OHB SE — Earnings Release 2012

Aug 9, 2012

News Details

Corporate | 9 August 2012 07:00

OHB AG: Total revenues up 19% to EUR 283.9 million (previous year: EUR 238.4 million)

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

09.08.2012 / 07:00

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• Total revenues up 19% to EUR 283.9 million (previous year: EUR 238.4
  million)

• EBITDA rose 40% to EUR 22.5 million, (previous year: EUR 16.1 million)

• EBIT increased to EUR 15.0 million, up 67%(previous year: EUR 9.0
  million)

• Firm orders held by the OHB Group with EUR 1.8 billion continuously at
  very high level

Bremen, August 9, 2012. In the first half of 2012, the OHB Group's (Prime
Standard, ISIN: DE0005936124) total revenues rose by EUR 45.5 million or
19% to EUR 283.9 million in the first half of 2012. The first quarter of
2012 contributed to growth with an increase of EUR 6.6 million or 5% over
the same period in the previous year, while total revenues in the second
quarter of 2012 climbed by EUR 38.9 million or 32.8%.

The cost of materials climbed by 20% to EUR 160.8 million year on year in
the first six months of 2012 due to progresses in satellite projects. The
increase of 15% in personnel costs to EUR 81.9 million was chiefly due to
the addition of 182 new employees to the Group headcount as in previous
year Aerotech Peissenberg and OHB Sweden were included in the Group
consolidated financial statements only as at March 1 and July 1,
respectively.

At the end of the first half, EBITDA was up EUR 6.5 million or 40%, rising
to EUR 22.5 million. After depreciation and amortization, EBIT stood at EUR
15.0 million, an increase of EUR 6.0 million or 67%. At EUR 3.2 million,
net finance expense was slightly down on the previous year. All told,
profit from ordinary business activity doubled, rising from EUR 5.9 million
in the previous year to EUR 11.8 million in the period under review. After
income tax expense, which climbed from EUR 1.4 million in the previous year
to EUR 4.3 million, the OHB Group earned net consolidated profit for the
period of EUR 7.6 million, i.e. 66% up on the same period in the previous
year. At EUR 7.0 million, the net profit for the period attributable to
OHB's shareholders after minority interests rose by 50% over the same
period in the previous year.

In the first six months of 2012, non-consolidated total revenues in the
Space Systems business unit climbed by EUR 32.1 million or 21% over the
year-ago period to EUR 184.9 million. This increase was due to the
achievement of several project milestones in the second quarter. At the
same time, the cost of materials and services purchased increased by EUR
21.8 million or 23% to EUR 118.5 million. Segment EBIT improved by EUR 1.8
million or 21% to EUR 10.5 million. The EBIT margin relative to
non-consolidated total revenues thus widened to 5.7%, up from 5.6% in the
previous year. At 11.2%, the EBIT margin relative to the business unit's
own manufacturing input expanded from 11.2% in the previous year to 14.1%
in the period under review.

In the first six months of 2012, non-consolidated total revenues in the
Aerospace + Industrial Products business unit climbed by EUR 13.4 million
or 15% over the year-ago period to EUR 103.2 million. At the same time, the
cost of materials and services purchased increased by a lower 12% to EUR
45.9 million. As a result, EBIT climbed by EUR 4.1 million to EUR 4.5
million, with the EBIT margin relative to non-consolidated total revenues
widening to 4.4%, up from 0.5% in the same period of the previous year. The
EBIT margin relative to the segment's own manufacturing input increased to
4.8% (previous year: 0.5%).

At the end of the first six months of 2012, the firm orders held by the OHB
Group were valued at EUR 1.8 billion, thus exceeding the previous year by
EUR 0.6 billion. Of this, OHB-System AG accounted for EUR 1.26 billion or
around 68%.

Cash and cash equivalents (net of securities) were up EUR 83.2 million on
the previous year, rising to EUR 122.1 million at the end of the period
under review. As of June 30, 2012, the OHB Group's total assets were up 11%
or EUR 58.1 million compared with December 31, 2011, rising to EUR 586.3
million. The equity ratio contracted to 20% as of June 30, 2012 due to the
increase in total assets, down from 22% as of December 31, 2011.

The Management Board expects continued growth in 2012, with consolidated
total revenues set to climb to more than EUR 620 million, underpinned by
the two business units, both of which will post greater total revenues. At
over EUR 46 million and EUR 30 million, respectively, EBITDA and EBIT will
also be up substantially on the previous year in 2012.

Key performance indicators at a glance

(EUR 000s) Q2 / Q2 / H1 / H1 / +/- H1
2011 2012 2011 2012 2012/11
Sales 113,945 158,213 209,249 266,364 +27.3 %
Total revenues 118,574 157,496 238,396 283,868 +19.1 %
EBITDA 7,238 9,917 16,065 22,541 +40.3 %
EBIT 3,185 6,150 9,007 15,035 +66.9 %
EBT 665 4,352 5,912 11,843 +100.3 %
Net profit for
the period after
minority interests 450 2,740 4,686 7,041 +50.3 %
EPS in EUR 0.03 0.15 0.27 0.40 +48.1 %
Cash and cash
equivalents
incl. securities 49,868 130,778 49,868 130,778 +162.2 %

The six-month report 2012 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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180946 09.08.2012