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Annual Report 2015 (PDF) ANNUAL REPORT 2015 The engine makers The team behind the success KEY INDICATORS REVIEWED OVER 5 YEARS ORDER BACKLOG BY SEGMENTS IN € MILLION (BEFORE CONSOLIDATION) 2011 4,776.64,777.9 2012 5,640.44,517.4 2013 5,403.63,971.0 2014 6,763.64,412.9 2015 6,830.6 5,663.1 0 5,000 10,000 REVENUES BY SEGMENTS IN € MILLION (BEFORE CONSOLIDATION) 2011 1,846.6 1,005.6 2012 2,106.41,169.1 2013 2,392.01,213.7 2014 2,648.3 1,298.9 2015 2,897.11,580.6 0 2,000 4,000 EBIT ADJUSTED BY SEGMENTS IN € MILLION (BEFORE CONSOLIDATION) 2011 239.696.0 2012 264.1108.3 2013 268.2108.6 2014 266.2116.3 OEM segment 2015 285.0 155.2 MRO segment 0 200 400 EARNINGS AFTER TAX (EAT) IN € MILLION 2011 161.8 2012 174.6 2013 166.3 2014 195.4 2015 217.6 0 100 200 The OEM segment (Original Equipment Manufacturing) covers new commercial engines, including spare parts, and the whole of the military business. The MRO segment (Maintenance, Repair and Overhaul) comprises all commercial maintenance activities. SELECTED CONSOLIDATED FINANCIAL INFORMATION AND KEY FIGURES SELECTED CONSOLIDATED FINANCIAL INFORMATION AND KEY FIGURES AT A GLANCE Change in € million (unless otherwise specified) 2015 2014 2014-2015 Revenues and earnings Revenues 4,435.3 3,913.9 13.3 % attributable to the commercial engine business1) 2,414.0 2,116.8 14.0 % attributable to the military engine business1) 483.1 531.5 -9.1 % attributable to the commercial maintenance business1) 1,580.6 1,298.9 21.7 % Gross profit 580.3 538.5 7.8 % Earnings before interest and tax (EBIT) 385.6 333.5 15.6 % Earnings after tax 217.6 195.4 11.4 % Adjusted earnings Earnings before interest and tax (adjusted EBIT) 440.3 382.7 15.1 % EBIT margin in % 9.9 9.8 Earnings after tax 306.9 253.3 21.2 % Balance sheet Total assets 5,188.3 4,806.3 7.9 % Equity 1,300.6 1,188.3 9.5 % Equity ratio in % 25.1 24.7 Net financial debt 881.2 780.4 12.9 % Cash flow Cash flow from operating activities 296.2 204.8 44.6 % Cash flow from investing activities -267.8 -234.5 -14.2 % Free cash flow 72.0 42.5 69.4 % Cash flow from financing activities -42.7 -72.7 41.3 % Number of employees at year end Commercial and military engine business 5,331 5,274 1.1 % Commercial maintenance business 3,003 3,059 -1.8 % Total number of employees 8,334 8,333 Share indicators Earnings per share in € Basic earnings per share 4.26 3.84 10.9 % Diluted earnings per share 4.26 3.83 11.2 % Dividend per share in €2) 1.70 1.45 17.2 % Dividend yield in % 1.9 2.0 Total dividend2) 86.9 74.0 17.4 % Outstanding common stock at Dec. 31 (million shares) 51.1 51.0 0.2 % 1) Before consolidation 2) Proposal to the Annual General Meeting for 2015 based on an expected volume of 51.1 million dividend-entitled shares. Prior year: Resolution by the Annual General Meeting for the financial year. TABLE OF CONTENTS U3 Key indicators reviewed over 5 years U4 Selected consolidated financial information and key figures 21 TO OUR SHAREHOLDERS 22 Letter to our shareholders 25 The Executive Board 26 The MTU share 31 CORPORATE GOVERNANCE 32 Corporate governance report 32 Declaration of conformity 38 Management compensation report (part of the combined management report) 60 Report of the Supervisory Board 64 The Supervisory Board 67 COMBINED MANAGEMENT REPORT 68 The enterprise MTU 79 Business environment 111 MTU AG (Disclosures in Accordance with The German Commercial Code (HGB)) 117 Subsequent events 117 Forecasts 121 Risk and opportunity report 134 The internal control and risk management system in relation to the group accounting process 137 Disclosures in connection with the takeover directive 142 Other disclosures 145 CONSOLIDATED FINANCIAL STATEMENT 146 Consolidated Income Statement 147 Consolidated Statement of Comprehensive Income 148 Consolidated Balance Sheet 150 Consolidated Statement of Changes in Equity 151 Consolidated Cash Flow Statement 152 Reporting by operating segment (part of the Notes to the Consolidated Financial Statements) 155 Accounting Policies and Principles 233 OTHER INFORMATION 234 Glossary of engine terms 236 Overview of engines 237 Index 238 List of charts and illustrations 240 Financial calendar / MTU share data 241 Contact MTU Aero Engines develops, manufactures, sells, and maintains commercial and military engines. Its success speaks for itself. In 2015, revenues rose by 13 % to € 4.4 billion, operating profit by 15 % to € 440 million, and net income by 21 % to € 307 million. One factor above all others is crucial to MTU’s suc- cess in the global engine market: the performance of its 8,334 employees. Day in, day out, they give their all to ensure that MTU delivers high-tech products known all over the world and provides services that meet the highest international standards. In doing so, they help keep the company on its growth trajec- tory. MTU’s employees are the engine makers. 2 The engine makers 8,334 keys to success Management, development, production, maintenance – the success of MTU Aero Engines depends on a team of 8,334 experts, who devote their energies to engines in all phases of their lifecycle and at all points in the value chain. The lifecycle of an engine can last as long as an employee’s working life, with 30 years or more passing between the original models and phase-out. MTU employees look after an engine throughout such a lifecycle – devoting their entire careers to it in the process. Their high degree of specialization ensures consistently high quality, from the development and production phases through to maintenance. 3 CENTRAL TASKS IN THE ENGINE LIFECYCLE MANAGEMENT DEVELOPMENT PRODUCTION MAINTENANCE The lifecycle of an aircraft engine can run for more than 30 years. Prior to the development phase, the program management team has already defined the key parameters. In close cooperation with the OEM partners, the program management team defines the key parameters of every new engine program – parameters the developers need in order to do their work. As the development phase progresses, the interaction between the developers and the production team becomes ever closer, the aim being to ensure the smooth ramp-up of series production. At the same time, the maintenance team begins configuring the MRO program for the new engine generation, which will provide an attractive income source over many decades. 4 MANAGEMENT DEVELOPMENT PRODUCTION MAINTENANCE The engine makers in MANAGEMENT The program management team is the nerve center of all of MTU’s engine business activities. The people in control there are at once visionaries and coordina- tors, and their tasks are especially complex when new aircraft engines are to be launched in the market. 5 Control center for engine programs struction business steering? The program managers know the answers to these questions and are responsible for business Engineers, businesspeople, and IT experts – MTU’s program development. They assess the competitiveness of new aircraft, management unit is home to managers and specialists with quite and analyze the opportunities and risks of MTU’s participation diverse qualifications, and for good reason. Program manage- in future engine programs. What is more, these visionaries seek ment is the control center for all new and ongoing engine pro- close contact with the OEMs in order to optimize how MTU de- grams. The people who work there provide input in the design ploys it resources and know-how. and modeling phases; they optimize and coordinate, take part in negotiations and are involved in communication activities. All of From contract to engine construction these are responsible duties, and are occasionally nerve-racking but never boring. Once the decision to participate in a new engine program has been made, the work starts in earnest. Parameters have to be It is the long-term perspective determined and contracts drawn that the program experts find so “Participation in the up. As a rule, several manufac- attractive: they help initiate the turers join forces in a consortium new engine programs that will geared turbofan program to launch a new engine program. shape the working lives of MTU What will MTU’s share in the employees for decades to come. marks a milestone for new program be and what com- MTU. Our task is to ensure ponents will it make? Program A comprehensive knowledge of management finds answers to aviation trends is a basic pre- that MTU remains an these questions in close coope- requisite for this job. What new indispensable partner ration with the other program concepts are aircraft manufac- partners and the responsible de- turers working on? What require- at all times and is partments at MTU, preparing the ments will the engines of the fu- involved in all leading ground for a subsequent decision ture have to meet – especially as by the Executive Board. regards economy, environmental engine programs.” sustainability and statutory com- Even after the contracts have pliance? And what course are Theodor Pregler, been signed, program manage- MTU’s partners in the engine con- Senior Vice President, Commercial Programs ment remains the central point 6 MANAGEMENT DEVELOPMENT PRODUCTION MAINTENANCE Management works closely with program partners and the relevant departments at MTU to prepare the ground for decisions. of contact, whether for external partners and customers, or The geared turbofan – an engineering milestone for queries from within the company on all program-related matters.
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