Slide 1: Conference Call OHB SE Q1/Three-month results 2019
May 9, 2019 Conference Call OHB SE Q1/Three-month results 2019 Marco Fuchs, Chief Executive Officer Kurt Melching, Chief Financial Officer OHB AG
Slide 2: Recent news flow from the subsidiaries
Recent news flow from the subsidiaries • ExoMars-carrier shipped from OHB System in Bremen to Thales Alenia Space (Turin, Italy) • Successful launch of OHB’s first hyperspectral satellite PRISMA • OHB System's Galileo satellites 19-22 (completion of work order 2) are fully operational after in-orbit
Slide 3: Status update: MTG (Meteosat Third Generation)
Status update: MTG (Meteosat Third Generation) • Total number of satellites ordered by ESA and EUMETSAT: 6 (4 Imager and 2 Sounder satellites), contract volume: EUR 1,085 million • OHB System is the partner of the prime contractor Thales Alenia Space • To provide meteorological images for the Europe
Slide 4: Status update: EDRS-C
Status update: EDRS-C • The EDRS-C satellite, the second node of the SpaceDataHighway network (also known as EDRS), was developed and built by OHB System • Customer: Airbus Defence & Space Services • ESA ARTES 7 programme: European data relay satellite system for complementing the Sentinel earth obs
Slide 5: Status update: Galileo
Status update: Galileo • Total number of satellites ordered by ESA: 34 Contract volume: EUR 1.3 billion • 26 satellites of the Galileo system are already in orbit, 22 were developed, built and delivered by OHB • Batch 3 is in production (12 satellites), scheduled launches: from 2020 on • Procurement
Slide 6: Status update: SARah
Status update: SARah • The SARah System consists of one space segment and one ground segment • The space segment includes: • Two satellites containing reflector technology, which is well known and proven through SAR-Lupe (delivered by OHB) • One satellite with Phased Array Technology (delivered by s
Slide 7: Status update: Ariane 6
Status update: Ariane 6 • On May 6, Arianespace and ArianeGroup (prime contractor for the Ariane programme) announced the first contract for the launch of series production of the European launcher Ariane 6 • contract covers the production of the first 14 A6, which will be deployed in parallel with
Slide 8: The Group in brief 3M/2019 in EUR (000)
The Group in brief 3M/2019 in EUR (000) 3M/2018 3M/2019 Δ Order backlog (March 31) 2,396,742 2,286,331 -5% Total revenues 189,713 190,945 +1% EBITDA 14,242 19,500 +37% EBIT 10,220 12,358 +21% EBT 9,365 11,908 +27% Net profit after minorities 5,875 7,232 +23% EPS (EUR) 0.34 0.42 +24% Employees (March
Slide 9: Group results 3m in EUR million
Group results 3m in EUR million 190 191 200 Total revenues 157 165 150 100 50 0 3M 16 3M 17 3M 18 3M 19 25 EBITDA 20 19.5 14.2 15 12.7 10.7 10 5 0 3M 16 3M 17 3M 18 3M 19 15 12.4 EBIT 9.4 10.2 10 7.8 3M/2019 EBIT margin 6.5 %, EBIT margin on own 5 value added 10.2 % 0 3M 16 3M 17 3M 18 3M 19 9 OHB A
Slide 10: Space Systems 3m in EUR million
Space Systems 3m in EUR million 200 Total revenues 147 146 150 119 114 100 50 0 3M 16 3M 17 3M 18 3M 19 20 EBITDA 15 14.8 9.9 10 8.0 8.6 5 0 3M 16 3M 17 3M 18 3M 19 15 EBIT 9.3 10 6.6 7.2 3M/2019 6.2 EBIT margin 6.3 %, 5 EBIT margin on own value added 11.6 % 0 3M 16 3M 17 3M 18 3M 19 OHB 10 AG
Slide 11: Aerospace + Industrial Products 3m in EUR million
Aerospace + Industrial Products 3m in EUR million 60 55 Total revenues 39 44 46 40 20 0 3M 16 3M 17 3M 18 3M 19 EBITDA 5 4.3 4.4 4.5 2.8 0 3M 16 3M 17 3M 18 3M 19 4 EBIT 3 3.0 3.0 2.9 3M/2019 1.8 2 EBIT margin 6.2 %, EBIT margin on own 1 value added 6.9 % 0 3M 16 3M 17 3M 18 3M 19 OHB 11 AG
Slide 12: Financial guidance 2019 in EUR million
Financial guidance 2019 in EUR million Guidance Guidance released on 1200 Actual Feb 12, 2019 confirmed by 1,050 the management board on 800 1,000 May 9 860 730 728 400 Total revenues 0 2015 2016 2017 2018 2019 80 Estimation (EUR 10 80 million) of the effect due to 60 70 the application of IFRS 16 6
Slide 13: Cash Flow in EUR (000)
Cash Flow in EUR (000) 3M/2018 3M/2019 Net outflow of funds for operating activities -49,081 -50,022 Net outflow of funds due to investment activities -3,121 -3,065 Net inflow of funds from financing activities 43,880 64,194 Change in liquid funds -8,322 11,107 Others -48 589 Liquid funds at the beg
Slide 14: The Group in brief – Assets in EUR (000)
The Group in brief – Assets in EUR (000) 12/31/2018 03/31/2019 ∆ Non-current assets 291,338 347,537 +19% Property, plant and equipment 88,252 89,250 +1% Other financial assets 31,973 28,556 -11% Other intangible assets 113,204 114,479 +1% Rights of use from leasing agreements 0 57,236 n.a. Others 57
Slide 15: The Group in brief – Shareholder's equity and liabilities in EUR (000)
The Group in brief – Shareholder’s equity and liabilities in EUR (000) 12/31/2018 03/31/2019 ∆ Equity 200,019 204,264 +2% Non-current liabilities and provisions 176,349 237,403 +35% Provisions for pensions 99,583 98,828 -1% Deferred tax liabilities 37,543 38,147 +2% Leasing liabilities 0 49.248 n.a.
Slide 16: Application of IFRS 16 (Leases)
Application of IFRS 16 (Leases) • IFRS 16 replaces previous standard IAS 17 – Leases • became effective on January 1, 2019 Impact on the balance sheet as of 2019/03/31 Balance sheet – Balance sheet - Assets Equity and liabilities + EUR 57 million + EUR 57 million Balance sheet extension OHB 16 AG
Slide 17: Application of IFRS 16 (Leases) – impact on consolidated income statement
Application of IFRS 16 (Leases) – impact on consolidated income statement as of 2019/03/31 Consolidated income Consolidated income statement - so far statement - as of now Decrease: Revenue Revenue Operating costs Operating Costs w/o D&A Operating Costs w/o D&A Increase EBITDA EBITDA of EBITDA EUR b
Slide 18: 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) FY 2018 12/31/18 12/31/18 FY 2018 FY 2018 FY 2018 39 107 7 24 17 0,14 3m 2019 03/31/19 03/31/19 3m 2019 3m 2019 3m 2019 -53 163 64 3 3 0,14 Int
Slide 19: 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 200 180 174.1 162.7 160 137.3 132.3 140 120 107.0 100 80.5 80 63.9 60 36.9 35.7 40 20 7.4 0 2015 2016 2017 2018 3m 2019 Net debt Net debt ex pensions OHB 19 AG
Slide 20: Development of financial ratios
Development of financial ratios Free cashflow / in EUR million ROCE 80 0,2 60 55.7 0.14 0.14 40 0.13 39.1 0.12 0.12 20 0,1 11.5 0 -2.7 -20 -40 -53.1 -60 0 12m 15 12m 16 12m 17 12m 18 3m 19 2015 2016 2017 2018 3m 2019 OHB 20 AG
Slide 21: Development of investment spending / in EUR million
Development of investment spending / in EUR million 35 29.4 30 24.7 25 23.8 20 18.4 18.7 16.6 16.6 15 10 7.9 5 3.5 3.3 0 12m 2015 12m 2016 12m 2017 12m 2018 3m 2019 CAPEX Own work capitalized OHB 21 AG
Slide 22: Shareholder's structure as of May 2019
Shareholder’s structure as of May 2019 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% 22 OHB AG
Slide 23: Analyst ratings
Analyst ratings 23 Date Institution Price target Recommendation May 2019 Pareto Securities 42.00 EUR Buy April 2019 Bankhaus Lampe 43.00 EUR Buy March 2019 DZ Bank 42.00 EUR Buy November 2018 HSBC Trinkaus & Burkhardt 33.00 EUR Hold November 2018 Commerzbank 31.50 EUR Hold 23 OHB AG
Slide 24: The stock at a glance
The stock at a glance 24 EUR 3M/2018 3M/2019 ∆ High, Xetra 49.75 36.50 -27% Low, Xetra 34.90 29.60 -15% Closing price, Xetra 35.20 36.00 +2% Average daily trading volumes (Xetra + floor) 26,177 4,000 -85% Market capitalisation, Xetra 614,876,979 628,851,456 +2% Number of shares 17,468,096 17,468,096
Slide 25: Financial calendar 2019
Financial calendar 2019 • May 9, 2019 Three-month interim report 2019, conference call • May 24, 2019 Annual General Meeting / Bremen • June 5, 2019 Deutsche Bank Access Conference / Berlin • August 13, 2019 Six-month interim report 2019, conference call • August 28-29, 2019 Commerzbank Sector Confe