OHB SE Releases Its 2021 Nine-Month Interim Report

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 615 million after nine months of the current fiscal year, an increase of 2% compared to the same period last year (previous year: EUR 600 million). Operating profit (EBITDA) rose disproportionately from EUR 55.5 million in the prior year to EUR 59.4 million. The operating EBITDA margin thus increased to 9.7% in the reporting period, compared to 9.3% in the comparable prior-year period. EBIT increased to EUR 32.7 million in the first nine months of the current fiscal year, up from EUR 30.1 million in the prior year. The corresponding EBIT margin improved slightly to 5.3% from 5.0% in the prior-year period. The EBIT margin on own value added rose to 9.8% (prior year: 8.4%).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 500.8 million exceeded the level recorded in the first nine months of the previous year (EUR 489.0 million). However, the increase in total revenue resulted in a significantly lower operating profit (EBITDA) of EUR 40.1 million (previous year: EUR 51.6 million). At EUR 19.6 million, the segment’s EBIT was also significantly below the prior-year figure of EUR 32.1 million due to project-related one-time effects at smaller subsidiaries. The EBIT margin relative to unconsolidated total revenue thus declined from 6.6% in the prior year to 3.9% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first nine months of fiscal year 2021 was EUR 67.3 million, significantly below the prior-year figure of EUR 80.6 million. Operating profit (EBITDA) for this business segment amounted to EUR 4.6 million, representing a slight increase compared to the prior year (EUR 4.2 million). These developments led to a significant increase in EBIT from EUR -0.8 million in the prior year to EUR 26 thousand. The EBIT margin relative to unconsolidated total revenue was thus 0%, compared to -0.9% in the prior year.

The unconsolidated total revenue for the DIGITAL segment, which was reported for the first time this fiscal year, amounted to EUR 75.7 million in the first nine months. Operating profit (EBITDA) for this segment was EUR 14.3 million, and EBIT amounted to EUR 12.7 million. The EBIT margin relative to total revenue was thus 16.8%.

The financial result of EUR -3.6 million improved compared with the same period last year, primarily due to lower financial expenses (prior year: EUR -5.8 million). Earnings before taxes (EBT) thus increased by 20% to EUR 29.1 million after the first nine months of 2021 (prior year: EUR 24.3 million). Higher income and income taxes of EUR 10.0 million (previous year: EUR 7.8 million) resulted in a 16% increase in consolidated net income for the 2021 reporting period to EUR 19.1 million (previous year: EUR 16.5 million).

The Group’s order backlog stood at EUR 2,364 million after nine months of the 2021 fiscal year, compared with EUR 2,019 million in the prior year. Of this amount, EUR 1,939 million, or approximately 82%, is attributable to OHB System AG. As of September 30, 2021, the OHB Group’s total assets stood at EUR 999.2 million, up just under 10% from the level as of December 31, 2020 (EUR 912.1 million). The increase in equity from EUR 223.3 million to EUR 245.1 million resulted, due to the proportional extension of the balance sheet, in an equity ratio of approximately 24.5% as of September 30, 2021, the same as at the end of the year on December 31, 2020.

At the end of the reporting period, cash and cash equivalents stood at EUR 101.0 million, slightly below the previous year’s figure (EUR 102.0 million).

The Executive Board expects the OHB Group’s consolidated total revenue for the 2021 fiscal year to amount to EUR 1 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.