OHB SE Releases Its 2021 Six-Month Interim Report

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 402 million for the first six months of the year, an increase of 2% compared to the same period last year (previous year: EUR 396 million). Operating profit (EBITDA) rose from EUR 36.6 million in the prior year to EUR 39.3 million. The operating EBITDA margin thus increased to 9.8% in the reporting period, compared to 9.2% in the comparable prior-year period. EBIT improved to EUR 21.4 million in the first six months of the current fiscal year, up from EUR 19.9 million in the prior year. The corresponding EBIT margin increased accordingly to 5.3% from 5.0% in the prior-year period. The EBIT margin on own value added improved slightly to 8.7% from 8.5% in the prior year.

The financial result of EUR -2.5 million improved compared with the same period last year, primarily due to lower financial expenses (prior year: EUR -3.8 million). Earnings before taxes (EBT) thus increased by 18% to EUR 18.9 million after the first six months of 2021 (previous year: EUR 16.1 million). Income and income taxes of EUR 7.2 million (previous year: EUR 5.4 million) resulted in a consolidated net income of EUR 11.8 million for the 2021 reporting period, an increase of 10% compared to the previous year (EUR 10.7 million).

The SPACE SYSTEMS division’s unconsolidated total revenue of EUR 325.8 million was slightly higher than the level recorded in the first six months of the previous year (EUR 322.4 million). However, the increase in total revenue resulted in a decrease in operating profit (EBITDA) to EUR 28.9 million (previous year: EUR 34.9 million). The segment’s EBIT of EUR 15.2 million was also significantly below the prior-year figure of EUR 22.1 million. The EBIT margin relative to unconsolidated total revenue thus decreased from 6.9% in the prior year to 4.7% in the reporting period.

The AEROSPACE division’s unconsolidated total revenue for the first six months of fiscal year 2021 was EUR 40.3 million, down from EUR 57.6 million in the prior-year period. The operating result (EBITDA) for this segment decreased to EUR -1.7 million compared with the prior-year period (EUR 2.9 million). This resulted in a reduced EBIT of EUR -4.8 million (previous year: EUR -0.4 million). The EBIT margin relative to unconsolidated total revenue thus reached -11.9%, compared to -0.7% in the previous year.

The unconsolidated total revenue for the DIGITAL segment, which was reported for the first time this fiscal year, amounted to EUR 51.8 million in the first six months. Operating profit (EBITDA) for this segment was EUR 11.7 million, and EBIT amounted to EUR 10.7 million. The EBIT margin relative to total revenue thus reached 20.7%.

The Group’s order backlog stood at EUR 2,483 million after six months of fiscal year 2021, compared with EUR 1,560 million in the prior year. Of this amount, EUR 2,100 million—just under 85%—is attributable to OHB System AG. As of June 30, 2021, the OHB Group’s total assets stood at EUR 966.7 million, up just under 1% from the level as of December 31, 2020 (EUR 912.1 million). The increase in equity from EUR 223.3 million to EUR 238.8 million resulted in an equity ratio of 24.7% as of June 30, 2021, compared to 24.5% at the end of the year on December 31, 2020.

At the end of the reporting period, cash and cash equivalents stood at EUR 55.6 million, slightly below the previous year’s figure (EUR 58.1 million).

The Executive Board expects the OHB Group’s consolidated total revenue for the 2021 fiscal year to amount to EUR 1.0 billion, with the operating profit metrics EBITDA and EBIT projected to reach EUR 80 million and EUR 45 million, respectively. Given the high order backlog and the positive outlook for the current fiscal year, the Executive Board expects the Group’s financial and asset position to continue to develop favorably.