OHB SE Releases Its 2022 Nine-Month Interim Report

The OHB Group (ISIN: DE0005936124, Prime Standard) reported total revenue of EUR 694.5 million for the first nine months of the year, an increase of 13% compared to the same period last year (previous year: EUR 615.1 million). Operating profit (EBITDA) rose from EUR 59.4 million in the prior year to EUR 68.0 million. The operating EBITDA margin increased to 9.8% in the reporting period, compared to 9.7% in the comparable prior-year period. EBIT improved significantly in the first nine months of the current fiscal year to EUR 41.4 million, compared to EUR 32.7 million in the prior year. The corresponding EBIT margin rose accordingly to 6.0%, compared to 5.3% in the prior-year period.

The financial result of EUR -1.3 million improved significantly compared with the same period last year, primarily due to exchange rate effects (prior year: EUR -3.6 million). Earnings before taxes (EBT) thus increased by 38% to EUR 40.0 million after the first nine months of 2022 (previous year: EUR 29.1 million). Income and income taxes totaling EUR 12.4 million (prior year: EUR 10.0 million) resulted in consolidated net income of EUR 27.6 million for the 2022 reporting period, an increase of 45% compared to the prior year (EUR 19.1 million).

The SPACE SYSTEMS segment’s unconsolidated total revenue of EUR 562.1 million was significantly higher than the level recorded in the first nine months of the previous year (EUR 500.8 million). The increase in total revenue resulted in an improved operating profit (EBITDA) of EUR 49.8 million (previous year: EUR 40.1 million). The segment’s EBIT of EUR 30.5 million was significantly higher than the prior-year figure of EUR 19.6 million. The EBIT margin relative to unconsolidated total revenue thus increased from 3.9% in the prior year to 5.4% in the reporting period.

The AEROSPACE segment’s unconsolidated total revenue for the first nine months of fiscal year 2022 was EUR 86.5 million, significantly higher than the prior-year figure of EUR 67.3 million. Operating profit (EBITDA) for this segment rose to EUR 9.9 million compared to the same period last year (EUR 4.6 million). This also led to a significantly improved EBIT of EUR 4.5 million (previous year: EUR 0.0 million). The EBIT margin relative to unconsolidated total revenue thus reached 5.2% after 0.0% in the previous year.

The DIGITAL segment’s unconsolidated total revenue for the first nine months was EUR 69.3 million, down from the prior-year level of EUR 75.7 million. Operating profit (EBITDA) for this segment amounted to EUR 8.3 million, compared to EUR 14.3 million in the prior year, and EBIT reached EUR 6.5 million (prior year: EUR 12.7 million). The EBIT margin relative to total revenue thus reached 9.4%, compared to 16.8% in the same period of the previous year.

The Group’s firm order backlog stood at EUR 1,859 million after nine months of the 2022 fiscal year, compared with EUR 2,364 million in the prior year. Of this amount, EUR 1,437 million, or approximately 77%, is attributable to OHB System AG. As of September 30, 2022, the OHB Group’s total assets stood at EUR 1,073.8 million, up just under 12% from the level as of December 31, 2021 (EUR 960.8 million). The increase in equity from EUR 252.6 million to EUR 287.5 million resulted, despite the balance sheet extension, in an improved equity ratio as of September 30, 2022, of 26.8%, compared to 26.3% at the end of the year on December 31, 2021.

At the end of the reporting period, cash and cash equivalents stood at EUR 46.3 million, down from the previous year’s figure (EUR 101.0 million).

Given the strong order backlog and positive business performance over the first nine months, we expect our financial and asset position to continue to develop favorably and confirm our outlook for the current fiscal year regarding the financial metrics EBITDA and EBIT, for which we anticipate figures of EUR 97 million and EUR 60 million, respectively. There is currently uncertainty regarding whether we will meet the guidance for total revenue, which we had forecast in January at EUR 1.205 billion. Potential delivery delays and the development of exogenous factors are expected to result in total revenue falling short of the guidance for the current fiscal year.

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