Increase in total revenues to EUR 66.6 million (previous year: EUR 51.7 million)

Increase in cash and cash equivalents to EUR 73.6 million (previous year: EUR 59.3 million)

Order backlog with EUR 781 million at record level

Bremen, May 13, 2009. The OHB Group (ISIN: DE0005936124, Prime Standard), can look back on a favourable three months despite the deteriorating general economic conditions in the first quarter of 2009. The Group's order books reached a record volume of EUR 781 million, an increase of EUR 247 million over the end of 2008, and sufficient to ensure full capacity utilization over the next years.

In the first quarter of 2008, the OHB Group recorded total revenues of EUR 66.6 million, an increase of 29 % over the previous year. This growth was particularly underpinned by the Payloads + Science business unit.

With the commencement of work on the EnMAP and Small GEO projects as well as the progress made on the PB lot for Ariane 5, the cost of materials rose sharply from EUR 20.9 million in the previous year to EUR 32.9 million in the first three months of 2009. EBITDA climbed by 11 % to EUR 7.3 million (previous year: EUR 6.6 million). As consolidated amortization and depreciation expense was unchanged over the previous year, earnings before interest and taxes (EBIT) rose by 16 % to roughly EUR 5.0 million (previous year: EUR 4.3 million). Net borrowing costs stood at EUR 1.1 million in the first quarter of 2009, up from EUR 0.8 million in the previous year due to lower interest income. Consequently, earnings before taxes (EBT) came to EUR 3.9 million, up 9 % on the year-ago figure of EUR 3.6 million. Net of tax, consolidated net profit for the first quarter of 2009 stands at EUR 2.2 million and is thus unchanged over the previous year. As in the previous year, earnings per share came to EUR 0.15.

The Space Systems + Security business unit recorded unconsolidated total revenues of EUR 16.8 million, i.e. well in excess of the year-ago figure of EUR 12.1 million. At EUR 9.3 million, the cost of materials almost doubled, with the cost of materials ratio widening from 40 % in the previous year to 55 %. EBIT in this business unit dropped to EUR 1.4 million, resulting in an EBIT margin relative to the business unit's unconsolidated total revenues of 8.6 %, down from 17.4 % in the previous year.

In the first three months of 2009, the Payloads + Science business unit was able to more than double its unconsolidated total revenues from EUR 9.2 million in the previous year to EUR 20.1 million. The cost of materials rose to EUR 12.6 million (previous year: EUR 3.0 million) primarily due to progress made on the EnMAP and TET satellite projects. EBITDA came to EUR 1.4 million (previous year: EUR 0.5 million), with EBIT standing at EUR 0.9 million (previous year: EUR 0.080 million). The EBIT margin widened substantially to 4.6 %.

With unconsolidated total revenues of EUR 33.8 million (previous year: EUR 28.8 million), the Space Transportation + Aerospace Structures business unit made the greatest contribution to consolidated total revenues. At EUR 3.1 million, EBITDA was virtually unchanged over the previous year (EUR 3.0 million). EBIT came to EUR 2.2 million (previous year: EUR 2.1 million), with the EBIT margin contracting from 7.2 % to 6.4 %.

Unconsolidated total revenues in the Telematics + Satellite Operations business unit came to EUR 3.6 million in the first quarter of 2009, up on the year-ago figure of EUR 3.2 million. At the same time, EBIT widened substantially to EUR 0.5 million (previous year: EUR 0.066 million) thanks to the reduced cost-of-materials ratio compared with the previous year, translating into an EBIT margin of 12.7 %.

As of March 31, 2009, firm orders had reached a record level of EUR 781.2 million (previous year: EUR 381.0 million), with MT Aerospace making a material contribution of EUR 463.5 million (previous year: EUR 242.0 million).

Total consolidated assets increased to EUR 353.8 million as of March 31, 2009 (March 31, 2008: EUR 304.8 million) due primarily to short-term and long-term advance payments for current projects (including the PB lot for the Ariane 5 launch vehicle). This was also reflected in the Group's cash and cash equivalents, which increased to EUR 73.6 million as of March 31, 2009, up from EUR 59.3 million in the previous year. Inventories were also up year on year, rising by EUR 9.3 million to EUR 92.4 million. The increase in total assets resulted in a decline in the equity ratio to 23 % as of March 31, 2009 (previous year: 27 %).

The OHB Technology Group projects total revenues of around EUR 300 million for 2009, with EBITDA expected to rise to EUR 31 million. EBIT (net of exceptionals) should also climb to around EUR 21 million in 2009.

For further information, please see the three-month report 2009.