Conference Call OHB SE Q2/Six-month results 2021 - August 11, 2021 Marco Fuchs, CEO Kurt Melching, CFO Dr. Lutz Bertling, CSDO / CDO
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Conference Call OHB SE
Q2/Six-month results 2021
August 11, 2021
Marco Fuchs, CEO
Kurt Melching, CFO
Dr. Lutz Bertling, CSDO / CDO
2
OHB covers all stages of the value chain
development, Launchers, in-orbit operations exploitation of
integration and testing access to space & terrestrial data generated
of satellites services by space-based
systems
3 3
4 Q2/2021 SPACE SYSTEMS – New version of the Triton satellite platform Luxspace prepares intensively for the New Space market LuxSpace and ESA signed a contract for the development and qualification of the Triton-X heavy microsatellite platform Triton-X is a new line of microsatellites with a launch mass of up to 200 kg aimed at enabling affordable satellite constellations in Low Earth Orbit The platform will be ready for commercial use by mid-2023, one special feature of the platform is its optimisation for rideshare missions, in which several satellites with different payloads are launched into space together
5 Q2/2021 SPACE SYSTEMS – Order intake for refuelling system for Lunar Gateway The Gateway will be an outpost orbiting the Moon OHB System AG and Thales Alenia Space (prime contractor for the programme) signed a contract on May 25 with regard to the realisation of the ESPRIT module (European System Providing Refuelling, Infrastructure and Telecommunications) for the new Lunar Orbital Platform Gateway Contract volume: EUR 58 million OHB will be responsible for the unpressurised structure as well as the thermal subsystem of the ESPRIT module up to flight readiness
6 Business year 2021 SPACE SYSTEMS – Development and expansion of activities Recent progress and successes OHB contributing to definition phase for Venus mission EnVision OHB leads design of future sovereign European missile defence programme OHB establishes geoengineering network Copernicus CO2 monitoring mission passes Space Segment Requirements Review
7 Q2/2021 AEROSPACE – Series production contract for Ariane 6 Supply agreement between MT Aerospace & ArianeGroup On April 30, the series production contract was signed which covers the components of the tanks and metallic structures of the upper stage and the central stage, the main components of the central stage structure in the Vulcain engine area, and the forward and aft structures of the solid boosters The contract is valid for the exploitation phase of the Ariane 6 program and is based on a reference pricing of 9 to 12 rocket launches The first flight of Ariane 6 is planned for mid-2022. MT Aerospace AG is one of the largest Ariane 6 suppliers with a production share of around ten percent
8 Business year 2021
AEROSPACE – Boeing and MT Aerospace sign partnership agreement
The companies will jointly explore additional collaboration opportunities
The new Memorandum of Understanding is intended to further diversify
and expand MT Aerospace’s supplier activities for Boeing
MT Aerospace has been a qualified supplier and partner to Boeing for
NASA’s SLS since 2013 and currently produces the dome gore panels
Dome gore panels: Special components made of an aluminum alloy for
cryogenic space applications. MT Aerospace AG is responsible for the
complete, high-precision manufacturing process using additive
manufacturing, including heat treatment, quality assurance and delivery to
the customer
NASA/MSFC
9 Business year 2021 AEROSPACE – RFA ONE: successful test marks significant milestone Rocket Factory Augsburg AG has successfully tested its entire engine with staged combustion over eight seconds - this kind of test is regarded in the industry as proof that an engine is full functional, reaching a thermal steady-state across all engine components RFA is the ninth company worldwide to have successfully tested a rocket engine with staged combustion in full scale Staged combustion technology is characterized by higher efficiency and performance compared to conventional open-cycle rocket engines
10 Q2/2021 AEROSPACE – Development and expansion of activities Recent progress and successes Rocket Factory Augsburg (RFA) secures launch site in Andøya, Norway RFA Portugal is awarded a contract to develop and qualify launcher structures MT Aerospace and ArianeGroup sign prototype development contract for optimized Ariane 6 upper stage MT Aerospace AG sets CFRP milestone Order-intake: MT Aerospace AG defining standards for 3D printing in the space sector
11 Q2/2021 DIGITAL – Contract for the delivery of a VGOS telescope OHB Digital Connect will be assembling the eleventh telescope in this series OHB Digital Connect GmbH received an order from the Italian company e-GEOS (end customer: Agenzia Spaziale Italiana) In addition to the assembling, OHB will be supplying and operationalizing the entire high-frequency chain complete with the front and back end and the corresponding control room equipment including the control system The VGOS telescopes are used for geodetic observation and measurement of the earth’s surface with the highest spatial resolution and positional accuracy
12 Business year 2021 DIGITAL – Order-intake from DB Energy OHB Teledata will deliver protection and station control technology for converter plant DB Energie's currently most powerful converter plant with a total capacity of 160 MVA is being built in Delitz near Leipzig OHB Teledata GmbH, as a specialist for secondary technical equipment in the field of traction power supply, received a corresponding contract for protection & station control technology, the communication technology in the plant, encrypted data transmission to the remote control centers, execution planning, construction of the secondary cabinets, parametrization & configuration of the protection & field control equipment, the local operator workstations, factory acceptance & commissioning
13 Business year 2021
Share buyback program Shareholder structure
2021/08/06
0.33% =
The program was launched on June 25 57,496 shares
and will be completed by March 31,
2022
29.95%=
Overall program volume: up to 170,000 5,231,880 shares
shares, respectively a total purchasing
volume (excluding incidental acquisition
costs) of up to EUR 6 million 69,7769.72%=
12,178,720 shares
Shares acquired by August 6: 27,000
Fuchs Pool Free float Treasury shares14 6m/2021
Development of order-backlog in EUR million
2500
2000 Record
high
1500 2,632
2,300 2,100 2,400 2,399 2,483
1000 2,063
1,600 1,700 1,600
500 1,200 1,000
834
447 534
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 6m
2021OHB Group Microsatellite platform portfolio –
addressing LEO constellations with modular solutions
15
Platform Eaglet M3 Platform – Multi InnoSat SML Series Triton Triton-X
Mission Microsatellite
Producer OHB Italia OHB Italia OHB Sweden LuxSpace LuxSpace
Orbit Sun-synchronous dawn- Sun-synchronous dawn-dusk Low earth orbit (LEO) Low earth orbit (LEO) Low earth orbit (LEO)
dusk orbit orbit (Altitude 540 – 600 km) 400-700km altitude
(Altitude 540 – 600 km)
Typical Navigation (AIS), Land and Navigation (AIS), Land and Earth Observation, Earth Observation, Earth Observation,
Applications Maritime Surveillance Maritime Surveillance Communications, Technology Communications, Situational Communications, Situational
demonstration, Science Awareness, Technology Awareness, Technology
Demonstration Demonstration
Launch Mass 5 kg 25 Kg 40-200 kg 25 – 120 kg Three classes, up to 200kg
Payload Mass Up to 1.5 kg 5 Kg 20 kg (S) Up to 35 kg Up to 90 kg
20-30 kg (M)
30-80 kg (L)
Payload Power 5W 15 W 30-40 W (S/M) Up to 150 W 56 W to 153 W
50-60 W (L) (depending on orbit)
Lifetime 3 – 5 years 3 – 5 years 5 years 3 – 5 years 5 years
Heritage CubeSat CubeSat GMS-T VesselSat, ESAIL partly ESAIL, under
development
(Expected) 2018 2022 GMS-T (2021), MATS (2021), 2020 2023
launch EIS (2023),
AWS (2024)16 Business year 2021 & beyond
Small satellite platforms of OHB:
designed for future constellations
Amount of
booked /
realized
missions per
4 plattform
InnoSat Telecom
Telecom
European Secure Satellite
Broadband constellation
Communication System
Earth observation
Earth observation
2 Eaglet Triton Arctic weather
constellation
LYNX
Launch mass
Institutional Commercial / Export
5kg 55kg 100kg17 6m 2021
The Group in brief 6M/2021 in EUR (000)
6m 2020 6m 2021 Change in %
Order backlog (June 30) 1,560,226 2,482,510 +59
Total revenues 395,938 402,057 +2
EBITDA 36,591 39,299 +7
EBIT 19,874 21,409 +8
EBT 16,097 18,936 +18
Net profit after minorities 10,793 12,322 +14
EPS (EUR) 0.62 0.71 +15
Employees (June 30) 2,989 2,955 -118 6m 2021
Development of financial ratios for the group
Total revenues / EUR (000) EBITDA & EBIT / EUR (000)
500 50
450 425 45
404 396 402 39.3
400
354 40 36.0 36.6
350 35
29.3
300 30
25.8
250 25
19.3 21.0 21.7 21.4
19.9
200 20
150 15
100 10
50 5
0 0
6m 2017 6m 2018 6m 2019 6m 2020 6m 2021 6m 2017 6m 2018 6m 2019 6m 2020 6m 2021
6M/2021
EBIT margin 5.3 %,
EBIT margin on own value added 8.7 %19 6m 2021
Space Systems
Total revenues / EUR (000) EBITDA & EBIT / EUR (000)
400 50
339 326 45
350
315 322
40
300 34.9
261 35
250 30
28.9 28.9
200 25 22.1
20.2 17.8
20
150 15.1 14.7 15.2
15 11.2
100
10
50 5
0 0
6m 2017 6m 2018 6m 2019 6m 2020 6m 2021 6m 2017 6m 2018 6m 2019 6m 2020 6m 2021
6M/2021
EBIT margin 4.7 %,
EBIT margin on own value added 9.3 %20 6m 2021
Aerospace + Industrial products
Total revenues / EUR (000) EBITDA & EBIT / EUR (000)
15
120
10.7
100
98 94 9.2
10
88 8.1
6.4 7.2
80
5 3.9
2.9
60
58
40 0
40 -0,4 6m 2021
6m 2017 6m 2018 6m 2019 6m 2020
20
-5 -0.4 -1,7
-4,8
0 -10
6m 2017 6m 2018 6m 2019 6m 2020 6m 2021 6M/2021
EBIT margin -11,9 %,
EBIT margin on own value added -10,8 %21 6m 2021
First official reporting (half-)year for segment DIGITAL in EUR million
Total revenues EBITDA & EBIT
52
11,7 10,7
Pro forma Pro forma
representation representation
22
-0.9 -1.5
EBIT-Margin: 20.7%
EBITDA EBIT
EBIT-margin on own value added: 28.7%22 Business year 2021
Financial Guidance 2021 in EUR million
Total revenues Actual Guidance
1,000 1,030 1,000*
1000 860 901
800 728
600
400
200
0
2016 2017 2018 2019 2020 2021
*contributions from each segment Percentage
Guidance 2021 (released in February 2021)
Space Systems 10%
this occasion
DIGITAL >10%23 6m 2021
Assets / EUR (000)
12/31/2020 06/30/2021 Change in %
Non-current assets 376,417 382,631 3
Property, plant and equipment 97,210 96,668 0
Rights of use from leasing agreements 57,214 56,522 +1
Other intangible assets 121,174 119,387 +1
Others 100,819 110,054 +9
Current assets 535,661 584,034 +9
Inventories 62,100 57,341 -8
Trade receivables 55,746 76,753 +38
Contract assets 310,438 378,533 +22
Cash and cash equivalents 91,968 55,594 -40
Others 15,409 15,813 +3
Total assets 912,078 966,665 +624 6m 2021
Shareholder‘s equity and liabilities/ EUR (000)
12/31/2020 06/30/2021 Change in %
Equity 223,326 238,788 +7
Non-current liabilities and provisions 252,415 237,051 -6
Provisions for pensions 110,964 105,023 -5
Leasing liabilities 46,125 45,602 -1
Deferred tax liabilities 44,492 42,464 -5
Others 50,834 43,962 -14
Current liabilities 436,337 490,826 +12
Trade payables 104,525 97,073 -7
Contract liabilities 143,114 137,580 -4
Current financial liabilities 93,120 148,644 +60
Others 95,578 107,529 +13
Total liabilities 912,078 966,665 +625 6m 2021
Financial ratios (in EUR million)
6m2019 6m 2020 6m 2021
Free Cash flow -117 -64 -74
Net debt 237 207 212
Net debt ex pensions 139 101 107
CAPEX (incl. financial assets) 11 12 9
Own work capitalized (additions) 7 3 5
ROCE 13% 12% 11%26 6m 2021
Development of the ratio net debt
as of the balance sheet date of the respective reporting period / in EUR million
300
250 237
207 212
200
150 139
101 107
100
50
0
6m 2019 6m 2020 6m 2021
Net debt Net debt ex pensions27 6m 2021
Development of investment spending
as of the balance sheet date of the respective reporting period / in EUR million
14
12
12 11
10 9
8 7
6 5
4 3
2
0
6m 2019 6m 2020 6m 2021
CAPEX Own work capitalised28 6m 2021
Development of free cash flow / ROCE
as of the balance sheet date of the respective reporting period
Free cash flow / in EUR million ROCE in %
30 16
10 14
-10 12
6m 2019 6m 2020 6m 2021
-30 10
-50 8
-70 6
-64
-90 -74
4
-110 2
-130 -117 0
-150 6m 9m 12m 3m 6m 9m 12m 3m 6m
2019 2019 2019 2020 2020 2020 2020 2021 2021
Looking at the full year, the CF has been positive in
the last 5 financial years29 Business year 2021
Financial Calendar 2021
August 11, 2021 Six-month interim report 2021, webcast
September 1, 2021 Commerzbank conference (virtual)
November 10, 2021 Nine-month interim report 2021, webcast
November 22-24,
German Equity Forum 2021 (virtual)
2021
November 30, 2021 DZ Bank conference (Frankfurt/Main)You can also read
