Marco Fuchs, CEO November 21 - 23, 2011, Frankfurt/MainFuture missions: SAR-Lupe Follow-On OHB AG /...
Transcript of Marco Fuchs, CEO November 21 - 23, 2011, Frankfurt/MainFuture missions: SAR-Lupe Follow-On OHB AG /...
OHB AG
Deutsches Eigenkapitalforum
Marco Fuchs, CEO
November 21 - 23, 2011, Frankfurt/Main
T H E G R O U P – P R O F I L E
OHB Group – No. 3 in Europe
Page 2 OHB AG / Frankfurt am Main / November 21-23, 2011
Position of OHB in Europe strengthened through
acquisitions
OHB’s business is mainly focused on space
OHB is involved in all major European
space programs (e.g. Ariane 5, Galileo, Meteosat 3G,
Columbus/ISS, SmallGEO, etc.)
Additionally OHB concentrates on attractive markets
(e.g. small, mini and micro satellites) and high-tech solutions
OHB Group is family run and independent
Space sales in million 2010
1 EADS Astrium $6,630
2 Thales Alenia Space $2,650
3 OHB $573
No. 3 in the European satellite
manufacturer market
Source: Space News Top 50 (August 1, 2011)
Space Systems
T H E G R O U P – P R O F I L E
Seite 3 OHB AG / Frankfurt am Main / November 21-23, 2011
Two Business units focusing on space systems and aerospace
products
Engineering and manufacturing of aerospace
products
Products for aviation/aerospace and industry,
antennas & mechatronics
Propellant tanks & satellite tanks
Water & gas supply tanks for aircrafts
Booster casings (Ariane 5)
Components for aircraft engines
Telematics
System integrator for space systems with
design, engineering, integration and testing
Low earth orbit and geostationary satellites
incl. scientific payloads for
navigation, science,
communication and earth observation
Manned and unmanned space systems
Exploration
Aerospace + Industrial Products
T H E G R O U P – B U S I N E S S U N I T S
Business Units
Page 4 OHB AG / Frankfurt am Main / November 21-23, 2011
As of November 2011
T H E G R O U P – AT A G L AN C E
Total revenues over 5 years
Page 5 OHB AG / Frankfurt am Main / November 21-23, 2011
Total revenues / EUR million
Total staff 2,318
186 223
260
322
453
2006 2007 2008 2009 2010
As of 9/30/2011
T H E G R O U P – R E C E N T AC Q U I S I T I O N
European growth strategy in ESA countries:
Acquisition of the “Space Systems Division” from SSC
Page 6 OHB AG / Frankfurt am Main / November 21-23, 2011
Acquisition as asset deal
50 employees generated a turnover of EUR 21 million
in 2010
Engaged in satellite and subsystem design and
development
Major customers: Swedish National Space Board
and European Space Agency
Previous important projects:
PRISMA (formation flying satellites)
SMART-1 (the first electrically-powered European
lunar mission)
Essential share in the development and construction of
the SmallGEO satellite platform
FINANCIALS 9M/2011
Page 7 OHB AG / Frankfurt am Main / November 21-23, 2011
F I N AN C I AL S – H I G H L I G H T S 9 M / 20 11
Highlights
Page 8 OHB AG / Frankfurt am Main / November 21-23, 2011
Total revenues for the nine months 2011 increased by 15 % to around EUR 368 million
Operating profit (EBITDA) came to 27.5 EUR million (previous year 21.8 EUR million)
EBIT of EUR 16.4 million and EPS of 0.48 Cent
Order Backlog with EUR 1.1 billion still on a very high level
Acquisition of Aerotech Peissenberg
Space Systems Division from Swedish Space Corporation acquired / OHB Sweden AB founded
OHB System achieved extension contract for the development of the SmallGEO
satellite platform from ESA
OHB System awarded a contract addendum for EDRS (European Data Relay Satellite System)
AIS satellite VesselSat1 built by LUXSPACE successfully launched by Indian PSLV rocket
5 successful Ariane 5 launches in 2011
OHB System received invitation to tender for next batch of 6 to 8
Galileo FOC (full operational capability) satellites
14.1
16.4
9M/2010 9M/2011
21.8
27.5
9M/2010 9M/2011
F I N AN C I AL S – 9 M / 2011
9M/2011 – The Group
Page 9 OHB AG / Frankfurt am Main / November 21-23, 2011
Total revenues
(EUR million)
EBITDA
(EUR million)
EBIT
(EUR million)
319 368
9M/2010 9M/2011
9M/2011:
EBIT margin: 4.5%
EBIT margin of own added value: 6.8%
F I N AN C I AL S – 9 M / 2011
The Group in brief 9M/2011
Page 10 OHB AG / Frankfurt am Main / November 21-23, 2011
The Group in brief 9M/2011/ EUR (000)
9M/2011 9M/2010 Δ
Order backlog (September 30) 1,116,154 1,245,074 -10%
Total revenues 367,511 319,466 +15%
EBITDA 27,544 21,807 +26%
EBIT 16,384 14,116 +16%
EBT 10,801 12,306 -12%
Net profit after minorities 8,347 9,779 -15%
EPS (EUR) 0.48 0.56 -14%
F I N AN C I AL S – 9 M / 2011
Cash Flow
Page 11 OHB AG / Frankfurt am Main / November 21-23, 2011
Cash flow statement 9M/2011/ EUR (000)
9M/2011 9M/2010
Net inflow of funds from operating activities 30,243 6,583
Net outflow of funds due to investment activities -2,690 -14,776
Net inflow/outflow of funds for financing activities 2,047 -3,263
Change in liquid funds 29,600 -11,456
Others -81 -84
Liquid funds at the beginning of the period 79,079 55,892
Liquid funds at the end of the period 108,598 44,352
Liquid funds at the end of the period incl. securities 117,947 73,644
9.3
12.0
9M/2010 9M/2011
13.0
16.2
9M/2010 9M/2011
F I N AN C I AL S – 9 M / 2011
9M/2011 – Space Systems
Page 12 OHB AG / Frankfurt am Main / November 21-23, 2011
Total revenues
(EUR million)
EBITDA
(EUR million)
EBIT
(EUR million)
224 251
9M/2010 9M/2011
9M/2011:
EBIT margin: 4.8%
EBIT margin of own added value: 8.7%
F I N AN C I AL S – 9 M / 2011
9M/2011 – Aerospace + Industrial Products
Page 13 OHB AG / Frankfurt am Main / November 21-23, 2011
0.8
2.5
9M/2010 9M/2011
4.8
9.5
9M/2010 9M/2011
Total revenues
(EUR million)
EBITDA
(EUR million)
EBIT
(EUR million)
108
138
9M/2010 9M/2011
9M/2011:
EBIT margin: 1.8%
EBIT margin of own added value: 2.0%
S PAC E S Y S T E M S
SPACE SYSTEMS
Page 14 OHB AG / Frankfurt am Main / November 21-23, 2011
S PAC E S Y S T E M S
Satellite projects (I)
Page 15 OHB AG / Frankfurt am Main / November 21-23, 2011
Galileo - European Satellite Navigation System
Design, engineering assembly and test of 14 satellites
Test of structural and thermal Model (STM)
successfully completed
Critical Design Review Data Package delivered
Invitation to tender for next batch of 6 to 8 Galileo
satellites received (submission on December 1, 2011)
Launch of the first two satellites planned
for end of 2012
Order volume: EUR 566 million
S PAC E S Y S T E M S
Satellite projects (II)
Seite 16 OHB AG / Frankfurt am Main / November 21-23, 2011
SmallGEO platform
Design & development of a cost-effective satellite
platform for a broad spectrum of GEO applications
Communication
Earth observation/meteo
Scientific missions
Order volume: EUR 130 million
HISPASAT
Contract for development of “Hispasat AG1”
signed in 2009
Mission based on the SmallGEO platform
will be launched end of 2013
Order volume: EUR 50 million
S PAC E S Y S T E M S
Satellite projects (III)
Seite 17 OHB AG / Frankfurt am Main / November 21-23, 2011
METEOSAT 3G (Weather forecast satellites)
First Authorization To Proceed (ATP) signed
with Thales Alenia Space in November 2010
Two more ATP extensions signed in 2011
(Order volume: EUR 45 million in total)
Development and procurement activities
in full progress
Critical Design Review planned for Q2/2012
Expected OHB order volume in total: EUR 750 million
S PAC E S Y S T E M S
Satellite projects (IV)
Seite 18 OHB AG / Frankfurt am Main / November 21-23, 2011
EDRS program
ESA ARTES-7 program to serve the GMES Earth
Observation satellites for data downlink via GEO data
relay
Authorization to Proceed was signed on April 13, 2011
New contract addendum led to an order volume of
EUR 52 million in total (Status: November 2011)
Launch expected in 2015
S PAC E S Y S T E M S
Satellite projects (V)
Page 19 OHB AG / Frankfurt am Main / November 21-23, 2011
EnMAP – Hyperspectral Satellit /
German hyperspectral EO-Mission
Global determination of ecosystem parameters and
bio-physical, bio-chemical and geo-chemical variables
Kayser-Threde is prime, OHB-System is co-prime
for the platform
Order volume: EUR 95 million
Launch planned for 2014
Mission duration : 5 years
S PAC E S Y S T E M S
Future missions based on SmallGEO platform
Page 20 OHB AG / Frankfurt am Main / November 21-23, 2011
German telecom mission: Heinrich Hertz
DLR program for in-orbit validation for innovative
SatCom technologies based on COMED and SGEO
Partial Use planned by German Bundeswehr
Ka-Band and X-Band payload
Feasibility study finished
Program decision expected in 2012
Launch planned in 2015
S PAC E S Y S T E M S
Future missions:
Coordinated CO2 & Methane measurements from space
Page 21 OHB AG / Frankfurt am Main / November 21-23, 2011
CarbonSat – ESA
Offer submitted to ESA for a Phase A study
Program shall secure the continuity of the
measurement of greenhouse data
(Envisat – SCHIAMACY)
CarbonSat constellation – OHB initiative
5 satellites provide daily a complete global
coverage
Data will allow a transparent monitoring of the
compliance of climate protection targets
2 km ground resolution
S PAC E S Y S T E M S
Future missions: SAR-Lupe Follow-On
Page 22 OHB AG / Frankfurt am Main / November 21-23, 2011
SAR Lupe: First German satellite-based radar
reconnaissance system
5 satellites and 1 ground station
Satellites and ground station fully operational since
December 2007, all satellites in service since July 2008
10 years operations service contract with the
Bundeswehr until 2017
More than 20 satellite years of flawless uninterrupted
operation
Preparations for SAR-Lupe next generation competition
System definition study of SAR-Lupe Follow-On (BWB,
BMVg) completed end of September 2011
Invitation to tender planned for Q2/2012
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
AEROSPACE + INDUSTRIAL PRODUCTS
Page 23 OHB AG / Frankfurt am Main / November 21-23, 2011
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
ARIANE 5 participation
Seite 24 OHB AG / Frankfurt am Main / November 21-23, 2011
Front Skirt
EPS Tanks
ESC LH2-
Tank Comp.
Bulkheads Booster Cases
Cardan Thermal Protection Comp.
Hydraulic Pres- sure Vessels
EPS
Configuration ESC
Configuration
Page 24
MT Aerospace manufactures 10% of the launcher hardware
With a capacity of up to 8 launchers per year
Largest contribution to ARIANE outside of France
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
Ariane 5 launch schedule Status: November 2011
Page 25 OHB AG / Frankfurt am Main / November 21-23, 2011
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
New Developments: ARIANE 5 Mid-Life Evolution
Seite 26 OHB AG / Frankfurt am Main / November 21-23, 2011
More power, more flexibility with a new cryogenic
upper stage
Deliver up to 11.5 tons of payload into GTO
Place satellites into different orbits with a
new re-ignitable engine
First flight scheduled for 2016
MT Aerospace is responsible for the development &
manufacture of the bare metallic upper-stage tank
Integrated propellant tank with common bulkhead
Carrying up to 30 tons of propellant
Sustaining higher thermal and mechanical loads
than ESC-A
Cooperation agreement for the development
was signed with Astrium in May 2011
„cold“
liquid hydrogen
- 250 C
„hot“
liquid
oxygen
- 180 C
Update
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
Products
Page 27 OHB AG / Frankfurt am Main / November 21-23, 2011
MT Aerospace supplies
Tanks and booster casings
Satellite & orbital transfer system components
Structures
Ceramic matrix composites
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
Tanks and tank components
Page 28 OHB AG / Frankfurt am Main / November 21-23, 2011
Ariane 5 - LH2 Tank Bulkheads Ariane 5 - EPS Tanks for MMH and NTO
H-IIA 1st Stage Tank Bulkheads
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
Telescope ALMA
(Atacama Large Millimeter/ Submillimeter Array )
Seite 29 OHB AG / Frankfurt am Main / November 21-23, 2011
Scope of Supply:
25 Units of 12m ALMA (Atacama Large Millimeter
Array) antennas
Delivery, erection, commissioning in Chile
Customer: ESO (European Southern Observatory),
Garching, Germany
European Industrial Consortium:
Thales Alenia Space, European Industrial Engineering,
MT Mechatronics
Location: Atacama Desert, Chile (altitude: 5,000m)
Status: 5 antennas delivered, 2 more planed for 2011,
3 antennas in Early Science Program
AE R O S PAC E + I N D U S T R I AL P R O D U C T S
Aerotech Peissenberg
Seite 30 OHB AG / Frankfurt am Main / November 21-23, 2011
Based in Peissenberg, Germany (Bavaria);
two affiliated companies in Chech Republic (Klatovy)
and France (Cháteauroux)
Manufacturing of sensitive class 1 and complex aero
engine components
Involved in over 30 commercial and military aero
engine programs
Manufacturing of parts for industrial gas turbines,
aircraft applications, medical industry
OUTLOOK 2011
Page 31 OHB AG / Frankfurt am Main / November 21-23, 2011
O U T L O O K 2 0 11
Outlook business units in detail
Page 32 OHB AG / Frankfurt am Main / November 21-23, 2011
Space Systems
Satellite developments in progress (Galileo, MTG, EnMAP, EDRS, SmallGEO)
Galileo 2nd batch proposal to be prepared until December 1, 2011
Heinrich Hertz phase A/B1 proposal has been delivered; evaluation phase is going on
CarbonSat study proposal delivered
Launch of TET-1 planned for 2012
Integration of OHB Sweden
Aerospace + Industrial Products
Ariane 5 Mid-Life Evolution development
Sardinia Radio Telescope completion in 2011
Integration of Aerotech Peissenberg
O U T L O O K 2 0 11
Guidance Group 2011
Page 33 OHB AG / Frankfurt am Main / November 21-23, 2011
Total revenues
(EUR million)
EBITDA
(EUR million)
EBIT
(EUR million)
453
<600
2010 2011e
34
>41
2010 2011e
23
>27
2010 2011e
APPENDIX
Page 34 OHB AG / Frankfurt am Main / November 21-23, 2011
AP P E N D I X
Assets
Page 35 OHB AG / Frankfurt am Main / November 21-23, 2011
Assets / EUR (000)
9/30/2011 12/31/2010 Δ
Non-current assets 136,865 120,058 +16,807
Property, plant and equipment 68,604 53,580 +15,024
Other financial assets 14,862 15,354 -492
Long-term securities 5,315 5,259 +56
Others 48,084 45,865 +2,219
Current Assets 447,870 346,338 +101,532
Inventories 142,108 103,939 +38,169
Trade receivables 179,465 140,087 +39,378
Cash and cash equivalents (incl. securities) 112,632 87,539 +25,093
Others 13,665 14,773 -1,108
Total assets 584,735 466,396 +118,339
AP P E N D I X
Shareholders‘ equity and liabilities
Page 36 OHB AG / Frankfurt am Main / November 21-23, 2011
Shareholders‘ equity and liabilities
/ EUR (000)
9/30/2011 12/31/2010 Δ
Equity 107,967 105,170 +2,797
Non-current liabilities and provisions 212,153 191,195 +20,958
Provisions for pensions 83,258 74,292 +8,966
Non-current advance payments 67,732 61,818 +5,914
Others 61,163 55,085 +6,078
Current liabilities 264,615 170,031 +94,584
Trade payables 67,369 67,429 -60
Current advance payments 142,516 70,662 +71,854
Others 54,730 31,940 +22,790
Total liabilities 584,735 466,396 +118,339
AP P E N D I X
Balance sheet structure
(in percentage of total assets)
Page 37 OHB AG / Frankfurt am Main / November 21-23, 2011
20%
77%
45% 36%
23%
36%
19%
thereof
advance
payments
Equity
Non-current
liabilities and
provisions
Current
liabilities
Current assets
Non-current
assets
thereof
securities and cash
Total assets 9/30/2011:
EUR 585 million
Assets Shareholders‘ equity and liabilities
AP P E N D I X
As of 9/30/2011
Shareholders’ structure
Page 38 OHB AG / Frankfurt am Main / November 21-23, 2011
AP P E N D I X
Order backlog with EUR 1.1 billion on a high level
(EUR million)
Seite 39 OHB AG / Frankfurt am Main / November 21-23, 2011
AP P E N D I X
The stock at a glance
Page 40 OHB AG / 9M Conference Call / November 9, 2011
The stock at a glance / EUR
9M/2011 9M/2010
High, Xetra 17.45 18.34
Low, Xetra 8.25 11.40
Closing price, Xetra 10.80 14.70
Average daily trading volumes (Xetra + floor) 23,863 53,548
Market capitalization, Xetra 189 million 257 million
Number of shares 17,468,096 17,468,096
AP P E N D I X
OHB share price 2011 (relative performance) Status: Nov 11, 2011, EUR 12.35
Seite 41 OHB AG / Frankfurt am Main / November 21-23, 2011
January February March April May June July August Sep October November
AP P E N D I X
Analysts’ ratings
Page 42 OHB AG / Frankfurt am Main / November 21-23, 2011
Analysts’ ratings
Date Institute Price Target Recommendation
November 2011 WestLB - Neutral
November 2011 Bankhaus Lampe EUR 18.00 Buy
November 2011 DZ BANK EUR 13.00 Buy
November 2011 Commerzbank EUR 18.00 Buy
September 2011 HSBC Trinkaus & Burkhardt EUR 17.50 Overweight
September 2011 VISCARDI EUR 15.00 Buy
AP P E N D I X
Calendar of events 2011 / 2012
Page 43 OHB AG / Frankfurt am Main / November 21-23, 2011
Calendar of events 2011 / 2012
Event Date
Analysts’ presentation
Deutsches Eigenkapitalforum, Frankfurt/Main November 22, 2011
Capital Market Day
OHB AG Headquarter, Bremen February 8, 2012
Annual report / annual accounts press conference, Bremen March 15, 2012
Analysts’ conference, Frankfurt/Main March 15, 2012
Three-month report / conference call May 16, 2012
Annual general meeting May 16, 2012
Half-year report / conference call August 9, 2012
Nine-month report / conference call November 8, 2012
C O N TAC T
Contact
Page 44 OHB AG / Frankfurt am Main / November 21-23, 2011
CEO Marco R. Fuchs +49-421-2020-664
IRO Michael Vér +49-421-2020-727
Email: [email protected]
Internet: http://www.ohb.de
Fax: +49-421-2020-613