OHB SE Releases Its 2020 Six-Month Interim Report

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 396 million for the first six months, a decrease of 7% compared to the same period last year (previous year: EUR 425 million). Operating profit (EBITDA) increased from EUR 36.0 million in the prior year to EUR 36.6 million. The operating EBITDA margin thus rose to 9.2% in the reporting period, compared to 8.5% in the comparable prior-year period. EBIT decreased to EUR 19.9 million in the first six months of the current fiscal year, down from EUR 21.7 million in the prior year. The corresponding EBIT margin remained virtually unchanged at 5.0% compared to the same period last year (5.1%). The EBIT margin on own value added, at 8.6%, also changed little compared to the previous year (8.7%).

The financial result of EUR -3.8 million decreased compared with the same period last year, primarily due to higher financial expenses (prior year: EUR -2.2 million). Earnings before taxes (EBT) thus decreased by 17% to EUR 16.1 million after the first six months of 2020 (previous year: EUR 19.5 million). Income and income taxes of EUR 5.4 million (previous year: EUR 6.5 million) resulted in a consolidated net income of EUR 10.7 million for the 2020 reporting period, which was 18% lower than in the previous year (EUR 13.0 million).

The unconsolidated total revenue of the Space Systems division, at EUR 324.5 million, was below the level of the first six months of the previous year (EUR 338.8 million). The lower total revenue nevertheless resulted in a significantly higher operating profit (EBITDA) of EUR 35.5 million (previous year: EUR 28.9 million). The segment’s EBIT, at EUR 22.7 million, was also significantly higher than the prior-year figure of EUR 17.8 million. The EBIT margin relative to unconsolidated total revenue thus increased from 5.3% in the prior year to 7.0% in the reporting period.

The unconsolidated total revenue of the Aerospace + Industrial Products division amounted to EUR 73.5 million in the first six months of fiscal year 2020, down from EUR 87.8 million in the prior-year period. Operating profit (EBITDA) for this division fell sharply to EUR 1.4 million compared with the prior-year period (EUR 7.2 million). Combined with increased depreciation and amortization, this led to a decrease in EBIT to EUR -2.5 million (previous year: EUR 3.9 million). The EBIT margin relative to unconsolidated total revenue thus reached -3.4% after 4.5% in the previous year.

The Group’s firm order backlog stood at EUR 1,560 million after six months of fiscal year 2020, compared with EUR 2,063 million in the prior year. Of this amount, EUR 1,225 million—just under 79%—is attributable to OHB System AG. As of June 30, 2020, the OHB Group’s total assets stood at EUR 924.7 million, down just under 1% from the level as of December 31, 2019 (EUR 931.0 million). The increase in equity from EUR 200.8 million to EUR 212.2 million resulted in an equity ratio of 22.9% as of June 30, 2020, compared to 21.5% at the end of the year on December 31, 2019.

At the end of the reporting period, cash and cash equivalents stood at EUR 58.1 million, significantly higher than the previous year’s figure (EUR 30.0 million).

During the Capital Market Day on February 13, 2020, the Executive Board issued the following guidance for the 2020 fiscal year: The OHB Group’s consolidated total revenue is expected to amount to EUR 1.1 billion, while the operating profit metrics EBITDA and EBIT are expected to reach EUR 80 million and EUR 44 million, respectively. At this time, it is not yet clear whether the actual results at year-end will deviate from our February projections and expectations due to the current COVID-19 pandemic. For this reason, we are currently unable to either confirm or withdraw the guidance issued for total revenue, EBITDA, and EBIT for the 2020 fiscal year.