OHB Consolidated Financial Statements 2021

In fiscal year 2021, OHB SE’s (ISIN: DE0005936124) total output reached EUR 917 million (previous year: EUR 901 million), while revenue rose to EUR 905 million (previous year: EUR 880 million). Both figures were again impacted by pandemic-related delays in the supply chain that had already arisen in the prior year and, contrary to expectations, could not be made up. 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 83.6 million in the reporting year (previous year: EUR 77.0 million), and the EBITDA margin increased to 9.1% from 8.5% in the previous year. EBIT amounted to EUR 47.0 million (previous year: EUR 41.6 million). The EBIT margin thus increased from 4.6% in the prior year to 5.1%. Consolidated net income after minority interests reached EUR 27.5 million (previous year: EUR 20.9 million), with earnings per share rising to EUR 1.58 (diluted and undiluted) for the 2021 fiscal year, compared to EUR 1.20 in the previous year.

Operating cash flow amounted to EUR -17.3 million as of the balance sheet date (previous year: EUR 44.1 million), while free cash flow decreased to EUR -15.5 million during the reporting period (previous year: EUR 27.8 million). Shareholders’ equity rose to EUR 252.6 million as of the balance sheet date (previous year: EUR 223.3 million). The increase in total assets to EUR 960.8 million compared to the prior-year balance sheet date (EUR 912.1 million) resulted in an improved equity ratio of 26.3% (previous year: 24.5%).

The segment figures for fiscal year 2020 listed below are pro forma figures calculated based on the reallocation of activities to the new reporting segment “DIGITAL.” In the “SPACE SYSTEMS” segment, the Group achieved increased total revenue of EUR 755.9 million in 2021 (previous year: EUR 745.3 million). EBIT in this segment decreased from EUR 38.8 million in the prior year to EUR 33.3 million. The EBIT margin based on unconsolidated total revenue thus amounts to 4.4%, compared to 5.2% in the prior year. The unconsolidated total revenue of the “AEROSPACE” segment decreased in fiscal year 2021 from EUR 104.6 million to EUR 97.4 million. EBIT in this segment improved from EUR -2.2 million to EUR 0.5 million. The EBIT margin was thus 0.5% (previous year: negative). Total revenue for the “DIGITAL” segment reached EUR 101.0 million, up from EUR 77.0 million in the prior-year period. The segment’s EBIT amounted to EUR 14.0 million (prior year: EUR 4.5 million), and the EBIT margin consequently reached 13.9%, up from 5.9% in the prior year.

The Executive Board and Supervisory Board will propose an increased dividend of EUR 0.48 per share (previous year: EUR 0.43) to the Annual General Meeting for the 2021 fiscal year. The Group’s cash and cash equivalents totaled EUR 96.6 million as of December 31, 2021 (previous year: EUR 92.0 million).

At EUR 2,121 million (previous year: EUR 2,632 million) as of the balance sheet date, the order backlog remains at a healthy level. The “SPACE SYSTEMS” segment accounts for the majority of the order backlog with a value of EUR 1,858 million; the order backlog in the “AEROSPACE” segment amounts to EUR 136 million, and the new reporting segment “DIGITAL” has an order backlog of EUR 127 million. These figures ensure a high degree of planning certainty for the future.

The Executive Board expects consolidated total revenue of EUR 1.205 billion for the full year 2022. The operating profit metrics EBITDA and EBIT are expected to reach EUR 97 million and EUR 60 million, respectively.

OHB SE’s complete 2021 consolidated financial statements will be discussed in detail at today’s (March 23, 2022) virtual earnings press conference in Bremen and the subsequent virtual analyst conference.

*) 2021: Proposal to the Annual General Meeting