Mtu Aero Engines Ag · XETR:MTX
Mtu Aero Engines — Q1 2021 Earnings Presentation
21 slides from Mtu Aero Engines's earnings presentation, Apr 30, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results Conference Call with Investors and Analysts 4/30/2021
Slide 2: Review Q1 2021
Review Q1 2021 • Passenger traffic remained weak, Cargo demand remains strong • IATA forecasts passenger traffic to be up 26% in 2021 • GTF utilization at >80% of pre-Covid 19 levels • Fleet wide GTF retrofits almost completed • KLM receives first GTF powered E2-Jet • MTU Zhuhai celebrated its 20th
Slide 3: Financial Highlights Q1 2021
Financial Highlights Q1 2021 Revenues EBIT adjusted Net income adj. Free Cash Flow (in m€) (in m€) (in m€) (in m€) 1,273 -22% 989 182 (14.3%) -52% 128 86 106 -55% (8.7%) +54% 69 58 3M 2020 3M 2021 3M 2020 3M 2021 3M 2020 3M 2021 3M 2020 3M 2021 30 April 2021 Q1 2021 Results 3 © MTU Aero Engines AG.
Slide 4: OEM Segment
OEM Segment (in m €) 3M 2020 3M 2021 Change Revenues 497 337 -32% Military Business 98 87 -11% Commercial Business 399 250 -37% EBIT adj. 116 47 -60% EBIT adj. margin % 23.4% 14.0% • US$ Commercial revenues down by 29% • Military revenues down by 11% • EBIT margin down due to significant lower spare
Slide 5: Commercial MRO
Commercial MRO (in m €) 3M 2020 3M 2021 Change Revenues 795 678 -15% EBIT adj. 66 39 -40% EBIT adj. margin % 8.3% 5.8% • US$ Revenues down by 8% • EBIT margin down due to business mix (higher GTF work vs. lower independent volume) 30 April 2021 Q1 2021 Results 5 © MTU Aero Engines AG. The informatio
Slide 6: Guidance 2021 confirmed
Guidance 2021 confirmed Organic Growth Military revenues Slightly up Commercial OE Slightly up Commercial Spares Up low to mid single digit MRO up ~15 to 25 % Commercial MRO GTF contribution strongly growing Total Group Sales 4.2 – 4.6 bn € EBIT adj. (margin) 9.5 – 10.5% Net Income adj. In line with
Slide 7: Appendix
Appendix 30 April 2021 Q1 2021 Results 7 © MTU Aero Engines AG. The information contained herein is proprietary to the MTU Aero Engines group companies.
Slide 8: Group Order Book increased slightly in USD
Appendix Group Order Book increased slightly in USD 20.2 bn€ 18.6 bn€ +9% Order book 2020/12/31 Order book 2021/03/31 30 April 2021 Q1 2021 Results 8 © MTU Aero Engines AG. The information contained herein is proprietary to the MTU Aero Engines group companies.
Slide 9: US$ Exchange Rate / Hedge Portfolio
Appendix US$ Exchange Rate / Hedge Portfolio Hedge book as of April 30th, 2021 in m$ 1,060 840 640 120 2021 2022 2023 2024 Average hedge rate (€/US$) 1.18 1.17 1.18 1.19 30 April 2021 Q1 2021 Results 9 © MTU Aero Engines AG. The information contained herein is proprietary to the MTU Aero Engines gro
Slide 10: Profit & Loss
Appendix Profit & Loss (in m €) 3M 2020 3M 2021 Change Revenues 1,273 989 -22% Total cost of sales -1,035 -854 Gross profit 238 135 -43% Gross profit margin % 18.7% 13.6% R&D according to IFRS -15 -16 SG&A -59 -50 Other operating income (expense) -4 -6 P&L of companies accounted at equity and equity
Slide 11: Reconciliation to adjusted Key Performance Indicators
Appendix Reconciliation to adjusted Key Performance Indicators (in m €) 3M 2020 3M 2021 Change EBIT reported 169 76 -55% Adjustment (PPA Depreciation & Amortization) 5 5 Adjustment (IAE Upshare) 8 6 EBIT adjusted 182 86 -52% thereof P&L of companies accounted "at equity" 9 12 Interest result -3 -8 I
Slide 12: Segment Revenues and EBIT adj.
Appendix Segment Revenues and EBIT adj. (in m €) 3M 2020 3M 2021 Change Revenues Group 1,273 989 -22% OEM Commercial 399 250 -37% OEM Military 98 87 -11% MRO 795 678 -15% Consolidation -19 -26 EBIT adjusted Group 182 86 -52% OEM (Commercial / Military) 116 47 -60% MRO 66 39 -40% Consolidation 0 0 EB
Slide 13: Research & Development
Appendix Research & Development (in m €) 3M 2020 3M 2021 Change Total R&D 59 47 -21% Customer funded R&D -10 -11 -11% Company expensed R&D 50 36 -27% Capitalization of R&D -24 -11 Amortisation 5 6 Total R&D impact P&L (on EBIT) 31 31 -1% thereof booked into sales and COGS 16 15 thereof booked into R
Slide 14: Financial Result
Appendix Financial Result (in m €) 3M 2020 3M 2021 Change Interest income 1 0 -57% Interest expense -4 -8 -110% Interest result -3 -8 -149% Financial result on other items -3 -5 US$ / non cash valuations / others -1 -3 Interest for pension provisions -2 -1 Financial result -6 -13 -112% 30 April 2021
Slide 15: MTU's Cash development January – March 2021
Appendix MTU’s Cash development January – March 2021 63 Free Cashflow: +106 0 1 0 -50 1 -1 155 -44 836 773 Adjusted Non-operating exceptional items: +1 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 2020 3M 2021 Change Net Income IFRS 112 49 -56% Depreciation and amortization 66 67 Change in provisions and liabilities 76 -11 Change in working capital -115 47 Taxes 12 -11 Interest, derivatives, others -1 14 Cash Flow from operating activities 149 155 4% Net Investm
Slide 17: Net debt
Appendix Net debt (in m €) 31.12.2020 31.03.2021 Change Bonds and notes 603 608 Convertible bonds 538 531 Promissory note 100 100 Financial liabilities to bank 30 0 thereof Revolving Credit Facility 0 0 thereof bonds and notes 30 0 Financial lease liabilities 177 169 Financial liabilities arising fr
Slide 18: Working capital
Appendix Working capital (in m €) 31.12.2020 31.03.2021 Change Inventories 1,279 1,293 Prepayments -457 -455 Receivables 1,949 1,986 Payables -1,236 -1,336 Working Capital 1,535 1,488 -3% 30 April 2021 Q1 2021 Results 18 © MTU Aero Engines AG. The information contained herein is proprietary to the M
Slide 19: Balance Sheet
Appendix Balance Sheet (in m €) 31.12.2020 31.03.2021 Change Intangible assets 1,135 1,136 Property, plant, equipment 1,161 1,133 other non-current assets 1,733 1,725 Total non-current assets 4,030 3,995 -1% Current assets 4,074 4,180 3% Total assets 8,104 8,175 1% Equity 2,635 2,657 1% Non-current
Slide 20: PPA Depreciation / Amortization
Appendix PPA Depreciation / Amortization (in m €) 3M 2020 3M 2021 Change OEM 46 48 MRO 20 18 Total depreciation / amortization* 66 67 2% PPA OEM 5 5 PPA MRO 1 1 IAE Upshare OEM 8 6 PPA depreciation / amortization & IAE Upshare amortization (EBIT adjustments) 13 11 -14% OEM 34 38 MRO 19 18 Depreciati
Slide 21: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could