Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Q1 2022 Earnings Presentation
21 slides from Mtu Aero Engines's earnings presentation, Apr 29, 2022
Slide 1: Q1 2022 Results
Q1 2022 Results Conference call with Investors and Analysts April 29th, 2022
Slide 2: Q1 2022 Review
Q1 2022 Review Air Traffic - RPK *) Key messages in current environment Q1 2022 Review • Recovery of passenger traffic further accelerated • New hire of workforce as activity ramps up • Air Canada orders GTF for up to 44 A321XLR • Cargo traffic remains strong • Infrastructure ready for higher produc
Slide 3: Financial Highlights Q1 2022
Financial Highlights Q1 2022 Revenues EBIT adjusted Net income adj. Free Cash Flow (in m€) (in m€) (in m€) (in m€) 1,180 +19% 989 131 (11.1%) +27% 134 86 +52% 106 (8.7%) +60% 93 58 3M 2021 3M 2022 3M 2021 3M 2022 3M 2021 3M 2022 3M 2021 3M 2022 Analyst Presentation - Investor Relations 3 29 April 20
Slide 4: OEM Segment
OEM Segment (in m €) 3M 2021 3M 2022 Change Revenues 337 386 15% Military Business 87 108 25% Commercial Business 250 278 11% EBIT adj. 47 78 66% EBIT adj. margin % 14.0% 20.2% • US$ Commercial revenues up by 4% • Military revenues up by 25% • EBIT margin up due to business mix 4 29 April 2022 - Q1
Slide 5: Commercial MRO
Commercial MRO (in m €) 3M 2021 3M 2022 Change Revenues 678 819 21% EBIT adj. 39 53 34% EBIT adj. margin % 5.8% 6.4% • US$ Revenues up by 12% • EBIT margin up due to business mix (higher Independent volume vs. lower PW1100G MRO share) 5 29 April 2022 - Q1 2022 Results Analyst Presentation - Investor
Slide 6: Guidance 2022 confirmed
Guidance 2022 confirmed Organic revenue Military Commercial OE Up high single digit % Up mid to high teens % Total Group Sales: EBIT adj. OE 5.2 – 5.4 bn € Up mid twenties % MRO Net Income adj. CCR Growth in line Mid to high with EBIT adj. double digit % Commercial Spares Commercial MRO Up mid teens
Slide 7: Appendix
Appendix 7 29 April 2022 - Q1 2022 Results Analyst Presentation - Investor Relations
Slide 8: Group Order Book up 5%
Appendix Group Order Book up 5% +5% 23.4 bn€ 22.2 bn€ Order book 2021/12/31 Order book 2022/03/31 8 29 April 2022 - Q1 2022 Results Analyst Presentation - Investor Relations
Slide 9: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of April 29th, 2022 in m$ 1,340 940 660 160 2022 2023 2024 2025 Average hedge rate (€/US$) 1.16 1.18 1.18 1.16 9 29 April 2022 - Q1 2022 Results Analyst Presentation - Investor Relations
Slide 10: Profit & Loss
Appendix Profit & Loss (in m €) 3M 2021 3M 2022 Change Revenues 989 1,180 19% Total cost of sales -854 -1,026 Gross profit 135 154 14% Gross profit margin % 13.6% 13.1% R&D according to IFRS -16 -24 SG&A -50 -68 Other operating income (expense) -6 -4 P&L of companies accounted at equity and equity i
Slide 11: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2021 3M 2022 Change EBIT reported 76 68 -9% Adjustment (PPA Depreciation & Amortization) 5 5 Adjustment (IAE Upshare) 6 6 Adjustment (Impairment) 0 52 EBIT adjusted 86 131 52% thereof P&L of companies accounted "at equity" 12
Slide 12: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) 3M 2021 3M 2022 Change Revenues Group 989 1,180 19% OEM Commercial 250 278 11% OEM Military 87 108 25% MRO 678 819 21% Consolidation -26 -25 EBIT adjusted Group 86 131 52% OEM (Commercial / Military) 47 78 66% MRO 39 53 34% Consolidation 0 0 EBIT adju
Slide 13: Research & Development
Appendix Research & Development (in m €) 3M 2021 3M 2022 Change Total R&D 47 63 34% Customer funded R&D -11 -17 -55% Company expensed R&D 36 46 28% Capitalization of R&D -11 -15 Amortisation 6 7 Impairment 0 39 Total R&D impact P&L (on EBIT) 31 77 148% thereof booked into sales and COGS 15 52 thereo
Slide 14: Financial Result
Appendix Financial Result (in m €) 3M 2021 3M 2022 Change Interest income 0 1 >300% Interest expense -8 -8 3% Interest result -8 -6 18% Financial result on other items -5 10 US$ / non cash valuations / others -3 13 Interest for pension provisions -1 -3 Financial result -13 4 129% 14 29 April 2022 -
Slide 15: MTU's Cash development January – March 2022
Appendix MTU’s Cash development January – March 2022 115 Free Cashflow: +134 -62 0 -14 2 207 -32 2 11 837 722 Adjusted Non-operating exceptional items: -11 Cash and CF from CF from Payments for Sales Acquisition CF from Translation Adjustments Cash and cash operating investing liquidity Financing pa
Slide 16: Cash Flow
Appendix Cash Flow (in m €) 3M 2021 3M 2022 Change Net Income IFRS 49 53 9% Depreciation and amortization 67 105 Change in provisions and liabilities -11 35 Change in working capital 47 -13 Taxes -11 -23 Interest, derivatives, others 14 49 Cash Flow from operating activities 155 207 33% Net Investme
Slide 17: Net debt
Appendix Net debt (in m €) 31.12.2021 31.03.2022 Change Bonds and notes 604 609 Convertible bonds 529 530 Revolving Credit Facility 0 0 Financial lease liabilities 176 167 Financial liabilities arising from program participation 142 138 thereof arising from IAE V2500 Upshare 138 134 Gross financial
Slide 18: Working capital
Appendix Working capital (in m €) 31.12.2021 31.03.2022 Change Inventories 1,380 1,416 Prepayments -398 -381 Receivables 2,073 2,155 Payables -1,654 -1,775 Working Capital 1,401 1,415 1% 18 29 April 2022 - Q1 2022 Results Analyst Presentation - Investor Relations
Slide 19: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2021 31.03.2022 Change Intangible assets 1,128 1,137 Property, plant, equipment 1,251 1,240 other non-current assets 1,664 1,606 Total non-current assets 4,043 3,983 -1% Current assets 4,260 4,504 6% Total assets 8,304 8,487 2% Equity 2,760 2,803 2% Non-current
Slide 20: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) 3M 2021 3M 2022 Change OEM 48 89 MRO 18 17 Total depreciation / amortization* 67 106 59% PPA OEM 5 5 PPA MRO 1 0 IAE Upshare OEM 6 6 PPA depreciation / amortization & IAE Upshare amortization (EBIT adjustments) 11 11 0% OEM 38 78 MRO 18 17 Depreciati
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