OHB SE's Q1 2021 results in line with expectations:

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue reached EUR 190.1 million after three months, an increase compared to the previous year (EUR 184.2 million). Operating profit (EBITDA) improved to EUR 20.2 million compared to the previous year (EUR 19.3 million). The operating EBITDA margin thus rose to 10.7% in the reporting period, up from 10.5% in the comparable prior-year period. EBIT rose slightly in the first three months of the current fiscal year to EUR 11.4 million, compared to EUR 11.1 million in the prior year. The corresponding EBIT margin remained exactly at the prior-year level of 6.0%.

The financial result of EUR -0.7 million improved compared to the same period last year, due in part to foreign exchange gains (prior year: EUR -1.3 million). Earnings before taxes (EBT) increased by 10% to EUR 10.7 million after the first three months of 2021 (previous year: EUR 9.8 million). Income and income taxes of EUR 3.8 million (previous year: EUR 3.3 million) resulted in consolidated net income of EUR 7.0 million for the current reporting period, an improvement of 7% compared to the previous year (EUR 6.5 million).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 151.7 million exceeded the level recorded in the first three months of the previous year (EUR 140.2 million). However, the increase in total revenue resulted in a decrease in operating profit (EBITDA) to EUR 14.7 million (previous year: EUR 16.9 million). This effect stems from the transfer of activities to the new DIGITAL reporting segment. At EUR 7.9 million, the segment’s EBIT was also below the prior-year figure of EUR 10.4 million. The EBIT margin relative to unconsolidated total revenue thus decreased from 7.4% in the prior year to 5.2% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first three months of fiscal year 2021 was EUR 17.6 million, down from the prior-year figure of EUR 34.5 million. The operating result (EBITDA) for this segment was EUR -0.2 million, a significant decrease compared to the prior year (EUR 2.6 million). Consequently, the EBIT figure also decreased compared to the previous year (EUR 1.2 million) and reached a value of EUR -1.8 million. The EBIT margin relative to total revenue amounted to -10.2% after 3.4% in the previous year.

The unconsolidated total revenue of the DIGITAL segment, which was reported for the first time, amounted to EUR 26.8 million in the first three months of fiscal year 2021. Operating profit (EBITDA) for this segment was EUR 5.4 million, and EBIT amounted to EUR 4.9 million. The EBIT margin relative to total revenue amounted to 18.4%.

The Group’s firm order backlog stood at EUR 2,538 million after the first three months of fiscal year 2021, compared with EUR 2,632 million as of December 31, 2020. Of this amount, EUR 2,364 million—nearly 93%—is attributable to OHB System AG. As of March 31, 2021, the OHB Group’s total assets stood at EUR 947.7 million, up 4% from the level as of December 31, 2020 (EUR 912.1 million). The slight increase in equity from EUR 223.3 million to EUR 230.5 million was disproportionately smaller than the balance sheet growth and resulted in an equity ratio of 24.3% as of March 31, 2021, compared to 24.5% at the end of the year on December 31, 2020.

During the Capital Market Day on February 11, 2021, the Executive Board issued the following guidance for the 2021 fiscal year: The OHB Group’s consolidated total revenue is expected to amount to EUR 1 billion, while the operating profit metrics EBITDA and EBIT are expected to reach EUR 80 million and EUR 45 million, respectively. Given the high order backlog and the positive business performance after three months, we expect the financial and asset position to continue to develop favorably and confirm the outlook for the current fiscal year.

Key performance indicators at a glance