OHB SE Releases Its 2022 Six-Month Interim Report

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 442.8 million for the first six months, an increase of 10% compared to the same period last year (previous year: EUR 402.1 million). EBITDA rose from EUR 39.3 million in the prior year to EUR 42.8 million. The operating EBITDA margin for the reporting period was 9.7%, compared to 9.8% in the comparable prior-year period. EBIT improved significantly in the first six months of the current fiscal year to EUR 25.4 million, compared to EUR 21.4 million in the prior year. The EBIT margin increased accordingly to 5.7%, compared to 5.3% in the prior-year period.

The financial result of EUR -1.5 million (previous year: EUR -2.5 million) improved compared to the same period last year, primarily due to exchange rate effects. Earnings before taxes (EBT) thus increased by 26% to EUR 23.9 million after the first six months of 2022 (previous year: EUR 18.9 million). Income and income taxes of EUR 7.5 million (previous year: EUR 7.2 million) resulted in a consolidated net income of EUR 16.5 million for the 2022 reporting period, an increase of 40% compared to the previous year (EUR 11.8 million).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 364.7 million exceeded the level recorded in the first six months of the previous year (EUR 325.8 million). The increase in total revenue resulted in an improved operating profit (EBITDA) of EUR 30.1 million (previous year: EUR 28.9 million). The segment’s EBIT of EUR 17.4 million was significantly higher than the prior-year figure of EUR 15.2 million. The EBIT margin relative to unconsolidated total revenue thus increased from 4.7% in the prior year to 4.8% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first six months of fiscal year 2022 was EUR 54.0 million, significantly higher than the prior-year figure of EUR 40.3 million. Operating profit (EBITDA) for this segment rose to EUR 6.7 million compared to the same period last year (EUR -1.7 million). This also led to a significantly higher EBIT of EUR 3.2 million (previous year: EUR -4.8 million). The EBIT margin relative to unconsolidated total revenue thus reached 5.9% after -11.9% in the previous year.

The DIGITAL segment’s unconsolidated total revenue for the first six months was EUR 48.7 million, down from the previous year’s level (EUR 51.8 million). Operating profit (EBITDA) for this segment amounted to EUR 6.1 million, compared to EUR 11.7 million in the prior year, and EBIT reached EUR 4.9 million (prior year: EUR 10.7 million). The EBIT margin relative to total revenue thus reached 10.1%, compared to 20.7% in the same period of the previous year.

The Group’s order backlog stood at EUR 1,846 million after the first six months of fiscal year 2022, compared with EUR 2,483 million in the prior year. Of this amount, EUR 1,446 million, or approximately 78%, is attributable to OHB System AG. As of June 30, 2022, the OHB Group’s total assets stood at EUR 1,098.2 million, up 13.6% from the level as of June 30, 2021 (EUR 966.7 million). The increase in equity from EUR 238.8 million to EUR 277.5 million resulted in an equity ratio of 25.3% as of June 30, 2022, compared to 24.7% as of the same date the previous year.

At the end of the reporting period, cash and cash equivalents stood at EUR 47.7 million, down from the previous year’s figure (EUR 55.6 million).

The Executive Board expects the OHB Group’s consolidated total revenue for the 2022 fiscal year to amount to EUR 1.205 billion, with the operating profit metrics EBITDA and EBIT projected to reach EUR 97 million and EUR 60 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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