Quarterly Report • Apr 25, 2012
Quarterly Report
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MTU Aero Engines Holding AG, Munich
| 14 | Consolidated Income Statement |
|---|---|
| 14 | Consolidated Statement of Comprehensive Income |
| 15 | Consolidated Statement of Financial Position |
| 16 | Consolidated Statement of Changes in Equity |
| 17 | Consolidated Statement of Cash Flows |
| 18 | Selected Explanatory Notes |
36 Financial Calendar
| Key Facts and Figures for the Group | |||
|---|---|---|---|
| ------------------------------------- | -- | -- | -- |
| in € million (unless otherwise specified) | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
in € million | Change against previous year in % |
|
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenues | 698.0 | 664.8 | 33.2 | 5.0 | |
| Gross profit | 143.7 | 134.7 | 9.0 | 6.7 | |
| Earning before interest and taxes (EBIT) | 81.7 | 69.9 | 11.8 | 16.9 | |
| Adjusted earning before interest and taxes | |||||
| (EBIT adjusted) | 91.4 | 80.5 | 10.9 | 13.5 | |
| Earning before taxes (EBT) | 76.8 | 49.3 | 27.5 | 55.8 | |
| Earning after taxes (EAT) | 54.0 | 33.5 | 20.5 | 61.2 | |
| Undiluted earning per share (in €) | 1.07 | 0.69 | 0.38 | 55.1 | |
| Diluted earning per share (in €) | 1.07 | 0.67 | 0.40 | 59.7 | |
| Growth rates in % | |||||
| Revenues | 5.0 | 3.8 | |||
| Gross profit | 6.7 | 17.0 | |||
| Adjusted earning before interest and taxes | |||||
| (EBIT adjusted) | 13.5 | 17.0 | |||
| Earning before taxes (EBT) | 55.8 | 1.6 | |||
| Earning after taxes (EAT) | 61.2 | 2.8 | |||
| Undiluted earning per share (in €) | 55.1 | 3.0 | |||
| Diluted earning per share (in €) | 59.7 | 3.1 | |||
| Revenue margins in % | |||||
| Earning before interest and taxes (EBIT) | 11.7 | 10.5 | |||
| Adjusted earning before interest and taxes | |||||
| (EBIT adjusted) | 13.1 | 12.1 | |||
| Earning before taxes (EBT) | 11.0 | 7.4 | |||
| Earning after taxes (EAT) | 7.7 | 5.0 | |||
| Balance Sheet (previous year: December 31) | |||||
| Intangible assets | 1,265.7 | 1,266.3 | -0.6 | ||
| Property, plant and equipment | 585.8 | 584.6 | 1.2 | 0.2 | |
| Financial assets | 54.6 | 60.3 | -5.7 | -9.5 | |
| Working capital | 127.5 | 101.5 | 26.0 | 25.6 | |
| Cash and cash equivalents | 189.1 | 198.8 | -9.7 | -4.9 | |
| Pension provisions | 458.9 | 457.0 | 1.9 | 0.4 | |
| Other provisions | 329.1 | 319.8 | 9.3 | 2.9 | |
| Financial liabilities | 82.2 | 261.6 | -179.4 | -68.6 | |
| Deferred taxes, current tax liabilities | 242.6 | 239.6 | 3.0 | 1.3 | |
| Equity | 1,077.6 | 906.1 | 171.5 | 18.9 | |
| Net financial position/net financial debt (-) | 151.8 | -12.2 | 164.0 | ||
| Order backlog and value of MRO contracts | |||||
| (order volume) (previous year: December 31) | 11,238.6 | 10,537.1 | 701.5 | 6.7 | |
| Commercial and Military Engine business (OEM) *) | 5,374.2 | 4,776.6 | 597.6 | 12.5 | |
| Commercial Maintenance business (MRO) *) | 5,864.4 | 5,760.5 | 103.9 | 1.8 | |
| Cash flow | |||||
| Cash flow from operating activities | 63.4 | 94.0 | -30.6 | -32.6 | |
| Cash flow from investing activities | -9.2 | -51.8 | 42.6 | 82.2 | |
| Free cash flow | 34.2 | 70.9 | -36.7 | -51.8 | |
| Free cash flow margin (in %) | 4.9 | 10.7 | |||
| Cash flow from financing activities | -61.1 | 2.0 | -63.1 | ||
| Change in cash and cash equivalents | -9.7 | 38.3 | -48.0 | ||
| Number of employees at quarter end | 8,280 | 7,975 | 305 | 3.8 | |
| Commercial and Military Engine business (OEM) | 5,076 | 4,980 | 96 | 1.9 | |
| Commercial Maintenance business (MRO) | 3,147 | 2,995 | 152 | 5.1 | |
| Other entities | 57 | 57 | |||
*) before consolidation
Revenues by segment (before consolidation)
Earnings after tax
The global economy grew by only 2.6 % in 2011 (source: EIU). The fourth quarter 2011 was particularly weak, with the EU economy contracting by 0.3 % compared with the third quarter and the growth rate of the emerging markets also lower than the high level predicted. The USA recorded growth of 0.7 % between the third and fourth quarters 2011.
The forecast for economic growth in 2012 is 2.1 % (source: EIU).
The price of oil (WTI) has been rising sharply since the beginning of 2012 and stood at US dollar 105 per barrel at the end of the first quarter 2012. This increase was attributable to tensions between Iran and the West on the one hand and strong demand from Asia on the other. A persistently high oil price would almost certainly have a negative impact on the growth rate forecast for the global economy in 2012.
The US dollar is particularly important for MTU's international business. During the first quarter of 2012 it performed weakly against the euro, losing ground continually from the beginning of the year. The average rate of the US dollar to the euro during the three-month period (US \$ 1.31) was significantly lower than in the same period last year (US \$1.37). Reference is made to section 3.2 (Operating results, financial situation and net assets) of the Interim Group Management Report for comments on the impact of changes in exchange rate parities.
The airlines generated a profit of US dollar 7.9 billion in 2011 on revenues totalling US dollar 600 billion. Their aggregated profit was therefore almost double the amount still being forecast by the IATA in mid-2011.
The year 2012 began with a sharp increase in air traffic volumes. Passenger numbers worldwide rose by 5.7 % in January 2012 compared with January 2011, and in February by as much as 8.6 % compared with the previous year. Global freight traffic fell by 8 % in January due to the Chinese New Year holiday. In February 2012, it grew by 5.2 % compared to February 2011.
The IATA published its new financial forecast for 2012 in March, predicting growth in worldwide passenger numbers of 4.2 %.
It forecasts that the airlines will generate a net profit of approximately US dollar 3 billion in 2012. The high price of oil is likely to have a severe impact on the airlines' earnings, as will the fact that aviation is now included in the European Emissions Trading System.
The already high level of the order-book for aircraft climbed again during the first quarter 2012, rising to 9,020 aircraft, an increase of 4.9 % compared to the end of the fourth quarter 2011. 268 aircraft were handed over to customers during the first quarter 2012. This represented a 20 % increase on the first quarter 2011, during which 223 aircraft were delivered. With these figures, Airbus and Boeing are on course to achieve their targets for 2012: the two aircraft manufacturers wish to raise deliveries in 2012 by 15 % compared to the previous year to 1,165 units.
The market for business jets continued to be disappointing. Deliveries fell by 6 % in 2011, the volume of flight movements is stagnating, while the market for pre-owned aircraft has become overheated. That said, the segment for medium-weight business jets, in which MTU predominantly operates, has stabilized somewhat. New products coming onto to the market in 2012 should help to revive demand.
MTU Aero Engines Holding AG, Munich, along with its consolidated group of companies (hereafter referred to as "MTU", "group", "enterprise" or "company") is Germany's leading engine manufacturer and one of the world's largest.
Technological changes within the aviation sector take place at an extremely rapid pace and require a continuous source of innovation. Research and development expenditure will remain at a high level during the financial years 2012 and 2013. Firstquarter expenditure on research and development increased to € 67.6 million. The research and development ratio – measured as R&D expenditure divided by revenues – was unchanged at 9.7 %.
| Research and development expenses | ||||
|---|---|---|---|---|
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
Change against previous year |
||
| in € million | in € million | in € million | in % | |
| Commercial Engine business | 45.2 | 44.5 | 0.7 | 1.6 |
| Commercial Maintenance business | 1.1 | 1.8 | -0.7 | -38.9 |
| Military Engine business | 21.3 | 18.2 | 3.1 | 17.0 |
| Reserch and development (before amounts capitalized) | 67.6 | 64.5 | 3.1 | 4.8 |
| R&D ratio (as % of revenus) | 9.7 | 9.7 |
The amounts invested are sub-divided into company-funded and externally funded R&D expenditure. Company-funded expenditure is borne by the group whereas externally funded expenditure is paid for by customers. Company-funded expenditure is reported in the table below and in section 8 of the Selected Explanatory Notes to the Interim Consolidated Financial Statements as R&D expense. Externally funded R&D activities are accounted for as construction contract receivables or payables in accordance with IAS 11 due to the fact that the work is commissioned specifically by national and international consortia. R&D expenses of € 67.6 million (January - March 2011: € 64.5 million) included € 39.8 million (January - March 2011: € 40.4 million) relating to companyfunded R&D expenditure. Of this amount, € 38.7 million (January - March 2011: € 38.6 million) related to Commercial and Military Engines business (OEM). A total of € 11.0 million (January - March 2011: € 5.3 million) relating to the GE38 and PW1100G engine programs was recognized as capitalized developments costs.
The first-quarter expense for Commercial Maintenance business was € 1.1 million (January - March 2011: € 1.8 million)
The following table includes the own-financed research and development expense reported in the income statement (see section 8 of the Selected Explanatory Notes).
| Research and development expenses reported in income statement (own financed) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
Change against previous year |
||||||
| in € million | in € million | in € million | in % | |||||
| Commercial Engine business | 37.1 | 36.2 | 0.9 | 2.5 | ||||
| Commercial Maintenance business | 1.1 | 1.8 | -0.7 | -38.9 | ||||
| Military Engine business | 1.6 | 2.4 | -0.8 | -33.3 | ||||
| Own financed R&D expenditure | 39.8 | 40.4 | -0.6 | -1.5 | ||||
| Capital expenditure on assets required to be capitalized | ||||||||
| Commercial and Military Engine business | -11.0 | -5.3 | -5.7 | |||||
| Commercial Maintenance business | -0.1 | -0.9 | 0.8 | 88.9 | ||||
| Total capitalized | -11.1 | -6.2 | -4.9 | -79.0 | ||||
| Research and development expenses per income | ||||||||
| statement | 28.7 | 34.2 | -5.5 | -16.1 | ||||
| Capitalisation ratio in % | 27.9 | 15.3 | 12.6 |
MTU's order backlog consists of firm orders placed by customers which commit the group to delivering products or providing services plus the contractually agreed order value of maintenance, repair and overhaul (MRO) contracts.
The order backlog at March 31, 2012 amounting to € 11.2 billion (December 31, 2011: € 10.5 billion) corresponds to a workload of approximately three years.
Compared with corresponding quarter last year, revenues for the first quarter of 2012 rose by € 33.2 million (5.0 %) to € 698.0 million. While Commercial and Military Engine business revenues slipped by € 8.9 million (2.1 %) to € 412.1 million, Commercial Maintenance business revenues climbed by € 41.6 million (16.5 %) to € 293.2 million. Adjusted for the US dollar impact (i.e. using the same exchange rate as in the previous year), first-quarter group revenues would have increased by € 9.1 million (1.4 %).
Cost of sales for the first three months of 2012 went up by € 24.2 million (4.6 %) to € 554.3 million. The first-quarter gross profit improved as a result by € 9.0 million (6.7 %) to € 143.7 million. The gross profit margin improved accordingly to 20.6 % (January - March 2011: 20.3 %).
The net interest result for the first three months of the year showed an improvement of € 3.7 million compared to the first quarter last year, mainly due to the conversion/redemption of the convertible bond which fell due on February 1, 2012. During the first quarter 2012 the convertible bond totalling € 152.7 million was partially (€ 90.1 million) converted into shares of MTU Aero Engines Holding AG, Munich, and the remainder (€ 62.6 million) redeemed.
As a result of the US dollar/euro exchange rate, other financial result contains mostly fair gains on currency holdings and from the measurement of financial instruments measured at fair value through profit or loss.
Overall, the first-quarter financial result improved by € 15.7 million compared to the previous year to a net expense of € 4.9 million.
As a result of higher earnings before interest and taxes (EBIT) and the improved financial result, earnings before taxes (EBT) for the first quarter jumped by € 27.5 million (55.8 %) to € 76.8 million (January – March 2011: € 49.3 million).
Earnings after taxes (EAT) rose to € 54.0 million (January – March 2011: € 33.5 million), in line with the improvement in earnings before taxes (EBT). At € 56.9 million, adjusted earnings before taxes (EAT adjusted) were also higher than in the previous year (January – March 2011: € 47.5 million).
In the Consolidated Statement of Comprehensive Income, earnings after taxes (EAT) of € 54.0 million (January – March 2011: € 33.5 million) are reconciled to the comprehensive income for the period of € 73.8 million (January – March 2011: € 61.6 million). Income and expenses recognized directly in equity in the first quarter 2012 (net of deferred taxes) comprise a positive impact of € 19.6 million (January - March 2011: € 33.5 million) from the fair value measurement of derivative financial instruments, a positive impact of € 0.1 million (January - March 2011: negative impact of € 5.3 million) from the currency translation of the financial statements of foreign subsidiaries and a positive impact of € 0.1 million (January - March 2011: negative impact of € 0.1 million) resulting from fair value gains on available-for-sale financial assets.
The principles and objectives of financial management, as described in the Annual Report 2011 (page 94 onwards), remain unchanged.
The Group's external financing comprises mainly loans, credit lines available from banks and the issue of three promissory notes. During the quarter under report, the convertible bond amounting to € 152.7 million was extinguished by converting € 90.1 million into shares of MTU Aero Engines Holding AG and repaying € 62.6 million.
At March 31, 2012, the MTU Group has access to credit facilities of € 100.0 million with two banks. Of these credit facilities, € 11.4 million (December 31, 2011: € 12.4 million) were being utilized at March 31, 2012 for guarantees.
MTU manages liquidity using the key performance indicator "Free cash flow". Free cash flow is defined by the group as the cash inflow from operating activities less cash outflow for investments in intangible assets, property, plant and equipment and financial assets. Investments in financial assets which are not measured at fair value through profit or loss are not taken into account in the calculation of free cash flow since such investments can be sold at any time and are held as a liquidity reserve. During the first quarter of 2012, free cash flow fell by € 36.7 million to € 34.2 million (January – March 2011: € 70.9 million).
| Financial position | ||||
|---|---|---|---|---|
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
Change against previous year |
||
| in € million | in € million | in € million | in % | |
| Cash flow from operating activities | 63.4 | 94.0 | -30.6 | -32.6 |
| Cash flow from investing activities | -9.2 | -51.8 | 42.6 | 82.2 |
| Cash flow from investments/divestitures of financial assets | -20.0 | 28.7 | -48.7 | |
| Free cash flow | 34.2 | 70.9 | -36.7 | -51.8 |
| Cash flow from investments/divestitures of financial assets | 20.0 | -28.7 | 48.7 | |
| Cash flow from financing activities | -61.1 | 2.0 | -63.1 | |
| Exchange rate changes | -2.8 | -5.9 | 3.1 | 52.5 |
| Change in cash and cash equivalents | -9.7 | 38.3 | -48.0 | |
| Cash and cash equivalents at | ||||
| the beginning of the reporting period | 198.8 | 111.9 | 86.9 | 77.7 |
| the end of the reporting period | 189.1 | 150.2 | 38.9 | 25.9 |
The cash flow from operating activities for the first three months of 2012 decreased by € 30.6 million to € 63.4 million (January - March 2011: € 94.0 million), primarily as a result of higher amounts tied up in working capital the higher amount of provisions utilized with cash-flow effect.
The cash outflow for investing activities for the first quarter was € 9.2 million compared with € 51.8 million in the previous year. First-quarter investments in property, plant and equipment increased to € 19.5 million (January - March 2011: € 16.2 million). The cash outflow for intangible assets amounted to € 9.8 million (January - March 2011: € 6.3 million) and related mainly to capitalized development costs for the PW1100G und GE38 engine programs and for maintenance techniques.
Proceeds from the sale of intangible assets and property, plant and equipment during the first three months of 2012 totalled € 0.1 million (January - March 2011: € 0.3 million).
The cash outflow from financing activities during the period from January to March 2012 was € 61.1 million (January - March 2011: cash inflow of € 2.0 million). The convertible bond, totalling € 152.7 million was partially converted into the Company's shares (€ 90.1 million) during the first quarter 2012 and the remainder (€ 62.6 million) redeemed at its due date on February 1, 2012.
The various cash flows resulted in a decrease in cash and cash equivalents of € 9.7 million during the first quarter (January - March 2011: increase of € 38.3 million). Compared to March 31, 2011 cash and cash equivalents went up by € 38.9 million.
| in Mio, € | March 31, 2012 in € million |
Dec. 31, 2011 in € million |
Change against previous year in % |
|
|---|---|---|---|---|
| Sight deposits and cash | 81.2 | 33.1 | 48.1 | |
| Overnight and fixed term deposits *) | 107.9 | 165.7 | -57.8 | -34.9 |
| Total cash and cash equivalents | 189.1 | 198.8 | -9.7 | -4.9 |
*) with a remaining term of up to 3 months
MTU defines "net financial position" as gross financial liabilities less available cash funds. As a result of the strong business performance, the group has a net positive financial position of € 151.8 million at March 31, 2012 (December 31, 2011: net financial debt of € 12.2 million).
| March 31, 2012 | Dec. 31, 2011 | Change against previous year | ||
|---|---|---|---|---|
| Bonds | in € million | in € million | in € million | in % |
| Convertible bond | 156.3 | -156.3 | -100.0 | |
| Financial liabilities to banks | ||||
| Promissory notes | 26.0 | 25.6 | 0.4 | 1.6 |
| Other bank credits | 33.3 | 34.4 | -1.1 | -3.2 |
| Financial liabilities to related parties *) | 2.8 | 2.8 | ||
| Finance lease liabilities | 3.7 | 3.9 | -0.2 | -5.1 |
| Derivative financial liabilities | 16.4 | 41.4 | -25.0 | -60.4 |
| Gross financial liabilities | 82.2 | 261.6 | -179.4 | -68.6 |
| less: | ||||
| Cash and cash equivalents | 189.1 | 198.8 | -9.7 | -4.9 |
| Derivative financial assets | 23.9 | 9.7 | 14.2 | |
| Financial assets not measured at fair value through | ||||
| profit or loss | 21.0 | 40.9 | -19.9 | -48.7 |
| Net financial position/net financial debt (-) | 151.8 | -12.2 | 164.0 |
*) MTU Versicherungsvermittlungs- und Wirtschaftsdienst GmbH, Munich, which is not consolidated on the grounds of materiality.
During the quarter under report, the convertible bond totalling € 152.7 million was partially (€ 90.1 million) converted into shares of MTU Aero Engines Holding AG and the remainder (€ 62.6 million) redeemed. The net financial position improved accordingly following the conversion/redemption of the bond. Net fair value gains on derivative financial instruments also contributed to an improvement in the net financial position.
Group total assets at March 31, 2012 went down by 1.0 % compared to December 31, 2011.
Non-current assets edged up by € 8.8 million to € 1,894.7 million (December 31, 2011: € 1,885.9 million). By contrast current assets decreased by € 47.5 million to € 1,805.2 million.
A total of € 12.6 million of intangible assets were capitalized in the first quarter (January - March 2011: € 58.0 million).
The focus of investments was on the PW1100G engine, the new engine for the Airbus A320 family, with capital expenditure of € 10.0 million during the quarter under report (January - March 2011: € 2.8 million).
Internally generated development work was also capitalized in the first quarter 2012 in the Military Engine business segment for the GE38 engine program amounting to € 1.3 million (January - March 2011: € 1.9 million). Expenditure of € 0.1 million (January - March 2011: € 0.9 million) was also capitalized in the first quarter 2012 in connection with the rationalization of production processes and cost optimization of repair techniques in the Commercial Maintenance business segment.
The carrying amount of inventories increased by € 27.0 million to € 850.8 million. Trade and contract production receivables went down by € 28.0 million to € 713.9 million, current financial assets by € 15.3 million to € 28.8 million, other assets by € 20.0 million to € 14.2 million and cash and cash equivalents by € 9.7 million to € 189.1 million.
Group equity rose by € 171.5 million to stand at € 1,077.6 at March 31, 2012 (December 2011: € 906.1 million). Equity was increased during the first three months of 2012 by earnings after taxes (EAT) amounting to € 54.0 million (January – March 2011: € 33.5 million), fair value measurement gains on derivative financial instruments amounting to € 19.6 million (January – March 2011: € 33.5 million) recognized directly in equity, a net positive currency translation impact of € 0.1 million (January – March 2011: net negative currency translation impact of € 5.3 million) and net fair value gains on available-for-sale financial assets amounting to € 0.1 million (January - March 2011: net fair value losses of € 0.1 million). Equity also increased by € 97.5 million as a result of conversions of the convertible bond which matured on February 1, 2012.
As a result of these various factors, the equity ratio improved from 24.2 % at December 31, 2011 to 29.1 % at March 31, 2012.
Pension provisions increased by € 1.9 million in line with schedule. Other provisions went up by € 9.3 million compared to the end of the previous year, mainly as a result of the measurement of contingent liabilities in accordance with IFRS 3.
Income tax liabilities take account of advance payments made during the period, and went up by € 3.2 million during the three-month period.
Financial liabilities were reduced by € 179.4 million compared to December 31, 2011. During the quarter under report, the convertible bond totalling € 152.7 million was partially (€ 90.1 million) converted into shares of MTU Aero Engines Holding AG and the remainder (€ 62.6 million) redeemed. The maturity of the convertible bond on February 1, 2012 meant that financial liabilities were reduced by € 156.3 million compared to December 31, 2011. In addition, the fair value measurement of derivative financial instruments resulted in a reduction of € 25.0 million in derivative financial liabilities.
Trade payables stood at € 524.1 million at March 31, 2012 and were therefore € 68.6 million lower than at the end of the previous financial year.
Construction contract payables decreased compared to December 31, 2011 by € 5.3 million to € 709.7 million. Within that figure, advance payments from customers are reported as construction contract payables to the extent that they exceed construction contract receivables.
Other liabilities went up by € 28.9 million to € 275.7 million, mainly reflecting higher liabilities to employees during the year for vacation entitlements and holiday/Christmas pay.
At March 31, 2012 the group had a total of 8,280 employees (March 31, 2011: 7,975 employees).
In order to take best advantage of market opportunities and to recognize and manage related risks, the Board of Management has set up an integrated opportunity and risk management system, which is linked to the group's value-oriented performance indicators and its organizational structure. This system also incorporates the group's internal control system with respect to financial reporting processes pursuant to § 289 (5) and § 315 (2) no. 5 HGB. A detailed description of the main features of the system and the methods used is provided in the Annual Report 2011 (pages 115 to 117).
Thanks to its business model, with activities spread over the whole life-cycle of commercial and military engine programs, MTU considers that it is well positioned. MTU considers that a good system of opportunities management enables it to best use its future potential in the fields of development, series and spares part business and Commercial Maintenance business and that it will be able to respond quickly to the market's needs. MTU believes that the group's opportunities potential remains similar to that described in the Annual Report 2011. For a comprehensive description of the group's opportunities, reference is made to the Annual Report 2011, page 108 et seq. (Forecasts) and page 123 (SWOT analysis).
As part of its entrepreneurial activities and in view of the wide range of activities it undertakes with partner companies and consortium partner companies, especially in the USA, risks arise that may have an adverse impact on business and economic developments. As a result of its comprehensive risk management system, MTU knows its risk profile and is in a position to manage those risks actively.
MTU considers that there have been no significant changes in the risk profile discussed in the Annual Report 2011. Reference is made to pages 118 to 122 of the Annual Report 2011 for a detailed description of risks.
There has been no significant change in the MTU Group's overall risk situation compared with the assessment made as at December 31, 2011. The risks to which the MTU Group is exposed are limited and manageable. From today's perspective, they do not pose any threat to the going concern status of the MTU Group.
MTU Group companies did not enter into any material contracts with members of the Board of Management, the Supervisory Board or with other key management personnel or with companies in whose management or supervisory boards those persons are represented. The same applies to close members of the families of those persons.
Transactions with related entities are conducted on an arm's length basis. Transactions with related parties are disclosed in section 32 of the Selected Explanatory Notes.
There have been no significant events after the end of the interim reporting period (March 31, 2012) and prior to the date of authorization for issue of the Quarterly Financial Report on April 23, 2012.
| Q 1 | |
|---|---|
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
Change against previous year |
|||||
|---|---|---|---|---|---|---|---|
| (Note) | in € million | in % | in € million | in % | in € million | in % | |
| Revenues | (6) | 698.0 | 100.0 | 664.8 | 100.0 | 33.2 | 5.0 |
| Cost of sales | (7) | -554.3 | -79.4 | -530.1 | -79.7 | -24.2 | -4.6 |
| Gross profit | 143.7 | 20.6 | 134.7 | 20.3 | 9.0 | 6.7 | |
| Research and development expenses | (8) | -28.7 | -4.1 | -34.2 | -5.1 | 5.5 | 16.1 |
| Selling expenses | (9) | -18.0 | -2.6 | -17.0 | -2.6 | -1.0 | -5.9 |
| General administrative expenses | (10) | -16.7 | -2.4 | -15.0 | -2.3 | -1.7 | -11.3 |
| Other operating income and expenses | 1.4 | 0.2 | 1.4 | 0.2 | |||
| Earning before interest and taxes (EBIT) | 81.7 | 11.7 | 69.9 | 10.5 | 11.8 | 16.9 | |
| Interest income | 0.4 | 0.1 | 0.8 | 0.1 | -0.4 | -50.0 | |
| Interest expenses | -1.2 | -0.2 | -5.3 | -0.8 | 4.1 | 77.4 | |
| Interest result | (12) | -0.8 | -0.1 | -4.5 | -0.7 | 3.7 | 82.2 |
| Financial result on other items | (14) | -4.1 | -0.6 | -16.1 | -2.4 | 12.0 | 74.5 |
| Financial result | -4.9 | -0.7 | -20.6 | -3.1 | 15.7 | 76.2 | |
| Earnings before taxes (EBT) | 76.8 | 11.0 | 49.3 | 7.4 | 27.5 | 55.8 | |
| Income taxes | (15) | -22.8 | -3.3 | -15.8 | -2.4 | -7.0 | -44.3 |
| Earnings after taxes (EAT) | 54.0 | 7.7 | 33.5 | 5.0 | 20.5 | 61.2 | |
| Earnings per share in € | |||||||
| Undiluted (EPS) | (16) | 1.07 | 0.69 | 0.38 | 55,1 | ||
| Diluted (DEPS) | (16) | 1.07 | 0.67 | 0.40 | 59,7 |
Q 1
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
Change against previous year |
|||||
|---|---|---|---|---|---|---|---|
| (Note) | in € million | in % | in € million | in % | in € million | in % | |
| Earnings after taxes (EAT) | 54.0 | 7.7 | 33.5 | 5.0 | 20.5 | 61.2 | |
| Translation differences arising from the financial | |||||||
| statements of international subsidiaries | 0.1 | -5.3 | -0.8 | 5.4 | |||
| Net gains/losses on cash flow hedges | 19.6 | 2.9 | 33.5 | 5.1 | -13.9 | -41.5 | |
| Net gains/losses on available-for-sale | |||||||
| financial assets | 0.1 | -0.1 | 0.2 | ||||
| Other comprehensive income after tax | (17) | 19.8 | 2.9 | 28.1 | 4.3 | -8.3 | -29.5 |
| Comprehensive income for the period | 73.8 | 10.6 | 61.6 | 9.3 | 12.2 | 19.8 |
| Assets | |||
|---|---|---|---|
| in € million | (Note) | March 31, 2012 Dec. 31, 2011 | |
| Non-current assets | |||
| Intangible assets | (18) | 1,265.7 | 1,266.3 |
| Property, plant and equipment | (19) | 585.8 | 584.6 |
| Financial assets | (20) | 25.8 | 16.2 |
| Other assets | (24) | 4.3 | 5.1 |
| Deferred tax assets | 13.1 | 13.7 | |
| Total non-current assets | 1,894.7 | 1,885.9 | |
| Current assets | |||
| Inventories | (21) | 850.8 | 823.8 |
| Trade receivables | (22) | 577.9 | 605.1 |
| Contract production receivables | (23) | 136.0 | 136.8 |
| Income tax receivables | 4.8 | 5.8 | |
| Financial assets | (20) | 28.8 | 44.1 |
| Other assets | (24) | 14.2 | 34.2 |
| Cash and cash equivalents | (25) | 189.1 | 198.8 |
| Prepayments | 3.6 | 4.1 | |
| Total current assets | 1,805.2 | 1,852.7 | |
| Total assets | 3,699.9 | 3,738.6 |
| in € million | (Note) | March 31, 2012 Dec. 31, 2011 | |
|---|---|---|---|
| Equity | (26) | ||
| Subscribed capital | 52.0 | 52.0 | |
| Capital reserves | 379.1 | 340.9 | |
| Revenue reserves | 676.2 | 622.2 | |
| Treasury shares | -40.5 | -100.0 | |
| Accumulated other comprehensive income | 10.8 | -9.0 | |
| Total equity | 1,077.6 | 906.1 | |
| Non-current liabilities | |||
| Pension provisions | 430.4 | 428.5 | |
| Other provisions | (27) | 130.9 | 119.9 |
| Financial liabilities | (28) | 39.3 | 53.4 |
| Other liabilities | (30) | 127.5 | 133.0 |
| Deferred tax liabilities | 229.4 | 229.6 | |
| Total non-current liabilities | 957.5 | 964.4 | |
| Current liabilities | |||
| Pension provisions | 28.5 | 28.5 | |
| Income tax liabilities | 13.2 | 10.0 | |
| Other provisions | (27) | 198.2 | 199.9 |
| Financial liabilities | (28) | 42.9 | 208.2 |
| Trade payables | 524.1 | 592.7 | |
| Contract production liabilities | (29) | 709.7 | 715.0 |
| Other liabilities | (30) | 148.2 | 113.8 |
| Total current liabilities | 1,664.8 | 1,868.1 | |
| Total equity and liabilities | 3,699.9 | 3,738.6 |
| Consolidated Statement of Changes in Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Sub | Capital | Revenue | Treasury | Accumulated other comprehensive income | Group | ||||
| scribed capital |
reserve | reserves | shares | Translation | Financial | Derivative | equity | ||
| in € million | differences | assets (Afs) |
financial instruments |
||||||
| Balance at January 1, 2011 | 52.0 | 348.2 | 517.6 | -101.2 | 4.0 | -0.1 | -1.2 | 819.3 | |
| Earnings after taxes (EAT) | 33.5 | 33.5 | |||||||
| Other income and expenses | |||||||||
| recognized directly in equity | -5.3 | -0.1 | 33.5 | 28.1 | |||||
| Comprehensive income for the period | 33.5 | -5.3 | -0.1 | 33.5 | 61.6 | ||||
| Balance at March 31, 2011 | 52.0 | 348.2 | 551.1 | -101.2 | -1.3 | -0.2 | 32.3 | 880.9 | |
| Balance at January 1, 2012 | 52.0 | 340.9 | 622.2 | -100.0 | 5.2 | -0.1 | -14.1 | 906.1 | |
| Earnings after taxes (EAT) | 54.0 | 54.0 | |||||||
| Other income and expenses recognized | |||||||||
| directly in equity | 0.1 | 0.1 | 19.6 | 19.8 | |||||
| Comprehensive income for the period | 54.0 | 0.1 | 0.1 | 19.6 | 73.8 | ||||
| Conversion of convertible bond | 38.0 | 59.5 | 97.5 | ||||||
| Share Matching Plan (SMP) | 0.2 | 0.2 | |||||||
| Balance at March 31, 2012 | 52.0 | 379.1 | 676.2 | -40.5 | 5.3 | 5.5 | 1,077.6 |
Reference is made to the disclosures on equity components provided in section 26 of the Selected Explanatory Notes.
| Consolidated Statement of Cash Flows | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Earnings after taxes (EAT) | 54.0 | 33.5 |
| Amortization and depreciation on intangible assets and property, plant and equipment | 33.5 | 31.8 |
| Gain/loss on disposal of assets | -0.1 | -0.2 |
| Change in pension provisions | 1.9 | 1.9 |
| Change in other provisions | 9.3 | 53.1 |
| Other non-cash items | -8.3 | 2.3 |
| Movements in working capital | ||
| Changes in inventories | -27.0 | -16.3 |
| Changes in trade receivables | 27.2 | 84.3 |
| Changes in contract production receivables and liabilities | -4.5 | -25.8 |
| Changes in other assets | 21.3 | 9.6 |
| Changes in trade payables | -68.6 | -85.3 |
| Changes in other liabilities | 25.6 | 20.5 |
| Net interest result | 0.8 | 4.5 |
| Interest paid | -2.6 | -6.9 |
| Interest received | 0.5 | 0.6 |
| Income taxes | 22.8 | 15.8 |
| Income taxes paid and received | -22.4 | -29.4 |
| Cash flow from operating activities | 63.4 | 94.0 |
| Disbursements for investments in: | ||
| Intangible assets | -9.8 | -6.3 |
| Property, plant and equipment | -19.5 | -16.2 |
| Financial assets | -10.0 | -45.1 |
| Proceeds from disposals and disinvestiture of: | ||
| Property, plant and equipment | 0.1 | 0.3 |
| Financial assets | 30.0 | 15.5 |
| Cash flow from investing activities | -9.2 | -51.8 |
| Proceeds (+)/repayments (-) other financial liabilities | 1.5 | 2.0 |
| Redemption of convertible bond *) | -62.6 | |
| Cash flow from financing activities | -61.1 | 2.0 |
| Effect of changes in exchanges rates on cash funds | -2.8 | -5.9 |
| Change in cash and cash equivalents | -9.7 | 38.3 |
| Cash and cash equivalents at January 1 | 198.8 | 111.9 |
| Cash and cash equivalents at March 31 | 189.1 | 150.2 |
*) During the quarter under report, the convertible bond totalling € 152.7 million was partially (€ 90.1 million) converted into shares of MTU Aero Engines Holding AG and the remainder (€ 62.6 million) redeemed.
The activities of the MTU Group's operating segments are described in the Annual Report 2011 of MTU Aero Engines Holding AG. There have been no changes in the identification of reportable segments.
Segment information for the period from January 1 to March 31, 2012 was as follows:
| Commercial and Military Engine business Jan. 1 - |
Commercial Maintenance business Jan. 1 - |
Other Group Entities Jan. 1 - |
Consolidation/ reconciliation Jan. 1 - |
Group Jan. 1 - |
|
|---|---|---|---|---|---|
| in € million | March 31, 2012 | March 31, 2012 | March 31, 2012 | March 31, 2012 | March 31, 2012 |
| External revenues | 405.5 | 292.5 | 698.0 | ||
| Inter-segment revenues | 6.6 | 0.7 | -7.3 | ||
| Total revenues | 412.1 | 293.2 | -7.3 | 698.0 | |
| Gross profit | 102.0 | 38.9 | 2.8 | 143.7 | |
| Amortization | 11.1 | 2.1 | 13.2 | ||
| Depreciation | 15.0 | 5.3 | 20.3 | ||
| Total amortization/depreciation | 26.1 | 7.4 | 33.5 | ||
| Earnings before interest | |||||
| and taxes (EBIT) | 60.0 | 23.4 | -3.5 | 1.8 | 81.7 |
| Amortization/depreciation resulting | |||||
| from purchase price allocation | 8.8 | 0.9 | 9.7 | ||
| Adjusted earnings before interest | |||||
| and taxes (EBIT adjusted) | 68.8 | 24.3 | -3.5 | 1.8 | 91.4 |
| Assets (March 31, 2012) | 3,230.3 | 982.7 | 810.1 | -1,323.2 | 3,699.9 |
| Liabilities (March 31, 2012) | 2,291.0 | 540.0 | 53.5 | -262.2 | 2,622.3 |
| Significant non-cash items *) | 13.5 | 2.0 | 0.1 | ||
| Total capital expenditure on | |||||
| intangible assets and property, | |||||
| plant and equipment | 23.3 | 8.9 | 32.2 | ||
| Key segment data: | |||||
| EBIT in % of revenues | 14.6 | 8.0 | 11.7 | ||
| EBIT adjusted in % of revenues | 16.7 | 8.3 | 13.1 |
*) Significant non-cash items mainly comprise changes to other provisions.
Segment information for the period from January 1 to March 31, 2011 was as follows:
| in € million | Commercial and Military Engine business Jan. 1 - March 31, 2011 |
Commercial Maintenance business Jan. 1 - March 31, 2011 |
Other Group Entities Jan. 1 - March 31, 2011 |
Consolidation/ reconciliation Jan. 1 - March 31, 2011 |
Group Jan. 1 - March 31, 2011 |
|---|---|---|---|---|---|
| External revenues | 414.1 | 250.7 | 664.8 | ||
| Inter-segment revenues | 6.9 | 0.9 | 1.8 | -9.6 | |
| Total revenues | 421.0 | 251.6 | 1.8 | -9.6 | 664.8 |
| Gross profit | 99.1 | 34.6 | 1.8 | -0.8 | 134.7 |
| Amortization | 10.6 | 2.0 | 12.6 | ||
| Depreciation | 13.9 | 5.3 | 19.2 | ||
| Total amortization/depreciation | 24.5 | 7.3 | 31.8 | ||
| Earnings before interest and taxes (EBIT) |
50.8 | 19.6 | -0.8 | 0.3 | 69.9 |
| Amortization/depreciation resulting from purchase price allocation |
9.7 | 0.9 | 10.6 | ||
| Adjusted earnings before interest | |||||
| and taxes (EBIT adjusted) | 60.5 | 20.5 | -0.8 | 0.3 | 80.5 |
| Assets (Dec. 31, 2011) | 3,258.3 | 967.9 | 873.1 | -1,360.7 | 3,738.6 |
| Liabilities (Dec. 31, 2011) | 2,381.4 | 538.0 | 211.5 | -298.4 | 2,832.5 |
| Significant non-cash items *) | 52.9 | 1.5 | 0.1 | ||
| Total capital expenditure on intangible assets and property, |
|||||
| plant and equipment | 68.6 | 5.6 | 74.2 | ||
| Key segment data: | |||||
| EBIT in % of revenues | 12.1 | 7.8 | -44.4 | 10.5 | |
| EBIT adjusted in % of revenues | 14.4 | 8.1 | -44.4 | 12.1 |
*) Significant non-cash items mainly comprise changes to other provisions.
The following table reconciles group segment revenues to group revenues, the adjusted segment result (EBIT adjusted) to group earnings before tax (EBT) and segment assets/liabilities to group assets/liabilities:
| Reconciliation of revenues and earnings | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Total revenues | ||
| Revenues of reportable segments | 705.3 | 674.4 |
| Consolidation | -7.3 | -9.6 |
| Group revenues | 698.0 | 664.8 |
| Adjusted earnings before interest and taxes (EBIT adjusted) | ||
| Adjusted EBIT of reportable segments | 89.6 | 80.2 |
| Write-down on assets resulting from purchase price allocation | -9.7 | -10.6 |
| Consolidation | 1.8 | 0.3 |
| Earnings before interest and taxes (EBIT) | 81.7 | 69.9 |
| Interest income | 0.4 | 0.8 |
| Interest expense | -1.2 | -5.3 |
| Other financial result | -4.1 | -16.1 |
| Earnings before taxes (EBT) | 76.8 | 49.3 |
| Reconciliation of assets and liabilities | ||
|---|---|---|
| in € million | March 31, 2012 |
Dec. 31, 2011 |
| Assets | ||
| Assets of reportable segments | 5,023.1 | 5,099.3 |
| Consolidation | -1,323.2 | -1,360.7 |
| Group assets | 3,699.9 | 3,738.6 |
| Liabilities | ||
| Liabilities of reportable segments | 2,884.5 | 3,130.9 |
| Consolidation | -262.2 | -298.4 |
| Group liabilities | 2,622.3 | 2,832.5 |
The following tables show figures for the group by geographical region:
| Revenues by seat of customer | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Germany | 113.6 | 113.8 |
| Europe | 68.7 | 80.3 |
| North America | 427.9 | 402.2 |
| South America | 26.2 | 17.8 |
| Africa | 2.5 | 1.7 |
| Asia | 54.2 | 45.8 |
| Australia/Oceania | 4.9 | 3.2 |
| 698.0 | 664.8 |
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
|---|---|---|
| Germany | 28.0 | 72.7 |
| Europe | 2.1 | 1.1 |
| North America | 1.2 | 0.3 |
| South America | ||
| Africa | ||
| Asia | 0.9 | 0.1 |
| Australia/Oceania | ||
| 32.2 | 74.2 |
| in € million | March 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Germany | 1,771.0 | 1,764.3 |
| Europe | 55.7 | 51.0 |
| North America | 27.4 | 28.4 |
| South America | ||
| Africa | ||
| Asia | 40.6 | 42.2 |
| Australia/Oceania | ||
| 1,894.7 | 1,885.9 |
Non-current assets comprise intangible assets, property, plant and equipment, financial assets, other assets and deferred tax assets.
MTU Aero Engines Holding AG and its subsidiary companies (hereafter referred to as "MTU" or "Group") comprise one of the world's leading manufacturers of engine modules and components and is the world's leading independent provider of commercial engine MRO services.
The business activities of the Group encompass the entire life-cycle of an engine program, i.e. from development, construction, testing and production of new commercial and military engines and spare parts, through to maintenance, repair and overhaul of commercial and military engines. MTU's activities focus on two segments: "Commercial and Military Engine business (OEM)" and "Commercial Maintenance business (MRO)".
MTU's Commercial and Military Engine business covers the development and production of modules, components and spare parts for engine programs, including final assembly. MTU also provides maintenance services for military engines. The Commercial Engine Maintenance segment covers activities in the area of maintenance and logistical support for commercial engines.
MTU Aero Engines Holding AG has its headquarters at Dachauer Str. 665, 80995 Munich, Germany, and is registered under HRB 157206 in the Commercial Registry at the District Court of Munich.
The Condensed Interim Consolidated Financial Statements were authorized for publication by the Board of Management of MTU Aero Engines Holding AG on April 23, 2012.
In compliance with the provisions of § 37x (3) of the German Securities Trading Act (WpHG) in conjunction with § 37w and § 37y no. 2 WpHG, MTU's Quarterly Financial Report comprises Condensed Interim Consolidated Financial Statements and an Interim Group Management Report. The Condensed Interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) relevant for interim financial reporting, as endorsed by the European Union (EU). The Interim Group Management Report has been drawn up in compliance with the applicable provisions of the WpHG.
The Condensed Interim Consolidated Financial Statements as at March 31, 2012 have been drawn up in compliance with IAS 34. As permitted by IAS 34, MTU has elected to provide condensed information in its Interim Consolidated Financial Statements compared with the Consolidated Financial Statements as at December 31, 2011. The same accounting policies have been applied as in the Consolidated Financial Statements for the financial year 2011.
All of the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB), applicable at the end of the reporting period and applied by MTU in the Condensed Interim Consolidated Financial Statements, have been endorsed by the European Commission for use in the EU. The Condensed Interim Consolidated Financial Statements therefore also comply with IFRSs issued by the IASB.
From the perspective of management, the Quarterly Financial Report contains all customary accounting adjustments necessary for a fair presentation of the operating results, financial situation and net assets of the group. Reference is made to the notes to the Consolidated Financial Statements as at December 31, 2011 for further information regarding the basis of preparation and accounting policies used.
There were no other changes in estimates or forecasts in the first three months of the financial year 2012 which have a significant impact on the interim reporting period. No incidences of erroneous assessments made in earlier periods were identified during the interim reporting period which would require to be disclosed.
There were no changes in the group reporting entity in the reporting period as a result of acquisitions or disinvestments, changes in shareholdings or similar corporate transactions/events. The number of subsidiaries and investments in associated companies and joint ventures included in the Condensed Interim Consolidated Financial Statements has therefore not changed by comparison to December 31, 2011.
The MTU Group comprised (including MTU Aero Engines Holding AG, Munich) 26 entities at March 31, 2012. A list of major shareholdings is provided in the notes to the Consolidated Financial Statements in the Annual Report 2011, note 43.1.2.
| Revenues | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Commercial Engine business | 296.8 | 309.6 |
| Military Engine business | 115.3 | 111.4 |
| Commercial and Military Engine business (OEM) | 412.1 | 421.0 |
| Commercial Maintenance (MRO) | 293.2 | 251.6 |
| Other Group Entities/consolidation | -7.3 | -7.8 |
| Total revenues | 698.0 | 664.8 |
| Cost of sales | |
|---|---|
| Jan. 1 - in € million March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Cost of materials -449.9 |
-425.1 |
| Personnel expenses -104.9 |
-101.9 |
| Depreciation and amortization -29.7 |
-28.3 |
| Other cost of sales *) 30.2 |
25.2 |
| Total cost of sales -554.3 |
-530.1 |
*) relates mainly to change in inventories of work in progress, exchange rate factors and changes in provisions
| Research and development expenditure | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Cost of materials | -14.2 | -20.0 |
| Personnel expenses | -23.4 | -18.4 |
| Depreciation and amortization | -2.2 | -2.0 |
| Research and development expenditure | -39.8 | -40.4 |
| Thereof capitalized: | ||
| Development costs (OEM) | 11.0 | 5.3 |
| Development costs (MRO) | 0.1 | 0.9 |
| Capitalized development costs | 11.1 | 6.2 |
| Research and development expenditure recognized as expense | -28.7 | -34.2 |
| Selling expenses | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Cost of materials | -2.1 | -2.0 |
| Personnel expenses | -13.1 | -12.2 |
| Depreciation and amortization | -0.6 | -0.5 |
| Other selling expenses | -2.2 | -2.3 |
| Total selling expenses | -18.0 | -17.0 |
Selling expenses comprise mainly marketing, advertising and sales personnel costs as well as the expense for allowances on, and write-offs of, customer receivables.
| General administrative expenses | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Cost of materials | -1.7 | -1.4 |
| Personnel expenses | -10.8 | -10.7 |
| Depreciation and amortization | -1.0 | -1.0 |
| Other administrative expenses | -3.2 | -1.9 |
| Total general administrative expenses | -16.7 | -15.0 |
General and administrative expenses comprise expenses for administration which are not attributable to development, production or sales functions.
| Interest result | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Interest income | 0.4 | 0.8 |
| Interest expenses | ||
| Bank interest | -0.9 | -0.8 |
| Interest expense for bonds | -0.4 | -2.0 |
| Interest expense for finance leases | -0.1 | -0.3 |
| Other interest expenses | -0.3 | -2.2 |
| Capitalized borrowing costs for qualifying assets | 0.5 | |
| Interest expenses | -1.2 | -5.3 |
| Net interest expense | -0.8 | -4.5 |
| Result from equity accounted investments | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Effects of changes of foreign exchange rates | ||
| Exchange rate gains/losses on currency holdings | -2.9 | -8.5 |
| Exchange rate gains/losses on financing transactions | 0.3 | |
| Exchange rate gains/losses on finance leases | 0.1 | 0.2 |
| Fair value gains/losses on derivatives | ||
| Gains/losses on currency derivatives and interest rate derivatives | 9.7 | 2.7 |
| Gains/losses on commodity contracts | -0.2 | 0.5 |
| Interest portion included in measurement of assets and liabilities | ||
| Pension provision | -6.2 | -5.5 |
| Contingent liabilities | -2.9 | -2.6 |
| Receivables, other provisions, plan assets, liabilities and advance payments received | -1.8 | -1.8 |
| Result from other financial instruments | 0.1 | -1.4 |
| Financial result on other items | -4.1 | -16.1 |
The improvement in financial result from other items for the first quarter 2012 was primarily attributable to the mostly positive impact of the period-end measurement of currency holdings on the one hand and currency/interest rate derivative instruments on the other.
Income tax expense comprised the following:
| Income taxes | ||
|---|---|---|
| in € million | Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2011 |
| Current income tax expense/income | -26.6 | -20.4 |
| Deferred tax income/expense | 3.8 | 4.6 |
| Total income taxes | -22.8 | -15.8 |
During the period from January 1 to March 31, 2012 there was no longer any dilutive effect on earnings per share from potential ordinary shares in conjunction with the convertible bond originally issued on February 1, 2007 and which matured on February 1, 2012.
Similarly, there as no longer any dilutive effect on earnings per share from the Matching Stock Program set up on June 6, 2005 since the program expired in 2011.
In the meantime, therefore, a dilutive effect arises only in conjunction with the Share Matching Plan set up for the first time with effect from the beginning of 2010.
For the purposes of determining diluted earnings per share, the number of shares that could have been exercised during the first quarter 2011 in conjunction with conversion rights and the grant of equity capital instruments was added to the weighted average number of ordinary shares in circulation. All shares issued during the period under report are included on a weighted basis. Group earnings for the first quarter 2011 were adjusted by the amount of post-tax interest expense relating to the convertible bond.
The following tables show earnings per share as well as the dilutive effect of potentially issuable shares.
Undiluted and diluted earnings per share for the three-month periods ended March 31, 2012 and 2011 were as follows:
| Jan. 1 - March 31, 2012 |
Jan. 1 - March 31, 2012 |
||||||
|---|---|---|---|---|---|---|---|
| Undiluted earnings | Financial instruments | Diluted earnings | |||||
| per share | reconciliation | per share | |||||
| Interest | Current | Matching Stock | Share | ||||
| expense | and deferred | Program/ | Matching | ||||
| convertible | taxes**) | number | Plan*)/number | ||||
| bond**)/shares | of shares | of shares | |||||
| Earnings after taxes (EAT) | in € million | 54.0 | 0.0 | 0.0 | 54.0 | ||
| Weighted average number | |||||||
| of shares | shares | 50,632,685 | 0 | 0 | 20,922 | 50,653,607 | |
| Earnings per share | in € | 1.07 | 1.07 |
*) Deferred share-based compensation for members of the Board of Management
**) Following conversion/redumption of bond as at February 1, 2012, there were no longer any dilutive effects as at March 31, 2012.
| Undiluted and diluted earnings per share 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Jan. 1 - March 31, 2011 |
Jan. 1 - March 31, 2011 |
||||||||
| Undiluted earnings | Financial instruments | Diluted earnings | |||||||
| per share | reconciliation | per share | |||||||
| Interest | Current | Matching Stock | Share | ||||||
| expense | and deferred | Program/ | Matching | ||||||
| convertible | taxes | number | Plan*)/number | ||||||
| bond/shares | of shares | of shares | |||||||
| Earnings after taxes (EAT) | in € million | 33.5 | 2.0 | -0.7 | 34.8 | ||||
| Weighted average number | |||||||||
| of shares | shares | 48,752,407 | 3,084,849 | 208,490 | 7,024 | 52,052,770 | |||
| Earnings per share | in € | 0.69 | 0.67 |
*) Deferred share-based compensation for members of the Board of Management
In the consolidated statement of comprehensive income, earnings after taxes (EAT) of € 54.0 million (January - March 2011: € 33.5 million) are reconciled to the comprehensive income for the period of € 73.8 million (January - March 2011: € 61.6 million).
Income and expenses recognized directly in equity during the quarter under report (net of deferred taxes) comprise a positive impact of € 19.6 million (January - March 2011: € 33.5 million) from the fair value measurement of derivative financial instruments, a positive impact of € 0.1 million (January - March 2011: negative impact of € 5.3 million) from the currency translation of the financial statements of foreign subsidiaries and a positive impact of € 0.1 million (January - March 2011: negative impact of € 0.1 million) resulting from fair value losses on available-forsale financial assets.
Intangible assets comprise capitalized program values and nonspecific program technologies, participations in development programs, technical software and purchased goodwill.
A total of € 12.6 million of intangible assets was capitalized in the first quarter 2012 (January - March 2011: € 58.0 million). Included in this figure for the Commercial Engine business segment are internally generated and bought-in development work for the new engine (PW1100G) for the A320 family amounting to € 10.0 million (January – March 2011: € 2.8 million).
In addition, internally generated development work was also capitalized in the first quarter 2012 in the Military Engine business segment for the GE38 engine program amounting to € 1.3 million (January - March 2011: € 1.9 million). Expenditure of € 0.1 million (January - March 2011: € 0.9 million) was also capitalized in the first quarter 2012 in connection with the rationalization of production processes and cost optimization of repair techniques in the Commercial Maintenance business segment.
Capitalized intangible assets totalling € 12.6 million (January - March 2011: € 58.0 million) comprise € 4.0 million (January - March 2011: € 51.8 million) of purchased and € 8.6 million (January - March 2011: € 6.2 million) of internally generated intangible assets. The amortization expense for the three-month period amounted to € 13.2 million (January - March 2011: € 12.6 million).
Capital expenditure for property, plant and equipment during the first three months of the year was € 19.6 million (January - March 2011: € 16.2 million). Additions to property, plant and equipment related mainly to plant and other operational and office equipment, payments on account and assets under construction. The depreciation expense for the three-month period amounted to € 20.3 million (January - March 2011: € 19.2 million).
Financial assets decreased overall by € 5.7 million during the first three months of 2012 to € 54.6 million (December 31, 2011: € 60.3 million). The decrease was primarily due to the sale of financial assets held as a liquidity reserve and, working in the opposite direction, to higher fair values of derivative assets.
Inventories comprise the following:
| Inventories | ||
|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 |
| Raw materials and supplies | 358.5 | 349.6 |
| Work in progress | 449.6 | 422.7 |
| Advance payments | 42.7 | 51.5 |
| Total inventories | 850.8 | 823.8 |
Trade receivables comprise the following:
| Trade receivables | |
|---|---|
| in € million March 31, 2012 |
Dec. 31, 2011 |
| Third parties 545.1 |
577.4 |
| Associated companies, joint ventures and other investee companies 32.8 |
27.7 |
| Total trade receivables 577.9 605.1 |
Contract production receivables comprise the following:
| Contract production receivables | ||
|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 |
| Contract production receivables | 488.2 | 469.5 |
| of which related to: | ||
| Advance payments from customers | -352.2 | -332.7 |
| Net contract production receivables | 136.0 | 136.8 |
Other assets comprise the following:
| Total | Non-current | Current | |||||
|---|---|---|---|---|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 March 31, 2012 Dec. 31, 2011 | March 31, 2012 Dec. 31, 2011 | ||||
| Other taxes | 4.4 | 15.8 | 4.4 | 15.8 | |||
| Receivables from employees | 1.4 | 1.3 | 1.4 | 1.3 | |||
| Receivables from suppliers | 1.3 | 2.7 | 1.3 | 2.7 | |||
| Sundry other assets | 11.4 | 19.5 | 4.3 | 5.1 | 7.1 | 14.4 | |
| Total other assets | 18.5 | 39.3 | 4.3 | 5.1 | 14.2 | 34.2 |
Other taxes relate primarily to value added tax receivables.
Cash and cash equivalents comprise the following:
| Cash and cash equivalents | ||
|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 |
| Sight deposits and cash | 81.2 | 33.1 |
| Overnight and fixed term deposits *) | 107.9 | 165.7 |
| Total cash and cash equivalents | 189.1 | 198.8 |
*) with a remaining term of up to 3 months
MTU cannot freely access cash and cash equivalents amounting to € 12.2 million (December 31, 2011: € 11.6 million) held by MTU Maintenance Zhuhai Co. Ltd., Zhuhai, China.
Changes in equity are presented in the Consolidated Statement of Changes in Equity.
The Company's share capital amounts to € 52.0 million (December 31, 2011: € 52.0 million) and is divided into non par-value 52.0 million shares (December 31, 2011: 52.0 million shares).
Capital reserves include premiums arising on the issue of shares, the equity component (reduced by proportionate transaction costs) of the convertible bond issued in 2007 and converted/redeemed during the first quarter 2012, the fair values recorded for the Matching Stock Program and Share Matching Plan as well as the difference arising without income statement effect on transferring treasury shares to employees in conjunction with the Employee Stock Program.
In order to strengthen its ability to achieve business targets, the Group created the MSP as a long-term remuneration instrument -- with both incentive and risk character -- to involve management in the ownership of the company. The MSP entitles qualifying individuals to subscribe to so-called "Phantom Stocks". The fair value of the Phantom Stocks was recognized on a time-apportioned basis as personnel expense and, at the same time, within equity (capital reserves) until the exercise date. The MSP expired in 2011.
A detailed description of the SMP is provided in the Management Compensation Report section of the Corporate Governance Report in the Annual Report 2011. Members of the Board of Management are entitled to invest the amount to be disbursed under the Performance Share Plan (PSP) in shares of MTU Aero Engines Holding AG, which must then be held for a further three years. At the end of the vesting period, these shares are "matched", whereby each Board of Management member is awarded one additional free share for every three MTU shares held. The entitlement to additional free shares is deemed to have been fulfilled once the corresponding number of such shares has been transferred to the member of the Board of Management. The total value of the matching shares available for allocation at the end of the vesting period is limited to three times the initial purchase price.
With effect from January 1, 2011, MTU expanded the Share Matching Plan (SMP) it had introduced in the previous year for members of the Board of Management to include the two top tiers of senior managers (OFK and FK) at the company and its subsidiaries.
In accordance with the conditions of the plan, tier-1 senior managers may, after expiry of each three-year PSP vesting period, use the benefits payable under the PSP (LTI) and the Annual Performance Bonus (STI) to invest in shares of MTU Aero Engines Holding AG, which must then be held for a further two years under the terms of the supplementary plan, the Share Matching Plan (SMP). At the end of this supplementary vesting period, on condition that the SMP participant is still employed by MTU, this investment is matched by a cash payment corresponding to one third of the amount invested in MTU shares. The total investment qualifying tier-1 senior managers to receive a matching payment under the SMP is limited to a maximum of € 60,000 per eligible manager.
In accordance with the conditions of the plan, tier-2 senior managers may, after expiry of each two-year PSP vesting period, use the benefits payable under the PSP (LTI) and the Annual Performance Bonus (STI) to invest in shares of MTU Aero Engines Holding AG, which must then be held for a further two years under the terms of the supplementary plan, the Share Matching Plan (SMP). At the end of this supplementary vesting period, on condition that the SMP participant is still employed by MTU, this investment is matched by a cash payment corresponding to one third of the amount invested in MTU shares. The total investment qualifying tier-2 senior managers to receive a matching payment under the SMP is limited to a maximum of € 30,000 per eligible manager.
In the second quarter 2011 (previous year: second quarter 2010), the Board of Management of MTU Aero Engines Holding AG allocated shares to group employees under an Employee Stock Program ("MAP"). Each of these two plans runs for two years, with the plan set up in 2011 expiring in June 2013 (previous year: plan set up in 2010 expiring in June 2012). The purchase price for registered shares of MTU Aero Engines Holding AG is based on the lowest price quoted on April 13, 2011 (acquisition date) and was thus € 48.10 per share (previous year: € 42.58 per share). Under the terms of the MAP Employee Stock Program, MTU has given a commitment to make a matching payment to each MAP participant at the end of a two-year vesting period. In other words, at the end of the program term, each MAP participant receives a taxable money amount equivalent to 50 % of the amount invested in MTU shares at the beginning of the program. The total firstquarter cost incurred for the match in conjunction with the MAP was € 0.6 million (January - March 2011: € 0.3 million) which is being recognized as an expense on a time-apportioned basis over the term of the program. The liability at March 31, 2012 amounted to € 3.0 million (December 31, 2011: € 2.4 million).
Revenue reserves comprise the retained earnings of consolidated group companies, and earnings after taxes for the first three months of 2012 amounting to € 54.0 million (January - March 2011: € 33.5 million). Revenue reserves increased during the period from January 1 to March 31, 2012 correspondingly.
As a result of the treasury shares bought back by March 31, 2012, the issue of shares to group employees in conjunction with the exercise of the Matching Stock Program and the Employee Stock Program in the financial years 2007 to 2011 and the exercise of conversion rights attached to the convertible bond, the weighted average number of shares in circulation during the first three months of 2012 was 50,632,685 shares (January - March 2011: 48,752,407 shares) At the end of the reporting period, a total of 50,632,685 MTU Aero Engines Holding AG shares was in issue (March 31, 2011: 48,752,407 shares). The treasury shares were acquired to enable the group to meet contractual obligations relating to convertible bonds and to issue shares to group employees in conjunction with the Matching Stock Program, the Share Matching Plan and the Employee Stock Program.
The following table shows how the number of bought back shares, month-end quantities and the weighted average number of shares in circulation have changed.
| 2008 2012 |
2007 2011 |
||||||
|---|---|---|---|---|---|---|---|
| Number of shares | in circulation |
Treasury shares |
in circulation |
in circulation |
Treasury shares |
in circulation |
|
| Balance at January 1 | 48,812,488 | 3,187,512 | 48,752,407 | 3,247,593 | |||
| Buyback and issue of shares | |||||||
| January | 48,812,488 | -1,820,197 | 50,632,685 | 48,752,407 | 48,752,407 | ||
| February | 50,632,685 | 50,632,685 | 48,752,407 | 48,752,407 | |||
| March | 50,632,685 | 50,632,685 | 48,752,407 | 48,752,407 | |||
| Treasury shares (March 31) | 1,367,315 | 3,247,593 | |||||
| Weighted average at March 31 | 50,632,685 | 48,752,407 |
Other provisions comprise primarily personnel-related obligations and potential contractual warranty obligations. Provisions for pending losses on onerous contracts relate to unchanged risks concerning the order backlog for commercial engine maintenance business.
At March 31, 2012 contingent liabilities relating to business combinations totalled € 114.0 million (December 31, 2011: € 102.8 million).
All non-derivative and derivative financial obligations at the relevant balance sheet are reported as financial liabilities. Financial liabilities comprise the following:
| Total | Non-Current | Current | ||||
|---|---|---|---|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 | March 31, 2012 | Dec. 31, 2011 | March 31, 2012 | Dec. 31, 2011 |
| Bonds | ||||||
| Convertible bond | 152.5 | 152.5 | ||||
| Interest liability on convertible bond | 3.8 | 3.8 | ||||
| Liabilities to banks | ||||||
| Promissory notes | 26.0 | 25.6 | 11.5 | 11.5 | 14.5 | 14.1 |
| Other liabilities to banks | 33.3 | 34.4 | 19.8 | 20.4 | 13.5 | 14.0 |
| Liabilities to related companies *) | 2.8 | 2.8 | ||||
| Other financial liabilities | ||||||
| Finance lease liabilities | 3.7 | 3.9 | 0.1 | 0.1 | 3.6 | 3.8 |
| Derivative financial liabilities | 16.4 | 41.4 | 7.9 | 21.4 | 8.5 | 20.0 |
| Total financial liabilities | 82.2 | 261.6 | 39.3 | 53.4 | 42.9 | 208.2 |
*) MTU Versicherungsvermittlungs- und Wirtschaftsdienst GmbH, Munich, which is not consolidated on the grounds of materiality
MTU Aero Engines Finance B.V., Amsterdam, Netherlands, issued a convertible bond during the financial year 2007 with a total volume of € 180.0 million (divided into 1,800 partial bonds). In September and October 2008, MTU bought back partial convertible bonds (before maturity date) with a nominal volume of € 27.2 million. During the first quarter 2012, the remaining convertible bond totalling € 152.7 million was partially (€ 90.1 million) converted into shares of MTU Aero Engines Holding AG and the remainder (€ 62.6 million) redeemed. Further information is provided in the notes to the Consolidated Financial Statements in the Annual Report 2011 (Note 33, Financial liabilities).
At March 31, 2012, the MTU Group has access to an overdraft facility of € 100.0 million with two banks.
Of these credit facilities, € 11.4 million (December 31, 2011: € 12.4 million) were being utilized at March 31, 2012 for guarantees. Interest on credit lines actually drawn down is charged on the basis of customary interest reference rates plus a margin. A commitment fee is paid on credit facilities which are not being utilized.
Of the four promissory notes placed on June 3, 2009 with a nominal amount of € 65.0 million (less transaction costs of € 0.4 million), MTU bought back € 30.0 million on June 7, 2010 and € 10.0 million on December 6, 2010, leaving notes outstanding at June 30, 2011 with a nominal value of € 25.0 million. The promissory notes comprise the following tranches which fall due for payment at their maturity date:
| Promissory notes | |||||
|---|---|---|---|---|---|
| Maturity | Interest rate type | Original note amount (nominal) in € million |
Buy-back June 7, 2010 in € million |
Buy-back December 6, 2010 in € million |
Remaining note amount (nominal) in € million |
| June 5, 2012 | fixed | 1.5 | 1.5 | ||
| June 5, 2014 | fixed | 11.5 | 11.5 | ||
| June 5, 2012 | variable *) | 27.0 | 15.0 | 12.0 | |
| June 5, 2014 | variable *) | 25.0 | 15.0 | 10.0 | |
| 65.0 | 30.0 | 10.0 | 25.0 |
*) 6-month Euribor plus margin
At subsequent reporting dates, they are measured at amortized cost.
Contract production liabilities comprise the following:
| Contract production liabilities | ||
|---|---|---|
| in € million | March 31, 2012 | Dec. 31, 2011 |
| Advance payments received for contract production | 1,061.9 | 1,047.7 |
| of which relating to: | ||
| Contract production receivables | -352.2 | -332.7 |
| Total contract production liabilities | 709.7 | 715.0 |
Advance payments received relate mainly to military engine program participations. Any surplus of advance payments received over contract production receivables with a remaining term of more than 12 months are discounted to their present value.
Other liabilities comprise the following items:
| Total | Non-Current | Current | ||||
|---|---|---|---|---|---|---|
| in € million | March 31, 2012 Dec. 31, 2011 March 31, 2012 Dec. 31, 2011 March 31, 2012 Dec. 31, 2011 | |||||
| Liabilities relating to employees | ||||||
| Social security | 3.7 | 2.6 | 3.7 | 2.6 | ||
| Part-time pre-retirement working | ||||||
| arrangements | 22.9 | 23.0 | 18.8 | 18.9 | 4.1 | 4.1 |
| Other | 59.0 | 38.2 | 4.0 | 3.6 | 55.0 | 34.6 |
| Accrued interest expense | 17.1 | 16.6 | 17.1 | 16.6 | ||
| Maintenance work still to be performed | ||||||
| on engines | 4.6 | 4.3 | 4.6 | 4.3 | ||
| Repayment of grants towards | ||||||
| development costs | 56.6 | 58.0 | 55.3 | 55.3 | 1.3 | 2.7 |
| Sundry other liabilities | 104.8 | 97.6 | 27.7 | 34.3 | 77.1 | 63.3 |
| Other taxes | 7.0 | 6.5 | 7.0 | 6.5 | ||
| Total other liabilities | 275.7 | 246.8 | 127.5 | 133.0 | 148.2 | 113.8 |
Social security liabilities relate mainly to contributions to employees' accident insurance associations amounting to € 2.0 million (December 31, 2011: € 1.9 million) and liabilities to health insurance agencies amounting to € 1.7 million (December 31, 2011: € 0.7 million).
TV FlexÜ, a collective agreement on flexible transition into retirement, came into effect in the German collective bargaining regions in 2010. In addition, each of the MTU group companies in Germany entered into a supplementary agreement with the Works Council, effective until December 31, 2016, which supersedes the collective bargaining agreement. Within the scope of the agreed terms for pre-retirement part-time working arrangements, agreements on top-up and severance payments were concluded with employees at the level of the group's German companies. At March 31, 2012, the liabilities associated with these obligations amounted to € 22.9 million (December 31, 2011: € 23.0 million).
Other liabilities to employees comprise vacation entitlements, flexi-time credits, obligations arising from pre-retirement part-time working arrangements and obligations arising from efficiency improvement programs in prior periods. This item also includes liabilities to group employees under the MAP employee stock option program amounting to € 3.0 million (March 31, 2011: € 2.4 million). Additional information concerning the MAP employee stock option program is provided in Note 26.2 (Capital reserves).
Non-current payments received on account from customers for contract production are discounted over the term of the advance payments using appropriate market interest rates and the deferred interest recognized as a liability within other liabilities until the engine is delivered. Accrued interest expense of € 17.1 million (December 31, 2011: € 16.6 million) relates to advance payments received for long-term military construction contracts.
These non-current liabilities relate to outstanding maintenance work on the current fleet of five operating lease engines.
In the financial years 1976 to 1991, MTU received grants towards the internally generated costs of developing the PW2000 engine from the German Federal Ministry of Economics and Technology which were recognized in the income statement. Once the contractually agreed sales figures of PW2000 production engines have been reached for the Boeing 757 and C-17, MTU is obliged to pay back the grants (government subsidy of development costs) within a timeframe of ten years. Owing to strong demand for engines in the C-17 military application, the threshold was reached and a liability was recognized for the expense for the first time in the financial year 2010. The first installment of the repayment amounting to € 0.7 million was made in the financial year 2011. The second installment of € 1.4 million was paid during the first quarter 2012.
Sundry other liabilities amounted to € 104.8 million and comprise mainly to purchased development work for the PW1524G engine program for the CSeries regional jet amounting to € 18.7 million (December 31, 2011: € 19.3 million), the PW1217G engine for the MRJ amounting to € 15.0 million (December 31, 2011: € 15.5 million), and liabilities arising from the stake in the PW1100G program for the A320neo amounting to € 50.2 million (December 31, 2011: € 46.5 million), plus a multitude of minor individual obligations.
Other taxes amounting to € 7.0 million (December 31, 2011: € 6.5 million) relate primarily to payroll and church taxes and solidarity surcharges.
Transactions with related entities are undertaken as part of the group's ordinary operating activities, buying and selling various products and services on an arm's length basis.
There were no trade receivables due from MTU-Zhuhai at either March 31, 2012 or December 31, 2011. Trade payables with this entity totalled € 0.7 million (December 31, 2011: € 3.6 million). Income recognized during the first three months of 2012 totalled € 0.2 million (January - March 2011: € 0.5 million) with expenses totalling € 3.3 million (January - March 2011: € 6.7 million).
Entities accounted for at equity and at cost are disclosed in note 43.1.2 (Major shareholdings) of the Annual Report for the year ended December 31, 2011. Trade receivables at March 31, 2012 amounted to € 32.8 million (December 31, 2011: € 27.7 million). Trade payables with this entity totalled € 67.3 million (December 31, 2011: € 95.5 million). Income recognized during the three-month period under report amounted to € 201.2 million (January-March 2011: € 210.1 million), with expenses totalling € 107.7 million (January-March 2011: € 92.6 million).
MTU Group companies did not enter into any material contracts with members of the Board of Management, the Supervisory Board or with other key management personnel or with companies in whose management or supervisory boards those persons are represented. The same applies to close members of the families of those persons.
Contingent liabilities and other financial obligations at March 31, 2012 amounted to € 112.6 million (December 31, 2011: € 110.7 million). Contingent liabilities and other financial obligations are not material to the MTU Group. As in previous periods, with the exception of lease payments, no amounts fell due for payment during the period under report. Similarly, no amounts are expected to be paid for the financial year 2012. Information regarding the composition and nature of contingent liabilities and other financial obligations is provided in the notes to the consolidated financial statements in the Annual Report 2011 (Note 42).
At March 31, 2012 purchase commitments for intangible assets and property, plant and equipment amounted to € 30.9 million (December 31, 2011: € 33.4 million).
There have been no significant events after the end of the interim reporting period (March 31, 2012) and prior to the date of authorization for issue of the Quarterly Financial Report on April 23, 2012.
The Quarterly Financial Report of MTU Aero Engines Holding AG, Munich, for the period from January 1 to March 31, 2012 was published on the Internet on April 25, 2012.
Telephone conference on first quarter 2012 earnings April 25, 2012 MTU Annual General Meeting for the financial year 2011 May 3, 2012 Telephone conference on first half-year 2012 earnings July 25, 2012 Telephone conference on third quarter 2012 earnings October 23, 2012 MTU analysts and investors conference 2012 November 27, 2012
Investor Relations Telephone +49 (0) 89-1489-5714 Telephone +49 (0) 89-1489-3911 Fax +49 (0) 89-1489-95139 E-Mail [email protected] [email protected]
Translation
The German version takes precedence.
MTU Aero Engines Holding AG Dachauer Straße 665 80995 Munich • Germany Tel. +49 89 1 489-0 Fax +49 89 1 489-5500 www.mtu.de
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