Media | 7 February 2011 07:30
GEA Group Aktiengesellschaft / Key word(s): Enterprise/
07.02.2011 / 07:30
* Order intake up 12% to EUR 4,578 m
* Sales of EUR 4,418 m; Q4 up 8% yoy
* EBIT margin before restructuring up by ~50 bps to 8.0 - 8.1%
* Net liquidity up EUR 58 m to EUR 105 m
* Proposal to increase dividend to EUR 0.40
Bochum, February 7, 2011 - The recovery in GEA Group's customer industries
gathered momentum in the course of the year. The order intake rose by 12
percent to EUR 4,578 million. In the fourth quarter alone, order intake
amounted to EUR 1,248 million, 24% up over prior year. This level is on par
with the average of 2008, the year still largely unaffected by the crisis.
Following order intake with a delay, sales matched the prior-year volume at
EUR 4,418 million, as predicted in earlier guidances. In 2010, the group
again paid particular attention to the quality of orders in respect of
terms and conditions.
In buyers' markets still marked by pricing pressure as a result of
temporary overcapacities, GEA managed to deliver EBIT before restructuring
expenses of about EUR 357 million. The EBIT margin could be increased by
approximately 50 bps to 8.0 - 8.1 percent. Cost savings from capacity
adjustments first initiated at the end of 2008 contributed to this
improvement. Restructuring expenses, the bulk of which concerned the
segment GEA Heat Exchangers, amounted to some EUR 119 million in 2010,
including all provisions for measures to be completed in 2011 as planned.
EBIT after restructuring hence amounted to approximately EUR 237 million.
No further restructuring program is planned. As in the previous year,
discontinued operations did not affect GEA Group's result.
Net liquidity more than doubled to EUR 105 million, mainly as a consequence
of the company's restraint in capital expenditures and its management
attention to further reduce working capital. The latter could be brought
down to a proportion of only 10.0 percent of sales at the reporting date
and 12.4 percent in the annual average, which represents a significant
reduction of around 400 bps as against the previous year.
'We are pleased that GEA could complete a very successful business year
with two acquisitions that fit us well', said Jürg Oleas, CEO of GEA Group
Aktiengesellschaft, adding: 'Given these encouraging figures, the Executive
and Supervisory Boards of GEA will propose an increased dividend of 40
cents per share to the Annual General Meeting.'
All figures for 2010 are preliminary and have therefore not yet been
audited. The year-end financial statements for the GEA Group and GEA Group
Aktiengesellschaft are to be finalized by the Executive Board at the
beginning of March and subsequently to be approved by the Supervisory
Board. The Annual Press Conference and the Financial Analyst Conference
Call will take place on March 10, 2011.
Preliminary figures for GEA Group
(EUR million) 2010 2009
Order Intake
GEA Farm Technologies 448 390
GEA Heat Exchangers 1,506 1,419
GEA Mechanical Equipment 740 685
GEA Process Engineering 1,416 1,148
GEA Refrigeration Technologies 580 527
GEA Group 4,578 4,081
Sales
GEA Farm Technologies 447 412
GEA Heat Exchangers 1,483 1,623
GEA Mechanical Equipment 725 718
GEA Process Engineering 1,289 1,144
GEA Refrigeration Technologies 564 566
GEA Group ~4,418 4,411
EBITDA before restructuring expenses
GEA Farm Technologies 35 29
GEA Heat Exchangers 150 179
GEA Mechanical Equipment 136 115
GEA Process Engineering 106 88
GEA Refrigeration Technologies 37 29
GEA Group ~461 434
EBIT before restructuring expenses
GEA Farm Technologies 22 19
GEA Heat Exchangers 114 142
GEA Mechanical Equipment 116 99
GEA Process Engineering 91 74
GEA Refrigeration Technologies 28 19
GEA Group ~357 333
EBIT-Margin before restructuring expenses (in%)
GEA Farm Technologies 4.9 4.5
GEA Heat Exchangers 7.7 8.7
GEA Mechanical Equipment 16.0 13.8
GEA Process Engineering 7.1 6.5
GEA Refrigeration Technologies 5.0 3.4
GEA Group 8.0-8.1 7.6
Restructuring expenses
GEA Group 119 65
EBIT
GEA Group ~237 268
GEA Group Aktiengesellschaft is one of the largest suppliers of process
technology and components for the food and energy industries. As an
international technology group, the Company focuses on sophisticated
production processes. In 2010, GEA generated consolidated revenues in
excess of EUR 4.4 billion, 70 percent of which came from the food and
energy sectors, which are long-term growth industries. The group employed
over 20,000 people worldwide as of December 31, 2010. GEA Group is a market
and technology leader in its business areas. It is listed in Germany's MDAX
stock index (G1A, WKN 660 200).
To unsubscribe from GEA Group Aktiengesellschaft's news distribution list,
please send an e-mail to pr@geagroup.com or call us on +49 (0)234-980-1081.
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Language: English
Company: GEA Group Aktiengesellschaft
Dorstener Straße 484
44809 Bochum
Deutschland
Phone: +49 (0)234 980-0
Fax: +49 (0)234 980-1004
E-mail: ir@geagroup.com
Internet: www.geagroup.com
ISIN: DE0006602006
WKN: 660200
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München; Freiverkehr in Hannover,
Stuttgart
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