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Annual Report 2016 OHB SE

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Annual Report 2016 OHB SE OHB SE ANNUAL REPORT 2016 OHB SE FIGURES THE GROUP in EUR 000 2016 2015 2014 2013 2012 1. Revenues 699,184 719,706 728,147 680,121 615,982 2. Total revenues 728,386 730,368 772,954 700,063 632,729 3. EBITDA 55,081 52,135 53,416 52,803 46,110 4. EBIT 42,700 40,214 40,400 36,353 30,997 5. EBT 38,009 36,698 33,874 29,728 23,979 6. Net income for the period 22,212 20,975 25,713 19,436 14,818 7. Earnings per share (EUR) 1.28 1.21 1.48 1.12 0.85 8. Total assets 682,914 638,725 640,613 585,407 538,757 9. Equity 183,590 168,751 145,402 132,705 117,332 10. Cash flow from operating activities 72,726 3,591 −35,020 −34,111 17,559 11. Equity investments 50,200 24,616 25,048 23,632 21,571 12. thereof capital spending 1,966 39 40 1,046 760 13. Employees on December 31 2,298 2,056 2,086 2,412 2,493 THE SHARE in EUR 2016 2015 2014 2013 2012 1. Closing price 18.54 20.97 19.70 17.55 15.15 2. Year high 20.78 23.60 25.06 18.63 16.50 3. Year low 17.02 16.59 17.45 14.76 11.16 Market capitalization at year-end 4. (in EUR million) 324 366 344 307 265 5. Number of shares 17,468,096 17,468,096 17,468,096 17,468,096 17,468,096 6. Dividend (Euro) 0.40* 0.40 0.37 0.37 0.37 * Subject to approval by the shareholders 728 55 43 EUR MILLION EUR MILLION EUR MILLION Consolidated total revenue EBITDA EBIT CONTENTS FINANCIAL YEAR 2 Letter to the shareholders 1 6 Report of the supervisory board 10 SPACE FASCINATION 36 The year in review 44 OHB stock 48 Group management report 69 Corporate governance report 71 Consolidated financial statements 78 Notes to the consolidated financial statements 118 Service OHB SE ANNUAL REPORT 2016 OHB SE AT A GLANCE OHB SE is a European aerospace and technology group and one of the most important independent forces in the European space industry. With 35 years of experience in developing and executing innovative space technology systems and projects and its range of specific aviation / aerospace and telematics products, the OHB Group is superbly positioned to face international competition. Over the last few years, it has broadened its geographic footprint within Europe and now has facilities in many important ESA member countries. These strategic decisions on locations and the deliberate separation of functions across Europe allow the Group to participate in numerous European programs and missions. The two “Space Systems” and “Aerospace + Industrial Products” business units reflect the convergence of these activities and the focus on specific core skills. The “Space Systems“ business unit focuses on developing and executing space projects. In particular, it is responsible for developing and manufacturing low-orbiting and geostationary small satellites for navigation, research, communications and earth observation including scientific payloads. Its manned space flight activities chiefly entail the assembly and operation of the International Space Station ISS, Columbus and ATV. The exploration segment works on studies and models for exploring our solar system, primarily the moon and Mars. In addition, efficient reconnaissance satellites and broadband wireless transmission of image data form core technologies for security and reconnaissance. The “Aerospace + Industrial Products” business unit is primarily responsible for manufacturing aviation and space products as well as engaging in other industrial activities. In this area, OHB has established itself as a leading supplier of aerospace struc- tures for the aviation and space industry; among other things, it is the largest German supplier of components for the Ariane-5 program. In addition, OHB is an experienced provider of mechatronic systems for antennas and telescopes and is involved in several major radio telescope projects. OHB telematics systems serve the logistics industry around the world by offering efficient transport management and consignment tracking facilities. SPACE SYSTEMS AEROSPACE + INDUSTRIAL PRODUCTS OHB System AG, MT Aerospace AG, Bremen & Oberpfaffenhofen, 70% 100% Augsburg, Germany Germany OHB Italia S.p.A., MT Mechatronics GmbH, 70% 100% Milan, Italy Mainz, Germany LuxSpace Sàrl, MT Aerospace Guyane S.A.S., 70% 100% Betzdorf, Luxembourg Kourou, French Guiana Antwerp Space N.V., OHB Teledata GmbH, 100% 100% Antwerp, Belgium Bremen, Germany OHB Sweden AB, megatel GmbH, 74.9% 100% Stockholm, Sweden Bremen, Germany SUBSIDIARIES OF OHB SE IN EUROPE OHB MT SYSTEM AG AEROSPACE AG Bremen Bremen OHB SWEDEN AB Stockholm LUXSPACE SÀRL Luxembourg 4 MT MECHATRONICS ANTWERP GMBH SPACE N.V. Mainz Antwerp MT AEROSPACE GUYANE S.A.S. Kourou MT AEROSPACE AG Augsburg MT MECATRONICA LTDA OHB Santiago de Chile SYSTEM AG Oberpfaffenhofen OHB ITALIA S.P.A. Milan OHB SE ANNUAL REPORT 2016 LETTER TO THE SHARE­ HOLDERS 2 Dear shareholders, customers and business associates, OHB SE entered the new year with a premiere: In the early hours of January 28 of this year, a geostationary communications satellite engineered and built by OHB System was launched for the first time. Built for our cus- tomer Hispasat and named H36W-1, the satel- lite reached the ESA space center in Kourou, MANAGEMENT French-Guiana in early December 2016 after BOARD intensive testing and was readied for launch- ing. This marked a further new step for OHB Ulrich Schulz, as it was the first satellite to be assembled Born in 1951, degree in engineering Member of the Management Board of using OHB System’s modular SmallGEO plat- OHB SE since 2000 form. With its flexible configurability, this plat- Klaus Hofmann, form can be used for many different purpos- Born in 1960, degree in business es and will allow OHB to enter the decisive administration Member of the Management Board of markets of the future, addressing commercial OHB SE since 2015 and institutional customers in telecommuni- Marco Fuchs, cations as well as the increasingly important Born in 1962, attorney at law earth observation segment. The Electra mis- Member of the Management Board of sion is also based on this platform. In the first OHB SE since 2000 quarter of 2016, the Luxembourg satellite Dr. Fritz Merkle, Born in 1950, degree in physics operator SES and OHB System signed a con- Member of the Management Board of tract for the next development phase of the OHB SE since 2014 project under which OHB will be developing a fully electric satellite platform aimed at reducing satellite mass and launch costs. LETTER TO THE SHAREHOLDERS 3 OHB SE ANNUAL REPORT 2016 LETTER TO THE SHAREHOLDERS Extensive experience and knowledge gained positioned and holds around 50% of the Ger- from the ExoMars 2016 mission, which re- man portion of a total of 23% in the develop- ceived a great deal of media coverage when ment and production of the ARIANE 6. it was launched in March will also help all the parties involved in preparing the follow-up The smaller OHB Group companies also se- ExoMars 2020 mission. In October, the trace cured a number of interesting contracts last gas orbiter, to which OHB made a significant year. Antwerp Space, for example, is supplying contribution, reached its orbit around Mars, the communications subsystem for the Jupi- where it will be examining the Martian atmos- ter mission Juice. Together with other mis- phere and sending the data that it collects sions, it is being integrated at the new ISO-8 back to the earth. Alongside this scientific clean-room facilities in Antwerp that were mission, a further two launches were exe- opened in October. OHB Sweden was awarded cuted with OHB’s involvement. As the indus- a contract to supply the chemical propulsion trial prime contractor, OHB System AG is re- system as well as the fluidic part of the sponsible for supplying a total of 22 Galileo micro-propulsion system for the EUCLID sci- FOC* navigation satellites. Following the suc- ence satellite. Scheduled for launch in 2020, cessful placement of a further six satellites EUCLID will be exploring dark energy and dark last year – four of which were simultaneous- matter. Under a contract signed with the Euro- ly launched on board an Ariane 5 in November pean Maritime Safety Agency, LuxSpace will 2016 – a total of 14 OHB-engineered satellites be providing global real-time feeds of satellite- are in orbit, with eight more expected to fol- based AIS (SAT-AIS) data for ship tracking and low in 2017 and 2018. In December, ESA other maritime navigational, safety and the European Commission an- and security applications togeth- 4 nounced the commencement er with ORBCOMM Inc. of the first Galileo services. The adoption of the ESA The companies within the IN DECEMBER, budget for 2017 in a business unit Aerospace total amount of EUR + Industrial Products ESA AND THE EURO- 5.8 billion for the first also enjoyed success PEAN COMMISSION time (including the last year, with MT Aero- budget of the Euro- space benefiting from ANNOUNCED THE pean Union) and the deliveries of compo- COMMENCEMENT OF decision to fund cer- nents for seven Ariane 5 tain projects (ExoMars launches. By the end of THE GALILEO INITIAL 2020, for example, has the year, this vehicle had SERVICES received a larger budget) successfully completed a were important results of Marco Fuchs total of 76 consecutive launch- Chief Executive Officer the Ministerial Council of the es, making it the world’s most 22 ESA member countries held reliable launcher. Development of in early December 2016 in Lucerne, the next-generation ARIANE 6, which is Switzerland.
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