IR announcements

OHB SE discloses 6M interim report 2020

  • Total revenues after six months amount to EUR 396 million (-7%),
  • EBITDA rises to a historic high of EUR 36.6 million (+2%), EBIT reaches EUR 19.9 million (-8%)
  • EBIT margin in Space Systems segment rises to 7%

Bremen, 11. August 2020. After six months, the OHB Group (ISIN: DE0005936124, Prime Standard) recorded total revenues of EUR 396 million (previous year: EUR 425 million), down 7% on the previous year. The operating result (EBITDA) increased from EUR 36.0 million in the previous year to EUR 36.6 million. The operating EBITDA margin thus rose to 9.2% in the reporting period, compared to 8.5% in the same period of the previous year. EBIT declined to EUR 19.9 million in the first six months of the current financial year, after EUR 21.7 million in the previous year. At 5.0%, the corresponding EBIT margin remained almost unchanged year-on-year (5.1%). At 8.6%, the EBIT margin on own value added also remained virtually unchanged from the previous year (8.7%).

The financial result of EUR -3.8 million declined year-on-year, mainly due to higher financial expenses (PY: EUR -2.2 million). Earnings before taxes (EBT) thus declined by 17% to EUR 16.1 million after the first six months of 2020 (previous year: EUR 19.5 million). Income taxes in the amount of EUR 5.4 million (previous year: EUR 6.5 million) resulted in a consolidated profit for the period of EUR 10.7 million in the 2020 reporting period, which was 18% lower than in the previous year (EUR 13.0 million).

At EUR 324.5 million, non-consolidated total revenues in the Space Systems business unit were down on the first six months of the previous year (EUR 338.8 million). The reduced total revenues nevertheless resulted in a substantially higher operating result (EBITDA) of EUR 35.5 million (previous year: EUR 28.9 million). At EUR 22.7 million, the segment's EBIT was also significantly higher than the previous year's figure of EUR 17.8 million. The EBIT margin in relation to unconsolidated total revenues thus increased from 5.3% in the previous year to 7.0% in the reporting period.

The unconsolidated total revenues of the business unit Aerospace + Industrial Products in the first six months of the business year 2020 amounted to EUR 73.5 million and were thus below the previous year's value of EUR 87.8 million. The operating result (EBITDA) for this division fell sharply to EUR 1.4 million compared with the same period last year (EUR 7.2 million). Combined with increased depreciation and amortization, this led to a reduced EBIT of EUR -2.5 million (previous year EUR 3.9 million). The EBIT margin in relation to unconsolidated total revenues thus reached -3.4% after 4.5% in the previous year.

The Group's fixed order backlog after six months of the 2020 financial year amounted to EUR 1,560 million, compared to EUR 2,063 million in the previous year. Of this total, OHB System AG contributed EUR 1,225 million or just under 79%. As of June 30, 2020, the OHB Group's total assets came to EUR 924.7 million, down just under 1% on December 31, 2019 (EUR 931.0 million). The increase in equity from EUR 200.8 million to EUR 212.2 million resulted in an equity ratio of 22.9% as of June 30, 2020, up from 21.5% as of December 31, 2019.

At EUR 58.1 million, cash and cash equivalents at the end of the reporting period were significantly above the previous year's level (EUR 30.0 million).

During the Capital Market Day on February 13, 2020, the Management Board issued the following guidance for fiscal year 2020: The OHB Group's consolidated total revenues should amount to EUR 1.1 billion, while EBITDA and EBIT are expected to reach EUR 80 million and EUR 44 million respectively. At present, it is not yet possible to predict whether or not the actual results at the end of the year will deviate from our plans and expectations from February due to the current Covid-19 pandemic. For this reason, we can neither confirm nor withdraw the guidance issued today for the key performance indicators total revenues, EBITDA and EBIT for the 2020 financial year.

Key performance indicators at a glance (EUR 000s) Q2 / 2019 Q2 / 2020 H1 / 2019 H1 / 2020 +/- H1 2019/20
Sales 229,465 195,055 411,903 370,062 - 10 %
Total revenues 233,720 211,782 424,665 395,938 - 7 %
EBITDA 16,524 17,320 36,024 36,591 + 2 %
EBIT 9,304 8,780 21,662 19,874 - 8 %
EBT 7,550 6,320 19,458 16,097 - 17 %
Consolidated net profit 5,034 4,165 13,008 10,662 - 18 %
EPS in EUR 0.26 0.26 0.68 0.62 - 9 %
Cash and cash equivalents at the end of the period 29,975 58,066 29,975 58,066 + 94 %
Contact for investors and analysts: 

Marcel Dietz
Investor Relations
Phone: +49 421 2020 6426
Email: ir@ohb.de

Contact for media representatives: 

Marianne Radel
Head of Corporate Communications
Phone: +49 421 2020 9159
Email: marianne.radel@ohb.de