Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Mtu Aero Engines Hldgs — 9M 2024 Earnings Presentation
23 slides from Mtu Aero Engines's earnings presentation, Oct 24, 2024
Slide 1: 9M 2024 Results
9M 2024 Results 10/24/2024 / Conference Call with Analysts and Investors
Slide 2: Q3 2024 Review
Q3 2024 Review Passenger air traffic keeps growing (Aug 2024 vs. Aug 2023) | Passenger air traffic keeps growing | Domestic traffic up 5.6%, International traffic up 10.0% | Total industry passenger load factors (PLFs) reached 86.2%, a record-high | Ticket sales for travel in September indicate cont
Slide 3: Q3 2024 Review
Q3 2024 Review General market situation remains unchanged in Q3 24: | Limited new aircraft deliveries | Heavy utilization of older aircraft platforms | Strong MRO demand, but tight MRO capacity | List price increase for spare parts on high levels Resulting effects in Q3 | Share of spare and lease en
Slide 4: Financial Highlights 9M 2024
Financial Highlights 9M 2024 Revenues adj.* EBIT adj. Net income adj. Free Cash Flow adj. (in m€) (in m€) (in m€) (in m€) 5,293 744 +14% (14.0%) 4,648 +25% 597 (12.8%) 541 +23% 438 257 -17% 213 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2024 Results - Investor Relations * adj
Slide 5: OEM Segment
OEM Segment (in m €) 9M 2023 9M 2024 Change Revenues* 1,622 1,794 11% Military Business 367 426 16% Commercial Business* 1,255 1,368 9% EBIT adj. 374 444 19% EBIT adj. margin % 23.0% 24.7% • Organic US$ Commercial revenues up 9% • Commercial Engine Revenues up low 20% • Organic Commercial Spare Part
Slide 6: Commercial MRO
Commercial MRO (in m €) 9M 2023 9M 2024 Change Revenues 3,108 3,577 15% EBIT adj. 223 300 35% EBIT adj. margin % 7.2% 8.4% • Organic US$ Revenues up 15% • EBIT margin up due to business mix and strong leasing business 6 24. October 2024 9M 2024 Results - Investor Relations
Slide 7: Guidance 2024 – profitability ahead of expectations
Guidance 2024 – profitability ahead of expectations ORGANIC REVENUE Military Commercial OE Total Group Sales EBIT adj. ~ up low to mid teens % ~ up low to mid twenties % EUR 7.3 – 7.5 bn € Slightly > 1 bn € Net Income adj. FCF Growth in line with EBIT adj. Low triple digit million € Commercial Comme
Slide 8: Appendix
Appendix 8 24. October 2024 9M 2024 Results - Investor Relations
Slide 9: Group Order Book down 4%
Appendix Group Order Book down 4% 24.4 bn€ -4% 23.4 bn€ Order book 2023/12/31 Order book 2024/09/30 9 24. October 2024 9M 2024 Results - Investor Relations
Slide 10: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of October 24, 2024 in m$ 1,500 1,380 920 260 20 2024 2025 2026 2027 2028 Average hedge rate (€/US$) 1.13 1.12 1.11 1.14 1.15 10 24. October 2024 9M 2024 Results - Investor Relations
Slide 11: Profit & Loss
Appendix Profit & Loss (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change Revenues 560 1,897 239% 3,653 5,286 45% Revenues adjusted 1,525 1,864 22% 4,648 5,293 14% Total cost of sales -1,283 -1,539 -3,856 -4,359 Gross profit -723 357 149% -203 927 >300% R&D according to IFRS -28 -25 -82 -74 SG&A
Slide 12: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change EBIT reported -793 301 138% -410 722 276% Adjustment (PPA Depreciation & Amortization) 5 5 14 14 Adjustment (IAE Upshare) 6 6 17 19 Adjustment (Impairment / Ukraine Impacts) 0 0 -21
Slide 13: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change Revenues 560 1,897 239% 3,653 5,286 45% Adjustment (PW1100G Powder Metal) 957 -39 957 -11 Adjustment (Exceptional Items Credit- and Litigation Risk) 2 0 21 0 Adjustment (IAE Upshare)
Slide 14: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change Revenues Group* 1,525 1,864 22% 4,648 5,293 14% OEM Commercial* 393 465 18% 1,255 1,368 9% OEM Military 138 153 11% 367 426 16% MRO 1,026 1,274 24% 3,108 3,577 15% Consolidation -33 -28 -82 -78 EBIT adjust
Slide 15: Research & Development
Appendix Research & Development (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change Total R&D 66 75 13% 224 254 14% Customer funded R&D -15 -30 -96% -55 -82 -50% Company expensed R&D 51 45 -12% 169 172 2% Capitalization of R&D -14 -14 -61 -76 Amortisation 9 34 24 51 Total R&D impact P&L (on EBIT)
Slide 16: Financial Result
Appendix Financial Result (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change Interest income 8 10 22% 20 27 35% Interest expense -16 -15 7% -29 -37 -30% Interest result -8 -5 37% -8 -10 -19% Financial result on other items -2 -5 -23 -22 US$ / non cash valuations / others 5 2 -3 -2 Interest for p
Slide 17: MTU’s Cash development January – September 2024
Appendix MTU’s Cash development January – September 2024 1027 Free Cashflow: +213 -10 25 799 -318 -25 0 0 556 1,910 883 Adjusted Non-operating exceptional items: -25 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Fi
Slide 18: Cash Flow
Appendix Cash Flow (in m €) 9M 2023 9M 2024 Change Net Income IFRS -312 499 260% Depreciation and amortization 237 301 Change in provisions and liabilities 1,003 130 Change in working capital -226 -459 Taxes -205 86 Interest, derivatives, others 28 0 Cash Flow from operating activities 526 556 6% Ne
Slide 19: Net debt
Appendix Net debt (in m €) 31.12.2023 30.09.2024 Change Bonds and notes 607 1,346 Convertible bonds 489 491 Promissory note 0 305 Financial liabilities to bank 7 36 Revolving Credit Facility 0 0 Financial lease liabilities 170 185 Loans from related companies and third parties 0 4 Other financing li
Slide 20: Working capital
Appendix Working capital (in m €) 31.12.2023 30.09.2024 Change Inventories 1,629 1,682 Prepayments -347 -341 Receivables 3,000 3,546 Payables -2,373 -2,519 Working Capital 1,908 2,367 24% 20 24. October 2024 9M 2024 Results - Investor Relations
Slide 21: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2023 30.09.2024 Change Intangible assets 1,200 1,213 Property, plant, equipment 1,501 1,620 other non-current assets 1,904 1,776 Total non-current assets 4,604 4,608 0% Current assets 5,599 7,202 29% Total assets 10,204 11,810 16% Equity 2,933 3,350 14% Non-curr
Slide 22: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) Q3 2023 Q3 2024 Change 9M 2023 9M 2024 Change OEM 53 82 157 193 MRO 29 39 80 103 Total depreciation / amortization* 82 121 48% 236 296 25% PPA OEM 5 5 14 14 PPA MRO 0 0 0 0 IAE Upshare OEM 6 6 17 19 PPA depreciation / amortization & IAE Upshare amort
Slide 23: 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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