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ITP group sales surpass 483 million in 2008

The ITP Group achieved sales of over 483 million euros in 2008, which represents a 15% increase on the same figure for the previous year, in accordance with the IFRS (International Financial Reporting Standards) accounting model.

According to ITP Director General Ignacio Mataix, "2008 was a year of consolidation for our project of growth and diversification, in spite of the difficult international financial climate and the delays that we have seen to programmes in the aeronautics sector. There was the acquisition of the three Aeromaritime Group centres for the In-Service Support area, and that of Alstom Power's aeronautics business, which is now ITP Engines UK which has had its effect on sales growth. Elsewhere, the negotiations that have led us to the recent signing of the agreement with Rolls-Royce for the design and manufacture of the Trent XWB Low Pressure Turbine, which will power the new A350, have provided confirmation that over the next few years, 50% of all future twin-aisle aircraft (large scale) will be fitted with a low pressure turbine designed and manufactured by ITP. I would also like to highlight the 50 million euro investment effort we have made in R&D, which makes ITP, once again, the Spanish company with the best investment ratio in this area when compared to sales."

Results and EBITDA

The Group's results rose to 46.7 million euros, compared to the 36.8 million euros obtained the year before. This was in a year that was marked by the additional delays announced by Airbus and Boeing to the A-380 aircraft, (Trent 900 engine) and the B787 aircraft (Trent 1000 engine), respectively, with ITP having a stake in the engine specifications for both, as well as in the A400M programme (TP400 engine).

The ITP Group's EBITDA amounted to 91.3 million euros, showing a 25% increase against the previous year. This growth is mainly a result of improvements to the production mix and the cost reductions initiated in 2007.

Research and Development Activity continued to be a priority for the ITP Group during 2008 with an investment total for 2008 of 50 million euros, a figure which will rise with the launch of the Trent XWB.

Also in 2008, material investments and investment in I.T. applications reached 33 million euros. These investments went on increasing production capacity in order to deal with the workload associated with contracted programmes in the first case and on the development and implementation of corporate Information Management Systems in the second.


2008 saw a continuation of the Group's strategy of growth through acquisitions, specifically those of Aeromaritine Mediterranean Limited (AML), based in Malta, Aeromaritime America Inc., in the US, and Component Process & Repair Ltd (CPR), a helicopter engine maintenance company with its base in the UK. Those three centres have now been integrated into Industria de Turbinas de Helicópteros SL (ITH), in which ITP is the sole shareholder. At the beginning of 2009, ITH started up its turbo-shaft maintenance and assembly centre in the Aeronautics Park at Albacete as part of the expansion plan for its In-Service Support Group.

The same year saw the formation of the company ITP Engines UK, dedicated to providing services related to the engineering, design and manufacture of aeronautic turbo-machinery and software, with the aim of absorbing the aeronautic activities of Alstom Power.

These acquisitions have meant an increase in the Group's staff numbers of 237 workers, raising the total figure to 2,774 professionals as of December 2008.

Business Areas

During the year, sales in the Defence sector rose to 173 million euros, which represents a 26% increase on the previous year. This growth was due to increased activity in the EJ200 programme, which reached the landmark of the delivery of EJ200 engine number 500.

Within the Civil area, for both aeronautic and industrial turbines, sales rose to 185 million euros, which represents a 32% increase on the previous year.

Engine maintenance and repair reached a figure of 123 million euros, falling by 11% against the year before, due mainly to the termination of the Air Nostrum and US Army contracts and to delays in other programmes that were planned for the year.

Outlook for 2009

In the words of Ignacio Mataix, "the company has an extremely solid order portfolio for the long term, but with a market a situation which will have major effects for us this year and the next." The ITP Director General has explained that "workload has suffered from the repeated delays which have been announced to aeronautic programmes, the last of these corresponding to the Boeing 787. There will be a reduction in the use of civil and military aircraft, which will have a direct effect on the operations and maintenance markets and will increase the pressure to reduce costs. This, together with the delay to orders that the airlines are going to ask for, will mean that 2009 and 2010 will be years of low or zero growth, a situation which will make things difficult in the short term for the cash generation needed for the investments required to consolidate our activity".

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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