DGAP-News: OHB SE / Key word(s): Half Year Results/Interim Report
Total revenues rises to EUR 425 million (+5%) after six months,
The financial result of EUR -2.2 million was slightly worse than in the same period of the previous year (EUR -2.0 million). Earnings before taxes (EBT) rose slightly after the first six months of 2019 to EUR 19.5 million (previous year: EUR 19.0 million). In combination with slightly higher income taxes of EUR 6.5 million (previous year: EUR 6.2 million), these key figures resulted in a consolidated profit for the period of EUR 13.0 million (previous year: EUR 12.8 million).
At EUR 338.8 million, the unconsolidated total revenues of the Space Systems division were above the level of the first six months of the previous year (EUR 314.9 million). The increased total revenues resulted in a significantly higher operating result (EBITDA) of EUR 28.9 million (previous year: EUR 20.2 million). At EUR 17.8 million, EBIT for the segment was also significantly higher than the previous year's figure of EUR 14.7 million. The EBIT margin in relation to unconsolidated total revenues thus increased from 4.7% in the previous year to 5.3% in the reporting period.
At EUR 87.8 million, the unconsolidated total revenues of the Aerospace + Industrial Products business unit in the first six months of fiscal 2019 were below the previous year's figure of EUR 93.6 million. The operating result (EBITDA) for this business unit fell to EUR 7.2 million compared to the same period of the previous year (EUR 9.2 million). Combined with increased depreciation and amortization, this led to a lower EBIT of EUR 3.9 million (previous year EUR 6.4 million). The EBIT margin in relation to unconsolidated total revenues thus reached 4.5% after 6.8% in the previous year.
After six months of the 2019 financial year, the Group's firm order backlog amounted to EUR 2,063 million after EUR 2,369 million in the previous year. OHB System AG accounted for around 80 % or EUR 1,655 million of this total. At EUR 879.1 million as of June 30, 2019, the OHB Group's total assets were a good 14 % higher than at December 31, 2018 (EUR 753.6 million), due in part 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 agreements - on the assets side in the amount of EUR 55.6 million and the items on the liabilities side - current and non-current leasing liabilities in the amount of EUR 55.9 million. The slight increase in shareholders' equity from EUR 200.0 million to EUR 202.4 million was disproportionately lower than the increase in the balance sheet total and resulted in an equity ratio of 23.0% as of June 30, 2019, compared with 26.5% at the end of the year on December 31, 2018.
At EUR 30.0 million at the end of the reporting period, cash and cash equivalents were well below the exceptionally high level of the previous year (EUR 90.8 million).
The Management Board expects the OHB Group to generate consolidated total revenues of 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 fiscal year, the Management Board assumes that the financial position and net assets will continue to develop well.
Key performance indicators at a glance
The six-month interim report for 2019 and further information are available at:
Tel.: +49 421 - 2020-720
Fax: +49 421 - 2020-613
Tel.: +49 421 - 2020-9438
13.08.2019 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|
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|EQS News ID:||855753|
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