Space Safety Enjoy Space Safety
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ANNUAL REPORT ENJOY SPACE SAFETY ENJOY SPACE SAFETY 5 Time out in Vancouver, Canada // Flyeye observes the sky 17 Holiday atmosphere on Hiddensee, Germany // The amount of space debris is increasing 14 Relaxed moments in Rio, Brazil // Let’s go to Lagrange 5 9Coffee break in St. Petersburg, Russia // Hera team at OHB discusses asteroid mission 6Forest tour in Christchurch, New Zealand // Hera explores Didymos At OHB, we are working on technical systems to protect our planet, ward of threats from space and make the world a safer place. THE THREATS ARE REAL AND THEREFORE WE MUST NOW START TO DEVELOP THE TECHNOLOGIES TO DEFEND AGAINST THEM.” — MARCO FUCHS CHIEF EXECUTIVE OFFICER ENJOY SPACE SAFETY OHB SE FIGURES THE GROUP in EUR 000 2019 2018 2017 2016 Revenues 1,004,618 976,551 825,894 699,184 Total revenues 1,030,086 1,000,392 859,689 728,386 EBITDA 78,331 65,013 58,809 55,081 EBIT 49,109 47,751 44,223 42,700 EBT 39,144 44,092 42,238 38,009 Share of OHB SE shareholders in net profit for the year 25,543 24,998 23,355 22,212 Earnings per share (EUR) 1.47 1.44 1.34 1.28 Total assets 931,019 753,606 719,698 682,914 Equity 200,830 200,019 207,280 183,590 Cash flow from operating activities 22,884 60,179 34,977 72,726 Equity investments 36,923 40,736 44,885 50,200 thereof capital spending 2,388 2,342 245 1,966 Order backlog 1,840,009 2,398,682 2,438,864 1,559,655 Employees at December 31 2,933 2,769 2,420 2,298 THE SHARES in EUR 2019 2018 2017 2016 Closing price 43.50 30.90 44.61 18.54 Year high 48.65 49.75 47.47 20.78 Year low 29.60 27.55 18.26 17.02 Market capitalization at year-end (in EUR million) 760 540 779 324 Number of shares 17,468,096 17,468,096 17,468,096 17,468,096 Dividend 0.43* 0.43 0.40 0.40 * Subject to approval by the shareholders EUR 1,030 MILLION TOTAL REVENUES EUR 78 MILLION EBITDA EUR 49 MILLION EBIT OHB SE ANNUAL REPORT 2019 OHB SE AT A GLANCE scientifi c payloads. Reconnaissance satellites and broad band wireless transmission of image data form core tech OHB SE is a European aerospace and technology group nologies for security and reconnaissance. The exploration and one of the most important independent forces in the segment works on studies and models for exploring our European space industry. With more than 35 years of solar system, primarily Mars, the Moon and asteroids. experience in developing and executing innovative space Its human space fl ight activities chiefl y entail projects for technology systems and projects and its range of specifi c the payloads and operations of the International Space aviation / aerospace and telematics products, the OHB Station, ISS. In addition, OHB is an experienced provider Group is superbly positioned to face international compe of mechatronic systems for antennas and telescopes and tition. Over the last few years, it has broadened its geo is involved in major radio telescope projects. graphic footprint within Europe and now has facilities in many important ESA member countries. These strategic The “Aerospace + Industrial Products” business unit is decisions on locations allow the Group to participate in primarily responsible for manufacturing aviation and numerous European programmes and missions. The two space products as well as engaging in other industrial “Space Systems” and “Aerospace + Industrial Products” activities. In this area, OHB has established itself as a business units refl ect the convergence of these activities leading supplier of aerospace structures; among other and the focus on specifi c core skills. The “Space Systems” things, it is the largest German supplier for the Ariane business unit focuses on developing and executing space program and is the established manufacturer of com projects. In particular, it is responsible for developing ponents for satellites and aircraft. A broad portfolio of and manufacturing low orbiting and geostationary satel service activities completes this business unit – these lites for navigation, science, communications, earth include the operation of satellites, IT services and appli and weather observation and reconnaissance including cations in the context of transport and mobility. MT Mechatronics GmbH OHB System AG Mainz, Germany Bremen & Oberpfaffenhofen, Germany MT Mecatrònica SpA Santiago de Chile, Chile OHB Italia S.p.A. 100 % 100 % Milan, Italy 100 % LuxSpace Sàrl 100 % 100 % Betzdorf, Luxembourg MT Aerospace AG 70 % Augsburg, Germany Antwerp Space N.V. 100 % Antwerp, Belgium Space Systems MT Aerospace Guyane S.A.S. 70 % Kourou, French Guiana OHB Sweden AB 100 % Stockholm, Sweden MT Management Service GmbH 70 % Augsburg, Germany OHB Czechspace s.r.o. 100 % Klatovy & Brno, Czech Republic OHB Teledata GmbH Aerospace + 100 % Industrial Products Bremen, Germany OHB Hellas mon.E.P.E. 100 % Athens, Greece OHB Digital Services GmbH 74.9 % Bremen, Germany 100 % 100 % 100 % OHB Digital Solutions GmbH 100 % Graz, Austria OHB COSMOS International Launch Services GmbH Bremen, Germany OHB Infosys GmbH OHB Satellitenbetrieb GmbH Bremen, Germany Bremen, Germany OHB SE ANNUAL REPORT 2019 ENJOY SPACE SAFETY 124 CALENDAR OF EVENTS 2020 Annual Press Conference March 18, 2020 and Publication of Annual Report for 2019, Bremen, and Analyst Conference, Frankfurt am Main German Corporate Conference, Bankhaus Lampe, March 24−26, 2020 Baden-Baden 3-month Report / May 12, 2020 Conference call with Analysts Annual General Meeting, May 26, 2020 Bremen 6-month Report / August 11, 2020 Conference call with Analysts Ninth German Corporate Conference, September 21−23, 2020 Berenberg / Goldman Sachs, Munich 9-month Report / November 12, 2020 Conference call with Analysts Analyst Presentation German Equity Forum, November 16−18, 2020 Frankfurt am Main DZ Bank Equity Conference, November 23−24, 2020 Frankfurt am Main OHB SE ANNUAL REPORT 2019 OHB SE ANNUAL REPORT 2019 124 CALENDAR OF EVENTS 2020 CONTENTS ENJOY SPACE SAFETY Annual Press Conference March 18, 2020 and Publication of Annual Report for 2019, Bremen, What is Space Safety? 2 and Analyst Conference, Flyeye: Early warning service for the sky 4 Frankfurt am Main Hera: Civil protection made in Bremen 6 Interview: Hazards from outer space 10 German Corporate Conference, Bankhaus Lampe, March 24−26, 2020 Space Weather: Northern Lights and power failures 14 Baden-Baden Space Debris as a problem 16 A look back at 2019 18 3-month Report / May 12, 2020 Conference call with Analysts FINANCIAL REPORT Annual General Meeting, May 26, 2020 Letter to the Shareholders 26 Bremen Report of the Supervisory Board 30 Corporate Governance Report 34 6-month Report / August 11, 2020 OHB Stock 37 Conference call with Analysts Capital Market Day 40 Combined Management Report 42 Ninth German Corporate Conference, September 21−23, 2020 Consolidated Financial Statements 65 Berenberg / Goldman Sachs, Notes to the Consolidated Financial Statements 72 Munich Service 119 9-month Report / November 12, 2020 Conference call with Analysts Analyst Presentation German Equity Forum, November 16−18, 2020 Frankfurt am Main DZ Bank Equity Conference, November 23−24, 2020 Frankfurt am Main OHB SE ANNUAL REPORT 2019 OHB SE ANNUAL REPORT 2019 ENJOY SPACE SAFETY 2 WHAT IS SPACE SAFETY? “THERE ARE MILLIONS OF BOULDERS IN THE UNIVERSE WHICH, IF THEY WERE TO COLLIDE WITH THE EARTH, WOULD EXTINGUISH EVERY FORM OF LIFE ON OUR PLANET. FORTUNATELY, SUCH AN EVENT OCCURS ONLY EVERY 100 MILLION YEARS ON AVERAGE. THE LAST TIME SUCH AN OBJECT HIT THE EARTH WAS 66 MILLION YEARS AGO, WHEN 75 PERCENT OF ALL LIVING CREATURES ON THE EARTH, INCLUDING THE DINOSAURS, DIED OUT. HOWEVER, AS THE OPTIMIST I CONSIDER MYSELF TO BE, I ASSUME THAT PEOPLE’S INVENTIVENESS WILL ENSURE THAT SOLUTIONS WILL BE FOUND TO ADDRESS ALL THESE THREATS IN GOOD TIME.” Asteroids, space debris, space weather – the threats from space are manifold and, in the worst case, disastrous. While asteroids have posed a threat to the Earth for billions of — MARCO FUCHS years, space debris and the effects of space weather are CHIEF EXECUTIVE OFFICER phenomena that have only recently gained technological relevance. OHB SE ANNUAL REPORT 2019 DAS RECHTE BILD 12 MM RAUS STELLEN ENJOY What is Space Safety? SPACE SAFETY 2 3 WHAT IS SPACE SAFETY? “THERE ARE MILLIONS OF BOULDERS IN THE UNIVERSE WHICH, IF THEY WERE TO COLLIDE WITH THE EARTH, WOULD EXTINGUISH EVERY FORM OF LIFE ON OUR PLANET. FORTUNATELY, SUCH AN EVENT OCCURS ONLY EVERY 100 MILLION YEARS ON AVERAGE. THE LAST TIME SUCH AN OBJECT HIT THE EARTH WAS 66 MILLION YEARS AGO, WHEN 75 PERCENT OF ALL LIVING CREATURES ON THE EARTH, INCLUDING THE DINOSAURS, DIED OUT. HOWEVER, AS THE OPTIMIST I CONSIDER MYSELF TO BE, I ASSUME THAT PEOPLE’S INVENTIVENESS WILL ENSURE THAT SOLUTIONS WILL BE FOUND TO ADDRESS ALL THESE Asteroids, space debris, space weather – the threats from In order to reduce and avert these dangers, the European The most important of these activities are the Hera asteroid THREATS IN GOOD TIME.” Space Agency ESA has consolidated all relevant activities defense program, the Lagrange mission, which aims to space are manifold and, in the worst case, disastrous. While in its “Space Safety” program. The purpose of the mea shield sensitive infrastructures in space and on the Earth asteroids have posed a threat to the Earth for billions of sures pooled in this program is to “protect our planet, its from harmful radiation from the sun more effectively, and — MARCO FUCHS years, space debris and the effects of space weather are inhabitants and the vital infrastructures on which we have a series of measures to collect space debris and to prevent CHIEF EXECUTIVE OFFICER phenomena that have only recently gained technological become so dependent”.