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MTU Annual Report 2010 and Also Permanently Available to Shareholders on the MTU Website At

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MTU Annual Report 2010 and Also Permanently Available to Shareholders on the MTU Website At A n n u A l report 2010 CE o n T n T S MAGAZI n e 2 0 1 0 United by excellence » Magazine insert at page 4 FcAI n A n I l report 2010 To our shareholders 6 Corporate Governance 18 Group management report 46 Consolidated Financial Statements 104 Additional information 220 » Detailed table of contents: page 3 SCTEDE l E C o n S o l i D ATED F i n A n C i A l i n F o r M AT i o n A n D k E y F i G U r E S Selected consolidated financial information and key figures at a glance in € million (unless otherwise specified) Change 2010-2009 2010 2009 Revenues and earnings r evenues 96.6 3.7 % 2,707.4 2,610.8 attributable to the commercial engine business1) 123.9 11.8 % 1,177.6 1,053.7 attributable to the military engine business1) -46.1 -8.7 % 485.9 532.0 attributable to the commercial maintenance business1) 16.4 1.6 % 1,074.0 1,057.6 Gross profit 64.3 14.0 % 522.9 458.6 Earnings before interest and tax (EBiT) 21.1 8.5 % 268.0 246.9 Earnings after tax 1.2 0.9 % 142.2 141.0 Earnings (adjusted) Earnings before interest and tax (EBiT adjusted) 19.0 6.5 % 311.3 292.3 EBiT margin (adjusted) 11.5 11.2 Balance sheet Total assets 277.0 8.8 % 3,426.1 3,149.1 Equity 88.6 12.1 % 819.3 730.7 Equity ratio in % 23.9 23.2 net financial debt -86.2 -60.5 % 56.2 142.4 Cash flow Cash flow from operating activities -1.4 -0.6 % 251.3 252.7 Cash flow from investing activities -40.7 -30.7 % -173.2 -132.5 Free cash flow 24.6 20.5 % 144.8 120.2 Cash flow from financing activities -21.7 -31.5 % -90.6 -68.9 Number of employees at year-end Commercial and military engine business (oEM) 80 1.6 % 4,965 4,885 Commercial maintenance business (MRO) 162 5.8 % 2,942 2,780 Share data Earnings per share in € Undiluted earnings per share 0.02 0.7 % 2.91 2.89 Diluted earnings per share 0.03 1.1 % 2.83 2.80 Dividend per share in €2) 0.17 18.3 % 1.10 0.93 Dividend yield in % 2.2 2.4 Total dividend2) 8.1 17.8 % 53.6 45.5 outstanding common stock at Dec. 31 (million shares) -0.1 -0.2 % 48.8 48.9 1) Before consolidation. 2) Proposal to the Annual General Meeting 2010 / previous year: resolution by the Annual General Meeting for the financial year. HiGH-FlyinG PArTnErS Aircraft are the only means of transportation truly capable of connecting the entire world. They bridge vast distances to shrink the size of continents, and help to draw people ever closer to one another. Tomorrow’s aircraft need engines that not only meet the aviation industry’s stringent safety standards, but are even better than those in use today – namely cleaner, quieter and more fuel-effi cient. with its innovative technologies, MTU Aero Engines has been working for decades to make fl ying safer, and aims to continue to do so in future. we are not alone in this quest for excellence, because the engines of the future can only be developed and built if all industry players unite their efforts in global partnerships that transcend national borders. MTU, Germany’s leading aero engine manufacturer, has fi rmly established its name as an indispensable partner in the aviation industry. its high-tech products, processes and services have repeatedly set new standards in the commercial and military aviation markets. The company cooperates not only with the major engine manufacturers but also with leading scientists and research institutes, and with its customers and suppliers throughout the world. This fi nely meshed network of alliances is based on mutual trust and partnership agreements that have been built up over many decades. k E y in D i C ATo r S r E v i E w E D o v E r 5 y E A r S Order backlog and order value by segments in € million (before consolidation) 2006 3,218.4 3,804.4 2007 3,216.8 5,139.6 2008 3,884.5 5,361.2 2009 oEM 3,965.1 4,878.0 MRO 2010 4,331.5 5,367.6 Revenues by segments in € million (before consolidation) 2006 1,483.1 954.7 2007 1,599.5 1,004.7 2008 1,642.9 1,113.0 2009 oEM 1,585.7 1,057.6 MRO 20100 2000 4000 6000 8000 10000 1,663.5 1,074.0 EBIT adjusted by segment in € million (before consolidation) 2006 164.1 76.5 2007 251.0 62.3 2006 2008 3.218,4 3.804,4 279.9 54.6 2007 3.216,8 5.139,6 2009 oEM 229.2 65.3 2008 3.884,5 5.084,4 MRO 20100 500 1000 1500 2000 2500 3000 9.965,1 4.878,0229.6 80.3 2009 4.331,5 5.367,6 Earnings2010 after tax (EAT) in € million 2006 89.1 2007 154.1 2006 2008 1.483,1 954,7 179.7 2007 1.559,5 1.004,7 2009 141.0 2008 1.642,9 1.113,0 20100 50 100 150 200 250 300 350 1,585,7 1.057,6 142.2 2009 1.663,5 1.074,0 2 The oEM segment (original Equipment Manufacturing) covers new commercial engines, including spare parts, and the whole of the military business.2010 The MRO segment (Maintenance, repair and overhaul) comprises all commercial maintenance activities. 2006 2007 02008 50 100 150 200 2009 2010 2006 2007 2008 2009 2010 TBoA l E F C o n T E n T S MAGAZI n e 2 0 1 0 United by excellence » Magazine insert at page 4 FcAI n A n I l report 2010 To our shareholders 6 letter to the shareholders 8 The Board of Management 12 The MTU share 14 Corporate Governance 18 Corporate governance statement and corporate governance report 20 Declaration of conformity 20 Management Compensation report 25 report of the Supervisory Board 40 The Supervisory Board 44 Group management report 46 The enterprise MTU 48 Economic environment 60 Financial situation 64 Subsequent events 81 Forecasts 82 risk report 87 other disclosures 98 Consolidated Financial Statements 104 Consolidated income Statement 106 Consolidated Statement of Comprehensive income 107 Consolidated Balance Sheet 108 Consolidated Statement of Changes in Equity 110 Consolidated Cash Flow Statement 111 Segment reporting by operating segment 112 notes to the Consolidated Financial Statements 117 Additional information 220 Glossary of engine terms 222 overview of engines 224 index 225 Financial calendar 226 Photo credits 226 Contact 227 3 Egon Behle, Chief Executive officer of MTU Aero Engines » Tomorrow’s aircraft need new engines that will make flying safer and cleaner. All industry players must work together to shape the future of aviation: we will only succeed if we are united behind this goal. MTU has been an indispensable cooperation partner for many decades. « MAGAZinE 2010 Partnerships with Partnerships with Partnerships Partnerships with Partnerships engine manufacturers the armed forces with airlines universities and with suppliers » Page M 2 » Page M 8 » Page M 14 research institutes » Page M 30 » Page M 24 TBoA l E F C o n T E n T S M 2 Partnerships with engine manufacturers M 4 An established global player M 7 The big three M 8 Partnerships with the armed forces M 10 ‘Firmly focused on mission requirements’ M 13 A winning formation M 14 Partnerships with airlines M 16 When customers become partners M 20 Successful subsidiaries M 21 A strong partnership for engines Cooperation is a cornerstone of MTU’s business philosophy. The company has partnered the major industry players for decades. This approach unites M 24 Partnerships with universities everyone in the same quest for excellence. » Page M 2 and research institutes M 26 Pooled expertise M 28 ‘Close collaboration’ M 30 Partnerships with suppliers M 32 A strategic partner M 34 MTU Supplier Award Armed forces the world over – foremost among them Germany’s Bundeswehr – place their trust in MTU’s expertise. The rB199 Tornado engine is one of the star products in the portfolio. » Page M 8 Airlines help to make the world a smaller place. MTU gives international fleet operators additional thrust in the right direction. Joint ventures facilitate collaboration. » Page M 14 M 1 E D i T o r i A l Dear readers, Since the birth of motorized flight over 100 years ago, aviation has grown at an unstoppable pace. Today’s passenger aircraft fly to every continent, taking people to the farthest corners of the globe and making the world a much smaller place – flight knows no frontiers. The same is true of the aircraft engine industry, where MTU Aero Engines has forged and maintains partnerships that span the globe. Egon Behle For decades, Germany’s leading engine manufacturer has been making its Chief Executive offi cer MTU Aero Engines mark in the skies with the power, efficiency and safety of its products, again and again setting new standards with its innovations. To make sure this continues to be the case, all the players in the industry will have to pull together and cooperate.
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