Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Mtu Aero Engines Hldgs — H1 2023 Earnings Presentation
21 slides from Mtu Aero Engines's earnings presentation, Jul 26, 2023
Slide 1: H1 2023 Results
H1 2023 Results 7/26/2023 / Call with Investors and Analysts
Slide 2: H1 2023 Review
H1 2023 Review Passenger Air Traffic – RPK*) Successful Paris Airshow Key GTF statements May 2023 vs. May 2019 I Passenger traffic reaching 96.1% of May 2019 levels I Over 1 bn US$ order intakes I Fixes to improve durability underway I Domestic traffic outperformed May 2019 levels I Guidance 2023 up
Slide 3: Financial Highlights H1 2023
Financial Highlights H1 2023 Revenues EBIT adjusted Net income adj. Free Cash Flow (in m€) (in m€) (in m€) (in m€) 3,093 +25% 2,469 405 (13.1%) +40% 290 (11.7%) 300 +45% 207 168 -19% 135 6M 2022 6M 2023 6M 2022 6M 2023 6M 2022 6M 2023 6M 2022 6M 2023 H1 2023 Results - Investor Relations 3 26 July 20
Slide 4: OEM Segment
OEM Segment (in m €) 6M 2022 6M 2023 Change Revenues 810 1,061 31% Military Business 213 229 7% Commercial Business 596 832 40% EBIT adj. 165 262 59% EBIT adj. margin % 20.4% 24.7% • Organic US$ Commercial revenues up by 23% • Military revenues up by 7% • EBIT margin up due to business mix and under
Slide 5: Commercial MRO
Commercial MRO (in m €) 6M 2022 6M 2023 Change Revenues 1,711 2,081 22% EBIT adj. 124 141 14% EBIT adj. margin % 7.3% 6.8% • Organic US$ revenues up by 20% • EBIT adj. margin impacted by higher GTF share and less FX tailwinds 5 26 July 2023 H1 2023 Results - Investor Relations
Slide 6: Guidance 2023 updated at the Paris Air Show
Guidance 2023 updated at the Paris Air Show ORGANIC REVENUE Military Commercial OE Total Group Sales EBIT adj. Up mid teens % Up thirty % EUR 6.1 – 6.3 bn € >800 Mio € FCF adj. Commercial Commercial MRO > 2022 actuals Spares MRO up high teens % Up high teens GTF share at mid to high to low twenties
Slide 7: Appendix
Appendix 7 26 July 2023 H1 2023 Results - Investor Relations
Slide 8: Group Order Book almost stable
Appendix Group Order Book almost stable 22.3 bn€ -2% 21.9 bn€ Order book 2022/12/31 Order book 2023/06/30 8 26 July 2023 H1 2023 Results - Investor Relations
Slide 9: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of July 26th, 2023 in m$ 1,900 1,380 660 160 2023 2024 2025 2026 Average hedge rate (€/US$) 1.12 1.13 1.10 1.06 9 26 July 2023 H1 2023 Results - Investor Relations
Slide 10: Profit & Loss
Appendix Profit & Loss (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change Revenues 1,289 1,549 20% 2,469 3,093 25% Total cost of sales -1,093 -1,302 -2,118 -2,573 Gross profit 197 247 26% 351 520 48% Gross profit margin % 15.3% 15.9% 14.2% 16.8% R&D according to IFRS -23 -28 -47 -54 SG&A -66 -71
Slide 11: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change EBIT reported 115 181 58% 183 383 109% Adjustment (PPA Depreciation & Amortization) 5 5 10 9 Adjustment (IAE Upshare) 6 6 12 11 Adjustment (Impairment / Ukraine Impacts) 33 -21 85 -2
Slide 12: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change Revenues Group 1,289 1,549 20% 2,469 3,093 25% OEM Commercial 318 387 21% 596 832 40% OEM Military 106 126 19% 213 229 7% MRO 892 1,060 19% 1,711 2,081 22% Consolidation -26 -24 -51 -49 EBIT adjusted Group
Slide 13: Research & Development
Appendix Research & Development (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change Total R&D 72 90 26% 135 158 17% Customer funded R&D -17 -18 -6% -34 -39 -14% Company expensed R&D 54 72 32% 101 119 18% Capitalization of R&D -23 -35 -37 -47 Amortisation 9 8 15 15 Impairment 24 0 63 0 Total R&D i
Slide 14: Financial Result
Appendix Financial Result (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change Interest income -1 6 >300% 1 12 >300% Interest expense -7 -7 7% -15 -13 16% Interest result -8 -1 92% -15 -1 96% Financial result on other items -13 -10 -3 -21 US$ / non cash valuations / others -10 -3 3 -8 Interest for
Slide 15: MTU's Cash development January – June 2023
Appendix MTU’s Cash development January – June 2023 -52 Free Cashflow: +135 -177 6 307 0 0 -181 -1 -6 823 771 Adjusted Non-operating exceptional items: +6 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Financing pay
Slide 16: Cash Flow
Appendix Cash Flow (in m €) 6M 2022 6M 2023 Change Net Income IFRS 120 256 113% Depreciation and amortization 206 155 Change in provisions and liabilities 100 25 Change in working capital -168 -205 Taxes 0 61 Interest, derivatives, others 61 15 Cash Flow from operating activities 318 307 -4% Net Inv
Slide 17: Net debt
Appendix Net debt (in m €) 31.12.2022 30.06.2023 Change Bonds and notes 605 612 Convertible bonds 531 487 Financial liabilities to bank 0 47 Revolving Credit Facility 0 0 Financial lease liabilities 166 148 Loans from related companies and third parties 0 4 Other financing liabilities (financing com
Slide 18: Working capital
Appendix Working capital (in m €) 31.12.2022 30.06.2023 Change Inventories 1,514 1,512 Prepayments -363 -319 Receivables 2,710 2,817 Payables -1,960 -1,903 Working Capital 1,901 2,108 11% 18 26 July 2023 H1 2023 Results - Investor Relations
Slide 19: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2022 30.06.2023 Change Intangible assets 1,151 1,154 Property, plant, equipment 1,384 1,406 other non-current assets 1,611 1,603 Total non-current assets 4,146 4,162 0% Current assets 5,085 5,118 1% Total assets 9,230 9,280 1% Equity 3,107 3,268 5% Non-current l
Slide 20: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q2 2022 Q2 2023 Change 6M 2022 6M 2023 Change OEM 78 53 166 103 MRO 23 25 40 51 Total depreciation / amortization* 101 78 -23% 207 154 -25% PPA OEM 5 5 9 9 PPA MRO 0 0 1 0 IAE Upshare OEM 6 6 12 11 PPA depreciation / amortization & IAE Upshare amorti
Slide 21: Proprietary Notice / Cautionary note regarding forward-looking statements
Proprietary Notice This document contains proprietary information of the MTU Aero Engines AG group companies. The document and its contents shall not be copied or disclosed to any third party or used for any purpose other than that for which it is provided, without the prior written agreement of MTU
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