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OHB SE — Earnings Release 2012
May 16, 2012
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Earnings Release
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News Details
Corporate | 16 May 2012 07:15
OHB AG: Total revenues up 5.5% to EUR 126.4 million in Q1/2012
OHB AG / Key word(s): Quarter Results
16.05.2012 / 07:15
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Total revenues up 5.5% to EUR 126.4 million in Q1/2012(previous year:
EUR 119.8 million) -
EBIT up 53% to EUR 8.9 million (previous year: EUR 5.8 million)
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Order books currently valued at over EUR 1.9 billion (May 2012)
Bremen, May 16, 2012. In the first three months of 2012, the OHB Group's
(Prime Standard, ISIN: DE0005936124) total revenues rose by 5.5% over the
previous year to EUR 126.4 million. With an increase of EUR 12.2 million in
non-consolidated total revenues to EUR 52.5 million, the Aerospace +
Industrial Products business unit materially drove the Group's growth. The
second business unit Space Systems recorded non-consolidated total revenues
of EUR 75.7 million, below previous year's EUR 80.9 million.
At EUR 63.6 million, the cost of materials was down around 9% on the
previous year in the first three months of 2011, translating into a reduced
cost-of-materials ratio of just under 50%, compared with around 58% in the
previous year. The Group headcount rose by 194 to 2,400 primarily as a
result of new recruiting and consolidation effects (first-time inclusion of
OHB Sweden), resulting in an increase of 26% in staff costs to EUR 40.6
million.
EBITDA climbed in the first three months of 2012 by EUR 3.8 million or 43%
to EUR 12.6 million. EBIT increased by around 53% over the previous year to
EUR 8.9 million, resulting in an EBIT margin of 7.0%, up from 4.9% in the
year-ago period. Measured in terms of the value created within the Group of
EUR 91.5 million (previous year: EUR 75.7 million), the EBIT margin stands
at 9.7% (previous year: 7.7%). The favorable operating performance resulted
in an increase in profit from ordinary business activities of around 43% to
EUR 7.5 million in the first quarter of 2012 (previous year: EUR 5.2
million). After income tax expense, which at EUR 2.8 million was up EUR 2.0
million on the previous year, the OHB Group earned net consolidated profit
for the period of EUR 4.7 million, i.e higher than in the same period of
the previous year (EUR 4.5 million). At EUR 4.3 million, the net profit for
the period attributable to OHB's shareholders after non-controlling
interests was virtually unchanged over the previous year (EUR 4.2 million).
In the first three months of 2012, non-consolidated total revenues in the
Space Systems business unit dropped slightly by EUR 5.2 million or 6.4%
over the year-ago period to EUR 75.7 million. This decline was chiefly due
to the fact that some project milestones will be achieved in future
quarters. EBIT improved by EUR 1.1 million or 23%, rising to EUR 6.1
million. The EBIT margin in this segment relative to non-consolidated total
revenues thus widened to 8.1%, up from 6.1% in the previous year. The EBIT
margin on the value of EUR 43.2 million (previous year: EUR 38.5 million)
created within the business unit widened to 14.1%, up from 12.9% in the
year-ago period.
At EUR 52.5 million in the first quarter of 2012, non-consolidated total
revenues in the 'Aerospace + Industrial Products' business unit were up EUR
12.2 million or 30% on the previous year chiefly due to the first-time full
integration of Aerotech Peissenberg. EBIT climbed by EUR 1.9 million to EUR
2.8 million, with the EBIT margin widening to 5.2%, up from 2.2% in the
same period of the previous year. The EBIT margin on the value of EUR 48.2
million (previous year: EUR 37.3 million) created within the business unit
widened to 5.7%, up from 2.4% in the year-ago period.
At the end of the first three months of 2012, the firm orders held by the
OHB Group were valued at EUR 1.246 billion, thus remaining at the previous
year's high level of EUR 1.214 billion. Of this, OHB System AG contributed
EUR 691.2 million or around 55%. Currently order books value at over EUR
1.9 billion.
At EUR 160.2 million at the end of the period under review, cash and cash
equivalents (net of non-current securities) were up EUR 123.0 million on
the previous year. As of March 31, 2012, the OHB Group's total assets were
up 16% or EUR 84.2 million compared with December 31, 2011, rising to EUR
612.4 million. The equity ratio contracted to 19.5% as of March 31, 2012,
down from 21.5% as of December 31, 2011.
The Management Board expects continued growth in 2012, with consolidated
total revenues climbing by some EUR 65 million 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
Key performance indicators 3M +/-
at a glance (EUR 000s) Q1/2011 Q1/2012 2012/11
Sales 95,304 108,151 13.5%
Total revenues 119,822 126,372 5.5%
EBITDA 8,827 12,624 43.0%
EBIT 5,822 8,885 52.6%
EBT 5,247 7,491 42.8%
Net profit for the period
after minority interests 4,236 4,301 1.5%
EPS in EUR 0.24 0.25 4.2%
Cash and cash equivalents
incl. securities 61,974 168,829 172.4%
The three-month interim 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: [email protected]
Corporate Communications
Steffen Leuthold
Tel.: +49 421 - 2020-620
Fax: +49 421 - 2020-9898
E-Mail: [email protected]
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: [email protected]
Internet: www.ohb.de
ISIN: DE0005936124
WKN: 593612
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
170139 16.05.2012