2023
Annual Report
LETTER TO THE SHAREHOLDERS
OHB SE is a European space and technology Group and one of the major independent forces in this industry. With its more than 40 years of experience in the development and implementation of innovative space systems and projects as well as its range of specific aerospace and telematics products, the OHB Group has positioned itself excellently and is well positioned to compete internationally. The Company has locations in key ESA member countries. These locations allow it to participate in numerous European programs and missions.
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S PA C E
S Y S T E M S
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A E R O S P A C E
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m plem |
GREENER, MORE SECURE AND MORE CONNECTED | ACCESS TO SPACE | |
Environmental and weather satellites | Microlauncher | |
Reconnaissance satellites | ||
Launcher components, tanks | ||
Space safety missions | and structures | |
Telecommunications and navigation satellites | ||
RESOURCE-EFFICIENT FLYING | ||
CURIOUS AND ASPIRING | ||
Aero engine components | ||
Science and exploration missions | ||
OHB System AG | MT Aerospace AG | |||
Bremen & | ||||
Augsburg, | ||||
Oberpfaffenhofen, | ||||
Germany | ||||
Germany | ||||
70 % | ||||
100 % | ||||
OHB Italia S.p.A. | OHB Sweden AB | Rocket Factory | ||
Milan, | Stockholm, | Augsburg AG | ||
Italy | Sweden | Augsburg, | ||
100 % | 100 % | Germany | ||
64.6 % | ||||
Antwerp Space N.V. | LuxSpace Sàrl | Aerotech Peissenberg | ||
GmbH & Co. KG | ||||
Antwerp, | Betzdorf, | |||
Peissenberg, | ||||
Belgium | Luxembourg | |||
Germany | ||||
100 % | 100 % | |||
34.3 % | ||||
OHB | OHB | AT Engine Mexico | Aerotech | ATC |
Czechspace s.r.o. | Hellas mon.E.P.E. | S.A.P.I. de C.V. | Czech s.r.o. | Space s.r.o. |
Brno, | Athens, | Hermosillo, | Klatovy, | Klatovy, |
Czechia | Greece | Mexico | Czechia | Czechia |
100 % | 100 % | 17.5 % | 34.3 % | 34.3 % |
ns u r i n | g |
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D I G I TA L
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s i | c | e | ||||
o n su |
ESTABLISHING SECURE CONNECTIONS
Telescopes, ground systems and
satellite operations
Cybersecurity, encryption and
railroad infrastructure
UTILIZE FULL POTENTIAL
Data analytics, applications and
professional services
OHB Digital
Connect GmbH
Bremen, Mainz &
Gelsdorf, Germany
100 %
OHB Digital | OHB Orbital | OHB Teledata GmbH | |
Services GmbH | Access GmbH | Bremen & | |
Bremen, | Bremen, | Oberpfaffenhofen, | |
Germany | Germany | Germany | |
74.9 % | 100 % | 100 % | |
GEOSYSTEMS GmbH | MT Aerospace | OHB Chile SpA | |
Guyane S.A.S. | |||
Oberpfaffenhofen, | Viña del Mar, | ||
Kourou, | |||
Germany | Chile | ||
French Guiana | |||
100 % | 100 % | ||
70 % | |||
Blue Horizon Sàrl | OHB | Information Tech- | OHB Digital |
nology Services GmbH | Solutions GmbH | ||
Betzdorf, | |||
Bremen & Oberpfaffen- | Graz, | ||
Luxembourg | |||
hofen, Germany | Austria | ||
100 % | |||
100 % | 100 % | ||
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SPACE SYSTEMS
In the SPACE SYSTEMS segment, we design, develop and realize complete space systems. Together with you, we conceive and plan the goal of your mission. This means in particular the development and production of near-Earth and geostationary satellites in the application fields of environmental and weather observation, reconnaissance (civil and military), telecommunications and navigation in pursuit of being "greener, safer and more connected". In addi- tion, emphasis is placed on the area of space safety. Payloads and instruments are also key areas of expertise in our portfolio to support you in your endeavors. Within the scope of science and exploration missions, we work on studies and concepts for the exploration of our solar system with a focus on Mars, the Moon and asteroids, bringing together the human characteristics of curiosity and ambition.
AEROSPACE
With the AEROSPACE segment, we reach the implementation of your mission. We enable access to space by developing and manufacturing small launch vehicles and supplying essential components, tanks and structures for large launch vehicles, mainly for the European Ariane program. We support resource-efficient flying with modern system components for the aeronautics industry, in particular engine components from our participation Aerotech Peissenberg.
DIGITAL
In the DIGITAL segment, we ensure the success of your mission. Our telescopes, ground systems and antennas provide the necessary link between the ground infrastructure and the space segment, which is additionally secured by our expertise in the fields of cybersecurity and encryption. With satellite data analysis, additional applications and professional services, we help you to exploit the full potential of your mission.
= consolidated
01
OHB SE IN FIGURES
The Group
in EUR 000
Revenues
Total revenues
EBITDA
EBIT
EBT
Share of OHB SE shareholders in net profit for the year
Earnings per share (EUR)*
Total assets
Equity
Cash flow from operating activities
Equity investments
thereof capital spending
Order backlog
Employees at December 31
2023
1,047,796
1,182,845
162,119
125,022
104,144
71,287
4.11
1,340,078
438,022
- 61,801
37,865
4,281
1,748,621
3,292
2022 | 2021 | 2020 | 2019 | ||||
944,520 | 905,001 | 880,319 | 1,004,618 | ||||
1,001,276 | 916,547 | 901,431 | 1,030,086 | ||||
99,282 | 83,618 | 77,024 | 78,331 | ||||
63,196 | 47,021 | 41,634 | 49,109 | ||||
49,979 | 41,594 | 29,817 | 39,144 | ||||
32,242 | 27,498 | 20,869 | 25,543 | ||||
1.97 | 1.58 | 1.20 | 1.47 | ||||
1,081,925 | 960,847 | 912,078 | 931,019 | ||||
290,377 | 252,621 | 223,326 | 200,830 | ||||
9,122 | - 17,346 | 44,121 | 22,884 | ||||
32,399 | 38,899 | 35,394 | 36,923 | ||||
5,201 | 1,732 | 4,693 | 2,388 | ||||
1,875,245 | 2,120,779 | 2,632,328 | 1,840,009 | ||||
3,025 | 2,962 | 3,029 | 2,933 | ||||
- from continuing operations attributable to the owners of the parent company
The share
in EUR
Year-end closing price, Xetra
High for the year, Xetra
Low for the year, Xetra
Market capitalization (year end, Xetra)
Dividend per share
2023
42.40
43.55
28.94
815 million 0.60 *
2022 | 2021 | 2020 | 2019 | |||
32.25 | 36.00 | 38.60 | 43.50 | |||
37.69 | 49.85 | 46.70 | 48.65 | |||
26.95 | 33.50 | 25.65 | 29.60 | |||
563 million | 629 million | 674 million | 760 million | |||
0.60 | 0.48 | 0.43 | 0 | |||
- Subject to approval by the shareholders
2023 | 2023 | 2023 | |||
EUR 1,183 million | EUR 162 million | EUR 125 million | |||
Total revenues | EBITDA | EBIT |
02
04 LETTER TO THE SHAREHOLDERS
- REPORT OF THE SUPERVISORY BOARD
- THE OHB SHARE
- MANAGEMENT REPORT
- CONSOLIDATED FINANCIAL STATEMENTS
- SERVICE
LETTER TO THE SHAREHOLDERS
OHB SEAnnual Repor t 2023 | Letter to the shareholders
04
Dear readers,
Together, we can look back on another year characterized by uncertainty and various crises. The geopolitical situation remains tense. The war in Ukraine has been joined by further trouble spots, such as in the Middle East. In addition, global warming is progressing. Last year was the warmest one since temperature records began, with the number of extreme weather events continuing to rise. With the expertise we have amassed over several decades and our commitment to continue developing innovative space-based systems, we are providing key technologies to help find answers to these and other complex questions of our time.
Space for the benefit of humanity. For this reason, we continue to face the future with confidence, even in these challenging times.
»We continue to face the future with confidence,
even in these challenging times.«
Last year, the effects of the geopolitical situation on the space industry were once again very evident in the launch vehicle sector. Following the almost complete suspension of the partnership with the Russian space organization Roscomos in 2022, which also resulted in the loss of launch capacities, European access to space remained severely restricted in 2023.
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Since the 117th and final launch of the Ariane 5 in the summer, Europe has been able to carry out only one launch itself, and this was with the much smaller Vega launcher. Further launches either had to be postponed or were executed together with international partners. Its successor, the Vega-C, remained on the ground after a failed launch in December 2022 and a malfunction during a test campaign last summer. The European Space Agency (ESA) does not expect to resume flight operations before the fourth quarter of this year. This means that until the launch of Ariane 6 next summer, Europe will have only one launcher of its own, the Vega, which will be used for one final time in its original configuration. Due to the tense situation, it was not possible last year to launch any of the ten satellites of the Galileo European satellite navigation program that were still on the ground. In view of the overall situation, we are all the more
From left
Dr. Markus Moeller
-
Born in 1973, Dr. oec,
Member of the Management Board of OHB SE since 2023
Marco Fuchs
-
Born in 1962, attorney
Chief Executive Officer of OHB SE since 2000
Daniela Schmidt
-
Born in 1982, attorney,
Member of the Management Board of OHB SE since 2022
Kurt Melching
-
Born in 1962, degree in business administration, Member of the Management Board of OHB SE since 2018
Klaus Hofmann
-
Born in 1960, degree in business administration, Member of the Management Board of OHB SE since 2015
excited about the development of one of our participations, Rocket Factory Augsburg. We are confident that the company will soon strengthen European access to space with its own launch vehicle. While this will not have any negative impact on OHB's profitability under this program, it does mean further delays in the final expansion of the constellation.
»By investing in key growth areas,
we are ideally positioned to meet the growing
demand for efficient and flexible
space solutions.«
Setting the course for the future
In order to secure an optimum position for OHB for the future, the focus last year was on working off the still high order backlog, generating project business following the ESA Ministerial Conference in 2022, which was very favorable for us, strengthening our capital base to implement our growth strategy and completing a number of organizational developments.
Specifically, we particularly worked on positioning ourselves to leverage the many opportunities arising from the Ministerial Conference by completing appropriate preparations and pro- posals. In addition, we entered into an agreement with private equity company KKR in the summer, under which my family will permanently retain control of the OHB Group. Among other things, the agreement provides for a 10 % capital increase, which took place shortly before the end of the year. We will be investing the additional capital in key growth areas in order to optimally position ourselves ahead of the growing demand for privately financed, cost-efficient and flexible space solutions. At the same time, my contract as CEO of OHB SE was extended by a further five years, although this was not the only organizational change: At our annual general meeting, we bid farewell to our long-standing Supervisory Board member Prof. Heinz Stoewer, whom I would like to thank on behalf of the entire Management Board for his work. We would also like to thank Dr. Lutz Bertling, who stepped down from the Management Board at the end of the year. Raimund Wulf was elected as a new member of the Supervisory Board, while the position of Deputy Chairman of the Supervisory Board, which had previously been held by Prof. Stoewer, was taken over by Ingo Kramer, who was re-elected to the Supervisory Board. Dr. Markus Moeller joined the Management Board on July 1 and is responsible for business development and strategy.
OHB SEAnnual Repor t 2023 | Letter to the shareholders
05
OHB SEAnnual Repor t 2023 | Letter to the shareholders
SPACE SYSTEMS
With the launch of the Heinrich Hertz telecommunications satellite in the summer and the two satellites for the SARah reconnaissance constellation on Christmas Eve, we were once again able to demonstrate our status as an important partner for our German institutional clients. On top of this, we are making important contributions to safeguarding the independence and security of Europe and its citizens as a member of the core team in the sole approved bidding consortium for the future European telecommunications constellation IRIS2, the European Commission's third satellite program, and in our role as prime contractor in the ODIN'S EYE II project, an early warning and tracking system for ballistic missiles.
Last year, we were also able to marvel at the first images sent by the new generation of European weather satellites, Meteosat Third Generation (MTG). The new MTG satellites, for which OHB is developing and building all platforms as well as the new infrared sounder instruments for two of the six satellites, will produce more detailed and also more frequent images, enabling meteorologists to predict even rapidly developing weather events more accurately and quickly in future. Last year, we successfully connected the platform with the infrared sounder instrument of the first sounder satellite. After this successful so-called mating, the satellite was ready for testing under simulated space conditions.
»In addition to our role as a reliable partner for our German institutional clients, we are making important contributions to safeguarding Europe's independence and security.«
We can also look back on a number of positive developments at our foreign Group companies, including the Arctic Weather Satellite at OHB Sweden AB, which is on schedule for launch this year. It is to serve as a prototype for an Earth observation constellation for which a contract is to be awarded in the future and which will significantly improve weather forecasts in the polar regions. The company also gained further customers for the InnoSat platform last year, positioning itself as a leading supplier of propulsion subsystems through additional orders.
OHB Czechspace s.r.o. will not only play a significant role in the preparation of the largest satellite mission ever executed by the Czech Republic, but also lead a study on nuclear propulsion systems that could enable previously unfeasible missions.
AEROSPACE
Held at the end of 2023, the ESA Space Summit in Seville produced a series of good news for the AEROSPACE segment: ESA member states reached agreements in November to secure the autonomy and independence of European access to space. Among other things, the participating member states are prepared to provide up to EUR 340 million per year for the Ariane program in order to fill any funding gaps. In addition, a budget is to be made available for contracts for flight models 16 to 42 of the Ariane 6 launcher. Two launches are planned for this year. In addition, ESA is opening up the institutional market for commercial launchers, such as the RFA ONE from our participation Rocket Factory Augsburg AG (RFA), with the European Launcher Challenge.
RFA was continuously able to announce the achievement of milestones last year. In the first quarter, it signed a multi- year contract with the SaxaVord Spaceport in Scotland, which was also confirmed as the site for the first launch of RFA ONE. Another agreement secures launch capacities at the European Guiana Space Centre in Kourou, French Guiana. In addition, RFA was the first private company in Europe to test a launcher stage with staged combustion over its entire burn time of 280 seconds. The engine, a proprietary RFA development, is therefore qualified for use on the RFA ONE. KKR will be supporting the further development as an additional core investor alongside OHB. The private equity company is investing EUR 30 million in RFA for this purpose. We remain convinced that RFA will meet the growing global demand for access to space.
DIGITAL
Last year, we made great progress in downstream services, positioning ourselves more keenly, particularly in Earth obser- vation. With contracts for vegetation analysis in cities or for monitoring critical infrastructure in the IIMEO project, we are demonstrating the advantages of space-based solutions compared to ground-based analysis. We are also developing pilot applications that use existing data from the Copernicus program in order to expand its user base in the future. In 2023, we also observed how the various Group companies in the segment continue to grow together and increasingly leverage synergy effects.
In satellite operations, we were awarded a contract last year for the operation of the OHB-built Heinrich Hertz telecommunications satellite. Looking forward, we will also be able to offer our customers this service from our new Multi-Mission Control Center (MMCC), which is expanding our range by adding a mission-flexible system for the operation of individual satellites or entire constellations.
06
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Guidance and outlook for the years 2023 and 2024
In the past fiscal year, various effects (delayed order intake, inflation-related cost increases, transaction costs and other non- recurring effects), which had a negative impact on profitability, were more than offset by the fair-value remeasurement of equity interests and financial assets. As a result, OHB SE exceeded the guidance for EBITDA and EBIT that had been published in January 2023. The forecast for EBITDA was EUR 109 million and for EBIT EUR 70 million. In actual fact, figures of EUR 162 million and EUR 125 million respectively were achieved for the past fiscal year. The forecast for total revenues of EUR 1,176 million was also exceeded with a figure of EUR 1,183 million.
Based on the high order backlog of EUR 1,749 million (previous year: EUR 1,875 million, as of December 31 in both cases), the Management Board expects consolidated total revenues to increase to between EUR 1,300 and 1,400 million in 2024. Adjusted for special effects in both cases, the EBITDA margin and the EBIT margin should reach > 8.5 % and > 6.0 %, respectively.
Vote of thanks to all involved
Even though we were unable to continue our growth path at the desired pace in the last fiscal year, the Management Board's overall assessment of the past fiscal year is positive. The transformation process we initiated has already paved the way for us to achieve our goal of becoming the European Space Champion. Achieving this goal is largely dependent on the great commitment of our employees. On behalf of all the members of the Management Board, I would like to expressly thank our employees for their performance in 2023. We would also like to express our gratitude to our business partners for their constructive cooperation and our shareholders for the trust they have placed in us.
Bremen, April 22, 2024
Marco Fuchs
Chief Executive Officer
OHB SEAnnual Repor t 2023 | Letter to the shareholders
The Heinrich Hertz Mission
Launched in July 2023 on board the 117th and final Ariane 5, the Heinrich Hertz mission is the first German communications satellite to research and test new technologies and communication scenarios.
07
REPORT OF THE SUPERVISORY BOARD
OHB SEAnnual Repor t 2023 | Repor t of the Supervisory Board
Robert Wethmar | Ingo Kramer |
Chairman of the Supervisory Board of OHB SE | Deputy Chairman of the Supervisory Board of |
since 2018, member of the Supervisory Board | OHB SE since 2023, member of the Supervisory |
since 2012, born 1961, attorney, LL.M., | Board since 2018, born 1953, graduate |
partner in international law firm | industrial engineer, shareholder of |
Taylor Wessing, Hamburg | Kramer GmbH & Co. KG, Bremerhaven |
Christa Fuchs | Dr. Hans Königsmann | Raimund Wulf |
Member of the Supervisory Board of OHB SE | Member of the Supervisory Board of OHB SE | Member of the Supervisory Board of OHB SE |
since 2002, born 1938, businesswoman, | since 2022, born 1963, doctorate in aerospace | since 2023, born 1966, graduate banking |
managing partner of | and manufacturing technology, former | administrator, executive employee of |
VOLPAIA Beteiligungs-GmbH, Bremen | Vice President of US space company Space | VOLPAIA Beteiligungs-GmbH, Bremen |
Exploration Technologies Corp. (SpaceX) | and authorized representative of the | |
Fuchs - Familienstiftung, Weßling |
Dear shareholders,
In 2023, the Supervisory Board performed its duties with due care in accordance with the applicable statutory requirements, the provisions of the Company's bylaws and its rules of procedure. It regularly advised the Management Board on the management of the Company and monitored it on an ongoing basis. In addition to its supervisory function, the activities of the Supervisory Board also include a formative element. Thus, the Supervisory Board contributes to the Company's business success not only in the short term, but also in the medium and long term.
The Management Board briefed the Supervisory Board regularly and comprehensively on the Group's business perfor- mance, current tendering processes, order intake, the relevant financial indicators and capacity utilization at OHB SE, the other
Group companies and the individual business units. The Management Board answered all of the Supervisory Board's questions in full and comprehensively. The Supervisory Board sought and received ongoing information on corporate planning, strategic development and the main acquisition projects and advised the Management Board on individual matters relating to human resources, corporate acquisitions and project tenders.
Full Supervisory Board
The Supervisory Board held four ordinary meetings and five extraordinary meetings at which it deliberated on the Group's business performance, the reports submitted by the Management Board, the updates on current projects, pending tender processes, planned acquisitions and the corporate budget for the years 2024 to 2026. Ordinary meetings of the Supervisory
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OHB SE published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 06:06:07 UTC.