DGAP-News: OHB AG: Q1 2014: Total revenues up 45% to a

DGAP-News: OHB AG / Key word(s): Quarter Results OHB AG: Q1 2014: Total revenues up 45% to a record level of EUR 207.9 million, Operative result (EBIT) rises by 59% to EUR 10.4 million, Firm order book continuously up 44% to EUR 2,246 million 14.05.2014 / 08:00 --------------------------------------------------------------------- Bremen, May 14, 2014. In the first three months of 2014, the OHB Group's (Prime Standard, ISIN: DE0005936124) total revenues rose by 45% over the previous year to EUR 207.9 million. With an increase of EUR 58.1 million in non-consolidated total revenues to EUR 150.7 million, the Space Systems business unit materially drove the Group's growth. The second business unit Aerospace + Industrial Products recorded an increase of non-consolidated total revenues by EUR 5.4 million to EUR 58.3 million. The cost of materials climbed by 71% year on year to EUR 136.5 million in the reporting period due to the ongoing production and integration especially of the Galileo-FOC*-Satellites. At EUR 14.5 million, EBITDA at the end of the first three months of 2014 was up EUR 4.1 million or 40% on the same period in the previous year. As the depreciation and amortization expense rose only slightly to EUR 4.1 million (previous year: EUR 3.8 million) EBIT improved by EUR 3.9 million or 59% to EUR 10.4 million. Net finance expense increased by EUR 0.4 million over the previous year to EUR 1.7 million. At EUR 8.8 million, profit from ordinary business activities at the end of the first three months of 2014 was up EUR 3.5 million or 67% on the same period in the previous year. After income tax expense, which climbed from EUR 1.8 million in the previous year to EUR 2.3 million, the OHB Group earned net consolidated profit for the period of EUR 6.5 million, i.e. EUR 3.0 million higher than in the same period in the previous year. The net consolidated profit for the period attributable to OHB's shareholders after non-controlling interests improved by EUR 2.6 million over the same period in the previous year to EUR 6.0 million. In the first three months of 2014, non-consolidated total revenues in the Space Systems business unit climbed by EUR 58.1 million or 63% over the year-ago period to EUR 150.7 million. At the same time, the cost of materials and services purchased increased by a disproportionately strong EUR 50.5 million or 88% to EUR 107.9 million due to the rising proportion of internal manufacturing input in total revenues. Segment EBIT advanced by EUR 2.0 million or 37% to EUR 7.4 million. The EBIT margin relative to non-consolidated total revenues contracted to 4.9%, down from 5.9% in the previous year. However the EBIT margin relative to the business unit's own manufacturing input advanced from 12.3% in the previous year to 14.7% in the period under review. In the first three months of 2014, non-consolidated total revenues in the Aerospace + Industrial Products business unit climbed by EUR 5.4 million or 10% over the year-ago period to EUR 58.3 million. The cost of materials and services purchased increased by 23% to EUR 29.4 million in the period under review, after EUR 24.0 million in the year-ago period. Segment EBIT increased by EUR 2.0 million to EUR 3.1 million, with the EBIT margin relative to non-consolidated total revenues improving to 5.3%, up from 2.1% in the same period of the previous year. The EBIT margin relative to the business unit's own manufacturing input increased to 5.8% (previous year: 2.3%). At the end of the first three months of 2014, the firm orders held by the OHB Group were valued at EUR 2,246 million, up from EUR 1,559 million in the previous year. Of this, OHB System AG accounted for EUR 1,640 million or around 73%. Cash and cash equivalents (net of securities) were down EUR 34.7 million on the previous year as expected, standing at EUR 53.5 million at the end of the period under review as the prepayments already received were used in the production and integration phase of ongoing projects as planned. Total consolidated assets increased by roughly 6% to EUR 618.2 million as of March 31, 2014 (December 31, 2013: EUR 585.4 million). The equity ratio remained unchanged at 23% as of March 31, 2014, compared to December 31, 2013. The Management Board expects growth in adjusted consolidated total revenues in the OHB Group to more than EUR 700 million in 2014. Projected total revenues were adjusted due to the deconsolidation of Aerotech Peissenberg after May 2014 to EUR 700 million (hitherto EUR 750 million). Despite the deconsolidation of Aerotech Peissenberg the earnings forecast remains unchanged: At over EUR 56 million and EUR 39 million respectively, adjusted 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 Key performance indicators 3M +/- at a glance (EUR 000s) Q1/2013 Q1/2014 2014/13 Sales 131,658 193,104 46.7 % Total revenues 143,625 207,860 44.7 % EBITDA 10,365 14,485 39.7 % EBIT 6,562 10,435 59.0 % EBT 5,231 8,754 67.3 % Net profit for the period after minority interests 3,362 6,038 79.6 % EPS in EUR 0.19 0.35 84.2 % Cash and cash equivalents incl. securities 93,075 58,549 -37.1 % The three-month interim report 2014 and further Information are available at: www.ohb.de Contact: Investor Relations Martina Lilienthal Tel.: +49 421 - 2020-720 Fax: +49 421 - 2020-613 E-Mail: martina.lilienthal@ohb.de Corporate Communications Martin Stade Tel.: +49 421 - 2020-620 Fax: +49 421 - 2020-9898 E-Mail: martin.stade@ohb.de End of Corporate News --------------------------------------------------------------------- 14.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 268222 14.05.2014