Slide 1: Conference Call OHB SE Q1/Three-month results 2020
May 12, 2020 Conference Call OHB SE Q1/Three-month results 2020 Marco Fuchs, Chief Executive Officer Kurt Melching, Chief Financial Officer Dr. Lutz Bertling, CSDO/CDO OHB AG
Slide 2: Recent developments from the subsidiaries
Recent developments from the subsidiaries • New member of the Management Board of OHB System: Chiara Pedersoli • Additional member of the Management Board of MT Aerospace: Ulrich Scheib • Successful Critical Design Review (CDR) of the ground segment in the NAOS project (OHB Italia) • Launch of the s
Slide 3: Status update: Covid-19 / Dividend
Status update: Covid-19 / Dividend • The space industry has been relatively crisis-resistant because • the demand for space products is still sound because of the clear benefits • the long-term nature of our projects, in which, for example, the failure to deliver components on time does not necessar
Slide 4: Status update: Covid-19 / Guidance
Status update: Covid-19 / Guidance • During the Capital Market Day on 13 February 2020, the Management Board issued the following guidance for the 2020 financial year: Total revenues / EUR (000) EBITDA & EBIT / EUR (000) 1,100 78 80 1,000 1,030 860 65 59 48 49 44 44 2017 2018 2019 2020e 2017 2018 20
Slide 5: The Group in brief 3M/2020 in EUR (000)
The Group in brief 3M/2020 in EUR (000) 3M/2019 3M/2020 Δ Order backlog (March 31) 2,286,331 1,703,216 -26% Total revenues 190,945 184,156 -4% EBITDA 19,500 19,271 -1% EBIT 12,358 11,094 -10% EBT 11,908 9,777 -18% Net profit after minorities 7,232 6,216 -14% EPS (EUR) 0.42 0.36 -14% Employees (March
Slide 6: Group results 3m 2020 in EUR million
Group results 3m 2020 in EUR million 190 191 184 200 Total revenues 157 165 150 100 50 0 3M 16 3M 17 3M 18 3M 19 3M 20 25 EBITDA 20 19.5 19.3 14.2 15 12.7 10.7 10 5 0 3M 16 3M 17 3M 18 3M 19 3M 20 15 EBIT 9.4 10.2 12.4 11.1 10 7.8 3M/2020 EBIT margin 6.0 %, EBIT margin on own 5 value added 8.7 % 0 3
Slide 7: Space Systems 3m 2020 in EUR million
Space Systems 3m 2020 in EUR million 200 Total revenues 147 146 142 150 119 114 100 50 0 3M 16 3M 17 3M 18 3M 19 3M 20 20 17.2 EBITDA 15 14.8 9.9 10 8.0 8.6 5 0 3M 16 3M 17 3M 18 3M 19 3M 20 15 EBIT 9.3 10.8 10 6.6 7.2 3M/2020 6.2 EBIT margin 7.6 %, 5 EBIT margin on own value added 12.6 % 0 3M 16 3M
Slide 8: Aerospace + Industrial Products 3m 2020 in EUR million
Aerospace + Industrial Products 3m 2020 in EUR million 60 55 Total revenues 39 44 46 43 40 20 0 3M 16 3M 17 3M 18 3M 19 3M 20 EBITDA 5 4.3 4.4 4.5 2.8 2.2 0 3M 16 3M 17 3M 18 3M 19 3M 20 4 EBIT 3 3.0 3.0 2.9 3M/2020 1.8 2 EBIT margin 1.0 %, EBIT margin on own 1 0.4 value added 1.0 % 0 3M 16 3M 17 3M
Slide 9: Cash Flow in EUR (000)
Cash Flow in EUR (000) 3M/2019 3M/2020 Net outflow of funds for operating activities -50,022 -50,359 Net outflow of funds due to investment activities -3,065 -3,247 Net inflow of funds from financing activities 64,194 85,159 Change in liquid funds 11,107 31,553 Others 589 -105 Liquid funds at the be
Slide 10: The Group in brief – Assets in EUR (000)
The Group in brief – Assets in EUR (000) 12/31/2019 03/31/2020 ∆ Non-current assets 348,625 344,862 -1% Property, plant and equipment 95,440 96,133 +1% Other financial assets 25,112 22,029 -12% Other intangible assets 116,309 114.728 -1% Rights of use from leasing agreements 54,878 53,526 -2% Others
Slide 11: The Group in brief – Shareholder's equity and liabilities in EUR (000)
The Group in brief – Shareholder’s equity and liabilities in EUR (000) 12/31/2019 03/31/2020 ∆ Equity 200,830 204,120 +2% Non-current liabilities and provisions 224,223 224,575 +0% Provisions for pensions 108,252 107,274 -1% Deferred tax liabilities 38,319 39,319 +3% Leasing liabilities 42,561 41,49
Slide 12: Selected financial ratios (in EUR million)
Selected financial ratios (in EUR million) Free Net debt Net debt ex CAPEX Own work ROCE cash flow pensions (incl. financial capitalized assets) (additions) 3m 2020 03/31/20 03/31/20 3m 2020 3m 2020 3m 2020 -54 192 84 4 1 12% 3m 2019 03/31/19 03/31/19 3m 2019 3m 2019 3m 2019 -53 163 64 3 3 14% Inter
Slide 13: Development of the ratio net debt
Development of the ratio net debt as of the balance sheet date of the respective reporting period / in EUR million 250 200 192 174 150 137 132 135 107 100 81 84 50 37 36 27 7 0 2015 2016 2017 2018 2019 3m 2020 Net debt Net debt ex pensions OHB 13 AG
Slide 14: Development of financial ratios
Development of financial ratios Free cashflow / in EUR million ROCE (%) 80 16 60 15 56 40 14 39 14 20 13 13 12 4 0 -3 12 12 12 12 12 -20 11 -40 -54 -60 10 2015 2016 2017 2018 2019 3m 2015 2016 2017 2018 2019 3m 2020 2020 OHB 14 AG
Slide 15: Development of investment spending / in EUR million
Development of investment spending / in EUR million 35 30 29 25 25 24 21 20 19 18 17 17 15 10 10 8 5 4 1 0 2015 2016 2017 2018 2019 3m 2020 CAPEX Own work capitalized OHB 15 AG
Slide 16: Shareholder's structure as of May 2020
Shareholder’s structure as of May 2020 Total issued capital – 17,468,096 shares Free Float; 5.221.380 shares; 29,89% Fuchs Pool; 12.178.720 shares; 69,72% Treasury Stock; 67.996 shares; 0,39% 16 OHB AG
Slide 17: Analyst ratings
Analyst ratings 17 Date Institution Price target Recommendation May 2020 Pareto Securities 49.00 EUR Buy May 2020 Commerzbank 32.00 EUR Hold April 2020 DZ Bank 43.00 EUR Buy April 2020 HSBC Trinkaus & Burkhardt 38.00 EUR Hold March 2020 Bankhaus Lampe 46.00 EUR Buy 17 OHB AG
Slide 18: The stock at a glance
The stock at a glance 18 EUR 3M/2019 3M/2020 ∆ High, Xetra 36.50 45.15 +24% Low, Xetra 29.60 25.65 -13% Closing price, Xetra 36.00 32.00 -11% Average daily trading volumes (Xetra + floor) 4,000 22,838 +571% Market capitalisation, Xetra 628,851,456 558,979,072 -11% Number of shares 17,468,096 17,468,
Slide 19: Financial calendar 2020
Financial calendar 2020 • May 12, 2020 Three-month interim report 2020, conference call • May 26, 2020 Virtual Annual General Meeting • August 11, 2020 Six-month interim report 2020, conference call • November 12, 2020 Nine-month interim report 2020, conference call • November 16-18, 2020 German Equ