OHB SE discloses 9-month interim report 2021

• Key profitability figures EBITDA and EBIT amount to EUR 59.4 million (+7 %) and EUR 32.7 million (+9 %)
• EBITDA margin improves to 9.7 %
• Order backlog remains at a very good level of EUR 2.4 billion

Bremen, November 10, 2021: The OHB Group (ISIN: DE0005936124, Prime Standard) generated total revenues of EUR 615 million in the first nine months of the current fiscal year, a year-on-year increase of 2 % (previous year: EUR 600 million). The operating result (EBITDA) rose disproportionately from EUR 55.5 million in the previous year to EUR 59.4 million. The operating EBITDA margin thus rose to 9.7 % in the reporting period, compared to 9.3 % in the same period of the previous year. EBIT for the first nine months of the current fiscal year also increased to EUR 32.7 million after EUR 30.1 million in the previous year. The corresponding EBIT margin slightly improved to 5.3 % after 5.0 % in the corresponding period of the previous year. The EBIT margin on own value added rose to 9.8 % (previous year 8.4 %).

At EUR 500.8 million, the unconsolidated total revenues in the SPACE SYSTEMS segment were above the level of the first nine months of the previous year (EUR 489.0 million). The higher total revenues nevertheless resulted in a significantly lower operating result (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 previous year’s figure of EUR 32.1 million due to project-related one-off effects at smaller subsidiaries. The EBIT margin in relation to the unconsolidated total revenues thus fell from 6.6 % in the previous year to 3.9 % in the reporting period.

At EUR 67.3 million, the unconsolidated total revenues of the AEROSPACE segment in the first nine months of fiscal year 2021 were significantly below the previous year's figure of EUR 80.6 million. The operating result (EBITDA) for this segment reached EUR 4.6 million, a slight increase compared to the previous year (EUR 4.2 million). These developments, led to a significant increase in EBIT from EUR -0.8 million in the previous year to EUR 26 thousand. The EBIT margin in relation to the unconsolidated total revenues thus amounted to 0 % after -0.9 % in the previous year.

The unconsolidated total revenues of the DIGITAL reporting segment, which is being reported for the first time in this financial year, amounted to EUR 75.7 million in the first nine months of the year. The segment achieved an operating result (EBITDA) of EUR 14.3 million and an EBIT of EUR 12.7 million. The EBIT margin in relation to the unconsolidated total revenues thus reached 16.8 %.

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

The Group's firm order backlog stood at EUR 2,364 million at the end of the first nine months of fiscal year 2021, up from EUR 2,019 million in the previous year. Of this, OHB System AG accounted for EUR 1,939 million or around 82 %. As of September 30, 2021, the OHB Group's total assets stood at EUR 999.2 million, up almost 10 % on December 31, 2020 (EUR 912.1 million). The increase in equity from EUR 223.3 million to EUR 245.1 million resulted in an equity ratio of around 24.5 % as of September 30, 2021, which was in line with the equity ratio at the end of last year on December 31, 2020, due to a proportional balance sheet extension.

At the end of the reporting period, cash and cash equivalents were slightly below the previous year's level (EUR 102.0 million) at EUR 101.0 million.

The Management Board expects the OHB Group to generate consolidated total revenues of EUR 1.0 billion in fiscal 2021, with EBITDA and EBIT reaching EUR 80 million and EUR 45 million, respectively. Given the high order backlog and the positive outlook for the current fiscal year, the Management Board assumes that the financial condition and net assets will continue to develop well.