DGAP-News: GEA Group Aktiengesellschaft: GEA resilient in a challenging environment
(firmenpresse) - GEA Group Aktiengesellschaft / Final Results
11.03.2010 07:30
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*EUR 333 million EBIT before restructuring expenses (EBIT margin 7.6%)
*Positive net liquidity thanks to strong cash flow
*Earnings per share up 61% to EUR 0.87
*Recommended dividend: EUR 0.30 per share
Bochum, March 11, 2010 - GEA Group Aktiengesellschaft closed the 2009
fiscal year with a sound result. In a challenging global macro-economic
environment the company's order intake fell by 18.1 percent and revenue
fell by 14.8 percent, respectively, which is distinctly less than the
industry-average. Net of EUR 65 million restructuring expenses EBITDA
decreased by 26.0 percent. In light of the adverse business climate, EBIT
of EUR 268.2 million (EUR 333.2 million before restructuring expenses) can
well be described as a great success. Another gratifying aspect is that the
discontinued operations no longer burdened the Group's earnings.
'Given the general situation of the world economy, it is understandable
that we were not capable of matching the prior-year record marks in terms
of revenue and EBIT margin. But by taking the right initiatives early on to
counter these conditions, combined with consistent margin orientation and a
clear focus on cash management, our EBIT margin before restructuring
expenses only dropped by 218 basis points and we managed to turn a net debt
into a positive net liquidity. After seven recessionary quarters, our order
intake in Q4 2009 outperformed the preceding quarter by 5 percent. This
success is essentially attributable to the commitment of GEA's workforce.
The company will therefore make an extraordinary payment of EUR 2.6 million
in aggregate to all employees - with the exception of managers', announced
Jürg Oleas, Chairman of the Executive Board of GEA Group
Aktiengesellschaft.
Measures for capacity adjustment implemented on schedule
GEA adjusted its capacities by around 2,300 FTEs within the scope of the
communicated action plan. This involved expenses of EUR 65 million. Already
in 2009, these measures allowed savings in the amount of about EUR 100
million to be achieved.
Sound financial position
Adjusted for anticipated cash outflows relating to discontinued operations
(EUR 199 million), GEA could improve its net liquidity by EUR 306 million.
At the end of the fiscal year the net liquidity amounted to EUR 47 million
as a result. As of the reporting date, liquid funds of EUR 492 million as
well as unutilized credit lines in the amount of EUR 949 million were
available.
New Group structure implemented in the meantime
In September 2009, the Executive Board and Supervisory Board resolved upon
a completely new segmentation of the Group in order to enhance GEA's
business development potential. This reorganization will leverage
substantial synergies, specifically in the areas of sales, sourcing and
production. GEA started the communication and implementation of individual
measures in 2010.
Stable business expected for 2010
For 2010, GEA anticipates a moderate increase in order intake, a
corresponding stabilization of revenue and hence a margin level at least
matching FY 2009. However, it is expected to take two to three years for
the effects of the global financial and economic crisis to be overcome in
all segments and at the Group as a whole. In fact, it remains to be seen
how the countries which are important national markets for GEA cope with
their heavily increased debt without implementing spending cuts that could
slow their economic recovery. In consideration of the initiated measures to
reduce complexity, GEA in the long term targets a sustainable EBIT margin
of 12 percent over the cycle.
GEA Group consolidated data for 2009
(EUR million) 2009 2008
Order Intake
Energy and Farm Technology 1,330.8 1,645.6
Process Technology 2,760.4 3,346.6
GEA Group 4,080.7 4,983.9
Revenue
Energy and Farm Technology 1,483.7 1,818.6
Process Technology 2,904.4 3,338.1
GEA Group 4,411.2 5,179.0
EBITDA before restructuring expenses 433.7 585.9
as % of revenue 9.8 11.3
EBITDA 368.7 585.9
EBIT before restructuring expenses 333.2 504.2
as % of revenue 7.6 9.7
EBIT 268.2 504.2
as % of revenue 6.1 9.7
EBT 209.2 458.8
Profit after tax from continuing operations 161.4 349.0
Profit or loss after tax from discontinued operat. 0.3 -248.0
GEA Group profit for the period 161.7 101.0
Earnings per share from continuing operations 1) 0.87 1.89
Earnings per share from discontinued operations 1) 0.00 -1.35
Earnings per share 1) 0.87 0.54
Net liquidity / debt 2)3) 47.1 -60.2
Capital expenditure 135.4 165.6
Employees as of the reporting date 4) 20,693 21,327
1) in EUR
2) Including discontinued operations
3) Net liquidity(+) or debt(-) = cash + securities - loan liabilities
4) Full-time equivalents (FTE) excl. apprentices/trainees and
inactive employment contracts
GEA Group Aktiengesellschaft is one of the largest system providers for
food and energy processes with about EUR 4.4 billion in 2009 revenue. As an
internationally operating technology group, the company focuses on process
technology and components for demanding production processes in various end
markets. The group generates about 70 percent of its revenue from the
long-term growing food and energy industries. The company's workforce
comprised over 20,000 employees worldwide as of December 31, 2009. GEA
Group is a market and technology leader in its business areas. The company
is listed in the MDAX index (G1A, WKN 660200).
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Aktiengesellschaft, please send an e-mail to pr(at)geagroup.com or dial +49
(0)234-980-1081.
11.03.2010 07:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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(at)geagroup.com
Internet: www.geagroup.com
ISIN: DE0006602006
WKN: 660200
Indices: MDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, München, Hamburg; Freiverkehr in Hannover,
Stuttgart
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