OHB SE — Earnings Release 2014

Aug 13, 2014

News Details

Corporate | 13 August 2014 08:00

OHB AG: Total revenues up 34% to EUR 414.4 million, operative result (EBIT) rises also by 34% to EUR 20.5 million

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

13.08.2014 / 08:00

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• Total revenues up 34% to EUR 414.4 million,
  operative result (EBIT)rises also by 34% to EUR 20.5 million

• Earnings at EPS level boosted by non-recurring proceeds of EUR 0.15
  from the deconsolidation of Aerotech Peissenberg in the second quarter

• Net consolidated profit of EUR 21.3 million translating
  into EPS of EUR 1.10 (including non-recurring effect of EUR 0.44) up from
  EUR 0.48 in the first half of 2013

Bremen, August 13, 2014. In the first six months of 2014, the OHB Group's
(Prime Standard, ISIN: DE0005936124) total revenues rose by EUR 104.0
million or 34% over the same period in the previous year to EUR 414.4
million. Mainly driven by the overwhelming business development of the
"Space Systems'" business unit with non-consolidated total revenues which
climbed by EUR 90.4 million or 44% to EUR 296.3 million. "Aerospace +
Industrial Products" business unit increased non-consolidated total
revenues by EUR 15.5 million or 14% to EUR 123.9 million.

At EUR 273.4 million, the cost of materials climbed by 53% year on year in
the period under review as scheduled due to the advancing production and
integration phase for the Galileo-FOC*-Satellites in particular.

At EUR 27.9 million, EBITDA at the end of the first six months 2014 was up
EUR 4.9 million or just under 22% on the same period in the previous year.
With depreciation / amortization expense dropping slightly to EUR 7.4
million (previous year: EUR 7.6 million), EBIT climbed up by EUR 5.2
million or 34% to EUR 20.5 million. Net finance expense contracted by EUR
0.4 million over the previous year to EUR 3.0 million. At EUR 17.5 million,
profit from ordinary business activities at the end of the first six months
of 2014 was up EUR 4.7 million or 37% on the same period of the previous
year. A positive non-recurring effect of EUR 3.8 million arose from the
deconsolidation of ATP, which is now being reported using the equity method
of accounting. The recognition of income tax assets at the level of the
Antwerp Space N.V. subsidiary resulted in a tax refund claim of EUR 3.7
million in the period under review (previous year: expense of EUR 4.1
million). Therefore the OHB Group earned net consolidated profit for the
period of EUR 21.3 million (previous year: EUR 8.7 million). At EUR 19.2
million, the net profit for the period attributable to OHB's shareholders
after non-controlling interests was up EUR 10.8 million on the same period
of the previous year.

The cost of materials and services purchased in the business unit Space
Systems increased by a disproportionately strong EUR 85.3 million or 65% to
EUR 215.7 million due to the rising proportion of internal manufacturing
input in total revenues as planned. Segment EBIT fell to EUR 9.8 million or
just under 23%, down from EUR 12.7 million one year earlier. EBIT margin
relative to non-consolidated total revenues contracted to 3.3% due to
increased advance outlays, down from 6.2% in the previous year.
Accordingly, the EBIT margin relative to the business unit's own
manufacturing input narrowed from 15.4% in the previous year to 8.9% in the
period under review.

In the first six months of 2014, the cost of materials and services
purchased in the Aerospace + Industrial Products business unit increased by
22% from EUR 51.5 million in the year-ago period to EUR 62.7 million in the
period under review. A positive non-recurring effect of EUR 3.8 million
arose from the deconsolidation of ATP, which is now being reported using
the equity method of accounting. Segment EBIT widened significantly to EUR
10.7 million, up from EUR 2.6 million one year earlier. Resulting EBIT
margin relative to non-consolidated total revenues rose to 8.6%, up from
2.4% in the previous year. The EBIT margin relative to the segment's own
manufacturing input increased to 9.1% (previous year: 2.5%).

At the end of the first six months of 2014, the firm orders held by the OHB
Group were valued at EUR 2,128 million, up from EUR 1,502 million in the
previous year. Of this, OHB System AG accounted for EUR 1,549 million or
around 73%.

Cash and cash equivalents (net of securities) were up EUR 41.5 million on
the previous year as expected, rising to EUR 72.8 million at the end of the
period under review. Total consolidated assets increased by just under 10%
to EUR 643.9 million as of June 30, 2014 (December 31, 2013: EUR 585.4
million). Consolidated equity expanded by EUR 11.8 million to EUR 144.5
million. Accordingly, the equity ratio came to 22% as of June 30, 2014 and
was thus virtually unchanged over December 31, 2013 (23%).

The Management Board expects continued growth in adjusted consolidated
total revenues in the OHB Group to more than EUR 700 million in 2014. Total
revenues were adjusted due to the deconsolidation of Aerotech Peissenberg
to EUR 700 million (hitherto EUR 750 million). The earnings forecast
remains unchanged: At over EUR 56 million and EUR 39 million respectively,
EBITDA and EBIT will once more be higher year on year in 2014. Given the
greater order backlog and upbeat outlook for the current year, we assume
that the Group's net assets and financial condition will also remain
strong.

Key performance indicators at a glance

(EUR 000s) +/- H1
Q2 / 2013 Q2 / 2014 H1 / 2013 H1 / 2014 2014/13
Sales 161,304 192,152 292,962 358,256 +22.3 %
Total revenues 166,774 206,528 310,399 414,388 +33.5 %
EBITDA 12,602 13,431 22,968 27,916 +21.5 %
EBIT 8,766 10,067 15,328 20,502 +33.8 %
EBT 7,569 8,790 12,800 17,544 +37.1 %
Net profit for the period
after minority interests 4,991 13,149 8,353 19,187 +129.7 %
EPS in EUR 0.29 0.75 0.48 1.10 +129.2 %
Cash and cash equivalents
incl. securities 36,171 77,693 36,171 77,693 +114.8 %

Contact:

Martina Lilienthal
Investor Relations
Tel.: +49 (0)421 - 2020-720
Fax: +49 (0)421 - 2020-613
E-Mail: martina.lilienthal@ohb.de
www.ohb.de

The six-month interim report 2014 and further Information are available at:

www.ohb.de

*The FOC (full operational capability) phase of the Galileo program is
being funded and executed by the European Union. The European Commission
and the European Space Agency ESA have signed a contract under which ESA
acts as the development and sourcing agency on behalf of the Commission.
The view expressed here does not necessary reflect the official position of
the European Union and/or ESA. "Galileo" is a registered trademark owned by
the EU and ESA and registered under OHIM application number 002742237.

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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

End of News DGAP News-Service

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