OHB SE Releases Its 2022 Three-Month Interim Report

The OHB Group’s (Prime Standard, ISIN: DE0005936124) total revenue reached EUR 181.5 million after three months, down from the previous year (EUR 190.1 million). Operating profit (EBITDA) decreased to EUR 19.9 million (previous year: EUR 20.2 million). The operating EBITDA margin thus rose to 11.0% in the reporting period, compared to 10.6% in the same period of the previous year. EBIT reached exactly the same level as the previous year at EUR 11.4 million after the first three months of the current fiscal year. The corresponding EBIT margin increased from 6.0% to 6.3% compared to the same period last year.

The financial result of EUR -1.8 million deteriorated compared with the same period last year (EUR -0.7 million). Earnings before taxes (EBT) stood at EUR 9.6 million after the first three months of 2022 (previous year: EUR 10.7 million). Income and income taxes of EUR 3.1 million (previous year: EUR 3.8 million) resulted in consolidated net income of EUR 6.5 million for the current reporting period (previous year: EUR 7.0 million).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 142.8 million was below the level of the first three months of the previous year (EUR 151.7 million). Due to reduced subcontracting costs, this figure resulted in an increased operating profit (EBITDA) of EUR 15.2 million (previous year: EUR 14.7 million). The segment’s EBIT of EUR 8.9 million was also higher than the prior-year figure of EUR 7.9 million. The EBIT margin relative to total revenue thus increased from 5.2% in the prior year to 6.2% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first three months of fiscal year 2022 was EUR 23.7 million, significantly higher than the prior-year figure of EUR 17.6 million. The operating result (EBITDA) for this segment was EUR 1.8 million, a significant increase compared to the prior year (EUR -0.2 million). EBIT reached EUR 0.1 million, an increase from the previous year (EUR -1.8 million). The EBIT margin relative to unconsolidated total revenue was 0.3%, compared to -10.2% in the previous year.

The unconsolidated total revenue of the DIGITAL reporting segment amounted to EUR 24.0 million in the first three months of fiscal year 2022 (prior year: EUR 26.8 million). Operating profit (EBITDA) for this segment decreased from EUR 5.4 million in the prior-year period to EUR 3.0 million, while EBIT decreased from EUR 4.9 million to EUR 2.6 million. The EBIT margin relative to total revenue amounted to 10.8% (prior year: 18.4%).

The Group’s order backlog stood at EUR 1,956 million after the first three months of fiscal year 2022, down from EUR 2,121 million as of December 31, 2021. Of this amount, EUR 1,565 million—more than 80%—is attributable to OHB System AG. As of March 31, 2022, the OHB Group’s total assets stood at EUR 996.5 million, up 4% from the level as of December 31, 2021 (EUR 960.8 million). The increase in equity from EUR 252.6 million to EUR 264.4 million outpaced the growth in total assets and resulted in an equity ratio of 26.5% as of March 31, 2022, compared to 26.3% at the end of the year on December 31, 2021.

During the Capital Market Day on January 18, 2022, the Executive Board issued the following guidance for the 2022 fiscal year: The OHB Group’s consolidated total revenue is expected to amount to EUR 1.205 billion, while the operating profit metrics EBITDA and EBIT are expected to reach EUR 97 million and EUR 60 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