MTU Aero Engines AG had another record year: revenue in 2019 reached a new high of €4,628.4 million (2018: €4,567.1 million). Operating profit came in at €756.9 million, surpassing the previous high of €671.4 million in 2018 by 13%. The EBIT margin rose from 14.7% to 16.4%. Net income increased by 12%, from €479.1 million to €537.6 million.
The order backlog at MTU in 2019 was 13% higher than in the previous year, at €19.8 billion (2018: €17.6 billion). This is equivalent to a full capacity utilization of just over four years.
Earnings in 2019 rose significantly, particularly in the OEM business, where there was a gain of 15% to €495.6 million (2018: €431.4 million). Earnings in the commercial maintenance business grew by 9% to €260.9 million (2018: €239.7 million). The margin advanced by 1 percentage point, from 8.6% to 9.6%.
MTU’s free cash flow increased by 77%, from €202.9 million in 2018 to €358.3 million in 2019. The cash conversion rate was therefore 67%. (€1.00 = US$1.08 at time of publication.)
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