Outlook 2011

Experts are predicting a further increase in both passenger and freight traffic in 2011, mainly driven by growth in the Asia-Pacific region and North America. MTU is a strong player in both regions, also by virtue of its local companies.

The company's growth in 2011 is therefore expected to track developments in these markets. Together with the release of the results of the first half year 2011, MTU renewed the growth outlook for the current year: MTU reaffirms the group revenues to rise by around 7 to 8 %. The main growth driver is set to be the commercial engine business, with an anticipated 20 to 25 % (prev. 15 to 20 %) increase in sales. The spare parts business now is expected to grow by 10 to 15 % (prev. 5 to 10 %). Revenues in the military engine business are expected to fall by 10 % as predicted earlier. Commercial MRO sales are still expected to increase by 5 to 10 %.

MTU's profitability is set to remain high. Due to the results of the first half year 2011, MTU also raised its earnings outlook for the full year 2011. MTU is now expecting to achieve an EBIT adjusted figure of € 325 million in 2011. MTU had previously assumed an EBIT adjusted comparable to the previous year’s (2010: € 311.3 million). Net income adjusted is anticipated to be slightly higher than last year (2010: € 182.3 million).

in € million	2010	old Outlook 2011	new Outlook 2011
Revenues	2,707	+7 to +8%	+7 to +8%
EBIT adjusted	311	stable	325
Net income adjusted	182	stable	slight increase

* The outlook is based on an exchange rate assumption of 1.40 $/€ for the fiscal year 2011.

Status: August 01, 2011

Disclaimer

In addition to information relating to past events, this report also contains forward-looking statements. Such passages can generally be identified through the use of such terms as ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘anticipate’, ‘predict’, ‘will’, ‘believe’, ‘is likely to’, ‘might’ and similar phrases, or through the fact that they are presented in the context of a strategy. Forward-looking statements relate to future expectations, developments, trends, and business strategies, and are based on analyses or predictions of MTU’s future business performance and estimates of figures that cannot be affirmed with any certainty at the present time. These forward-looking statements merely reflect MTU’s current outlook at the time the statements were made, and MTU does not accept any responsibility for updating forward-looking statements except in cases where it is a statutory requirement. The forward-looking statements contained in this chapter involve known and unknown risks, uncertainties, and other factors that may result in an actual future outcome based on real events, developments and performances that deviates significantly from the content of the statements presented here. These factors include changes in the general economic climate and business environment, exchange rate fluctuations, in addition to the factors enumerated in the "risk report" section of the MTU Annual Report 2010.