DGAP-News: OHB AG / Key word(s): Half Year Results
OHB AG: * Total revenues increase to a record of EUR 310.4 million (up
9%) *Net profit for the first half up 18% to EUR 8.4 million *Earnings
per share up 20% to EUR 0.48 during the first six month *Order backlog
rises to EUR 2.3 billion (July 2013)
14.08.2013 / 07:01
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- Total revenues increase to a record of EUR 310.4 million (up 9%)
- Net profit for the first half up 18% to EUR 8.4 million
- Earnings per share up 20% to EUR 0.48 during the first six month
- Order backlog rises to EUR 2.3 billion (July 2013)
Bremen, August 14, 2013. OHB AG's (Prime Standard, ISIN: DE0005936124)
total revenues rose by EUR 26.5 million or 9% to EUR 310.4 million in the
first half of 2013 over the previous year especially driven by a strong
second quarter.
At EUR 178.8 million, the cost of materials climbed by 11% year on year in
the first six months of 2013.The 8.5% increase in personnel costs to EUR
88.9 million was chiefly due to the recruitment of an additional 41 new
employees.
EBITDA rose slightly by just under 2% to EUR 23.0 million in the first half
of the year. After depreciation/amortization, EBIT also climbed by just
under 2% to EUR 15.3 million. At EUR 2.5 million, net finance expense was
down on the previous year's figure of EUR 3.2 million. All told, profit
from ordinary business thus increased by 8% from EUR 11.9 million in the
previous year to EUR 12.8 million in the period under review. After income
tax expense, which dropped slightly from EUR 4.3 million in the previous
year to EUR 4.1 million, OHB AG earned net consolidated profit for the
period of EUR 8.7 million, i.e. 15% up on the same period in the previous
year. At EUR 8.4 million, the net profit for the period attributable to
OHB's shareholders after non-controlling interests was up 18% over the same
period in the previous year. Earnings per share climbed by 20% to EUR 0.48
in the first half of 2013, driven for the most part by the improved
profitability of the Space Systems segment in the second quarter of 2013.
In the first six months of 2013, non-consolidated total revenues in the
Space Systems business unit climbed by EUR 20.9 million or 11% over the
year-ago period to EUR 205.8 million. At the same time, the cost of
materials and services purchased increased at almost the same rate by EUR
11.9 million or 10% to EUR 130.4 million. Segment EBIT improved by a
disproportionately strong EUR 2.3 million or 21% to EUR 12.7 million. The
EBIT margin relative to non-consolidated total revenues thus widened to
6.2%, up from 5.7% in the previous year. The EBIT margin relative to the
business unit's own manufacturing input expanded from 14.1% in the previous
year to 15.4% in the period under review.
In the first six months of 2013, non-consolidated total revenues in the
Aerospace + Industrial Products business unit climbed by EUR 5.2 million or
5% over the year-ago period to EUR 108.4 million. At the same time, the
cost of materials and services purchased increased by a swifter 12% to EUR
51.5 million. As a result, segment EBIT dropped by EUR 1.9 million to EUR
2.6 million, with the EBIT margin relative to non-consolidated total
revenues narrowing to 2.4%, down from 4.4% in the same period of the
previous year. The EBIT margin relative to the segment's own manufacturing
input came to 2.5% (previous year: 4.8%).
On July 2, 2013, OHB System AG signed a contract with the Federal Office of
Bundeswehr Equipment, Information Technology and In-Service Support
(BAAINBw) for the development and construction of the SARah satellite-based
radar reconnaissance system. The contract has a total value of EUR 816
million.
Therefore OHB Group's firm order backlog resulted currently in an
unprecedented EUR 2.3 billion. At the end of the first six months of 2013,
the firm orders held by the OHB Group were valued at EUR 1.5 billion, thus
falling short of the previous year by EUR 0.3 billion. Of this, OHB System
AG accounted for EUR 1.1 billion or around 73%.
At EUR 31.3 million at the end of the period under review, cash and cash
equivalents (net of securities) were down EUR 90.9 million on the previous
year as the prepayments already received were used in the production and
integration phase of ongoing projects as planned. As of June 30, 2013, the
OHB Group's total assets were down 5% or EUR 27.6 million compared with
December 31, 2012, dropping to EUR 511.2 million. The equity ratio improved
to 23.5% as of June 30, 2013 due to the reduction in total assets, up from
21.8% as of December 31, 2012.
The Management Board expects continued growth in 2013, with the OHB Group's
consolidated total revenues climbing to more than EUR 700 million,
underpinned by both business units, whose total revenues will be up on 2012
levels. At over EUR 53 million and EUR 36 million respectively, EBITDA and
EBIT will also be higher year on year in 2013. It should be expressly noted
in connection with forward-looking statements that actual events may differ
materially from expectations of future performance.
Key performance indicators at a glance
EUR 000s +/- H1
Q2 / 2012 Q2 / 2013 H1 / 2012 H1 / 2013 2013/12
Sales 158,213 161,304 266,364 292,962 +10.0 %
Total revenues 157,496 166,774 283,868 310,399 +9.3 %
EBITDA 9,923 12,602 22,554 22,968 +1.8 %
EBIT 6,156 8,766 15,048 15,328 +1.9 %
EBT 4,358 7,569 11,856 12,800 +8.0 %
Net profit for the period
after minority interests 2,746 4,991 7,054 8,353 +18.4 %
EPS in EUR 0.15 0.29 0.40 0.48 +20.0 %
Cash and cash equivalents
incl. securities 130,778 36,171 130,778 36,171 -72.3 %
*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.
Contact:
Martina Lilienthal
Investor Relations
Phone: +49 421 2020 720
Fax: +49 421 2020 613
Mail to: martina.lilienthal@ohb.de
www.ohb.de
The six-month interim report 2013 and further Information are available at:
www.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
End of News DGAP News-Service
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225651 14.08.2013
DGAP-News: OHB AG: * Total revenues increase to a record of EUR 310.4 million (up 9%) *Net profit for the first half up 18% to EUR 8.4 million *Earnings per share up 20% to EUR 0.48 during the first six month *Order backlog rises to EUR 2.3 billion (July 2013)
| Source: EQS Group AG