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Strengthened its position as leading industrial company on a national scale in terms of its ratio for investment in R&D to sales, with a figure of 14.6%

ITP achieved consolidated sales of 479 million in 2009 and invested 70 million in R&DA

ITP achieved consolidated sales of over 479 million euros in 2009, representing a 0.9% reduction on figures for the same period in the previous year. Over the course of the year, ITP strengthened its position as leading industrial company on a national scale in terms of its ratio for investment in R&D to sales, with a figure of 14.6%.

Ignacio Mataix, ITP's Director General, stated that "despite the climate of international financial crisis and the delays to programmes for the big commercial aircraft in whose engines we have a stake, ITP has played its part in achieving major milestones in the field of aeronautics in both the Civil and Defence areas. First of all, 2009 saw the first flight of both the Tigre helicopter with its MTR-390-E engine and of the A400M military transport aircraft, powered by the TP400. After that, we saw the first flight of the star in Boeing's aeronautics firmament, the Dreamliner B787, in whose power plant, the Trent 1000, we are responsible for the low pressure turbine. Other highly significant aspects included the signing of Tranche III of the EJ200, which powers the Eurofighter Typhoon, and the agreement of our stake in the low pressure turbine for the Trent XWB, which powers the new Airbus 350XWB".

"In this way," he concluded, "we have continued to confirm our presence in the three programmes of reference in the European Defence while at the same time consolidating our stake in 50% of the engine specifications for all the big commercial aircraft of the next few decades".

R&D Leadership

The Group's results stood at 41 million euros, representing a 7% drop in relation to the same figure for 2008. This was largely due to the effects of the increase in R&D which, in line with the IFRS (International Financial Reporting Standards) accounting model, is directly reflected in accounts for results. EBITDA stood at 83.4 million euros, compared with 91.3 million for the preceding year.

In 2009, ITP invested a total of 70 million euros in R&D, representing a 29% increase on the previous year. Of that figure, more than 30 million euros went on developing the XWB and Trent 1000 engines, which power the forthcoming Airbus 350XWB and Boeing 787 aircraft, respectively.

2009 also saw the signing of a contract between ITP and Rolls-Royce which made the former a supplier partner for the Low Pressure Turbine (LPT) for the Trent XWB, which powers Airbus' new twin-aisle venture, a deal which will mean a billing total of 4,900 million euros over the course of the engine's life. The signing of this agreement consolidates ITP's position as a key supplier of low pressure turbines for large Rolls Royce civil engines. Participation in this RRSP (shared risk-revenue) contract gives ITP responsibility for the assembly, design and manufacture of the low pressure turbine.

The development of the low pressure turbine for the Trent XWB will require an investment of more than 250 million euros by ITP, including material and non-material investments which will affect activities in design, manufacture and assembly.

Business Areas

Broken down by business area, in the civil area, for aeronautic and industrial turbines combined, sales stood at 189 million euros, showing a 4% increase on the previous year. This represents a year of consolidation for ITP in a market situation that has been affected by the worldwide financial crisis, one indication of which is the 3% drop in air traffic.

As well as the agreement for the Trent XWB low pressure turbine, other achievements included the first flight of the B787 Dreamliner and of the new business aircraft model, the Gulfstream 250, where ITP also has a stake in the engine specifications.

As for Defence business, sales stood at 188 million euros, showing an 8.5% increase on 2008. Highlights in this area included the signing of the 'Tranche III' contract for the supply of 241 EJ200 engines and the contract for three years of in-service support for the first 24 Eurofighter Typhoon aircraft for Saudi Arabia.

Other major milestones included the first flights of the Spanish Tigre Attack Helicopter and the A400M military transport aircraft. ITP has a stake in the engine specifications for both. Then there was the Group's collaboration in the US Joint Strike Fighter programme and in the acquisition operation for NH90 multi-purpose helicopters for the Spanish Ministry of Defence.

By contrast, sales volume corresponding to the In-Service Support business area fell by 18% to a figure of 100 million euros. This was essentially due to the 40% budget cut made by the Ministry of Defence for these activities.

Outlook for 2010

For ITP, 2010 appears to be a year of moderate growth with lingering uncertainty still hanging over economic recovery, and as a result, over the programmes in which the company has a stake.

A highly notable aspect in this area was the boost provided to production capacity arising from the effective incorporation in 2009 of ITP Engines UK Ltd, formerly Alstom Aerospace. This increases opportunities to break into the market for business aviation and its associated activities in the areas of manufacturing and design, aeronautics software and bench tests. The staff incorporated at Whetstone and Lincoln have added a total of 150 professionals to the ranks of the ITP Group.

In 2009 the Group had already launched the plan known as 'ITP Global 400'. The aim of the plan is to optimise ITP's production plants, improve competitiveness, cut costs and boost efficiency and industrial capacity to tackle the expected demand for more than 400 low pressure turbine modules per year from 2013 onwards. This plan has meant a revision of ITP's global manufacturing strategy and in particular, of its defining which elements are to be produced by ITP in Zamudio and which in other countries.

ITP will continue with the accelerated development of its manufacturing activity in low cost centres, both its own and those of third parties. With this in mind, the plan analyses the expediency of developing its capacities to accelerate the manufacture of casings, seals and tubes in its Mexican affiliate, Industria de Turborreactores (ITR). It also studies the need for the development of a global logistics system to optimise the flow of materials from their procurement to the customer.

ITP's affiliates have experienced varied fortunes. It is they who have suffered most from the delays to programmes and the drop in the market shares of PCB and ITR in the maintenance area. In PCB no growth in level of activity is forecast for the next three years due to the confluence of simultaneous reductions in industrial and aeronautic demand.

Note to the editor

ITP Aero is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry (Top 100 Aerospace Companies, PwC and Flight International). The company employs over 3,500 people at its production centres in Spain, United Kingdom, Mexico, the United States, Malta and India.

ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. ITP Aero operates as a corporate entity within the Rolls-Royce group.

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