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

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


As of November 2011

T H E G R O U P – AT A G L AN C E

Total revenues over 5 years


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


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


F I N AN C I AL S – H I G H L I G H T S 9 M / 20 11

Highlights


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


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


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


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


Total revenues

(EUR million)

EBITDA

(EUR million)

EBIT

(EUR million)

224 251

9M/2010 9M/2011

9M/2011:

EBIT margin: 4.8%


F I N AN C I AL S – 9 M / 2011

9M/2011 – Aerospace + Industrial Products


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%


S PAC E S Y S T E M S

SPACE SYSTEMS



Satellite projects (I)


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


Satellite projects (II)


SmallGEO platform

Design & development of a cost-effective satellite

platform for a broad spectrum of GEO applications

Communication

Earth observation/meteo

Scientific missions


HISPASAT

Contract for development of “Hispasat AG1”

signed in 2009

Mission based on the SmallGEO platform

will be launched end of 2013



Satellite projects (III)


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


Satellite projects (IV)


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


Satellite projects (V)


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


Launch planned for 2014

Mission duration : 5 years


Future missions based on SmallGEO platform


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


Future missions:

Coordinated CO2 & Methane measurements from space


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


Future missions: SAR-Lupe Follow-On


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



ARIANE 5 participation


Front Skirt

EPS Tanks

ESC LH2-

Tank Comp.

Bulkheads Booster Cases

Cardan Thermal Protection Comp.

Hydraulic Pres- sure Vessels

EPS

Configuration ESC

Configuration

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


Ariane 5 launch schedule Status: November 2011



New Developments: ARIANE 5 Mid-Life Evolution


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


Products


MT Aerospace supplies

Tanks and booster casings

Satellite & orbital transfer system components

Structures

Ceramic matrix composites


Tanks and tank components


Ariane 5 - LH2 Tank Bulkheads Ariane 5 - EPS Tanks for MMH and NTO

H-IIA 1st Stage Tank Bulkheads


Telescope ALMA

(Atacama Large Millimeter/ Submillimeter Array )


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


Aerotech Peissenberg


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

http://www.man.de/MAN/de/

http://www.aero.cz/en

http://www.woodgroup.com/

http://de.wikipedia.org/w/index.php?title=Datei:Pratt-&-Whitney-Logo.svg&filetimestamp=20090731212014

http://www.hispano-suiza-sa.com/spip.php?page=sommaire&lang=fr

http://www.messier-bugatti.com/

http://www.sikorsky.com/vgn-ext-templating-SIK/v/index.jsp?vgnextoid=162f45d57ef68110VgnVCM1000001382000aRCRD

http://www.otto-fuchs.com/index.php?id=1

OUTLOOK 2011


O U T L O O K 2 0 11

Outlook business units in detail


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


Total revenues

(EUR million)

EBITDA

(EUR million)

EBIT

(EUR million)

453

<600

2010 2011e

34

>41

2010 2011e

23

>27

2010 2011e

APPENDIX


AP P E N D I X

Assets


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


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)


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


AP P E N D I X

Order backlog with EUR 1.1 billion on a high level

(EUR million)


AP P E N D I X

The stock at a glance

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


January February March April May June July August Sep October November

AP P E N D I X

Analysts’ ratings


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


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


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

marco fuchs, ceo november 21 - 23, 2011, frankfurt/mainfuture missions: sar-lupe follow-on ohb ag /...

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