Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Q1 2023 Earnings Presentation
21 slides from Mtu Aero Engines's earnings presentation, Apr 26, 2023
Slide 1: Q1 2023 Results – Conference call with Investors and Analysts
Q1 2023 Results – Conference call with Investors and Analysts 04/26/2023 - Investor Relations
Slide 2: Q1 2023 Review
Seite 1 Q1 2023 Review Air Traffic - RPK *) Q1 2023 review Guidance 2023 confirmed February 2023 vs. February 2019 (y-o-y comparison) I Recovery of passenger traffic further accelerated I NEFE program kickoff took place – hiring intensified I Q1 2023 results above market expectation I Improvement su
Slide 3: Financial Highlights Q1 2023
Financial Highlights Q1 2023 Revenues EBIT adjusted Net income adj. Free Cash Flow (in m€) (in m€) (in m€) (in m€) +31% 1.544 +62% 1.180 212 +70% (13.7%) -31% 131 157 (11.1%) 134 93 93 3M 2022 3M 2023 3M 2022 3M 2023 3M 2022 3M 2023 3M 2022 3M 2023 Investor Relations 3 26 April 2023 - Q1 2023 Result
Slide 4: OEM Segment
OEM Segment (in m €) 3M 2022 3M 2023 Change Revenues 386 549 42% Military Business 108 103 -5% Commercial Business 278 446 60% EBIT adj. 78 141 81% EBIT adj. margin % 20.2% 25.8% • Organic US$ Commercial revenues up 37% • Military revenues down 5% • EBIT margin up due to business mix and underpropor
Slide 5: Commercial MRO
Commercial MRO (in m €) 3M 2022 3M 2023 Change Revenues 819 1,021 25% EBIT adj. 53 70 32% EBIT adj. margin % 6.4% 6.8% • Organic US$ Revenues up 19% • EBIT margin up due to business mix 5 26 April 2023 - Q1 2023 Results Investor Relations
Slide 6: Guidance 2023 confirmed – supply chain health challenging
Guidance 2023 confirmed – supply chain health challenging Stronger demand than anticipated – upside potential in evaluation ORGANIC REVENUE Military Commercial OE Total Group Sales EBIT adj. margin Up ten % Up thirty % EUR 6.1 – 6.3 bn € Stable Commercial Commercial MRO Spares MRO up high teens % Up
Slide 7: Appendix
Appendix 7 26 April 2023 - Q1 2023 Results Investor Relations
Slide 8: Group Order Book up 2%
Appendix Group Order Book up 2% 22.3 bn€ +2% 22.7 bn€ Order book 2022/12/31 Order book 2023/03/31 8 26 April 2023 - Q1 2023 Results Investor Relations
Slide 9: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of April 26th, 2023 in m$ 1,680 1,040 460 160 2023 2024 2025 2026 Average hedge rate (€/US$) 1.12 1.14 1.10 1.06 9 26 April 2023 - Q1 2023 Results Investor Relations
Slide 10: Profit & Loss
Appendix Profit & Loss (in m €) 3M 2022 3M 2023 Change Revenues 1,180 1,544 31% Total cost of sales -1,026 -1,271 Gross profit 154 273 77% Gross profit margin % 13.1% 17.7% R&D according to IFRS -24 -26 SG&A -68 -56 Other operating income (expense) -4 -11 P&L of companies accounted at equity and equ
Slide 11: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2022 3M 2023 Change EBIT reported 68 202 195% Adjustment (PPA Depreciation & Amortization) 5 5 Adjustment (IAE Upshare) 6 6 Adjustment (Impairment) 52 0 EBIT adjusted 131 212 62% thereof P&L of companies accounted "at equity"
Slide 12: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) 3M 2022 3M 2023 Change Revenues Group 1,180 1,544 31% OEM Commercial 278 446 60% OEM Military 108 103 -5% MRO 819 1,021 25% Consolidation -25 -25 EBIT adjusted Group 131 212 62% OEM (Commercial / Military) 78 141 81% MRO 53 70 32% Consolidation 0 1 EB
Slide 13: Research & Development
Appendix Research & Development (in m €) 3M 2022 3M 2023 Change Total R&D 63 67 7% Customer funded R&D -17 -21 -21% Company expensed R&D 46 47 1% Capitalization of R&D -15 -13 Amortisation 7 7 Impairment 39 0 Total R&D impact P&L (on EBIT) 77 41 -46% thereof booked into sales and COGS 52 16 thereof
Slide 14: Financial Result
Appendix Financial Result (in m €) 3M 2022 3M 2023 Change Interest income 1 6 >300% Interest expense -8 -6 24% Interest result -6 0 102% Financial result on other items 10 -11 US$ / non cash valuations / others 13 -5 Interest for pension provisions -3 -7 Financial result 4 -11 <-300% 14 26 April 202
Slide 15: MTU’s Cash development January – March 2023
Appendix MTU’s Cash development January – March 2023 69 Free Cashflow: +93 -82 0 5 0 171 -17 -2 -5 892 823 Adjusted Non-operating exceptional items: +5 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Financing paymen
Slide 16: Cash Flow
Appendix Cash Flow (in m €) 3M 2022 3M 2023 Change Net Income IFRS 53 134 150% Depreciation and amortization 105 76 Change in provisions and liabilities 35 47 Change in working capital -13 -120 Taxes -23 46 Interest, derivatives, others 49 -12 Cash Flow from operating activities 207 171 -18% Net Inv
Slide 17: Net debt
Appendix Net debt (in m €) 31.12.2022 31.03.2023 Change Bonds and notes 605 610 Convertible bonds 531 518 Revolving Credit Facility 0 0 Financial lease liabilities 166 151 Loans from related companies and third parties 0 2 Other financing liabilities (financing component) 333 320 thereof arising fro
Slide 18: Working capital
Appendix Working capital (in m €) 31.12.2022 31.03.2023 Change Inventories 1,514 1,490 Prepayments -363 -310 Receivables 2,710 2,711 Payables -1,960 -1,870 Working Capital 1,901 2,021 6% 18 26 April 2023 - Q1 2023 Results Investor Relations
Slide 19: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2022 31.03.2023 Change Intangible assets 1,151 1,151 Property, plant, equipment 1,384 1,394 other non-current assets 1,611 1,603 Total non-current assets 4,146 4,148 0% Current assets 5,085 5,113 1% Total assets 9,230 9,261 0% Equity 3,107 3,273 5% Non-current l
Slide 20: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) 3M 2022 3M 2023 Change OEM 89 51 MRO 17 26 Total depreciation / amortization* 106 76 -28% PPA OEM 5 5 PPA MRO 0 0 IAE Upshare OEM 6 6 PPA depreciation / amortization & IAE Upshare amortization (EBIT adjustments) 11 10 -6% OEM 78 40 MRO 17 26 Deprecia
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