New record performance

MTU Aero Engines AG posts new record revenues and earnings for 2016

  • 2017: End of investment phase with further increase in revenues, earnings and free cash flow
  • Outlook for 2017: Revenues of approx. €5.1 to €5.2 billion, stable operating margin, net income rising at a higher rate than operating profit

– Provisional figures, subject to approval by the Supervisory Board –

Munich, February 23, 2017 – MTU Aero Engines AG once again set new records in the financial year 2016. Revenues increased by 7% to a new high of €4,732.7 million (2015: €4,435.3 million). Operating profit1 reached €503.0 million, beating the previous year’s record by 14% (2015: €440.3 million). Earnings after tax2 surpassed the previous record of €306.9 million, set in 2015, growing by 13% to €345.4 million.

“We have thus met all of our forecast targets – including the projected earnings that we revised upward for the second time in October,” said Reiner Winkler, CEO of MTU Aero Engines AG, summing up the provisional annual results for 2016 at a presentation on Thursday, February 23, 2017. MTU had set itself the goal of generating revenues of around €4.7 billion in 2016. The earnings forecasts were for an adjusted EBIT of approximately €500 million and an adjusted net income of app­roxi­mately €340 million. MTU expects to repeat its record-breaking performance in the current financial year: “In 2017, we expect to complete the largest investment phase in MTU’s history with sustained profitable growth,” said Winkler.

More information can be found in the Press Release.

MTU Aero Engines

Dec. 31. 2015

Dec. 31. 2016

Change

Revenues

4,435.3

4,732.7

+ 6.7 %

of which OEM business

2,897.1

2,905.2

+ 0.3 %

of which commercial engine business

2,414.0

2,401.2

- 0.5 %

of which military engine business

483.1

504.0

+ 4.3 %

of which commercial maintenance

1,580.6

1,914.4

+ 21.1 %

EBIT (adjusted)

440.3

503.0

+ 14.2 %

of which OEM business

285.0

321.5

+ 12.8 %

of which commercial maintenance

155.2

181.5

+ 16.9 %

EBIT margin (adjusted)

9.9 %

10.6 %

 

for OEM business

9.8 %

11.1 %

 

for commercial maintenance

9.8 %

9.5 %

 

Net income (adjusted)

306.9

345.4

+ 12.5 %

Net income (reported)

217.6

312.6

+ 43.7 %

Earnings per share (undiluted. reported)

4.26

6.09

+ 43.0 %

Free cash flow

72.0

82.0

+ 13.9 %

Research and
development expenses

210.0

208.6

- 0.7 %

of which company-funded

168.7

168.0

- 0.4 %

of which outside-funded

41.3

40.6

- 1.7 %

Company-funded R&D expenditure

66.5

71.1

+ 6.9 %

Investment in property. plant and equipment (net)

125.4

154.7

+ 23.4%

Balance sheet key figures

Dec. 31. 2015

Dec. 31. 2016

Change

Intangible assets

2,214.0

2,234.2

+ 0.9 %

Cash and cash equivalents

53.1

322.4

+ 507.2 %

Pension provisions

801.7

883.3

+ 10.2 %

Equity

1,300.6

1,500.5

+ 15.4 %

Net financial debt

881.2

892.0

+ 1.2 %

Total assets and liabilities

5,188.3

5,844.6

+ 12.6 %

Order backlog

12,493.7

14,172.2

+ 13.4 %

of which OEM business

6,830.6

7,246.0

+ 6.1 %

of which commercial maintenance

5,663.1

6,926.2

+ 22.3 %

Employees

8,334

8,368

+ 0.4%

1 Adjusted EBIT = Earnings before interest and tax, calculated on a comparable basis
2 Adjusted net income = Earnings after tax, calculated on a comparable basis

You may also be interested in these articles:

Best connections

11.2016 | To cope with the global rise in air traffic between urban centers, we are going to need quieter aircraft and more efficient airports. Big data applications are among the solutions helping to get passengers and luggage to their destinations quicker than ever.