OHB SE — Earnings Release 2011

Aug 10, 2011

News Details

Corporate | 10 August 2011 07:10

OHB AG: Total revenues up 24 % to EUR 238.4 million (previous year: EUR 192.6 million)

OHB AG / Key word(s): Half Year Results

10.08.2011 / 07:10

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• Total revenues up 24 % to EUR 238.4 million
  (previous year: EUR 192.6 million)

• EBITDA up 12 % to EUR 16.1 million (previous year: EUR 14.3 million)

• Net profit for the first half up 29 % to EUR 4.7 million
  (previous year: EUR 3.6 million)

• Continuation of European growth strategy: OHB Sweden AB incorporated

Bremen, August 10, 2011. In the first half of 2011, the OHB Group's (Prime
Standard, ISIN: DE0005936124) total revenues rose by EUR 45.8 million or
24 % over the same period in the previous year to EUR 238.4 million. The
first quarter of 2011 contributed growth to total revenues of EUR 22.1
million or 23 % and the second quarter EUR 23.7 million or 25 % over the
respective year-ago quarter.

At EUR 134.0 million, the cost of materials increased by 18 % year on year
in the first six months of 2011, translating into a cost-of-materials ratio
of 56 %, compared with 59 % in the previous year. The Group headcount rose
by around 650 resulting in an increase of 37 % in staff costs to EUR 71.0
million. EBITDA climbed in the first half of the year by EUR 1.8 million or
12 % to EUR 16.1 million. After depreciation and amortization, which had
risen by 37 % due to consolidation effects, EBIT came to EUR 9.0 million,
i.e. marginally down on the previous year. Net finance expense contracted
by EUR 0.4 million in the first half of 2011 to EUR 3.1 million thanks to
reduced inter- est expense and currency translation gains. As a result,
profit from ordinary business activity climbed slightly by EUR 0.3 million
to EUR 5.9 million. After income tax expense the OHB Group earned net
consolidated profit for the period of EUR 4.6 million, i.e. 20 % up on the
same period in the previous year. At EUR 4.7 million, the net profit for
the period attributable to OHB's shareholders after minority interests was
up 29 % over the same period in the previous year.

In June, OHB AG acquired the Space Systems division from the Swedish Space
Corporation (SSC) via an asset deal and integrated this business within the
newly incorporated company OHB Sweden AB. In this way, OHB has gained
access to important and valuable resources and skills in the development
and construction of satellite and payload systems and is continuing its
European growth strategy in the ESA countries. Sweden figures amongst the
top ten financial contributors to ESA and holds key positions within
European space programs.

In the first six months of 2011, non-consolidated total revenues in the
Space Systems business unit climbed by EUR 33.0 million or 25 % over the
year-ago period to EUR 164.0 million. This growth was chiefly related to
the successful commencement of the Galileo* project. The cost of materials
and services purchased increased by EUR 19.4 million to EUR 107.7 million
due to sustained extensive advance outlays. At 66 % in the period under
review, down from 67 % in the year-ago period, the cost of materials ratio
remained high. EBIT improved by EUR 2.3 million or 36 %, rising to EUR 8.6
million. The EBIT margin in this segment relative to non-consolidated total
revenues thus widened to 5.3 %, up from 4.8 % in the previous year.
At 9.8 %, the EBIT margin relative to the segment's own manufacturing input
remained steady at the year-ago level of 10.3 %.

At EUR 89.8 million in the first six months of 2011, non-consolidated total
revenues in the Aerospace + Industrial Products business unit were up EUR
17.5 million or 24 % on the year-ago period due to the first-time
consolidation of Aerotech Peissenberg. The cost of materials ratio
contracted to 45.8 %, down from 49.4 % in the same period of the previous
year. EBIT contracted by EUR 2.4 million to EUR 0.4 million, with the EBIT
margin shrinking to 0.5 %, down from 3.9 % in the same period of the
previous year. At 0.5 %, the EBIT margin relative to the segment's own
manufacturing input fell short of the year-ago level of 4.4 %.

As of June 30, 2011, the firm orders held by the OHB Group were valued at
EUR 1,206.9 billion and thus only EUR 84.0 million down on the figure for
the previous year, which had been inflated substantially by a large-scale
contract. Of this, OHB System AG accounted for EUR 505.0 million or around
42 %.

As of June 30, 2011, the OHB Group's total assets were up 8 % or EUR 39.0
million compared with December 31, 2010, rising to EUR 505.4 million. This
increase is mainly attributable to the first-time consolidation of Aerotech
Peissenberg as of March 1, 2011. On the assets side of the balance sheet,
mainly total property plant and equipment contributed EUR 18.3 million and
short-term assets EUR 20.5 million to this increase. The increase of EUR
31.4 million in inventories and of EUR 32.4 million in trade receivables
was accompanied by a decline of EUR 44.2 million in cash and cash
equivalents. On the other side of the balance sheet, the increase was
chiefly due to current and non-current provisions (EUR 17.5 million),
financial liabilities (EUR 16.8 million) and prepayments received (EUR 8.6
million). The equity ratio contracted to 21 % as of June 30, 2011 due to
the increase in total assets, down from 23 % as of December 31, 2010.

As of August 8, cash and cash equivalents (net of securities) were around
EUR 117 million and including securities around EUR 128 million.

The OHB Group expects total revenues to rise to over EUR 600 million for
2011, accompanied by an increase in EBITDA to more than EUR 41 million.
EBIT should also climb to over EUR 27 million in 2011. Despite the high
order backlog and resultant favourable capacity utilization across the
Group as a whole, precise guidance for 2012 does not make sense. Even so,
OHB feels confident in assuming further growth in all main financial
parameters in that year.

*The OHB project forms part of the Galileo program, which has been
initiated and is being funded by the European Union (EU). The European
Space Agency (ESA) is acting on behalf and in the name of the EU. 'Galileo'
is a registered trademark owned by the EU and ESA and registered under OHIM
application number 002742237.

Key performance indicators at a glance

(EUR 000s) H1 +/-
Q2 / 2010 Q2 / 2011 H1 / 2010 H1 / 2011 2011/10
Sales 84,602 113,945 167,190 209,249 +25.2 %
Total revenues 94,865 118,574 192,582 238,396 +23.8 %
EBITDA 6,710 7,238 14,304 16,065 +12.3 %
EBIT 4,119 3,185 9,147 9,007 -1.5 %
EBT 1,962 665 5,624 5,912 +5.1 %
Net profit for the
period after minority
interests 1,247 450 3,630 4,686 +29.1 %
EPS in EUR 0.07 0.03 0.21 0.27 +28.6 %
Cash and cash
equivalents
incl. securities 100,341 49,868 100,341 49,868 -50.3 %

The six-month report 2011 and further Information are available at:
www.ohb.de

Contact:
Investor Relations
Michael Vér
Tel.: +49 421 - 2020-727
Fax: +49 421 - 2020-613
E-Mail: michael.ver@ohb.de

Corporate Communications
Steffen Leuthold
Tel.: +49 421 - 2020-620
Fax: +49 421 - 2020-9898
E-Mail: steffen.leuthold@ohb.de

End of Corporate News

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Language: English
Company: OHB AG
Karl-Ferdinand-Braun-Str. 8
28359 Bremen
Germany
Phone: +49 (0)421 2020 8
Fax: +49 (0)421 2020 613
E-mail: ir@ohb.de
Internet: www.ohb.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart

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134955 10.08.2011