德国摩天宇航发动机有限公司2008财年超越预期估算, 德国摩天宇航空发动机有限公司
Release Date: 2009-03-23
Munich, March 23, 2009 – MTU Aero Engines Holding AG has fully met and even exceeded its forecasts for the financial year 2008. This was announced at the company’s annual results press conference on Monday, March 23, 2009. MTU reported a 6% increase in revenues to €2,724.3 million (2007: €2,575.9 million), thereby exceeding the upwardly revised forecast of €2,650 million that had been published in the course of the year. Without the U.S. dollar exchange rate effect, this increase would have amounted to an even higher 12%. Operating profit (EBITDA adjusted) improved by 3% from €392.9 million to €405.7 million, which is higher than MTU’s forecast of approximately €400 million. Net income progressed at an even more pronounced rate, increasing by 17% from €154.1 million in 2007 to €179.7 million, thereby reaching the forecast level of €180 million. Free cash flow, at €123.6 million (2007: €131.7 million), was significantly higher than the forecast €100 million.
“In this anniversary year, I am particularly delighted to be able to present these results, which are the best that MTU has ever achieved in its 75-year history,” stated Egon Behle, CEO of MTU Aero Engines Holding AG. “2008 was a record year for MTU in many respects. As well as more than meeting our quantitative targets, we have also taken strategic measures that point MTU towards an even better future: In 2008, we engaged in a greater volume of new program agreements than in any previous year. This forward-looking strategy and the opportunities it offers give me every confidence that MTU will continue to impose itself on the market, despite the increasingly difficult challenges that this involves.”
Outlook for 2009
The volume of both passenger and freight traffic is expected to decline in 2009, with a consequential impact on deliveries of new aircraft and on aftermarket sales in the engine business. Despite this difficult market environment, MTU is nevertheless well positioned to generate revenues of around €2,800 million in 2009, which corresponds to the previous year’s level. This forecast is based on the assumption that revenues in the military engine business will remain stable. MTU expects to see a significant decrease in sales of engine components and spare parts for business jets, and does not expect revenues from engines for commercial airliners, in any category, to grow with respect to 2008. Overall, MTU’s spare parts business is expected to generate slightly lower revenues. In the commercial maintenance (MRO) sector, MTU expects revenues to remain stable after adjustments for the U.S. dollar exchange rate. Starting in the financial year 2009, the company intends to use EBIT adjusted as an indicator of its profitability instead of EBITDA adjusted. This will enable its results to be more easily compared with those of other capital-market-oriented companies, and also allow depreciation and amortization expenses to be included in the measurement of operating costs. MTU has set itself the target of achieving an EBIT margin (adjusted) of around 10%, compared with a margin of 12% in 2008. This anticipated reduction is based principally on general exposure to market risks, the declining spare parts business, high startup costs for new engine programs, and expenditure in connection with the new manufacturing site in Poland. As a result of the planned investments to assure its future, MTU expects its net income to decrease to approximately €140 million in 2009. These investments include increased research and development expenditure in connection with the new engine programs. MTU nevertheless reckons on a free cash flow in the region of €80 million to €100 million.
| Type: | NORMAL |
| Company: | 德国摩天宇航空发动机有限公司 |
| Country: | 德国 |
| Url: | http://www.mtu.de/en/press/actual_news/Bilanz2008/index.html |