gea%20group%20conference%20call%20q1 2015 tcm11 25763
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http://www.gea.com/global/en/binaries/GEA%20Group%20Conference%20Call%20Q1-2015_tcm11-25763.pdfTRANSCRIPT
GEA Group Aktiengesellschaft
Conference Call Results Q1 2015
Düsseldorf, May 11th, 2015
engineering for a better world
Forward-looking statements are based on our current assumptions and forecasts. These statements naturally entail
risks and uncertainties, which may cause the actual results of operations, financial position or performance to diverge
significantly from the estimates given here. Factors that could cause such a divergence include changes in the
economic and business environment, fluctuations in exchange rates and interest rates, launches of competing products,
poor acceptance of new products or services, and changes in business strategy. We are under no obligation to update
forward-looking statements.
Due to rounding, the sum of percentages of order intake and sales by region as well as by customer industry may vary
from 100%.
Disclaimer
GEA Presentation Results Q1 2015 - May 11th, 2015 2
engineering for a better world
Executive Summary Q1 2015
GEA Presentation Results Q1 2015 - May 11th, 2015 3
Order
Intake (EURm)
1,127
Sales
(EURm)
1,006
Operating
EBITDA (EURm)
98.2
Operating
EBIT (EURm)
78.8
ROCE1
22.7%
Unadjusted
CFD Margin
9.0%
D organic:
+5% YoY
D organic:
-1% YoY D +15% YoY D +18% YoY D +8 bps YoY
D -32 bps
YoY
D reported:
+10% YoY
D reported:
+6% YoY
Record margin
for Q1 of 9.8%
Record margin
for Q1 of 7.8%
Key Highlights Q1 2015:
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
engineering for a better world
Sales
951 1,006
Q1 2014 Q1 2015
[EURm] [EURm]
Operating EBIT Margin
7.0% 7.8%
Q1 2014 Q1 2015
Operating EBIT
1,024 1,127
Q1 2014 Q1 2015
67 79
Q1 2014 Q1 2015
Order Intake
Key Figures Q1 2015 and change YoY
4 GEA Presentation Results Q1 2015 - May 11th, 2015
[EURm]
organic: +5% organic: -1%
D +10% D +6%
D +18% D +80 bps
engineering for a better world
9.1%
10.7%
11.9% 11.9%
12.5%
13.2%
7.0%
8.7%
10.1% 10.3%
10.8%
11.5%
6%
7%
8%
9%
10%
11%
12%
13%
2000
3000
4000
5000
6000
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Order Intake Sales Operating EBITDA Margin Operating EBIT Margin
Development LTM: Order Intake, Sales, Operating Margins
5
[EURm]
GEA Presentation Results Q1 2015 - May 11th, 2015
6,000
5,000
4,000
3,000
2,000
Operating EBIT Margin at record 11.5% per Q1 2015 LTM
engineering for a better world
Operating EBIT
10 14
27 23
35 39
3 6
Q1 2014 Q1 2015
193 197
367 454
339 330
162 175
Q1 2014 Q1 2015
Operating EBIT Margin
Sales Order Intake
Segments Q1 2015
1,127 1,024
GEA RT
GEA PE
GEA ME
GEA FT
6 GEA Presentation Results Q1 2015 - May 11th, 2015
GEA RT
GEA PE
GEA ME
GEA FT
[EURm]
organic: +5%
D +10%
D -3%
D +24%
D +2%
D +8%
155 185
391 391
310 317 127 141
Q1 2014 Q1 2015
951 1,006
D +2%
D +0%
D +19%
D +11%
organic: -1%
D +6%
GEA RT
GEA PE
GEA ME
GEA FT
67 79
D -15%
D +14%
D +43%
D +18%
Q1 2014 Q1 2015 D YoY
GEA FT 2.4% 4.3% +191 bps
GEA ME 11.1% 12.4% +129 bps
GEA PE 6.8% 5.8% -106 bps
GEA RT 6.4% 7.7% +126 bps
GEA Group 7.0% 7.8% +80 bps
[EURm] [EURm]
D +99%
engineering for a better world
Order Intake Development by size since Q1 2011
Order intake +10% YoY (+5% organic) in Q1 2015
7
[EURm]
GEA Presentation Results Q1 2015 - May 11th, 2015
596 619 705 686 669
737 711 702 745 710 722 724 747 754 773 765 835 791
173 168
185 166 208
214 172
221 175 144
234 167
211 160 170 174
182 163
64 135
135 128 111
96 102
124 107 131
102 132
67 88
103 68
87 91
41
60 58
100
44 65 112
110
162 144 121 22
123 160 54
83
0
200
400
600
800
1.000
1.200
1.400
Q1 11 Q2 11(excl.FS)
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
1,400
1,200
1,000
f L4Q:
791 f L4Q:
736 f L4Q:
717
engineering for a better world
Sales and organic sales growth per Q1 2015 LTM: Strong Western Europe driven by dairy business
GEA Presentation Results Q1 2015 - May 11th, 2015
North America
D YoY org.: +3%
17%
8
Eastern Europe
& CIS
8%
D YoY org.: +5%
Western Europe
37%
D YoY org.: +10%
Latin America
D YoY org.: 0%
6%
Africa
D YoY org.: +4%
3%
Middle East
D YoY org.: -21%
3%
Asia-Pacific
D YoY org.: +2%
25%
Emerging Markets1
36%
D YoY org.: -2%
Top-3-Countries
USA: 16% (16%)
D YoY org.: +2%
Germany: 9% (9%)
D YoY org.: +16%
China: 9% (10%)
D YoY org.: -3%
1 According to the definition of emerging/developing economies by International Monetary Fund.
engineering for a better world
Sales and organic sales growth by Customer Industry LTM: Strong growth from dairy sector
GEA Presentation Results Q1 2015 - May 11th, 2015 9
Average last four quarters: Q1 – Q4 2009 = Index 100
Note: Organic growth rates per customer industry are only available since Q1 2011
14% (13%)
24% (22%)
22% (22%)
11% (14%)
12% (13%)
16% (15%)
Sales LTM
per Q1 2015:
EUR 4,571m
+4% org. YoY
Dairy Farming
D +11% org. YoY
Food
D +4% org. YoY
Beverages
D -19% org. YoY
Other Industries
D +10% org. YoY
Pharma/
Chemical
D 0% org. YoY Dairy
Processing
D +13% org. YoY
60%
100%
140%
180%
220%
Dairy Farming Dairy Processing GEA Group
60%
100%
140%
180%
220%
Food Beverages GEA Group
Organic CAGR 10-14: +15%
Organic CAGR 10-14: +9%
Organic CAGR 10-14: +4%
Organic CAGR 10-14: +3%
Organic CAGR 10-14: +7% Organic CAGR 10-14: +5%
60%
100%
140%
180%
220%
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Pharma/Chemical Other Industries GEA Group
GEA Group Organic CAGR 09-14: +6%
engineering for a better world
Book to bill ratio (L4Q)
Q1 2015
Dairy Farming 1,00 5,2% 0,93 1,0% 1,01 5,1% 0,98 1,0% 1,00 0,0% 0,89 0,0% 1,14 1,8% 1,02 14,2%
Dairy Processing 0,89 8,7% 1,56 2,4% 0,94 2,8% 1,01 1,5% 1,40 0,9% 0,75 0,6% 1,04 7,1% 1,00 24,0%
Food 1,05 9,5% 0,96 2,2% 0,92 3,2% 0,99 1,2% 0,91 1,5% 0,86 0,8% 0,89 3,2% 0,97 21,6%
Beverages 0,96 3,3% 0,73 1,0% 0,86 1,2% 1,28 1,0% 2,51 2,0% 0,66 0,2% 1,55 4,8% 1,21 13,4%
Food & Beverages 0,97 26,8% 1,05 6,6% 0,96 12,2% 1,04 4,8% 1,43 4,3% 0,79 1,6% 1,12 16,9% 1,03 73,2%
Pharma 1,13 2,7% 0,87 0,3% 0,86 1,0% 0,86 0,5% 0,48 0,0% 0,54 0,2% 0,84 1,9% 0,93 6,5%
Chemical 1,05 1,3% 0,75 0,1% 0,92 1,1% 0,65 0,1% 3,69 0,3% 0,57 0,1% 1,06 2,0% 1,02 5,1%
Pharma/Chemical 1,10 4,0% 0,83 0,4% 0,89 2,1% 0,80 0,6% 2,36 0,3% 0,55 0,3% 0,94 3,9% 0,97 11,6%
Environment 1,01 1,5% 0,88 0,3% 1,02 0,7% 1,46 0,3% 1,47 0,1% 1,09 0,1% 0,96 1,2% 1,02 4,1%
Oil & Gas 0,77 0,6% 1,56 0,9% 1,28 1,0% 0,90 0,1% 3,57 0,1% 0,68 0,1% 0,38 0,6% 0,88 3,4%
Marine 1,09 1,5% 1,82 0,1% 1,24 0,2% 0,60 0,1% 0,92 0,0% 1,89 0,1% 0,96 1,4% 1,04 3,3%
Power 0,57 0,2% -9,81 -0,2% 0,54 0,1% 0,86 0,1% 0,90 0,1% 2,11 0,4% 0,97 0,1% 0,71 0,7%
Others 1,05 1,3% 1,23 0,5% 1,02 0,3% 1,00 0,2% 2,58 0,0% 1,00 0,1% 1,14 1,3% 1,10 3,7%
Other Industries 0,98 5,1% 1,11 1,5% 1,09 2,2% 1,06 0,7% 1,52 0,4% 1,31 0,8% 0,84 4,5% 0,98 15,3%
Total 0,99 35,9% 1,05 8,5% 0,96 16,5% 1,02 6,1% 1,47 5,0% 0,86 2,7% 1,03 25,2% 1,01 100,0%
Western
EuropeEastern Europe & CIS North America Latin America Africa Middle - East Asia - Pacific Total
<= 0.8 > 0.8 and < 1.0 >= 1.2 > 1.0 and < 1.2
Colour code: Only cross-sections with a share of > 1% of group order intake are colored
Book to Bill categories
BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI
Book to Bill Ratio > 1 in Food & Beverages driven by Beverages and Dairy Farming
GEA Presentation Results Q1 2015 - May 11th, 2015 10
1
1 due to a reclassification of an order from Power to Oil & Gas
engineering for a better world
1,450 1,550 1,600 1,640
391 433
487 616
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Order Backlog: Further increasing
11 GEA Presentation Results Q1 2015 - May 11th, 2015
[EURm]
1.05 1.07 1.05 1.07 1.02 1.01 1.06 1.06 1.08 1.07 1.05 1.00 1.01
2,015 1,841 1,901 1,932
2,085 2,136 1,983
1,830
2,087 2,137 2,185 2,038
LTM BtB ratio #
2,256
Order Backlog invoicable in respective FY Order Backlog invoicable after respective FY
engineering for a better world
ROCE Development: Sequential improvement following higher profitability in Q1 2015
12
[EURm]
GEA Presentation Results Q1 2015 - May 11th, 2015
1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929 1,943 1,974
17.5% 18.6% 18.6%
16.7%
18.8% 19.3% 19.6%
22.1% 22.6% 22.9% 23.2% 22.6% 22.7%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Capital Employed (average LTM) ROCE (average LTM)
Note: ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
ROCE trailing at around 23% - clearly in target range of 20% to 25%
engineering for a better world
Working Capital ratio trailing at around 12%
13
[EURm]
GEA Presentation Results Q1 2015 - May 11th, 2015
404 449 460
395
523 521 511
356
515 521 538
363
535
590 548
424
588
11.3% 11.0% 11.3% 11.4% 12.1%
12.8% 12.9% 12.7% 12.2% 11.9% 11.7% 11.7% 11.8% 11.9% 12.1% 12.1% 12.2%
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Working Capital Working Capital (average LTM) as % of sales (LTM)
engineering for a better world
Unadjusted Cash Flow Driver Margin around 9% of sales
14 GEA Presentation Results Q1 2015 - May 11th, 2015
-138 -147 -132 -88 -26 10 33 19 -1 -19 -38 -41 -47
410 436 441 420 462 471 478 515 527 536 546 540 550
-129 -116 -120 -125
-126 -126 -124 -120 -122 -123 -114 -94 -92
3.6% 4.3% 4.6% 5.0%
7.4% 8.3% 9.0% 9.6% 9.3% 9.0% 8.8% 9.0% 9.0%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Delta Working Capital (Average LTM) EBITDA (LTM) Capex (LTM) Cash Flow Driver Margin (LTM)
EBITDA Capex D Working Capital (Average LTM)
Sales Sales Sales - - +
[EURm]
Note: the guidance for 2015 expects an adjusted CFD margin of 9.0% to 9.5%
engineering for a better world
Net Liquidity reconciliation
[EURm]
-36.9
Discontinued Operations (w/o HX) -29.8
Net Cash bef. DOP, M&A and Dividend -25.2
Others (therein EUR 117.5m translation impact) 187.1
Taxes / Interests -125.2
Capex -91.9
Delta Working Capital -30.4
Net Cash 31.03.2015
550.0
Net Debt 31.03.2014 w/o HX -514.8
Elimination Net Cash Position HX -82.4
Net Debt 31.03.2014 incl. HX
EBITDA
822.7
Proceeds from HX-Sale Net of Transaction Costs 1,030.1
Dividend -115.5
Effects from Acquisitions
-432.4
Cash generation LTM: ~ EUR 370m
GEA Presentation Results Q1 2015 - May 11th, 2015 15
D +EUR 372m excl.
EUR 117.5m
translation impact
1therein cash with maturity 6-12 months (EUR 200m)
1
engineering for a better world
Service Business per Q1 LTM: 28% of Sales
16
Organic growth YoY of +7.8% (+9.1% reported)
[EURm]
1,160
240
470
249 201
1,266
280
505
284 222
GEA Group GEA FT GEA ME GEA PE GEA RT
D +8%
(+9% reported)
D +16%
(+16% reported)
D +6%
(+7% reported)
D +12%
(+14% reported)
D +10%
(+11% reported)
41% 27% 28% 42% 35% 36% 14% 15% 27% 28%
Q1 2014 LTM Q1 2015 LTM Share of Service Sales %
GEA Presentation Results Q1 2015 - May 11th, 2015
engineering for a better world
Fit for 2020: Front-loaded implementation schedule
17 GEA Presentation Results Q1 2015 - May 11th, 2015
>10
>80
>125
2015 2016 2017
Build-up of minimum cumulative savings One-off charges (Σ 2015/16):
2015 to 2016
• Severance packages
• Training / relocation
• SSC build-up
• Office consolidation
• IT system changes
• External project support
• Other implementation cost
P&L perspective:
2015: major part of charges
2016: biggest leap in savings; at least break-even with charges
[EURm] ~ 1.5x long term annual savings
engineering for a better world
Provided that there is no decline in global economic growth and a constant currency
basis compared to FY 2014, and without taking into account the impact of acquisitions
and one-off effects, we are aiming in FY 2015 for:
2015 EBITDA guidance to take “Fit for 2020” savings into account / other elements confirmed
GEA Presentation Results Q1 2015 - May 11th, 2015 18
Sales
moderate organic
growth
Operating EBITDA (EURm)
580 – 620 (before “Fit for 2020”)
Cash Flow Driver Margin
9.0% - 9.5%
Savings “Fit for 2020” (EURm)
10 - 20
Operating EBITDA (EURm)
590 – 640 (new target 2015)
engineering for a better world
Additional Financial Information for FY 2015
GEA Presentation Results Q1 2015 - May 11th, 2015 19
Depreciation
& Amortization
(incl PPA) (EURm)
around
90
Thereof
impact from
PPA in 2015
and in
subsequent
years (EURm)
around
23 p.a.
Interests
Financial
Liabilities (EURm)
below
17
Dividend Policy
Payout ratio
40-50% of net income
DPS not to be
affected by “Fit
for 2020”
charges
Working
Capital LTM
(of sales
LTM)
around
12%
Target Capex
Level
(of sales)
max.
2%
Tax Rate
around
23%
engineering for a better world
Financial Targets
FY 2014 - 2020
CAGR Organic Sales Growth FY 2014 - FY 2020: 4% to 6%
FY 2017 - 2020
Service to Sales Ratio: ~30%
Operating EBIT Margin: 13% to 16%
Working Capital to Sales Ratio: 10% to 12%
Capex to Sales Ratio: 1.5% to 2.0%
Cash Flow Driver Margin: 12% to 15%
ROCE: 20% to 25%
Net Effective Tax Rate: 24%
GEA Presentation Results Q1 2015 - May 11th, 2015 20
engineering for a better world
May 12, 2015 Roadshow Germany Frankfurt Metzler
May 20, 2015 Conference UK London UBS
May 19, 2015 Roadshow Spain Madrid KeplerCheuvreux
May 21, 2015 Conference Sweden Stockholm Exane BNP
May 27, 2015 Roadshow Belgium Brussels DZ Bank
Investor Relations Calendar Upcoming Roadshows and Conferences
May 22, 2015 Roadshow Germany Hamburg MM Warburg
2 0 1 5
GEA Presentation Results Q1 2015 - May 11th, 2015 21
May 28, 2015 Conference Netherlands Amsterdam JP Morgan
engineering for a better world
June 16, 2015 Roadshow Germany Munich Baader Bank
June 11, 2015 Conference UK Ascot JP Morgan
June 15, 2015 Roadshow Denmark Copenhagen Danske
June 17-19, 2015 Conference Germany Berlin Deutsche Bank
Investor Relations Calendar Upcoming Roadshows and Conferences
June 25, 2015 Conference France Paris Oddo
2 0 1 5
GEA Presentation Results Q1 2015 - May 11th, 2015 22
June 03, 2015 Roadshow Switzerland Geneva Berenberg
June 02, 2015 Conference Switzerland Zurich DZ Bank
engineering for a better world
Financial Calendar
2 0 1 5
GEA Presentation Results Q1 2015 - May 11th, 2015 23
Jul 29, 2015 Interim Report Q2 2015 Düsseldorf
Oct 28, 2015 Interim Report Q3 2015 Düsseldorf
engineering for a better world
Order Intake Development by Size
596 619 705 686 669 737 711 702 745 710 722 724 747 754 773 765 835 791
173 168 185 166 208
214 172 221 175 144 234 167 211 160 170 174 182 163
64 135 135 128 111
96 102 124 107 131
102 132 67 88 103 68 87
91 41
60 58 100
44 65 112 110
162 144 121 22 123 160 54 83
0
200
400
600
800
1000
1200
1400
Q111
Q211
Q2112
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
8.7%
10.1% 10.3% 10.8%
11.5%
0%
2%
4%
6%
8%
10%
12%
0
1000
2000
3000
4000
5000
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Order Intake Sales Operating EBIT Margin
Sales by Customer
Industry
37%
25%
17%
8%
6% 3% 3%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
14%
24%
22%
11%
12%
16%
Dairy Farming
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q1 2014 Q1 2015 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 1,124.3 1,127.5
+10.1%
+4.7% 4,627.9 4,519.6
-2.3%
-1.4%
Sales
organic 950.7 1,006.4
+5.9%
-0.9% 4,320.0 4,515.7
+4.5%
+5.6%
Order Backlog 2,086.7 2,256.0 +8.1% 2,015.5 2,037.6 +1.1%
Operating EBITDA 85.1 98.2 +15.3% 530.1 590.7 +11.4%
Operating EBITDA-
Margin 9.0% 9.8% +80 bps 12.3% 13.1% +81 bps
Operating EBIT 66.8 78.8 +17.9% 458.8 513.5 +11.9%
Operating EBIT-Margin 7.0% 7.8% +80 bps 10.6% 11.4% +75 bps
ROCE (LTM)1 22.6% 22.7% +8 bps 22.1% 22.6% +49 bps
Order Intake, Sales and Operating EBIT
Margin (LTM)
GEA Group
25 GEA Presentation Results Q1 2015 - May 11th, 2015
[EURm] [EURm]
LTM per
Q1 2015:
EUR 4,571m
+4% org YoY
LTM per
Q1 2015:
EUR 4,571m
+4% org YoY
+10% / +10% org.
-18% / -19% org.
+5% / +4% org.
+15% / +13% org.
+11% / +11% org.
Δ YoY
-22% / -21% org.
+1% / +5% org. +8% / +3% org. +4% / +2% org. +11% / +10% org.
Δ YoY -2% / 0% org.
+2% / +4% org.
+1% / 0% org.
Sales by Region
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
3,000
4,000
5,000
2,000
1,000
1,000
1,200
1,400
w/o FS Incl.FS
engineering for a better world
Sales by Customer
Industry
37%
11%
36%
8% 7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
100%
Dairy Farming
[in EUR million] Q1 2014 Q1 2015 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 161.6 175.3
+8.5%
+1.6% 596.7 659.0
+10.4%
+13.3%
Sales
organic 126.6 140.9
+11.3%
+3.3% 577.7 650.0
+12.5%
+15.5%
Order Backlog 114.3 125.1 +9.4% 85.6 87.0 +1.6%
Operating EBITDA 6.1 9.3 +52.4% 56.9 74.5 +30.9%
Operating EBITDA-
Margin 4.8% 6.6% +178 bps 9.9% 11.5% +161 bps
Operating EBIT 3.1 6.1 +99.2% 44.6 62.0 +39.2%
Operating EBIT-Margin 2.4% 4.3% +191 bps 7.7% 9.5% +183 bps
ROCE (LTM)1 13.8% 17.6% +387 bps 12.7% 17.1% +448 bps
GEA Farm Technologies
26 GEA Presentation Results Q1 2015 - May 11th, 2015
LTM per
Q1 2015:
EUR 664m
+11% org YoY
LTM per
Q1 2015:
EUR 664m
+11% org YoY
+11% / +11% org.
-12% / -2% org.
+22% / +18% org.
+16% / +13% org.
+6% / +5% org.
+19% / +35% org.
Sales by Region
Order Intake Development by Size
126 130 140 129 147 144 146 143 139 151 149 151 161 165 165 160 170
3 1 1 1 5
2 1 1
5 1 1 6
0
30
60
90
120
150
180
210
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
5.9% 6.4%
7.8% 8.0%
9.8%
0%
2%
4%
6%
8%
10%
0
200
400
600
800
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
Δ YoY Δ YoY
engineering for a better world 27 GEA Presentation Results Q1 2015 - May 11th, 2015
Contrasting MFP ratio development and organic growth of GEA FT order intake over time
Source World Milk-Feed Price Ratio: IFCN
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0,0
0,5
1,0
1,5
2,0
2,5
3,0
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
World Milk-Feed
Price Ratio
2006 2007 2011 2012 2013 2014 2010 2009 2008
Milk to feed price ratios below 1.5 have not prevented GEA FT orders from rising in the past
• Milk-feed price ratio (MFPR) >1.5
considered as signal to invest for
farmers (threshold could drop with
advancing machine productivity)
• MFPR <1.5 can still be ok, if farmers
expect the MFPR to improve in the short
run
• Among GEA’s FT offering, hygiene
consumables and spare parts (together
42% of sales) are not directly affected by
the MFP ratio
Organic Order
Growth GEA FT
2015
engineering for a better world
35%
26%
18%
7%
7% 4%
3%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 14%
43% 9%
9%
25%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q1 2014 Q1 2015 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 339.1 330.3
-2.6%
-8.0% 1,368.2 1,349.8
-1.3%
-0.7%
Sales
organic 310.0 317.5
+2.4%
-2.5% 1,327.8 1,380.4
+4.0%
+4.7%
Order Backlog 456.3 418.9 -8.2% 428.4 394.9 -7.8%
Operating EBITDA 42.1 47.6 +13.1% 214.7 231.6 +7.9%
Operating EBITDA-
Margin 13.6% 15.0% +142 bps 16.2% 16.8% +60 bps
Operating EBIT 34.5 39.5 +14.3% 187.6 197.7 +5.4%
Operating EBIT-Margin 11.1% 12.4% +129 bps 14.1% 14.3% +19 bps
ROCE (LTM)1 17.4% 17.1% -23 bps 17.4% 17.0% -42 bps
GEA Mechanical Equipment
28 GEA Presentation Results Q1 2015 - May 11th, 2015
LTM per
Q1 2015:
EUR 1,388m
+3% org YoY
LTM per
Q1 2015:
EUR 1,388m
+3% org YoY
Sales by Region
+1% / 0% org.
+4% / +2% org.
+4% / +3% org.
-2% / -3% org.
+10% / +10% org. -14% / -12% org.
+31% / +31% org. -3% / -8% org. +9% / +8% org. +3% / +2% org.
-4% / -4% org.
+55% / +56% org.
Order Intake Development by Size
278 280 274 336
280 271 289 289 300 301 283 311 302 297 309 309
46 30 49 42 44 26 19 38 31 40
21 27 24 23 21 9 19 7 12
8 5 8 8 11 6 7 21 33 17
18
0
50
100
150
200
250
300
350
400
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
14.0% 14.1% 14.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
200
400
600
800
1000
1200
1400
1600
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,200
1,400
1,600
1,000
Δ YoY Δ YoY
engineering for a better world
Sales by Customer
Industry
48%
4%
20%
20%
8%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
35%
33%
11%
7%
7% 4% 4%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
[in EUR million] Q1 2014 Q1 2015 ∆ Q1-Q4 2013 Q1-Q4 2014 ∆
Order Intake
organic 366.7 454.4
+23.9%
+18.5% 2,061.0 1,835.7
-10.9%
-10.6%
Sales
organic 390.7 391.4
+0.2%
-6.9% 1,798.0 1,852.1
+3.0%
+3.4%
Order Backlog 1,267.9 1,421.6 +12.1% 1,290.5 1,293.4 +0.2%
Operating EBITDA 30.2 26.5 -12.4% 203.2 220.6 +8.6%
Operating EBITDA
Margin 7.7% 6.8% -97 bps 11.3% 11.9% +61 bps
Operating EBIT 26.6 22.5 -15.4% 188.3 206.0 +9.4%
Operating EBIT
Margin 6.8% 5.8% -106 bps 10.5% 11.1% +65 bps
ROCE (LTM)1 74.8% 72.9% -195 bps 73.2% 78.8% +560 bps
GEA Process Engineering
LTM per
Q1 2015:
EUR 1,853m
+2% org YoY
LTM per
Q1 2015:
EUR 1,853m
+2% org YoY
Sales by Region
+16% / +16% org.
+1% / -1% org.
-24% / -25% org.
-2% / -3% org.
+21% / +18% org.
-9% / -9% org.
-11% / -11% org. -4% / -7% org. +2% / 0% org. +18% / +17% org.
-11% / -11% org.
-5% / -4% org.
Order Intake Development by Size
169 178 167 159 186 175 170 197 174 170 166 194 184 185 182 241
189
133 122 116 121 144
107 132 100 104 155 98
130 91 96 109
118 101
59 127
90 111 82
75 101 94 126
82 124 50
69 96 55
66 82
41 60 58 100
44 65 79 78
162 127 121
22 123 160 37
83
0
100
200
300
400
500
600
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
7.4%
9.0% 9.9%
10.5% 10.9%
0%
2%
4%
6%
8%
10%
12%
0
400
800
1200
1600
2000
2400
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM)
29 GEA Presentation Results Q1 2015 - May 11th, 2015
[EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,600
2,000
2,400
1,200
Δ YoY Δ YoY
engineering for a better world
44%
14%
16%
13%
2% 4% 7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 5%
51%
4%
8%
32%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q1 2014 Q1 2015 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 192.9 197.3
+2.3%
-0.6% 726.3 804.7
+10.8%
+12.5%
Sales
organic 154.9 184.7
+19.2%
+12.3% 736.6 763.7
+3.7%
+5.4%
Order Backlog 272.2 311.5 +14.4% 229.5 281.4 +22.6%
Operating EBITDA 12.4 16.7 +35.2% 71.0 89.7 26.3%
Operating EBITDA-
Margin 8.0% 9.1% +107 bps 9.6% 11.7% +210 bps
Operating EBIT 10.0 14.2 +42.5% 61.5 79.8 +29.7%
Operating EBIT-Margin 6.4% 7.7% +126 bps 8.4% 10.5% +210 bps
ROCE (LTM)1 23.8% 30.0% +621 bps 22.7% 28.9% +617 bps
GEA Refrigeration Technologies
30 GEA Presentation Results Q1 2015 - May 11th, 2015
LTM per
Q1 2015:
EUR 793m
+7% org YoY
LTM per
Q1 2015:
EUR 793m
+7% org YoY
Sales by Region
+7% / +4% org.
+4% / +5% org.
+9% / +8% org.
-4% / -1% org.
+7% / +6% org. -44% / -44% org.
+9% / +19% org. +30% / +22% org. -5% / -8% org. +14% / +13% org.
+39% / +37% org.
-10% / -7% org.
Order Intake Development by Size
128 145 126 135 140 139 146 142 140 134 139 146 134 155 149 156 152
19 17
20 35 29 22
44 50 22 35 35 40 46
42 40 40 36 6 19
8 20
10 6
12
6 13 7 6 9 16
17
0
50
100
150
200
250
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
6.0% 8.0% 7.9%
8.7%
10.6%
0%
2%
4%
6%
8%
10%
12%
0
200
400
600
800
1000
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
Δ YoY Δ YoY
engineering for a better world
Q1 2015 vs.
Q1 2014
Q1 2015 vs.
Q4 2014
∆ abs. ∆ in % ∆ abs. ∆ in %
Order Intake
previous period 1,024 1,157
Structural Change +2 +0.2 % 0 +0.0 %
Currency Effects +53 +5.2 % +33 +2.8 %
Organic Development +48 +4.7% -63 -5.5 %
Order Intake
current period 1,127 +10.1 % 1,127 -2.6 %
Order Intake Q1 2015
GEA Presentation Results Q1 2015 - May 11th, 2015 31
[EURm]
engineering for a better world
Q1 2015 vs.
Q1 2014
Q1 2015 vs.
Q4 2014
∆ abs. ∆ in % ∆ abs. ∆ in %
Sales
previous period 951 1,301
Structural Change +5 +0.5 % +4 +0.3 %
Currency Effects +59 +6.2 % +37 +2.8 %
Organic Development -8 -0.9 % -336 -25.8 %
Sales
current period 1,006 +5.9 % 1,006 -22.7 %
Sales Q1 2015
GEA Presentation Results Q1 2015 - May 11th, 2015 32
[EURm]
engineering for a better world
Q1 2015 vs.
Q1 2014
Q1 2015 vs.
Q4 2014
∆ abs. ∆ in % ∆ abs. ∆ in %
Operating EBITDA
previous period 85 228
Structural Change 0 -0.4 % 0 -0.2 %
Currency Effects +5 +5.8 % +3 +1.3 %
Organic Development +8 +9.9 % -133 -58.1 %
Operating EBITDA
current period 98 +15.3% 98 -57.0 %
Operating EBITDA Q1 2015
GEA Presentation Results Q1 2015 - May 11th, 2015 33
[EURm]
engineering for a better world
98
85
Q1 2015
Reported
EBITDA
One-Offs
93
Structural
Change
FX Q1 2015
Operating
EBITDA
before FX
93
Organic Q1 2014
Operating
EBITDA
Q1 2015
Operating
EBITDA
+8 +5 -5
+9.9%
+5.8% -5.1%
GEA’s reported EBITDA impacted by FX and One-Offs
EBITDA bridge Q1 2015 [EURm]
GEA Presentation Results Q1 2015 - May 11th, 2015 34
0
-0.4%
engineering for a better world
FX Development Q1 2015 YoY
Currency % total Q1 2015
3rd party sales
EUR 46 %
USD 18 %
CNY 6 %
GBP 5 %
NZD 3 %
DKK 3 %
SGD 3 %
PLN 2 %
BRL 2 %
AUD 1 %
CAD 1 %
GEA Presentation Results Q1 2015 - May 11th, 2015 35
FX Rates
Q1 2015
(average)
D FX YoY
Q1 2015 vs Q1
2014
- -
1.13 +21.6 %
7.02 +19.0 %
0.74 +11.4 %
1.50 +9.3 %
7.45 +0.2 %
1.53 +13.8 %
4.19 -0.2 %
3.22 +0.5 %
1.43 +6.7 %
1.40 +8.2 %
engineering for a better world
[EURm]
Working Capital Development
GEA Presentation Results Q1 2015 - May 11th, 2015 36
615
562
651
912
946
987
510
640
537
481
444
513
535
424
588
Trade
Receivables Inventories
Trade
Payables
Advance
Payments
Working
Capital
Q4 2014
Q1 2015
+42
+4%
+89
+16%
-102
-16%
+69
+16%
+164
+39%
Q1 2014
+34
+4%
-53
-9%
+129
+25%
-37
-8%
-111
-21%
=
=
=
engineering for a better world
Key Figures Time Line (1/6)
GEA Presentation Results Q1 2015 - May 11th, 2015 37
Order Intake
[in EUR million]2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 397,7 75,6 101,2 81,6 95,5 353,9 115,5 94,5 100,7 98,9 409,6 125,5 - - - -
GEA Farm Technologies 497,1 94,9 101,2 94,9 98,6 389,6 101,1 116,1 115,0 116,3 448,5 125,9 129,5 140,3 131,7 527,4
GEA Mechanical Equipment2) 929,4 194,9 162,2 158,6 169,4 685,1 172,0 194,7 191,9 181,8 740,4 219,2 332,5 329,5 323,6 1.204,7
GEA Process Engineering 1.333,6 251,0 308,7 254,0 334,6 1.148,3 335,7 339,0 321,7 419,7 1.416,1 401,5 426,2 433,3 449,0 1.709,9
GEA Refrigeration Technologies 613,9 138,9 143,2 114,3 130,3 526,6 127,5 150,6 148,9 152,5 579,6 152,7 162,8 164,8 170,1 650,4
GEA Group 3.293,0 664,4 703,0 605,0 715,6 2.688,1 713,4 777,3 755,3 854,4 3.100,3 874,3 1.024,8 1.040,6 1.047,0 3.986,7
Order Backlog
[in EUR million]2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 104,4 - - - -
GEA Farm Technologies 77,5 86,0 89,5 77,2 61,5 61,5 77,1 89,4 80,6 63,1 63,1 85,4 92,5 93,9 74,4 74,4
GEA Mechanical Equipment2) 338,0 325,6 303,5 285,2 280,8 280,8 298,3 319,1 306,1 284,1 284,1 304,1 431,2 445,9 395,2 395,2
GEA Process Engineering 666,2 651,5 658,2 627,9 660,2 660,2 757,6 821,2 788,9 813,0 813,0 888,2 927,4 972,2 951,2 951,2
GEA Refrigeration Technologies 204,1 222,4 231,7 196,7 169,9 169,9 183,8 203,9 205,9 183,8 183,8 210,4 206,6 206,1 197,0 197,0
GEA Group 1.283,6 1.276,0 1.274,4 1.175,8 1.161,1 1.161,1 1.301,8 1.417,0 1.362,1 1.333,5 1.333,5 1.581,2 1.643,7 1.700,9 1.599,2 1.599,2
Sales
[in EUR million]2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 394,2 89,0 79,8 82,8 82,5 334,1 101,0 99,8 93,1 103,7 397,6 112,9 - - - -
GEA Farm Technologies 504,5 86,6 98,5 112,0 114,7 411,8 85,4 106,6 119,8 134,9 446,7 99,6 118,3 138,1 153,8 509,8
GEA Mechanical Equipment2) 809,7 200,0 179,9 163,8 174,0 717,5 156,7 173,7 193,1 201,9 725,4 191,6 311,1 317,0 371,0 1.190,7
GEA Process Engineering 1.487,4 270,7 281,9 278,1 313,2 1.144,0 256,9 298,5 330,9 402,2 1.288,5 300,8 385,1 394,7 496,6 1.577,2
GEA Refrigeration Technologies 610,6 122,3 136,9 148,2 158,2 565,6 117,4 135,3 139,7 171,3 563,7 132,8 166,6 166,2 181,6 647,2
GEA Group 3.352,7 674,5 688,4 695,0 756,1 2.814,0 603,2 700,7 769,7 889,5 2.963,1 706,7 964,6 980,5 1.176,4 3.828,3
Organic Sales Growth YoY
[in %]2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. - - - - -
GEA Farm Technologies n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,4% 12,6% 14,1% 15,2% 13,2%
GEA Mechanical Equipment2) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 20,4% 22,1% 26,3% 9,8% 19,4%
GEA Process Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14,7% 31,8% 21,5% 20,6% 22,3%
GEA Refrigeration Technologies n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,9% 11,4% 6,7% -2,6% 5,9%
GEA Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14,2% 22,7% 16,4% 12,7% 16,4%
Operating EBITDA
[in EUR million] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2 6,2 - - - -
GEA Farm Technologies 62,3 0,8 8,1 10,8 9,4 29,1 3,8 6,1 11,8 16,2 37,9 5,0 8,4 15,0 16,8 45,2
GEA Mechanical Equipment2) 139,3 26,7 23,2 28,4 37,0 115,2 24,8 26,9 37,7 46,9 136,4 32,7 50,9 51,5 69,9 204,9
GEA Process Engineering 113,2 11,1 17,3 21,0 38,6 88,0 14,7 20,5 23,0 48,3 106,5 20,0 31,2 38,6 73,4 163,2
GEA Refrigeration Technologies 48,1 4,3 8,6 5,0 10,7 28,6 3,8 8,2 9,2 15,8 37,1 8,9 14,5 14,1 22,4 60,0
GEA Group 343,0 42,7 57,3 66,2 82,6 248,7 44,9 63,7 79,8 122,3 310,6 62,4 100,3 119,8 187,0 469,6
engineering for a better world
Key Figures Time Line (2/6)
GEA Presentation Results Q1 2015 - May 11th, 2015 38
Order Intake
[in EUR million]Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 148,1 145,7 147,4 142,6 583,9 138,8 155,7 150,7 151,6 596,7 161,6 169,7 166,4 161,3 659,0 175,3
GEA Mechanical Equipment2) 336,2 329,0 327,1 355,6 1.347,9 329,7 346,4 357,7 334,4 1.368,2 339,1 329,1 328,7 352,9 1.349,8 330,3
GEA Process Engineering 511,3 401,2 468,5 469,2 1.850,2 481,3 570,0 515,2 494,6 2.061,0 366,7 500,9 506,4 461,7 1.835,7 454,4
GEA Refrigeration Technologies 177,9 180,4 200,1 197,8 756,2 177,9 181,2 174,9 192,3 726,3 192,9 204,1 195,0 212,7 804,7 197,3
GEA Group 1.146,0 1.028,6 1.111,6 1.139,2 4.425,4 1.095,1 1.220,0 1.168,3 1.144,4 4.627,9 1.024,3 1.169,9 1.167,9 1.157,5 4.519,6 1.127,5
Order Backlog
[in EUR million]Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 104,5 117,3 107,1 79,9 79,9 107,8 120,9 112,2 85,6 85,6 114,3 129,8 120,8 87,0 87,0 125,1
GEA Mechanical Equipment2) 446,5 452,9 442,5 438,4 438,4 442,6 446,5 456,8 428,4 428,4 456,3 437,5 421,7 394,9 394,9 418,9
GEA Process Engineering 1.082,3 1.104,5 1.142,5 1.069,6 1.069,6 1.164,2 1.269,5 1.334,9 1.290,5 1.290,5 1.267,9 1.304,7 1.370,5 1.293,4 1.293,4 1.421,6
GEA Refrigeration Technologies 224,4 245,8 265,4 257,0 257,0 283,6 268,8 253,1 229,5 229,5 272,2 288,1 293,9 281,4 281,4 311,5
GEA Group 1.841,1 1.900,9 1.932,4 1.829,9 1.829,9 1.982,6 2.085,3 2.136,2 2.015,5 2.015,5 2.086,7 2.137,2 2.185,4 2.037,6 2.037,6 2.256,0
Sales
[in EUR million]Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 117,8 133,1 157,8 172,3 580,9 110,8 133,8 156,9 176,2 577,7 126,6 154,2 176,4 192,7 650,0 140,9
GEA Mechanical Equipment2) 269,3 319,2 328,6 349,2 1.266,4 298,1 334,0 336,3 359,3 1.327,8 310,0 340,4 349,2 380,8 1.380,4 317,5
GEA Process Engineering 373,2 401,2 423,6 518,3 1.716,3 394,3 435,6 441,3 526,7 1.798,0 390,7 469,1 453,8 538,5 1.852,1 391,4
GEA Refrigeration Technologies 149,5 165,2 177,0 203,1 694,8 152,1 189,2 184,8 210,6 736,6 154,9 189,0 196,4 223,4 763,7 184,7
GEA Group 880,5 994,1 1.060,5 1.207,2 4.142,3 924,2 1.064,6 1.089,1 1.242,2 4.320,0 950,7 1.117,7 1.146,0 1.301,4 4.515,7 1.006,4
Organic Sales Growth YoY
[in %]Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 16,2% 8,1% 9,6% 8,6% 10,2% -8,5% -1,1% 0,0% 5,3% -0,4% 20,2% 20,6% 14,2% 9,7% 15,5% 3,3%
GEA Mechanical Equipment2) 11,4% 2,3% 1,9% -6,9% 0,8% 9,8% 6,2% 5,5% 5,9% 6,5% 6,5% 4,0% 4,0% 4,4% 4,7% -2,5%
GEA Process Engineering 20,3% -1,2% 1,5% 1,9% 4,5% 6,7% 10,0% 8,5% 5,4% 7,5% 1,5% 10,1% 1,9% 0,6% 3,4% -6,9%
GEA Refrigeration Technologies 0,4% -3,5% 2,3% 9,6% 2,5% 3,0% 16,5% 8,9% 7,8% 9,1% 5,3% 3,5% 6,8% 6,0% 5,4% 12,3%
GEA Group 22,8% -0,4% 4,0% 0,5% 3,4% 5,0% 8,0% 6,2% 6,5% 6,5% 6,0% 7,9% 5,2% 3,6% 5,6% -0,9%
Operating EBITDA
[in EUR million] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 5,0 11,2 17,8 24,5 58,5 3,1 8,5 17,6 27,8 56,9 6,1 13,1 22,3 33,0 74,5 9,3
GEA Mechanical Equipment2) 32,9 47,7 54,9 63,8 199,3 38,6 48,3 56,8 71,0 214,7 42,1 48,4 55,4 85,6 231,6 47,6
GEA Process Engineering 20,1 39,4 43,0 75,9 178,4 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,4 92,2 220,6 26,5
GEA Refrigeration Technologies 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 23,6 33,8 89,7 16,7
GEA Group 68,0 110,7 132,3 183,5 494,4 72,4 118,4 133,5 205,7 530,1 85,1 128,0 149,0 228,5 590,7 98,2
engineering for a better world
Key Figures Time Line (3/6)
GEA Presentation Results Q1 2015 - May 11th, 2015 39
Operating EBITDA - Margin
[in %] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 4,9% -3,2% 6,2% 8,4% 7,8% 4,6% 13,4% 10,3% 5,9% 6,6% 9,1% 5,5% - - - -
GEA Farm Technologies 12,4% 0,9% 8,2% 9,6% 8,2% 7,1% 4,4% 5,7% 9,9% 12,0% 8,5% 5,0% 7,1% 10,8% 10,9% 8,9%
GEA Mechanical Equipment2) 17,2% 13,4% 12,9% 17,3% 21,3% 16,1% 15,8% 15,5% 19,5% 23,3% 18,8% 17,1% 16,4% 16,2% 18,8% 17,2%
GEA Process Engineering 7,6% 4,1% 6,2% 7,5% 12,3% 7,7% 5,7% 6,9% 7,0% 12,0% 8,3% 6,6% 8,1% 9,8% 14,8% 10,3%
GEA Refrigeration Technologies 7,9% 3,5% 6,3% 3,4% 6,7% 5,1% 3,2% 6,1% 6,6% 9,2% 6,6% 6,7% 8,7% 8,5% 12,4% 9,3%
GEA Group 10,2% 6,3% 8,3% 9,5% 10,9% 8,8% 7,4% 9,1% 10,4% 13,7% 10,5% 8,8% 10,4% 12,2% 15,9% 12,3%
EBITDA reported
[in EUR million] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2 6,2 - - - -
GEA Farm Technologies 62,3 0,8 6,0 10,2 5,9 23,0 3,8 5,7 11,7 13,1 34,3 5,0 8,4 15,0 16,8 45,2
GEA Mechanical Equipment2) 139,3 26,7 23,1 26,6 27,1 103,5 24,8 25,3 28,9 45,2 124,1 32,7 31,4 52,1 69,9 186,1
GEA Process Engineering 113,2 10,2 14,0 11,2 30,9 66,4 14,7 19,8 22,8 48,1 105,4 20,0 31,2 38,6 73,4 163,2
GEA Refrigeration Technologies 48,1 4,0 8,1 3,9 6,6 22,5 3,7 7,5 7,1 2,6 21,0 8,9 14,3 14,1 21,7 59,0
GEA Group 334,4 38,6 49,0 48,3 51,7 187,6 47,0 57,2 65,4 102,3 271,9 59,9 78,1 117,9 184,4 440,3
Operating EBIT
[in EUR million] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2 2,8 - - - -
GEA Farm Technologies 55,2 -1,3 6,0 8,6 7,0 20,3 1,0 3,1 8,8 13,4 26,3 2,1 5,6 12,1 14,0 33,8
GEA Mechanical Equipment2) 126,4 23,3 19,4 24,7 32,8 100,2 20,8 22,8 33,6 39,7 117,0 28,6 44,4 44,8 64,0 181,7
GEA Process Engineering 101,8 8,0 14,2 18,0 35,5 75,7 11,5 17,2 19,8 44,7 93,2 16,5 27,6 34,6 69,4 148,2
GEA Refrigeration Technologies 41,2 2,5 6,6 3,1 8,9 21,1 1,9 6,3 7,3 13,9 29,4 7,1 12,3 11,9 20,1 51,3
GEA Group 294,1 29,4 43,4 52,4 66,3 191,6 29,9 48,5 65,3 104,1 247,9 48,2 83,2 101,9 169,3 402,6
Operating EBIT - Margin
[in %] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 1,3% -9,2% 1,9% 4,5% 4,1% 0,1% 9,4% 7,0% 1,7% 3,0% 5,3% 2,5% - - - -
GEA Farm Technologies 10,9% -1,5% 6,1% 7,6% 6,1% 4,9% 1,2% 2,9% 7,4% 9,9% 5,9% 2,1% 4,7% 8,7% 9,1% 6,6%
GEA Mechanical Equipment2) 15,6% 11,6% 10,8% 15,1% 18,8% 14,0% 13,3% 13,1% 17,4% 19,7% 16,1% 14,9% 14,3% 14,1% 17,2% 15,3%
GEA Process Engineering 6,8% 3,0% 5,0% 6,5% 11,3% 6,6% 4,5% 5,8% 6,0% 11,1% 7,2% 5,5% 7,2% 8,8% 14,0% 9,4%
GEA Refrigeration Technologies 6,8% 2,0% 4,8% 2,1% 5,6% 3,7% 1,6% 4,6% 5,3% 8,1% 5,2% 5,3% 7,4% 7,2% 11,0% 7,9%
GEA Group 8,8% 4,4% 6,3% 7,5% 8,8% 6,8% 5,0% 6,9% 8,5% 11,7% 8,4% 6,8% 8,6% 10,4% 14,4% 10,5%
EBIT reported
[in EUR million] 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2 2,8 - - - -
GEA Farm Technologies 53,4 -1,6 3,6 7,4 3,1 12,4 0,5 2,2 8,1 9,2 20,0 1,5 5,0 11,4 13,2 31,1
GEA Mechanical Equipment2) 125,6 23,0 19,1 22,7 22,7 87,6 20,5 21,0 24,6 37,6 103,8 28,4 17,6 38,9 60,3 145,2
GEA Process Engineering 100,2 6,7 10,4 7,8 27,4 52,3 11,1 16,1 19,1 43,9 90,2 16,1 27,2 34,1 68,8 146,1
GEA Refrigeration Technologies 40,7 1,8 5,9 1,7 3,9 13,3 1,5 5,3 5,0 0,4 12,2 6,8 10,6 11,1 18,0 46,6
GEA Group 280,5 24,0 33,7 33,0 33,4 124,2 30,5 40,4 49,3 82,0 202,2 44,0 51,1 91,6 160,2 347,0
engineering for a better world
Key Figures Time Line (4/6)
40 GEA Presentation Results Q1 2015 - May 11th, 2015
Operating EBITDA - Margin
[in %] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 4,2% 8,5% 11,3% 14,2% 10,1% 2,8% 6,4% 11,2% 15,8% 9,9% 4,8% 8,5% 12,7% 17,1% 11,5% 6,6%
GEA Mechanical Equipment2) 12,2% 14,9% 16,7% 18,3% 15,7% 12,9% 14,5% 16,9% 19,8% 16,2% 13,6% 14,2% 15,9% 22,5% 16,8% 15,0%
GEA Process Engineering 5,4% 9,8% 10,1% 14,6% 10,4% 7,5% 10,3% 10,5% 15,7% 11,3% 7,7% 10,4% 10,9% 17,1% 11,9% 6,8%
GEA Refrigeration Technologies 7,3% 8,1% 9,0% 12,2% 9,4% 6,3% 8,9% 9,3% 13,1% 9,6% 8,0% 10,5% 12,0% 15,1% 11,7% 9,1%
GEA Group 7,7% 11,1% 12,5% 15,2% 11,9% 7,8% 11,1% 12,3% 16,6% 12,3% 9,0% 11,5% 13,0% 17,6% 13,1% 9,8%
EBITDA reported
[in EUR million] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 5,0 11,2 17,8 24,2 58,2 2,8 8,5 17,6 27,8 56,7 6,1 13,1 19,8 32,6 71,5 9,1
GEA Mechanical Equipment2) -3,0 43,5 48,3 46,1 134,9 38,6 48,3 56,8 71,0 214,7 42,1 48,4 53,6 80,4 224,5 44,9
GEA Process Engineering 20,1 39,4 42,7 75,9 178,1 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,3 92,2 220,6 26,4
GEA Refrigeration Technologies 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 21,6 34,1 88,0 16,3
GEA Group 29,4 104,1 123,0 163,5 420,1 71,1 113,8 130,0 200,3 515,2 83,0 123,1 140,0 193,9 539,9 93,0
Operating EBIT
[in EUR million] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 1,9 8,2 14,7 21,5 46,3 0,1 5,5 14,4 24,5 44,6 3,1 10,0 19,3 29,7 62,0 6,1
GEA Mechanical Equipment2) 26,8 42,6 49,1 57,0 175,5 32,7 42,0 50,1 62,8 187,6 34,5 40,8 47,6 74,8 197,7 39,5
GEA Process Engineering 16,6 35,8 39,1 71,3 162,7 25,7 41,2 42,4 79,0 188,3 26,6 45,0 45,6 88,7 206,0 22,5
GEA Refrigeration Technologies 8,7 11,1 13,8 22,6 56,2 7,3 14,3 14,7 25,2 61,5 10,0 17,4 21,1 31,4 79,8 14,2
GEA Group 50,7 94,9 115,4 164,7 425,8 55,4 101,0 115,6 186,8 458,8 66,8 109,3 130,2 207,2 513,5 78,8
Operating EBIT - Margin
[in %] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 1,6% 6,2% 9,3% 12,5% 8,0% 0,1% 4,1% 9,2% 13,9% 7,7% 2,4% 6,5% 10,9% 15,4% 9,5% 4,3%
GEA Mechanical Equipment2) 9,9% 13,3% 15,0% 16,3% 13,9% 11,0% 12,6% 14,9% 17,5% 14,1% 11,1% 12,0% 13,6% 19,7% 14,3% 12,4%
GEA Process Engineering 4,4% 8,9% 9,2% 13,8% 9,5% 6,5% 9,5% 9,6% 15,0% 10,5% 6,8% 9,6% 10,1% 16,5% 11,1% 5,8%
GEA Refrigeration Technologies 5,8% 6,7% 7,8% 11,1% 8,1% 4,8% 7,6% 8,0% 12,0% 8,4% 6,4% 9,2% 10,7% 14,1% 10,5% 7,7%
GEA Group 5,8% 9,5% 10,9% 13,6% 10,3% 6,0% 9,5% 10,6% 15,0% 10,6% 7,0% 9,8% 11,4% 15,9% 11,4% 7,8%
EBIT reported
[in EUR million] Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 1,2 7,5 13,9 20,3 42,9 -0,9 4,8 13,7 23,7 41,2 2,3 9,3 16,0 28,5 56,0 5,1
GEA Mechanical Equipment2) -12,8 34,5 38,5 21,8 82,1 28,7 38,1 46,1 58,8 171,7 30,5 37,0 41,9 65,9 175,3 32,9
GEA Process Engineering 15,9 35,0 38,1 70,8 159,8 25,0 40,6 41,8 78,3 185,7 26,0 44,3 44,9 88,0 203,2 21,5
GEA Refrigeration Technologies 8,2 10,6 13,3 22,0 54,0 6,8 13,8 14,2 24,2 59,0 9,4 16,8 18,6 31,4 76,2 13,2
GEA Group 6,5 82,3 100,1 125,4 314,3 48,1 90,4 106,0 175,1 419,6 58,7 98,7 115,4 167,0 439,9 67,5
engineering for a better world
Key Figures Time Line (5/6)
GEA Presentation Results Q1 2015 - May 11th, 2015 41
Capital Employed w/o
goodwill3) (average LTM)
[in EUR million]
2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies 204,0 219,7 235,5 241,7 241,4 241,4 250,5 260,9 271,3 284,0 284,0 288,6 289,7 292,5 297,7 297,7
GEA Mechanical Equipment2) 349,8 364,3 371,3 374,2 367,7 367,7 346,5 327,9 309,9 300,7 300,7 303,6 481,6 625,8 770,7 770,7
GEA Process Engineering 270,6 274,2 276,2 269,7 255,1 255,1 241,1 235,7 237,8 238,9 238,9 237,4 235,8 238,7 249,0 249,0
GEA Refrigeration Technologies 221,1 236,8 249,9 258,6 258,7 258,7 244,9 226,6 202,4 177,9 177,9 176,5 187,8 205,4 225,9 225,9
GEA Group 1.063,4 1.097,4 1.117,9 1.113,4 1.094,3 1.094,3 1.078,4 1.071,0 1.066,0 1.069,5 1.069,5 1.117,9 1.266,4 1.436,7 1.619,6 1.619,6
ROCE w/o goodwill4) LTM
[in%]2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies 26,2% 21,7% 16,8% 11,6% 5,1% 5,1% 5,8% 5,0% 5,1% 7,1% 7,1% 7,3% 8,3% 9,3% 10,4% 10,4%
GEA Mechanical Equipment2) 35,9% 33,4% 29,9% 27,9% 23,8% 23,8% 24,5% 26,5% 28,7% 34,5% 34,5% 36,8% 22,5% 19,6% 18,8% 18,8%
GEA Process Engineering 37,0% 35,7% 30,8% 25,2% 20,5% 20,5% 23,5% 26,4% 31,0% 37,7% 37,7% 40,1% 45,1% 50,8% 58,7% 58,7%
GEA Refrigeration Technologies 18,4% 15,5% 13,1% 9,5% 5,1% 5,1% 5,3% 5,5% 7,8% 6,9% 6,9% 9,9% 12,2% 14,1% 20,6% 20,6%
GEA Group 26,4% 24,3% 20,8% 17,4% 11,3% 11,3% 12,1% 12,8% 14,4% 18,9% 18,9% 19,3% 17,9% 18,7% 21,4% 21,4%
Capital Employed w/o
goodwill3) (average LTM)
[in EUR million]
Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 302,1 308,2 314,8 319,3 319,3 324,7 327,9 327,4 325,4 325,4 322,4 321,2 323,7 326,6 326,6 333,2
GEA Mechanical Equipment2) 874,7 903,6 929,1 949,5 949,5 966,9 972,6 977,2 985,9 985,9 999,0 1.012,7 1.023,2 1.032,0 1.032,0 1.037,1
GEA Process Engineering 273,3 290,0 296,7 286,0 286,0 270,8 262,2 253,5 253,9 253,9 249,4 248,8 253,2 258,0 258,0 272,7
GEA Refrigeration Technologies 241,8 249,0 253,6 254,7 254,7 255,6 256,1 257,3 259,5 259,5 259,1 261,1 263,4 263,7 263,7 266,4
GEA Group 1.771,9 1.830,3 1.872,7 1.887,4 1.887,4 1.890,1 1.890,6 1.886,5 1.895,0 1.895,0 1.900,4 1.912,0 1.929,0 1.943,4 1.943,4 1.974,0
ROCE w/o goodwill4) LTM
[in%]Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15
GEA Food Solutions1) - - - - - - - - - - - - - - - -
GEA Farm Technologies 10,2% 10,8% 11,3% 13,4% 13,4% 12,6% 11,6% 11,5% 12,7% 12,7% 13,8% 15,2% 15,8% 17,1% 17,1% 17,6%
GEA Mechanical Equipment2) 11,9% 13,4% 13,0% 8,6% 8,6% 12,8% 13,1% 13,8% 17,4% 17,4% 17,4% 17,0% 16,5% 17,0% 17,0% 17,1%
GEA Process Engineering 53,4% 53,0% 53,2% 55,9% 55,9% 62,4% 66,6% 70,3% 73,2% 73,2% 74,6% 76,5% 76,4% 78,8% 78,8% 72,9%
GEA Refrigeration Technologies 19,8% 19,2% 19,7% 21,2% 21,2% 20,6% 21,8% 22,1% 22,7% 22,7% 23,8% 24,8% 26,2% 28,9% 28,9% 30,0%
GEA Group 17,5% 18,6% 18,6% 16,7% 16,7% 18,8% 19,3% 19,6% 22,1% 22,1% 22,6% 22,9% 23,2% 22,6% 22,6% 22,7%
engineering for a better world
Key Figures Time Line (6/6): Remarks
1) All historical figures for GEA FS before Q2 2011 are pro-forma figures only and haven't been audited due to the fact that GEA
FS's Financial Year was ending end of February. The listed historical figures before Q2 2011 are not included in the Group-
numbers of the corresponding period.
2) Since Q2 2011 GEA ME figures includes GEA FS
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999.
4) ROCE LTM = EBIT reported (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the
former Metallgesellschaft AG in 1999 (average LTM).
GEA Presentation Results Q1 2015 - May 11th, 2015 42