OHB Consolidated Financial Statements 2020

In fiscal year 2020, OHB SE’s (ISIN: DE0005936124) total output amounted to EUR 901 million (previous year: EUR 1,030 million), while revenue decreased to EUR 880 million (previous year: EUR 1,005 million). Both figures were influenced by pandemic-related delays in the supply chain, meaning that deliveries originally planned for the reporting year will take place in the future and will then impact total output and revenue. EBITDA amounted to EUR 77.0 million in the reporting year (previous year: EUR 78.3 million), and the EBITDA margin increased to 8.5% from 7.6% in the previous year. EBIT amounted to EUR 41.6 million (previous year: EUR 49.1 million). The EBIT margin decreased slightly from 4.8% in the prior year to 4.6%. Consolidated net income after minority interests reached EUR 20.9 million (previous year: EUR 25.5 million); earnings per share thus changed to EUR 1.20 (diluted and undiluted) for the 2020 fiscal year, compared to EUR 1.47 in the previous year. Operating cash flow amounted to EUR 44.1 million as of the balance sheet date (previous year: EUR 22.9 million), while free cash flow increased to EUR 27.8 million in the reporting period (previous year: EUR 3.9 million). Equity rose to EUR 223.3 million as of the balance sheet date (previous year: EUR 200.8 million). As total assets simultaneously decreased to EUR 912.1 million compared to the previous year’s balance sheet date (EUR 931.0 million), the equity ratio increased to 24.5% (previous year: 21.6%).

In 2020, the “Space Systems” segment reported total revenue of EUR 763.2 million (previous year: EUR 850.9 million), which was reduced due to delays in subcontractor services. EBIT in this segment increased significantly from EUR 42.4 million in the prior year to EUR 45.9 million. The EBIT margin based on unconsolidated total revenue thus amounts to 6.0%, compared to 5.0% in the prior year. The unconsolidated total revenue generated by the “Aerospace + Industrial Products” segment decreased in fiscal year 2020 from EUR 185.9 million to EUR 145.6 million. EBIT in this segment changed significantly from EUR 7.0 million to EUR -4.7 million. The EBIT margin was thus negative (previous year: 3.8%).

The Executive Board and Supervisory Board will propose a dividend of EUR 0.43 per share to the Annual General Meeting for the 2020 fiscal year (previous year: one-time interruption of the dividend payout due to the COVID-19 pandemic). The Group’s cash and cash equivalents amounted to EUR 92.0 million as of December 31, 2020 (previous year: EUR 85.1 million).

At the balance sheet date, the order backlog stood at a record high of EUR 2,632 million (previous year: EUR 1,840 million). The “Space Systems” segment accounts for the majority of the order backlog with a value of EUR 2,500 million; the order backlog in the “Aerospace + Industrial Products” segment amounts to EUR 132 million. These figures ensure a high degree of planning certainty for the future.

The Executive Board expects consolidated total revenue of EUR 1 billion for the full year 2021. The operating profit metrics EBITDA and EBIT are expected to reach EUR 80 million and EUR 45 million, respectively.

OHB SE’s complete 2020 consolidated financial statements will be discussed in detail at today’s (March 17, 2021) virtual earnings press conference in Bremen, available at
, and at the subsequent virtual analyst conference.

Virtual press conference at 9:00 a.m. on March 17, 2021

Virtual analyst conference at 10:30 a.m. on March 17, 2021

*) 2020: Proposal to the Annual General Meeting