUR 8.9 million) in the 2018 reporting period resulted in a slightly improved consolidated net profit for the period of EUR 21.0 million (previous year: EUR 20.6 million).

At EUR 498.6 million, the unconsolidated total revenues of the Space Systems division significantly exceeded the figure of EUR 404.0 million reported for the first nine months of the previous year. The increased total revenues resulted in an equally significantly higher operating result (EBITDA) of EUR 31.4 million (previous year: EUR 24.4 million). At EUR 23.1 million, EBIT for the segment was also up on the previous year‘s figure of EUR 18.5 million despite higher depreciation and amortisation. The EBIT margin in relation to unconsolidated total revenues stabilised at the previous year‘s level and reached 4.6%.

At EUR 140.6 million (previous year: EUR 145.2 million), the unconsolidated total revenues of the business segment Aerospace + Industrial Products in the first nine months of fiscal year 2018 almost reached the level of the previous year. The cost of materials and purchased services in the reporting period, which fell by around 14%, amounted to EUR 58.4 million, compared with EUR 67.8 million in the previous year. Overall, the operating result (EBITDA) declined slightly to EUR 15.6 million (previous year: EUR 17.2 million). The segment‘s EBIT of EUR 11.3 million was correspondingly lower (previous year: EUR 13.3 million). The EBIT margin in relation to unconsolidated total revenues reached 8.1% after 9.1 % in the previous year.

The firm orders held by the Group at the end of the first nine months of 2018 were valued at EUR 2,408 million, up from EUR 2,049 million in the previous year. Of this, OHB System AG accounted for EUR 1,857 million or a good 77%.

At the end of the reporting period, cash and cash equivalents (net of securities) thus rose to EUR 66.0 million, compared with EUR 45.1 million in the same period of the previous year.

At EUR 756.4 million as of September 30, 2018, the OHB Group‘s total assets were EUR 36.7 million, around 5% higher than the previous year‘s figure of EUR 719.7 million at December 31, 2017. Group equity increased by EUR 15.8 million to EUR 199.4 million. At the beginning of 2018, equity had been revalued through a one-time-effect due to the replacement of the previous accounting standards IAS 11 (Construction Contracts) and IAS 18 (Revenue) by the new provisions of IFRS 15 (Revenue from Contracts with Customers). As a result of the increase from operating activities, the equity ratio increased again to 26.4% as of September 30, 2018.

The Management Board expects consolidated total revenues of EUR 1,000 million for 2018, accompanied by EBITDA of EUR 65 million and EBIT of 47 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.