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Total investments of 70 million euros with 49 million going on R&D

ITP Group results for 2011 up by 37%

ITP Group results for the year 2011 showed a 37% increase on the year before. In the first year of the company's Strategic Plan 2011-2015, figures for EBITDA and sales also rose, by 19.6% and 7.4%, respectively.

Consolidated results for the ITP Group in 2011 totalled 58 million euros, 37% higher than the previous year, while EBITDA stood at 105.4 million euros, 19.6% up on the year before, all of which served to boost the resources generated to cover investments that have to be made up to 2015. Total ITP investment in 2011 amounted to 70 million euros, of which 49.4 went on R&D and more than 19 million on material investments aimed at raising production capacity in Zamudio and Mexico.

From the CEO's viewpoint:

In the words of Ignacio Mataix, ITP's chief executive, "In spite of the favourable results achieved during the year by the ITP Group, 2011 was another year of international crisis and economic instability, a factor that can have a major impact on our industry, with its high reliance on capital making it especially vulnerable to lack of financing. On top of this, for the European industry, which impacts directly on ITP as an exporter company, the exchange rate and the strength of the euro are a particularly serious handicap, piling more competitive pressure on the sector. It is therefore fundamental that we have the necessary financial back-up, which will mean investing more than 600 million euros between 2011 and 2015".

Speaking of the past year, Ignacio Mataix said "the greatest investments were made in developing our civil programs. Over the last five years we have diversified our participation portfolio in terms of both programs and customers. We now work in more than 15 different programs for most of the big engine manufacturers, with a major stake not only in turbines for twin-aisle aircraft but also in business aviation and aeroderivative industrial turbines. The challenge facing us in 2012 and during the rest of the Strategic Plan is to increase production to satisfy the demand arising from our programs. That is why the priority for this year is to dedicate resources to manufacturing products that are not only high quality but also on time and on budget".


Results and Sales

Results after tax stood at 58 million euros, 37% higher than the previous year. This was down to improved operating results, a better performance from the programs and lower development costs carried over to results. Financial income also rose and then there were the funds generated by the activation of tax credits awarded for efforts in R&D activities.
Net business turnover for the ITP Group totalled 519 million euros, representing growth of 7.4%, with a 28% increase in Civil activity, a 1.3% rise in Defence activity and a 13% drop in activity for In-Service Support.
Civil Business Sales for 2011 stood at 220 million euros, compared to the total of 172 million euros for 2010, which translates into a 28% increase on the year before. Sales in The Civil area accounted for 43% of total Group activity and most of those sales came from programs that the ITP Group takes part in as a risk-sharing partner (RRSP), worth 134 million euros in 2011. A great deal of that total was generated by the production and sale of engines, with the presence of the 'after-market' remaining at low levels, although gradual growth is expected here as the fleet of engines in which the ITP Group has a stake grows.
On this subject, ITP's CEO added "the Civil business area, such a key part of ITP's development, had an extremely positive year. The outstanding event of the year was the recent entry into service of the Boeing 787 Dreamliner fitted with Rolls-Royce Trent 1000 engines. The aircraft is now in service and joins the list of Rolls-Royce engines to be produced at ITP over the next few years, alongside the Trent 700 and Trent 900. Meanwhile the Rolls-Royce Trent XWB engine to be fitted in the Airbus XWB continues to advance in its development phase, successfully passing all its trials and tests and with highly satisfactory order figures. Within the business aviation segment, the Honeywell HTF7000 achieved certification for its second application, while in industrial turbines, there was progress in the sales of the LM2500, which enjoyed notable commercial success".
Sales for 2011 in the Defence Business Unit amounted to 191 million euros, up 1.3% on the total of 189 million euros for the previous year. This represents 37% of total sales for the ITP Group.
When speaking of the Defence area, Ignacio Mataix commented that "the A400M progressed in its development phase, obtaining the EASA type certificate, which represents a historic milestone for ITP, marking the first time that we have taken part in a military turboprop that has been awarded a civil certificate. We also delivered the final TP400 development engines and ITP made a major contribution to the 5000 hours of bench tests that were carried out at its centres in Morón de la Frontera and Ajalvir".
Elsewhere, In-Service Support activity (engine maintenance and repair) fell over the course of last year by 13% to reach total sales of 107 million euros. This area represents 21% of overall ITP Group activity. The sharp reduction was largely due to the impact of the situation in Northern Africa, the delays to the start of work by the Spanish Defence Ministry arising from budgetary difficulties and reduced demand for helicopter engine maintenance in the wake of worldwide economic uncertainty.
As ITP's CEO explained it, "for In-Service Support, we continued to consolidate our international position, but especially significant were the advances made in our co-operation with the Spanish authorities aimed at improving the efficiency and usage of existing facilities".

2011 was a year of positive evolution for all of the companies that make up the ITP Group. The year saw ITP increase its stake in PCB to 80%, reinforcing its strategic investment in a source for castings within the Group and boosting operational integration.
2011 also saw the company open its first production centre in Asia through ITA's participation in a new plant manufacturing end fittings and machined parts in India. The plant, a joint venture with Reginson Engineering Ltd and Raghu Vamsi Machine Tools, began operations at the end of 2011 and is expected to grow substantially over the next few years.
In line with its Strategic Plan, in 2011 ITP reorganised its business units in Mexico, all of which had previously been concentrated in the company's affiliate, ITR. As of January 2012, there are now three Mexican companies operating each of its activities . First, ITP Ingeniería y Fabricación (ITP I&F) will focus on engineering and development work while also manufacturing casings and seals. Then, Industria de Tuberías Aeronáuticas México (ITAM) will manufacture aeronautic tubes, and finally, Industria de Turborreactores (ITR) will continue with its MRO (maintenance and repair) activity on aeronautic and industrial turbines and their components. Between them, these three ITP affiliates employ a total of 500 workers in their shared facilities at Querétaro (Mexico).



2012 is expected to be a year of slowdown for the world economy with no let-up in the instability in Northern Africa and the Middle East. Neither is there any end in sight to the budgetary difficulties related to the Spanish Ministry of Defence. Against this backdrop, moderate growth is expected for ITP's business accompanied by a drop in results and generation of resources. This will underline the need to be frugal with new investment due to the lack of financial back-up.

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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