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Annual Report Engines 2018 MTU Aero ANNUAL REPORT 2018 PROSPECTS Products, processes and projects for a successful future. Table of contents 30 To our shareholders 32 Letter to our shareholders 34 The Executive Board 36 The MTU share 40 Corporate governance 42 Corporate governance report 43 Declaration of conformity 47 Management compensation report (part of the combined management report) 58 Report of the Supervisory Board 62 The Supervisory Board 64 Combined management report 66 The enterprise MTU 75 Business environment 101 MTU AG (disclosures in accordance with the German Commercial Code (HGB) 106 Forecasts 109 Risk and opportunity report 120 The internal control and risk management system in relation to the group accounting process 122 Disclosures in connection with the takeover directive 126 Other disclosures 128 Consolidated financial statements 130 Consolidated income statement 131 Consolidated statement of comprehensive income 132 Consolidated balance sheet 134 Consolidated statement of changes in equity 135 Consolidated cash flow statement 136 Reporting by operating segment (part of the Notes to the consolidated financial statements) 138 Notes to the consolidated financial statements 228 Other information 230 Glossary of engine terms 232 Overview of engines 233 Index 234 List of charts and illustrations 236 Financial calendar 236 Contacts IBC MTU share information OBC Selected consolidated financial information and key figures with year-on-year comparison MTU share information [T1] MTU share data Number of shares 52 million shares of no-par stock Type of share Registered shares Equity capital € 52 million WKN / ISIN /stock exchange symbol A0D9PT / DE000A0D9PT0 / MTX Trading segment Prime Standard Stock-market segment MDAX Designated sponsor Goldman Sachs Notifications Electronic Federal Gazette (Bundesanzeiger) [T2] Share performance and dividends over the past 5 years 2014 2015 2016 2017 2018 Year-end quoted price 72.16 € 90.10 € 109.80 € 149.40 € 158.40 € Annual performance 1 % 25 % 22 % 36 % 6 % Dividend per share 1.45 € 1.70 € 1.90 € 2.30 € 2.85 € 190 170 150 130 110 90 70 2014 2015 2016 2017 2018 Selected consolidated financial information and key figures with year-on-year comparison [T3] Selected consolidated financial information and key figures at a glance Change 2018-2017 in € million (unless stated otherwise) 2018 2017 in % Revenues and earnings Revenues 4,567.1 3,897.4 17.2 attributable to the commercial engine business 1) 1,602.8 1,289.9 24.3 attributable to the military engine business 1) 431.1 444.9 –3.1 attributable to the commercial maintenance business 1) 2,799.8 2,285.3 22.5 Gross profit 851.3 710.9 19.7 Earnings before interest and tax (EBIT) 620.2 521.2 19.0 Earning after tax 453.3 358.7 26.4 Adjusted earnings Earnings before interest and tax (EBIT adjusted) 671.4 572.5 17.3 EBIT margin in % 14.7 14.7 Net income 479.1 404.9 18.3 Balance sheet Total assets 6,850.8 6,225.2 10.0 Equity 2,144.2 1,841.3 16.5 Equity ratio in % 31.3 29.6 Net financial debt 854.0 827.0 3.3 Cash flow Cash flow from operating activities 594.7 460.9 29.0 Selected consolidated financial information and key figures key financial information and consolidated Selected Cash flow from investing activities –336.1 –340.8 1.4 Free cash flow 202.9 151.1 34.3 Cash flow from financing activities –262.7 –332.9 21.1 Number of employees at year end Commercial and military engine business 6,109 5,599 9.1 Commercial maintenance business 3,622 3,247 11.5 Total number of employees 9,731 8,846 10.0 Share indicators Earnings per share in € Undiluted earnings per share 8.67 6.90 25.7 Diluted earnings per share 8.10 6.46 25.4 Dividend per share in € 2) 2.85 2.30 23.9 Dividend yield in % 1.8 1.5 Total dividend 2) 147.2 118.4 24.3 Outstanding common stock at Dec. 31 (million shares) 51.5 51.5 1) Before consolidation 2) Proposal to the Annual General Meeting for 2018 based on an expected volume of 51.5 million dividend-entitled shares. Prior year: Resolution by the Annual General Meeting for the financial year. PROSPECTS PROSPECTS Products, processes and projects for a successful future. 2018 was yet another record-breaking year for MTU. To maintain its course of profitable growth, MTU is working on new products, processes and projects that hold excellent promise for continued success in the future. 1 1 PRODUCTS PRODUCTS Ideally positioned for the future ____ MTU is well-placed in all thrust and power categories, in both its commercial engine business and the military sector. By way of example, on the following pages MTU presents three engines from its wide-ranging portfolio that serve as guarantors for the company’s long-term success. 2 PRODUCTS PRODUCTS Guarantors of MTU’s success PW1000G Major leap forward in jet engine technology with unparalleled commercial success: the Geared Turbofan™ engines of the PW1000G family are poised to occupy a dominant position on the market for short- and medium-haul aircraft. ___ page 4 GE9X Impressive performance during testing: the GE9X engine for the Boeing 777X will define the future on long-haul routes. And MTU is on board with its GE9X program share. __________________________________________ page 8 T408 Launched on the market in 2018 and fit for the future: the T408 engine for Sikorsky’s CH-53K heavy-lift cargo helicopter. The engine has enormous potential for further applications. ___________________________________ page 10 Portfolio Guarantors of success at every stage of their lifecycle: MTU provides service support for engines in all thrust and power classes from development and manufacturing through to maintenance. ________________________ page 12 2 3 PRODUCTS The PW1000G family: a bestseller at the start of a long lifecycle Economical, low in emissions and quiet – these are the criteria for the next generation of aircraft engines. The Geared Turbofan™ (GTF) engines designed and built by Pratt & Whitney and MTU, and already in operation, are leading the way. Unparalleled commercial success: firm orders and options for almost 10,000 units placed by the end of 2018. Right from the outset, the GTF has proved to segment – namely short- and medium-haul air- be the top-selling aircraft engine of all time. craft. This is borne out not only by the number With its program share in the PW1000G family, of orders on hand, but also by the fact that as MTU has been part of this success story from many as four aircraft manufacturers are placing the get-go. The GTF is poised to occupy a their trust in the Geared Turbofan™. dominant position in civil aviation’s key market Geared Turbofan™ in service – on the Airbus A320neo 4 PRODUCTS Excellent prospects: 20,000 GTF engines across the entire lifecycle The GTF outpaces its predecessor – the V2500 – by far, with more than twice as many deliveries expected across the entire lifecycle. PW1000G V2500 PRODUCTS Entry into service (EIS) EIS + 10 years EIS + 20 years EIS + 28 years 1989 1999 2009 2017 2016 2026 2036 2044 Four aircraft manufacturers are placing their trust in the GTF – and MTU is always on board. The engines of the PW1000G family power ramp-up proceeding at record pace. Thought the A320neo, the A220 and, from 2018, the is also being given to the next phase in the life- Embraer E190-E2. In 2018, MTU and Pratt & cycle: in 2018, construction began on the EME Whitney delivered almost twice as many GTF Aero facility in Poland, the world’s largest and engines to customers as in 2017, thus meeting most advanced MRO shop for Geared Turbo- their delivery target. This is the result of an un- fan™ engines, in a joint venture with Lufthansa paralleled feat of strength, with the production Technik. 15 % TO 18 % PROGRAM SHARE: MTU BENEFITS FROM THE SUCCESS OF THE GTF. MTU’s Engine Aircraft type program share Airbus PW1100G-JM A320neo 18 % Mitsubishi PW1200G MRJ 15 % Irkut PW1400G-JM MC-21 18 % Airbus PW1500G A220 17 % Embraer PW1700G E-Jet E175-E2 15 % Embraer PW1900G E-Jet E190-E2 /E195-E2 17 % 4 5 PRODUCTS The ultimate in high tech – with key engine components made by MTU High-pressure compressor For the GTF, MTU also provides the first four stages of a novel high-pressure compressor, developed together with Pratt & Whitney, which provides the last four stages. Low-pressure turbine MTU produces the high-speed low-pressure turbine, a key component of the GTF. Germany’s leading engine manufac- turer is the only company worldwide to have mastered this technology, for which it won two German innovation awards. Efficiency that pays What sets the GTF propulsion system apart is The advantages: that it features a reduction gearbox between • lower fan pressure ratios and the fan and low-pressure shaft on which the therefore higher bypass ratios low-pressure compressor and low-pressure • all components achieve their optimum turbine that drives the fan are seated. speeds The gearbox allows the fan with its large dia- • very high overall efficiency meter to rotate more slowly, and at the same • fewer compressor and turbine stages time the low-pressure compressor and turbine make for lighter engines and lower to rotate much faster. maintenance costs Benefit to customers: significantly reduced operating costs The GTF is a major leap forward in jet engine million liters of kerosene on more than 550,000 technology from which customers can benefit to flights since entering service. This represents a a high degree: compared with its predecessor, reduction in operating costs for the airlines in the V2500, the GTF engine has saved over 250 excess of 100 million U.S.
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