OHB SE's Q1 2020 results in line with expectations despite the COVID-19 crisis:

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue reached EUR 184.2 million after three months, representing a decrease compared to the previous year (previous year: EUR 190.9 million). Operating profit (EBITDA) amounted to EUR 19.3 million, remaining virtually unchanged compared to the prior year (EUR 19.5 million). The operating EBITDA margin thus rose to 10.5% in the reporting period, up from 10.2% in the comparable prior-year period. EBIT decreased in the first three months of the current fiscal year to EUR 11.1 million, down from EUR 12.4 million in the prior year. The corresponding EBIT margin decreased to 6.0%, down from 6.5% in the prior-year period. The EBIT margin on own value added reached 8.7%, down from 10.2% in the prior year.

The financial result of EUR -1.3 million was lower than in the same period of the previous year (previous year: EUR -0.5 million). Earnings before taxes (EBT) for the first three months of 2020 amounted to EUR 9.8 million, compared with EUR 11.9 million in the previous year. Lower income and income taxes of EUR 3.3 million (previous year: EUR 3.9 million) in the 2020 reporting period resulted in consolidated net income of EUR 6.5 million (previous year: EUR 8.0 million).

The Space Systems division’s unconsolidated total revenue of EUR 141.8 million was below the level recorded in the first three months of the previous year (EUR 146.3 million). Despite the lower total revenue, the division still reported a significantly higher operating profit (EBITDA) of EUR 17.2 million (previous year: EUR 14.8 million). The segment’s EBIT of EUR 10.8 million was also higher than the prior-year figure of EUR 9.3 million. The EBIT margin relative to unconsolidated total revenue thus increased from 6.3% in the prior year to 7.6% in the reporting period.

The unconsolidated total revenue of the Aerospace + Industrial Products division amounted to EUR 43.2 million in the first three months of fiscal year 2020, down from the prior-year figure of EUR 46.0 million. Operating profit (EBITDA) for this division was EUR 2.2 million, a significant decrease compared to the prior year (EUR 4.5 million). Consequently, EBIT also decreased compared to the previous year (EUR 2.9 million) and reached a value of EUR 0.4 million. The EBIT margin relative to unconsolidated total revenue was 1.0%, down from 6.2% in the previous year.

The Group’s firm order backlog stood at EUR 1,703 million after the first three months of fiscal year 2020, down from EUR 1,840 million as of December 31, 2019. Of this amount, EUR 1,344 million—nearly 79%—is attributable to OHB System AG. As of March 31, 2020, the OHB Group’s total assets stood at EUR 966.7 million, up 4% from the level as of December 31, 2019 (EUR 931.0 million). The slight increase in equity from EUR 200.8 million to EUR 204.1 million was disproportionately smaller than the growth in total assets and resulted in an equity ratio of 21.1% as of March 31, 2020, compared to 21.6% at the end of the year on December 31, 2019.

During the Capital Market Day on February 13, 2020, the Executive Board issued the following guidance for the 2020 fiscal year: The OHB Group’s consolidated total revenue is expected to amount to EUR 1.1 billion, while the operating profit metrics EBITDA and EBIT are expected to reach EUR 80 million and EUR 44 million, respectively. At this time, it is not yet clear whether the actual results at year-end will deviate from our plans and expectations from February. For this reason, we are currently unable to either confirm or withdraw the guidance issued for total revenue, EBITDA, and EBIT for the 2020 fiscal year.

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