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Ahead of Its Time 75 Years of MTU History

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Ahead of Its Time 75 Years of MTU History Annual Report 2008 Ahead of its time 75 years of MTU history. 100 years of aviation expertise. Order backlog by segments (without consolidation) in € million Revenues by segments (without consolidation) in € million OEM MRO OEM MRO 2004 3,236.0 2,125.0 2004 1,375.6 575.9 2005 3,433.8 3,703.6 2005 1,434.8 766.9 2006 3,218.4 3,804.4 2006 1,483.1 954.7 2007 3,216.8 5,139.6 2007 1,599.5 1,004.7 2008 3,884.5 5,361.2 2008 1,642.9 1,113.0 EBITDA adjusted by segments (without consolidation) in € million Net profit in € million OEM MRO 2004 131.3 42.7 2004 0.2 2005 162.4 77.8 2005 32.8 2006 217.7 103.4 2006 89.1 2007 305.7 87.9 2007 154.1 2008 330.3 78.9 2008 179.7 Selected consolidated financial information and key figures at a glance Change in € million (unless otherwise specified) 2008 - 2007 2008 2007 2006 Revenues and earnings Revenues 148.4 5.8 % 2,724.3 2,575.9 2,416.2 thereof: commercial and military engine business (OEM) 43.4 2.7 % 1,642.9 1,599.5 1,483.1 thereof: commercial maintenance business (MRO) 108.3 10.8 % 1,113.0 1,004.7 954.7 Earnings before interest, tax, depreciation and amortization (EBITDA) 15.6 4.0 % 408.5 392.9 335.6 Earnings before interest and tax (EBIT) 5.0 2.1 % 248.3 243.3 183.8 Net profit 25.6 16.6 % 179.7 154.1 89.1 Earnings (adjusted) Earnings before interest, tax, depreciation and amortization (EBITDA adjusted) 12.8 3.3 % 405.7 392.9 318.2 Earnings before interest and tax (EBIT adjusted) 18.4 5.9 % 331.0 312.6 237.7 Balance sheet Total assets 110.6 3.6 % 3,196.1 3,085.5 2,986.0 Equity 55.4 9.9 % 617.4 562.0 562.3 Equity ratio in % 19.3 18.2 18.8 Net financial liabilities 31.3 14.0 % 254.7 223.4 210.2 Cash flow Cash flow from operating activities 169.6 71.8 % 405.8 236.2 209.8 Cash flow from investing activities -177.7 -170.0 % -282.2 -104.5 -94.1 Free cash flow -8.1 -6.2 % 123.6 131.7 115.7 Cash flow from financing activities 38.4 23.2 % -127.4 -165.8 -37.7 Number of employees at year-end Commercial and military engine business (OEM) 290 6.3 % 4,900 4,610 4,740 Commercial maintenance business (MRO) 117 4.6 % 2,637 2,520 2,337 Share data Earnings per share in € Undiluted earnings per share 0.69 23.4 % 3.64 2.95 1.64 Diluted earnings per share 0.71 25.1 % 3.54 2.83 1.64 Dividend per share in € 0.93 0.93 0.82 Dividend yield in % 4.7 2.3 2.3 Total dividend (€ million)1) -1.8 -3.8 % 45.4 47.2 43.6 Outstanding common stock at Dec. 31 (million shares) -1.9 -3.7 % 48.8 50.7 53.3 1) Proposal presented at the Annual General Meeting / previous years: resolution by the Annual General Meeting for the financial year Ahead of its time. For 75 years. Today aft f ying at the Aircr time … Airbu s A3 80 ad already deve TU h lope M d … red turb Gea ofan 75 years of MTU history. 100 years of aviation expertise. Always ahead of its time. 75 years of MTU history 100 years of aviation expertise To be able to make your mark on the present and shape the future, you have to be ahead of your time. MTU Aero Engines has been doing precisely that for 75 years. Its predecessor, BMW Flugmotorenbau GmbH, was founded in Munich in 1934. After changes in name and ownership, the company has meanwhile evolved into Germany’s leading engine manufacturer and the world’s biggest independent commercial MRO provider – a successful, globally operating, publicly owned enterprise and an established player in the realm of engines. The name MTU stands for 100 years of aviation expertise, because with its advanced technologies it will be shaping the future of aviation well into the 21st century. MTU and its predecessors have always played an influential role in flying. The BMW VI, RB199, PW2000 and GP7000 are outstanding examples of MTU’s engineering competence. Thanks to decades of expertise and research, the company has constantly developed propulsion technologies of the future in collabora­ tion with its partners from industry, research and science. No sooner has one engine been launched than MTU’s engineers are already developing the engine of tomorrow. This still applies today. The Clean Air Engine (Claire) technology program will take full effect sometime around the year 2034 – thanks to 75 years of MTU history and 100 years of aviation expertise. MTU chronicle German competence in aero engines united in a single company MTU Aero Engines is a company with a long tradition and a promising future. Its roots can be traced back to the beginnings of powered flight in the early 20th century, while its technology programs point the way far into the 21st century. The company’s history has been marked by a succession of major names, events and products. Originally a subsidiary of BMW, MTU returned to building engines after the Second World Hornet licensing agreement Franz Josef Popp, founder of The factory site at Allach after the end Production gets underway for between Pratt & Whitney and BMW BMW Flugmotorenbau GmbH of the Second World War the J79 Starfighter engine 1934 Establishment of site in Dachauer Strasse = 75th Anniversary 1930 1940 1950 1960 1970 1934: 1957: 1965 : foundation of BMW Flugmotorenbau GmbH BMW MAN takes Triebwerkbau over BMW Triebwerkbau BMW withdraws Siemens & Halske 1958: MAN 1965: MAN Turbo Turbomotoren Daimler-Benz (DB) 2 War, initially for military airplanes and later also for the commercial sector. It subsequently developed into one of the world’s leading engine manufacturers. MTU has been an independent company since its IPO in 2005. The founders of MTU Motoren­ The RB199 Tornado engine is assembled by The V2500, one of the most successful The IPO signaled the independence und Turbinen­Union München GmbH MTU in Munich for the German air force programs in which MTU has been involved of MTU Aero Engines 1970 1980 1990 2000 2010 1985: 2000: DB takes over a MTU becomes 50 % share of MAN a DaimlerChrysler MAN withdraws company 1989: 2004: MTU becomes a subsidiary DaimlerChrysler of newly established sells MTU to KKR Deutsche Aerospace, the later DaimlerChrysler Aerospace (DASA) 2005: IPO of MTU Aero Engines Holding AG 1969: MTU: 50% DB 50% MAN 3 The 1930s The piston engine for aircraft sets benchmarks Piston engines dominated aviation in the 1930s and 1940s. They were built by, among others, MTU’s predecessor, BMW Flugmotorenbau. One of the most famous examples was the BMW VI. Two of these 12­cylinder twin­bank engines propelled the Dornier Do­J IIb flying boat, known as the Greenland Whale, through the air. The BMW VI was noted for its exceptional reliability and allowed many pioneers of flight to set new records. It helped Wolfgang von Gronau to accom­ plish his second transatlantic flight in 1931, for example. The BMW VI also made a name for itself as a locomotive engine. Large piston aircraft engines were manufactured in Germany until the end of the Second World War. 4 At the time when piston engines like the BMW work was already underway on modern turbojet VI were the norm, engines such as the DB007 The 1930s 5 The 1950s The turbofan takes the world by storm 6 While the JT8­D was MTU was about to conquering the world, launch the RB199. The 1950s In the period after the Second World War, aviation was dominated by the turbofan engine. This propulsion technology is notable for its high performance and fuel economy. One of the en­ gines of this type produced in the highest numbers is the JT8­D manufactured by the American company Pratt & Whitney. It is based on technologies originally developed for the DB007 turbofan engine in the 1940s as part of Daimler­Benz’s aircraft engine activities, which were later integrated in MTU. The JT8­D powered commercial aircraft like the Boeing 727. As well as manufacturing parts for this engine, MTU also developed improved components to optimize its performance. The company still supplies spare parts for this best­selling engine. 7 The 1970s MTU lays the groundwork for its compressors The RB199 engine was developed exclusively for the Panavia Tornado, a European multipurpose fighter jet, in a joint project involving Germany, Italy and the United Kingdom. It is reputed for its extraordinary reliability and robustness, and has been MTU’s most successful military engine program to date. It was the first time that the German engine manufacturer had been called upon to develop and build medium­ and high­pressure compressors, which is the highest dis­ cipline in jet engineering. MTU also contributed the medium­pressure turbine. The swing­wing aircraft is not only deployed by the three partner nations, but also flies in Saudi Arabia. 8 While the RB199 was MTU had already started work in series production, on the modern PW2000 The 1970s 9 The 1990s MTU low­pressure turbines make the grade 10 The PW2000 was just making when MTU started collaborating its technological mark, on the GP7000 The 1990s The PW2000 is one of the most advanced commercial engines of its generation, and is espe­ cially quiet and fuel­efficient.
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