OHB SE Releases Its 2023 Three-Month Interim Report

After three months, the OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 202.4 million, an increase of 11% compared to the same period last year (previous year: EUR 181.5 million). Operating profit (EBITDA) rose from EUR 19.9 million in the prior year to EUR 21.5 million. The operating EBITDA margin for the reporting period was 10.6%, compared to 11.0% in the comparable prior-year period. EBIT improved to EUR 12.5 million in the first three months of the current fiscal year, compared to EUR 11.4 million in the prior year. The corresponding EBIT margin decreased to 6.2%, compared to 6.3% in the prior-year period.

The financial result of EUR -3.2 million deteriorated compared with the same period last year, primarily due to higher interest expenses (prior year: EUR -1.8 million). Earnings before taxes (EBT) thus decreased by 3% to EUR 9.3 million after the first three months of 2023 (prior year: EUR 9.6 million). Income and income taxes of EUR 2.8 million (previous year: EUR 3.1 million) resulted in a consolidated net income of EUR 6.3 million for the 2023 reporting period, a 3% decrease compared to the previous year (EUR 6.5 million).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 154.7 million exceeded the level recorded in the first three months of the previous year (EUR 142.8 million). The increase in total revenue resulted in an improved operating profit (EBITDA) of EUR 15.7 million (previous year: EUR 15.2 million). The segment’s EBIT of EUR 9.3 million was slightly higher than the prior-year figure of EUR 8.9 million. The EBIT margin relative to unconsolidated total revenue decreased slightly from 6.2% in the prior year to 6.0% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first three months of fiscal year 2023 was EUR 28.1 million, significantly higher than the prior-year figure of EUR 23.7 million. Operating profit (EBITDA) for this segment rose to EUR 2.5 million compared to the same period last year (EUR 1.8 million). This also led to an increase in EBIT to EUR 0.5 million (previous year: EUR 0.1 million). The EBIT margin relative to total revenue thus reached 1.9%, up from 0.3% in the previous year.

The DIGITAL segment’s unconsolidated total revenue for the first three months was EUR 25.3 million, up from the prior-year level of EUR 24.0 million. Operating profit (EBITDA) for this segment amounted to EUR 3.2 million, compared to EUR 3.0 million in the prior year. EBIT remained unchanged from the prior-year period at EUR 2.6 million. The EBIT margin relative to total revenue thus reached 10.1%, compared to 10.8% in the prior year.

The Group’s order backlog stood at EUR 1,764 million after the first three months of fiscal year 2023, compared with EUR 1,956 million in the prior year. Of this amount, EUR 1,486 million is attributable to the SPACE SYSTEMS segment, EUR 152 million to the AEROSPACE segment, and EUR 126 million to the DIGITAL segment. As of March 31, 2023, the OHB Group’s total assets stood at EUR 1,043.6 million, down approximately 3% from the level as of December 31, 2022 (EUR 1,080.7 million). The increase in equity from EUR 293.5 million to EUR 299.8 million resulted, due to the reduction in total assets, in an equity ratio of 28.7% as of March 31, 2023, compared to 27.2% at the end of the year on December 31, 2022.

At the end of the reporting period, cash and cash equivalents stood at EUR 40.8 million, down from the previous year’s figure (EUR 63.2 million).

The Executive Board expects the OHB Group’s consolidated total revenue for the 2023 fiscal year to amount to EUR 1,176 million, with the operating profit metrics EBITDA and EBIT projected to reach EUR 109 million and EUR 70 million, respectively. Given the high order backlog and the positive outlook for the current fiscal year, the Executive Board expects the financial and asset position to continue to develop favorably.

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