MTU continues on growth path

MTU Aero Engines Holding AG is making good progress toward its growth targets: by the end of June 2012, the Group had increased its revenues by 16% to €1,559.0m (1-6/2011: €1,346.5m). Operating profit rose by 7% from €164.4m to €175.8m, resulting in an operating profit margin of 11.3% (1-6/2011: 12.2%). Net income also registered a significant increase of 11%, rising to €109.7m (1-6/2011: €98.4m). In the first half of 2012, MTU’s revenues increased in both the OEM and MRO segments. This growth was particularly marked in the commercial maintenance business, where revenues climbed by 24% to €641.2m (1-6/2011: €518.7m). The principal source of these revenues was the V2500 engine deployed in the Airbus A320 family. Revenues in the commercial engine business, including spare part sales, rose by 11% to €703.0m (1-6/2011: €633.5 m).  The area in which MTU’s earnings have improved the most is the commercial maintenance business, where EBIT adjusted increased by 28% to €53.8m, compared with €42.1m in the same six-month period of 2011. As a result, the EBIT margin improved from 8.1% to 8.4%. The operating profit generated by the OEM segment has remained stable and amounted to €122.5m (1-6/2011: €122.6m). The EBIT margin came to 13.1%, compared with 14.5% in the first six months of 2011. MTU’s order backlog rose by 16% from €10,537.1m at December 31, 2011 to €12,193.3m at June 30, 2012.