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April 2016

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Lufthansa Technik significantly increased its turnover and profit in 2015, continuing its growth course. Sales revenues grew by 17.6% to around €5.1 billion (+ €762 million). The company achieved 20% growth in its adjusted EBIT (Earnings Before Interest and Taxes) to €454 million (up from €380 million in the previous year).

 

Business with customers outside the Lufthansa Group grew disproportionately. External revenue from outside the Group grew by 21.8%, to €3.3 billion. Revenue from companies within the Group rose over the previous year to €1.8 billion (+ €179 million), essentially as a result of the largest modification programme in Lufthansa’s history. Revenue development was further aided by the US dollar exchange rate.

 

In 2015, Lufthansa Technik acquired 27 new customers (bringing the total to around 800), concluding 375 new contracts. This created a total volume within the company (excluding subsidiaries) of €3.1 billion. The number of aircraft supported by Lufthansa Technik rose by 12% to around 3,700.

 

Important contracts cover new aircraft such as the Airbus A350 and Boeing 787. Comprehensive new component services contracts, for example, have been signed with Finnair, the first European operator of the new Airbus A350, and Air Europa Lineas Aéreas, for its Boeing 787 fleet.

 

With the opening of a new overseas location in Puerto Rico in July 2015, Lufthansa Technik now has its own overhaul site in the important American market. The opening of the first two of five planned overhaul lines at Lufthansa Technik Puerto Rico was an important step in the company’s ongoing internationalisation. In Asia, Lufthansa Technik Philippines brought additional hangar space for the overhaul of Airbus A380 and Boeing 777 aircraft online. Construction work has also begun for a new wheels and brakes workshop in Frankfurt, representing an investment of around Ä60 million in this German site.

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MTU Maintenance signed more than 250 new contracts, valued at around $2.1 billion – a new record that represents an increase of roughly 25% in 2014. In 2015, the majority of orders placed with the MTU Maintenance group were for V2500 and CFM56 engine maintenance. The V2500 accounts for around 30% of shop visits. MTU is the number one service provider for this propulsion system and expects the V2500 overhaul business to continue growing up to the mid-2020s. As for the CFM56, MTU Maintenance is the world’s largest independent MRO provider, with a market share of 11%. In 2015, almost one in four engines at MTU was a CFM56. In December 2015, MTU Maintenance Hannover obtained approval from Germany’s Federal Aviation Authority (LBA) to overhaul the Pratt & Whitney PW1100G-JM engines powering the Airbus A320neo. The first shop visits are expected to arrive in the next few years. Cooperation agreements covering the other PW1000G-family engines will be concluded in a next step. As for the GEnx engine powering the Boeing 787 and 747-8, MTU Maintenance Hannover commenced overhauling turbine centre frames in 2015. As approximately 770 GEnx engines are currently in operation, MTU expects to generate Ä3 billion in revenues from GEnx MRO services in the future. 

 

MTU Maintenance also expanded its service offerings in 2015, adding asset and material management services. The aim is to provide tailor-made and integrated solutions for customers so that they can extract maximum value from their engines – in any phase of the lifecycle. The portfolio of services ranges from the appraisal and analysis of the end-of-life value to the purchase, re-marketing or re-lease of engines, including extensive parts management. Services include engine teardown, the repair of reusable material and the storage and reuse of serviceable material, as well as the sale of surplus or otherwise redundant parts to third-party customers.

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Vallair has reorganised following the arrival of Japan Investment Adviser (JIA) as a new shareholder. Valliere Aviation, the holding company, has become Vallair Capital, while JMV Aviation has become Vallair Solutions. In addition, there is Vallair Technic, which is dedicated to disassembly, repair shop work and logistics, while Vallair Leasing is also set to be established. In addition to the equity investment, JIA will have invested close to a total of $40 million in the last 12 months in Vallair projects alone, including trading, tear-down and cargo conversions.

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