OHB SE discloses 9M interim report 2020

• Total revenues reach EUR 600 million (-9%) after nine months,
• Key profitability figures EBITDA and EBIT amount to EUR 55.5 million (-4%) and EUR 30.1 million (-17%),

• EBITDA margin improves to 9.3% (+5%), Space Systems: EBIT margin increases to 6.9% (+28%)

• Order backlog at a very good level of EUR 2.0 billion

Bremen, November 12, 2020: The OHB Group (ISIN: DE0005936124, Prime Standard) achieved total revenues of EUR 600 million in the first nine months of the current fiscal year, a year-on-year decline of 9% (previous year: EUR 659 million). The operating result (EBITDA) fell disproportionately from EUR 57.9 million in the previous year to EUR 55.5 million. The operating EBITDA margin thus rose to 9.3% in the period under review, compared to 8.8% in the same period of the previous year. EBIT for the first nine months of the current fiscal year also decreased to EUR 30.1 million after EUR 36.1 million in the prior year due to increased depreciation and amortization. The corresponding EBIT margin decreased to 5.0% after 5.5% in the corresponding period of the previous year. The EBIT margin on own value added changed to 8.5% (prior year 9.7%).

At EUR 493.5 million, non-consolidated total revenues in the Space Systems segment were down on the level of the first nine months of the previous year (EUR 533.0 million). The lower total revenues nevertheless resulted in a significantly higher operating result (EBITDA) of EUR 53.7 million (previous year: EUR 45.4 million). Despite increased depreciation and amortization, the segment's EBIT of EUR 34.1 million was also significantly higher than the previous year's figure of EUR 28.6 million. The EBIT margin based on unconsolidated total revenue thus rose sharply from 5.4 % in the previous year to 6.9 % in the reporting period.

At EUR 110.0 million, unconsolidated total revenues of the Aerospace segment in the first nine months of fiscal year 2020 were significantly below the previous year's figure of EUR 130.8 million. The operating result (EBITDA) for this segment amounted to EUR 2.1 million, a significant decrease compared to the previous year (EUR 12.5M). These developments, combined with increased depreciation and amortization, led to a significant decline in EBIT from EUR 7.6 million in the previous year to EUR -3.7 million. The EBIT margin based on unconsolidated total revenues was thus -3.4 % after 5.8 % in the previous year.

The financial result of EUR -5.8 million decreased when compared to the same period of the prior year, mainly due to higher financial expenses (previous year: EUR -3.1 million). Thus, earnings before taxes (EBT) after the first nine months of 2020 decreased by 26 % to EUR 24.3 million (prior year: EUR 33.0 million). Lower income taxes in the amount of EUR 7.8 million (prior year: EUR 11.3 million) resulted in a 24% reduction of net income for the reporting period 2020 to EUR 16.5 million (prior year: EUR 21.8 million).

The Group's firm order backlog after nine months of fiscal year 2020 was EUR 2,019 million after EUR 2,061 million in the prior year. Of this, OHB System AG accounted for EUR 1,710 million or just under 85 %. As of September 30, 2020, the OHB Group's total assets came to EUR 981.3 million, up a good 5 % on December 31, 2019 (EUR 931.0 million). The increase in equity from EUR 200.8 million to EUR 216.8 million resulted in an equity ratio of 22.0 % as of September 30, 2020, up from 21.6 % as of December 31, 2019, due to the balance sheet extension. At the end of the period under review, cash and cash equivalents stood at EUR 102.0 million, up on the previous year (EUR 63.4 million).

We had communicated the guidance for 2020 to the capital market in an ad-hoc disclosure. The figures published on February 13 were EUR 1.1 billion for total revenues, EUR 80 million for EBITDA and EUR 44 million for EBIT. With regard to the total revenues, the Management Board no longer assumes that the guidance can be achieved. Due to the changed market outlook for the Ariane 6 rocket program and delays in the supply chain caused by Covid-19, the Group's total revenues for the current fiscal year are expected to be slightly below EUR 1 billion. However, the above-mentioned influences will only have a minor total effect on the key earnings figures EBITDA and EBIT. It is not yet possible to foresee the extent to which the actual results at the end of the year will deviate from our plans and expectations from February. For this reason, we can today neither confirm nor withdraw the guidance issued for the key figures EBITDA and EBIT for the 2020 financial year.