DGAP-News: OHB SE: 3-month interim report 2019:
DGAP-News: OHB SE / Key word(s): Quarterly / Interim Statement/Quarter Results
- Total revenues almost unchanged at EUR 191 million,
- EBITDA rises to EUR 19.5 million (+37%), EBIT rises to EUR 12.4 million (+21%),
- EBITDA margin increased from 7.5% to 10.2%, EBIT margin from 5.4% to 6.5%
- Annual outlook for 2019 confirmed
Bremen, May 9, 2019. The OHB Group's (ISIN: DE0005936124, Prime Standard) total revenues reached EUR 190.9 million after three months and were thus almost unchanged from the previous year (EUR 189.7 million). The operating result (EBITDA) increased significantly from EUR 14.2 million in the previous year to EUR 19.5 million. Positive effects of around EUR 2.5 million resulting from the first-time application of IFRS 16 contributed in part to this increase. The operating EBITDA margin thus rose to 10.2 % in the reporting period, compared with 7.5 % in the same period of the previous year. EBIT rose to EUR 12.4 million in the first three months of the current financial year from EUR 10.2 million in the previous year. The corresponding EBIT margin consequently increased to 6.5 % after 5.4 % in the same period of the previous year. The EBIT margin on own value added also increased to 10.2 % (previous year 9.6 %).
The financial result of EUR -0.5 million was slightly better than in the previous year due to currency gains (previous year: EUR -0.9 million). After the first three months of 2019, earnings before taxes (EBT) rose by 27% to EUR 11.9 million (previous year: EUR 9.4 million). Higher income taxes of EUR 3.9 million (previous year: EUR 3.0 million) in the 2019 reporting period resulted in a 25% improvement in consolidated net income for the period to EUR 8.0 million (previous year: EUR 6.4 million).
At EUR 146.3 million, the non-consolidated total revenues of the Space Systems division were at the level of the first three months of the previous year (EUR 147.1 million). The almost constant total performance resulted in a significantly higher operating result (EBITDA) of EUR 14.8 million (previous year: EUR 9.9 million). At EUR 9.3 million, EBIT for the segment was also higher than the previous year's figure of EUR 7.2 million, despite higher depreciation and amortization. The EBIT margin in relation to unconsolidated total revenues thus increased from 4.9 % in the previous year to 6.3 % in the reporting period.
At EUR 46.0 million, the non-consolidated total revenues of the Aerospace + Industrial Products business unit in the first three months of fiscal year 2019 exceeded the previous year's figure of EUR 44.0 million. The operating result (EBITDA) for this business unit was EUR 4.5 million, almost unchanged from the previous year (EUR 4.4 million). Due to slightly higher depreciation and amortization, EBIT also fell slightly from EUR 3.0 million in the previous year to EUR 2.9 million. The EBIT margin in relation to unconsolidated total revenues thus reached 6.2 % after 6.9 % in the previous year.
The Group's firm order backlog remained almost unchanged at EUR 2,286 million at the end of the first three months of fiscal 2019, compared with EUR 2,397 million in the prior-year period. OHB System AG accounted for EUR 2,131 million, or around 93 %, of this total. At EUR 842.1 million as of March 31, 2019, the OHB Group's total assets were a good 12 % higher than at December 31, 2018 (EUR 753.6 million), partly due to the first-time application of IFRS 16. The main drivers of this development are the new items included in the balance sheet - rights of use from leasing liabilities on the assets side amounting to EUR 57.2 million and current and non-current leasing liabilities on the liabilities side amounting to a total of EUR 57.4 million. The slight increase in equity from EUR 200.0 million to EUR 204.3 million was disproportionately lower than the increase in the balance sheet total and resulted in an equity ratio of 24.3 % as of March 31, 2019, after 26.5 % as of December 31, 2018.
The Management Board expects the OHB Group's consolidated total revenues to total EUR 1.05 billion in fiscal 2019. EBITDA and EBIT are expected to reach EUR 80 million and EUR 50 million respectively in 2019. Based on the high order backlog and the positive outlook for the current financial year, the Management Board assumes that the financial and asset situation will continue to develop well.
The interim report for Q1 2019 and further information are available at:
Tel.: +49 421 - 2020-720
Fax: +49 421 - 2020-613
Tel.: +49 421 - 2020-9438
09.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Phone:||+49 (0)421 2020 8|
|Fax:||+49 (0)421 2020 613|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||808955|
|End of News||DGAP News Service|