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http://www.gea.com/global/en/binaries/2011-04-07_GEA-Fixed-Income-RS-final_tcm11-25368.pdf
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April 2011
Munich – Frankfurt – London – Paris
Investor Roadshow Fixed Income
GEA Group Aktiengesellschaft
efficiency in food and energy processes.
Disclaimer
2
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.
Investor Roadshow - Fixed Income
Introduction
Investor Roadshow - Fixed Income 3
efficiency in food and energy processes.
Introduction The GEA Group in summary
4
The GEA Group is one of the largest providers for equipment and process
technology particularly for the food and energy industries where it ranks
among the market and technology leaders.
The GEA Group focuses on demanding production processes and supplies
its customers with efficient solutions in various end markets.
In 2010 the GEA Group employed some 20,000 people who generated
revenue of about EUR 4.4 billion.
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Introduction Management Board
5
Born in 1957
Nationality: Swiss
Member of Management Board
since 2001, Chairman of the
Executive Board since 2004.
Previously he spent nearly 20
years with ABB and the Alstom
Group where he held several
management positions.
Born in 1956
Nationality: German
Member of the Management
Board since 2009.
Previously, he had held several
management positions within
GEA for around 16 years.
Born in 1947
Nationality: Danish
Member of the Executive Board
since 2007.
Previously he held the position of
President of the GEA Process
Engineering Division since 1999.
Prior to that he held management
positions with large international
companies, latest with the Tetra
Laval Group.
Niels Graugaard
Chief Operating Officer
Dr. Helmut Schmale
Chief Financial Officer Jürg Oleas
Chief Executive Officer
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Introduction Structure of shareholders
6
8.3%
9.9%
81.8%
Kuwait Investment Office
BlackRock Inc.
Free FloatShareholders below 5%
according to the most recent information imparted to GEA by the shareholders
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Introduction The GEA Group – global operations*
7
North America 2,163 employees
EUR 604.8 million
Asia/Pacific 2,629 employees
EUR 969.7 million
Latin America 561 employees
EUR 282.7 million
Africa 511 employees
EUR 234.7 million
Middle East 205 employees
EUR 280.7 million
Eastern Europe 1,369 employees
EUR 419.0 million
Western Europe 12,947 employees
EUR 1,786.4 million
* order intake in 2010, employees 12/31/2010
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Introduction GEA Group at a glance
8
Regional sales split
40%
22%
14%
9%
6%
5% 4%
Sales Q1-Q4
2010:
EUR 4,418m
(2009 Q1-Q4)
Western Europe
Asia-Pacific
(18%)
North America
Latin America
(5%) Eastern Europe
& CIS
Middle East Africa
(8%)
(4%) (4%)
(46%)
(14%)
Segmental sales split
Revenues (EUR million)
GEA Farm Technologies
GEA Heat Exchangers
GEA Mechanical Equipment
GEA Process Engineering
GEA Refrigeration Technologies
Total
Others and consolidation
GEA Group
2009
411.8
1,623.4
717.5
1,144.0
565.6
4,462.3
-51.1
4,411.2
2010
446.7
1,483.4
725.4
1,288.5
563.7
4,507.7
-89.2
4,418.4
Emerging markets exposure:
33%
(average of Dow Jones and MSCI definition)
Germany
12% (14%)
USA
12% (13%)
China
12% (8%)
Top 3 Countries
Investor Roadshow - Fixed Income
Business Overview
Investor Roadshow - Fixed Income 9
efficiency in food and energy processes.
47%
20%
14%
11%
4%4%
Business Overview The GEA Group - order intake by industry*
10
* end markets / customer industries
Food
Other Marine
Energy
Chemical /
Pharmaceutical
Climate &
Environment
Order Intake
FY 2010
EUR 4,578 million
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Business Overview Growth drivers – food and energy
Growing interest in
efficient production
processes that
conserve resources
Resource-conserving
technologies/dry cooling
Energy-saving machines and
processes/heat recovery
“Intelligent” engineering
solutions
Steady growth in global
population
Continuously rising
demand for food and
energy
Megatrend Significance for demand Demand relevant for GEA
Volume growth and catch-up
potential especially in South and
East Asia, Latin America and, in
future, Africa
Urbanization/expansion of
middle class
Growing quality
requirements for
foodstuffs and
pharmaceuticals
Processed foods/ready meals
Aseptic filling/enriched lifestyle drinks
Pharmaceuticals
Rising energy costs/
environmental regulations
11 Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Examples for GEA´s technology
GEA
Freezing Tunnels
12
Business Overview Main market: food
GEA Milk
Production
GEA Spray
Dryers
GEA
Separators
GEA Plate Heat
Exchangers
GEA
Valves
GEA
Compressors
heat
cool
freeze
separate
dry / dewater
distill
pump
dose
agglomerate
package
Foodstuff
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Examples for GEA´s technology
13
Business Overview Main market: energy
Energy
GEA Air-Cooled
Condensers
GEA Cooling
Towers
GEA
Separators
GEA Plate Heat
Exchangers
GEA
Transformer
Coolers
GEA Air Coolers
GEA
Compressor
Skids
heat
cool
condense
separate
dry / dewater
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
-30%
-20%
-10%
0%
10%
20%
30%
40%
14
Business Overview GEA’s customer industries across the cycle
Oil & Gas
Marine
Power
Pharma
Chemicals
Climate &
Environment
Food
Late Cycle Mid Cycle Early Cycle
Ord
er
inta
ke
Gro
wth
Q1
-Q4
20
10
yo
y
47%
14%
6%
7%
13%
4%
5%
20%* 52%* 24%* Share of order intake:
~ ¾ of GEA’s customer
industries are mid-to-late cycle
*Not pictured are the remaining 4% of various industries such as Transportation, Mining, Pulp & Paper, Cement.
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Bowl Choppers
Spiral Cookers
Slicers
Thermoformers
Compressors
Packages and Skids
Ice Machines
Freezers
Finned, Shell & Tube
Cooling Towers
Plate Heat Exchangers
HVAC Systems
Separators
Decanters
Homogenizers
Valves
Milking & Cooling
Farm Services
Farm Equipment
Business Overview Group structure
Investor Roadshow - Fixed Income
GEA Farm
Technologies
GEA Heat
Exchangers
GEA Mechanical
Equipment GEA Process
Engineering
GEA Refrigeration
Technologies
Spray Drying
Aseptic Filling
Brewery & Dairy
Systems
Pharma Systems
GEA Convenience-
Food Technologies
15
efficiency in food and energy processes.
Business Overview Guiding theme efficiency - high-tech made by GEA
initial situation + GEA’s contribution = efficient innovation
16
PET blanks are sterilized
after they were inflated
and expanded.
Aseptic Blow Fill (ABF) – Integrated aseptic filling for PET bottles
PET blanks are sterilized before
being inflated and expanded
lower water, energy and chemical
consumption
saving: 7-9 % of production costs
per bottle
Grasso BluAstrum – Ammonia chiller achieves energy efficiency ratio of 5.5.
Chiller with synthetic
refrigerants only or large, less
efficient chiller with natural
refrigerants.
maximum energy efficiency and
optimal efficiency for all load conditions
environmentally friendly with
natural refrigerants
compact design and low noise
emission
Complete production facility
needs to be cooled by -5°
Celsius due to sanitary and
cooling requirements.
cooling of all mechanical components
production facility can be kept at an
ambient temperature of +22° C
considerable savings in energy
Hycon – Separator allows process optimization for the production of blood blasma proteins.
Investor Roadshow - Fixed Income
Performance
Investor Roadshow - Fixed Income 17
efficiency in food and energy processes.
56 53
71 72
87 93
119 140
2009 2010
Q4
Q3
Q2
Q1
18
1,073 1,010
1,036 1,167
962 1,153
1,010 1,248
2009 2010
Q4
Q3
Q2
Q1 1,055 938
1.104 1.065
1,061 1,125
1,192 1,290
2009 2010
Q4
Q3
Q2
Q1
79 78
95 98
112 118
148 169
2009 2010
Q4
Q3
Q2
Q1
Order Intake
+12%
4,578 4,081
+24%
+20%
-6%
+13%
+0%
4,418 4,411
+8%
+6%
-11%
-4%
Sales
+7%
464 434
+15%
+5%
-1%
+3%
EBITDA*
+7%
357 333
EBIT*
-6%
+1%
+6%
+18%
* Before restructuring expenses (Q1-Q4 2009: EUR 65m; Q1-Q4 2010: EUR 119m)
[in EUR million]
Performance GEA Group FY 2010 (ended 31/12/2010)
+8%
+44%
+15%
+51%
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 19
[in EUR million]
Performance Top Line Trend
1,700
1,900
464
514
Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
Sales
Order Intake
2,451 2,476 2,435 2,312
2,164 2,301
2,469 2,424 2,414
1) Order backlog invoicable in FY 2010 2) Order backlog invoicable in FY 2011
2,500
2,000
1,500
1,000
500
0
2)
1)
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 20
Performance Order intake by customer industry since Q4 2009*
*Average last four quarters: Q1 – Q4 2009 = Index 100
Order Intake
Q1-Q4
2010
24%
11%
12% 13%
7%
14%
6%
5% 4% 4%
Food - Dairy
Food - Beverage
Food - Solid
Power
Oil & Gas
Climate & Environment
Chemicals
Pharma
Other Industries
Marine
95%
105%
115%
125%
12/09 03/10 06/10 09/10 12/10
Food - Dairy Food - Beverage Food - Solid
60%
80%
100%
120%
140%
12/09 03/10 06/10 09/10 12/10
Oil & Gas Power Climate & Environment
60%
80%
100%
120%
140%
12/09 03/10 06/10 09/10 12/10
Pharma Chemicals Marine
Energy
20%
Food
47%
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 21
Growth in service sales Q1-Q4 2010 yoy: +12.3% to a total of EUR 901m
Share of service sales Q1-Q4 2010: 20.4% (Q1-Q4 2009: 18.2%)
Gross Margin % of service business stable in Q4 2010 compared to FY 2009
Performance Service business
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
100
200
300
400
500
600
700
800
900
1.000
Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
Working Capital Working Capital (average LTM) as % of sales LTM
22
Performance Working Capital Development
[in EUR million] Reduction of Working Capital as %
of sales by 477 bps since Q3 2009
-477 bps
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Sector Application GEA profile CFS profile Profile GEA+ CFS
Milk Production Strong Strong
Drinking Milk Strong Strong
Yogurt, Sour Milk Drinks (…) Strong Strong
Cheese Active Active Active
Butter Strong Strong
Ice Cream Active Active
Milk Powder / Whey Powder Strong Strong
Baby Food (milk formula) Strong Strong
Dairy Ingredients (whey, lactose, casein) Strong Strong
Fruits & Vegetables Juice Strong Strong
Soft Drinks (Carbonated) Active Active
Bottled Water Active Active
Coffee / Tee (instant) Strong Strong
Beer Strong Strong
Wine Active Active
Spirits Active Active
Meat / Poultry / Animal Protein Inactive Strong Strong
Fish / Shrimp / Animal Protein Inactive Strong Strong
Fruits / Vegetables Inactive Active Active
Bakery / Dough Inactive Inactive
Confectionary Inactive Inactive
Convenience Food Active Active Strong
Baby Food (non-milk formula) Active Active
Animal Fats Strong Strong
Edible Oils Strong Strong
Starch Strong Strong
Sugar Strong Strong
Other Food Ingredients Active Active
Food &
Beverage
Dairy
Liquid
Solid
Performance Acquisitions - CFS is filling a gap for GEA
23 Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Performance Acquisitions - CFS serves various applications
Product Lines* Application Process Global footprint of CFS
Preparation 17.5% of revenue
Marination 3.0% of revenue
Processing 18.7% of revenue
Slicing/ Loading 8.2% of revenue
Packaging Machinery 35.9% of revenue
Sugar 3.7% of revenue
Packaging Materials 13.0% of revenue
Cutting, Emulsifying, Grinding,
Handling, Meat analyzing, Mixing
and Portioning
Brine preparation, Injecting,
Massaging/ tumbling, Tenderizing
Forming, Predusting, Battering and
Breading, Frying & Oil Treatment,
Grilling, In Line Cooking, Spiral
Cooking and Cooling & Freezing
Peeling, Slicing and Loading
Thermoforming, Tray sealing,
Vertical Form Fill and Seal,
Horizontal Form Fill and Seal and
Labeling & Printing
Confectionary like Lollipops and
Sugar
Base Films, Flexible Films and
Shrink Bags
24
* Preliminary data of provided by target.
34%
29%
19%
18%
Western Europe
Central and Eastern Europe
Americas
Asia & Africa
Sales
2010 (e)
EUR
400m
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Volume Flow in cbm / h at 50 Hz
5
5
100
150
100
230
280
220
500
1200
2500
8500
5 50 500 5000
SemiHermetic
Piston
OpenPiston
SemiHermetic
Screw
CompactScrew
OpenPiston
OpenScrew
Ind
us
tria
l
Co
mp
res
so
rs
Co
mm
erc
ial
Co
mp
res
so
rs
Refrigeration Compressors – Product Overview Units in World
Market *
11.500
8.000
102.000
16.000
230.000
730.000
* Preliminary data provided by target.
Performance Acquisitions - Bock adds new capacity ranges
25 Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Time flow – Phases within plant engineering:
Construction: Concrete and steel works
Com.: Commissioning of the plant
Test: Performance and availability test
Le: Lentjes
Typical duration: 2-4 yrs 1-6 mts 1-3 mts 2-3 yrs
PAC: Provisional acceptance / Transition of operating risk to the customer
Warr.Per.: Duration of liability for repair or replacement in case of malfunctioning
FAC: Final acceptance / end of warranty period
Lu: Lurgi
Com. Test PAC FAC
Warranty period
12/31/2009: Le Le Le
Lu Lu Lu
Le Le Le Le Le Le
26
Performance Progress of Lurgi and Lentjes Projects
Construction
Provision per 12/31/2009:*
EUR 266m
Provision per 12/31/2010:*
EUR 157m
Cash out in 2010*:
EUR 109m
Expected cash out*:
2011: EUR 110m
Later: EUR 47m
* Incl. Ruhr-Zink
Com. Test PAC FAC
Warranty period
12/31/2010: Le Le Le
Lu
Le Le Le Le Le
Construction
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
January-February 2010 January-February 2011
FT
HX
ME
PE
RT
27
Performance Order Intake January – February 2011: +23% yoy
+28%
+10%
+32%
+33%
+10%
+23%
Order Intake
GEA FT
GEA HX
GEA ME
GEA PE
GEA RT
GEA FT
GEA HX
GEA ME
GEA PE
GEA RT
Investor Roadshow - Fixed Income
Outlook
Investor Roadshow - Fixed Income 28
efficiency in food and energy processes.
Outlook Key figures FY 2011
an organic order intake growth: > 5%
29 Investor Roadshow - Fixed Income
For FY 2011 we expect (before the recent acquisitions CFS, Bock and
Mashimpeks)
an organic sales growth: > 5%
and a corresponding EBIT-margin of around 9%
efficiency in food and energy processes.
Outlook Long term – Over the Cycle
30 Investor Roadshow - Fixed Income
EBIT-margin GEA Group: Target of 12% after recovery to pre-crisis market conditions
Acquisitions to continue
Dividend payout ratio: 1/3 of net income
Long term growth of GEA end markets: 3% – 6% p.a., clearly > GDP growth
Financial Profile
Investor Roadshow - Fixed Income 31
efficiency in food and energy processes.
Financial Profile Financial Leeway
32
[in EUR million] 12/31/2010 12/31/2009 Change
Cash & Equivalents 564 492 72
Securities 0 0 0
Loans 459 445 14
Net cash 105 47 58
Equity 1,895 1,735 160
GEA credit lines
[in EUR million]
Due date 12/31/2010
granted
12/31/2010
utilized
12/31/2010
unutilized
Total cash credit lines* 1,581 459 1,122
of which:
Syndicated credit line I 07/2011 300 200 100
Borrowers note loan
(Schuldscheindarlehen)
08/2011 92 92 0
08/2013 128 128 0
Syndicated credit line II 06/2013 325 0 325
06/2015 325 0 325
European Investment Bank 2017 150 0 150
32
* Before acquisitions Bock & CFS
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Financial Profile Solid Financial Policy
Long-term safeguarding of liquidity
As at December 31, 2010 excellent net liquidity position, especially due to
decreased working capital
Free credit lines outstanding even after payment for acquisitions CFS and Bock
33
Liquidity
Flexibility
Maintain financial flexibility at any time
Well-balanced maturity profile
Diversification of funding sources
Focus to use of new funding options
Intention to maintain a liquidity leeway approx. amounting to the volume of the
syndicated credit line due 2013/2015
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Financial Profile Conservative credit metrics
34
* After acquisitions Bock & CFS, EBITDA estimated
28%
35%
37%
34%
0%
10%
20%
30%
40%
50%
2008 2009 2010 2010pro forma*
Equity ratio
0,1x
net cash net cash
0,8x
0,0x
0,2x
0,4x
0,6x
0,8x
1,0x
2008 2009 2010 2010pro forma*
Net Debt / EBITDA
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Finance Strategy Maturity Profile as at December 31, 2010
35
Well-balanced maturity structure
Mixture of instruments enables to reduce debt every year with positive cash flow
Further sufficent back-up lines with well-diversified core banks
All syndicated loans are revolving credit facilities
[in EUR million]
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017
No
te
Lo
an
No
te
Lo
an
EIB
lo
an
Syn
dic
ate
d l
oa
n I
I (t
ranche
1)
Syn
dic
ate
d l
oa
n I
I (t
ranche
2)
Syn
dic
ate
d l
oa
n I
(
€200m
dra
wn /
100m
undra
wn)
Drawn Undrawn
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Financial Profile GEA Group´s Rating
36
Moody´s Baa3 / stable outlook
Last update: April 4, 2011
Fitch BBB- / stable outlook
Last update: July 19, 2010
Affirmation: December 23, 2010
Regular communication with both agencies
Instrument rating to be obtained on transaction
Commitment to investment grade rating
Investor Roadshow - Fixed Income
Transaction Details
Investor Roadshow - Fixed Income 37
efficiency in food and energy processes.
Transaction Details Transaction summary
38
Borrower GEA Group Aktiengesellschaft
Rating Baa3/BBB- (Moody’s/Fitch)
Status Unsecured, unsubordinated
Size Large non-benchmark size
Maturity 5-years
Use of proceeds Refinancing of loans taken to finance acquisitions of CFS and Bock and for general corporate purposes
Covenants Cross default, negative pledge, change of control, rating step-up
Documentation Standalone documentation
Listing Luxembourg Stock Exchange (regulated market)
Denomination EUR 1,000
Governing law German
Passporting Austria, Germany, The Netherlands
Bookrunners Commerzbank AG, Deutsche Bank AG, UniCredit Bank AG
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Transaction Details Credit Highlights
39
A strong position in very robust and resilient end-markets
Favourable organic growth outlook based on strong order backlog
High operating cash flow generation and profitability
Conservative financial policy and commitment to investment grade
Experienced management team with a long history within GEA Group
Investor Roadshow - Fixed Income
Appendix
Investor Roadshow - Fixed Income 40
efficiency in food and energy processes. 41
April 21, 2011 Annual General Meeting
May 6, 2011 Interim Report Q1 2011
July 29, 2011 Interim Report Q2 2011
November 2, 2011 Interim Report Q3 2011
June 29-30, 2011 Capital Markets Day
Appendix Financial Calendar
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
GEA Group Aktiengesellschaft
Peter-Müller-Strasse 12
40468 Düsseldorf
www.geagroup.com
Bernd Becker Holger Winterfeld Axel Wolferts
Head of Finance Head of Corporate Finance Head of Investor Relations
+49 (0) 211 9136 1450 +49 (0) 211 9136 1459 +49 (0) 211 9136 1490
[email protected] [email protected] [email protected]
42
Appendix Contact
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Examples of application
Appendix GEA Farm Technologies
Milk
Milking equipment, milk cooling technology,
automatic feeding systems, animal hygiene,
milking parlor cleaning and accessories, barn
equipment, slurry technology and farm services
43
Herd
Management
Systems
Milking
Equipment
Manure
Handling
Milk
Cooling
Systems
Hygiene
Barn
Equipment
All the cows needs
Yoghurt
Milk
Cheese
Ice Cream
Chocolate
Baby Food
Anything made
from milk
2010
Order intake EUR 448.5 million
Revenue EUR 446.7 million
EBIT* EUR 21.9 million
EBIT margin* 4.9 % * before restructuring
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Appendix GEA Heat Exchangers
Heat exchangers
Finned tube heat exchangers, shell-and-tube
heat exchangers, plate heat exchangers, wet
and dry cooling systems, air conditioning and air
handling systems
Examples of application
Energy
Food
Milk
Sugar Paper
Buildings
44
GEA Plate Heat
Exchangers
Energy
Chemicals
Heavy
Industry Petro-
chemistry
Buildings
Synthetic
Materials
GEA Cooling
Towers
2010
Order intake EUR 1,506.0 million
Revenue EUR 1,483.4 million
EBIT* EUR 114.3 million
EBIT margin* 7.7 % * before restructuring
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Examples of application
Appendix GEA Mechanical Equipment
Special components
Separators, decanters, membrane filters,
homogenizers, pumps and valves
Milk
Edible Oil Beverages
Energy
Waste Water
Treatment
Chemicals
Yoghurt
Edible Oil
Beverages
Milk
Semi-fluid
Foodstuff
Beer
GEA Separators GEA Valves
45
2010
Order intake EUR 740.4 million
Revenue EUR 725.4 million
EBIT* EUR 116.3 million
EBIT margin* 16.0 % * before restructuring
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Milk based
Drinks
Juices
Icetea
Soft
Drinks
Nectars
Appendix GEA Process Engineering
Process technology
Design and installation of process lines for food
and beverages, chemicals, pharmaceuticals,
and cosmetics, as well as gas cleaning plants
Examples of application
Milk Powder
Convenience
Food
Fruit
Powder
Instant
Coffee
Pharma
Hard Metal
GEA Spray Dryer
46
GEA Aseptic
Fillers
Isotonic
Beverages
2010
Order intake EUR 1,416.1 million
Revenue EUR 1,288.5 million
EBIT* EUR 91.3 million
EBIT margin* 7.1 % * before restructuring
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Appendix GEA Refrigeration Technologies
Freezing and refrigeration technology
Reciprocating and screw compressors, freezing
systems, chillers etc., as well as development,
design, and maintenance of industrial
refrigeration technology facilities
Examples of application
Skating
Rinks
Fish
Juices
Energy
Ice Cream
Cold Chains
GEA Compressors
47
GEA Freezing
Tunnel
Poultry
Meat
Prepared
Foods
Bakery
Goods
Fruits /
Vegetables
Sea Food
2010
Order intake EUR 579.6 million
Revenue EUR 563.7 million
EBIT* EUR 28.3 million
EBIT margin* 5.0 % * before restructuring
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
(EUR thousand) 01/01/2010 -
12/31/2010 01/01/2009 -
12/31/2009
Revenue 4,418,419 4,411,170
Cost of sales 3,126,470 3,143,760
Gross profit 1,291,949 1,267,410
Selling expenses 469,954 475,014
Research and development 60,259 55,425
General and administrative expenses 464,750 466,068
Other income 232,964 160,333
Other expenses 303,116 169,094
Share of profit or loss of equity-accounted investments 3,727 2,162
Other financial income 8,392 5,535
Other financial expenses 1,412 1,603
Earnings before interest and tax (EBIT) 237,541 268,236
Interest income 16,463 15,453
Interest expense 79,214 74,483
Profit before tax from continuing operations 174,790 209,206
Income taxes 41,328 47,828
of which current taxes 56,146 77,083
of which deferred taxes 14,818 29,255
Profit after tax from continuing operations 133,462 161,378
Profit or loss after tax from discontinued operations 196 320
Profit for the period 133,658 161,698
of which attributable to shareholders of GEA Group Aktiengesellschaft 131,987 160,623
of which attributable to noncontrolling interests 1,671 1,075
Appendix Income Statement as at December, 31st 2010
48
Consolidated Income Statement for the period January 1 - December 31, 2010 The following information is an integral part of the consolidated financial statements
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Appendix Balance Sheet as at December 2010 - Assets
y-o-y Change
in %
y-o-y Change
in %
q-o-q Change
in %
49
Assets (EUR thousand) 12/31/2010 12/31/2009
Property, plant, and equipment 599,606 607,919
Investment property 20,696 22,694
Goodwill 1,550,423 1,530,861
Other intangible assets 161,593 159,219
Equity-accounted investments 13,492 10,784
Other noncurrent financial assets 53,415 49,863
Deferred taxes 348,833 321,861
Noncurrent assets 2,748,058 2,703,201
Inventories 589,603 566,129
Trade receivables 1,034,348 1,063,659
Income tax receivables 20,181 21,303
Other current financial assets 146,740 145,114
Cash and cash equivalents 563,532 491,979
Current assets 2,354,404 2,288,184
Assets held for sale 2,566 3,004
Total assets 5,105,028 4,994,389
Consolidated Balance Sheet The following information is an integral part of the consolidated financial statements
Investor Roadshow - Fixed Income
efficiency in food and energy processes.
Appendix Balance Sheet as at December 2010 - Equity/Liabilities
y-o-y Change
in %
y-o-y Change
in %
q-o-q Change
in %
50
Equity and liabilities (EUR thousand) 12/31/2010 12/31/2009
Subscribed capital 496,890 496,890
Capital reserve 1,268,728 1,268,656
Retained earnings 93,754 16,909
Accumulated other comprehensive income 34,151 -47,997
Noncontrolling interests 1,809 548
Equity 1,895,332 1,735,006
Noncurrent provisions 170,393 175,682
Noncurrent employee benefit obligations 485,206 491,727
Noncurrent financial liabilities 164,920 247,124
Other noncurrent liabilities 7,781 10,908
Deferred taxes 80,582 74,411
Noncurrent liabilities 908,882 999,852
Current provisions 392,047 513,543
Current employee benefit obligations 203,827 171,453
Current financial liabilities 343,507 238,950
Trade payables 672,103 625,104
Income tax liabilities 42,407 44,500
Other current liabilities 646,923 665,981
Current liabilities 2,300,814 2,259,531
Totaly equity and liabilities 5,105,028 4,994,389
Consolidated Balance Sheet The following information is an integral part of the consolidated financial statements
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 51
Appendix Key Figures Time Line (1/2)
Order Intake
[In EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 123.5 120.5 137.0 116.0 497.1 94.9 101.2 94.9 98.6 389.6 101.1 116.1 115.0 116.3 448.5
GEA Heat Exchangers 485.0 416.4 389.1 431.4 1,721.9 413.6 338.9 365.0 301.3 1,418.7 304.4 398.3 404.1 399.2 1,506.0
GEA Mechanical Equipment 257.4 258.0 237.0 177.0 929.4 194.9 162.2 158.6 169.4 685.1 172.0 194.7 191.9 181.8 740.4
GEA Process Engineering 367.3 355.4 346.4 264.4 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
GEA Refrigeration
Technologies
174.1 152.3 144.2 143.3
613.9
138.9 143.2 114.3 130.3 526.6 127.5 150.6 148.9 152.5 579.6
GEA Group 1,374.3 1,272.7 1,223.5 1,113.3 4,983.9 1,072.5 1,036.0 962.3 1,009.9 4,080.7 1,010.2 1,167.3 1,152.6 1,247.8 4,578.0
Order Backlog
[In EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 107.8 106.0 111.1 77.5 77.5 86.0 89.5 77.2 61.5 61.5 77.1 89.4 80.6 63.1 63.1
GEA Heat Exchangers 1,348.3 1,344.1 1,291.7 1,172.1 1,172.1 1,203.6 1,165.3 1,142.6 1,008.6 1,008.6 1,006.7 1,061.1 1,071.3 1,086.9 1,086.9
GEA Mechanical Equipment 290.8 357.5 376.5 338.0 338.0 325.6 303.5 285.2 280.8 280.8 298.3 319.1 306.1 284.1 284.1
GEA Process Engineering 850.7 830.9 826.6 666.2 666.2 651.5 658.2 627.9 660.2 660.2 757.6 821.2 788.9 813.0 813.0
GEA Refrigeration
Technologies
241.9 235.5 236.8 204.1 204.1 222.4 231.7 196.7 169.9 169.9 183.8 203.9 205.9 183.8 183.8
GEA Group 2,822.6 2,857.8 2,823.8 2,450.7 2,450.7 2,476.2 2,435.3 2,312.2 2,164.1 2,164.1 2,301.1 2,468.5 2,423.7 2,414.1 2,414.1
Sales
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 94.9 123.9 138.5 147.1 504.5 86.6 98.5 112.0 114.7 411.8 85.4 106.6 119.8 134.9 446.7
GEA Heat Exchangers 398.7 449.8 481.7 529.0 1,859.2 387.0 421.2 372.0 443.1 1,623.4 340.9 370.8 361.6 410.1 1,483.4
GEA Mechanical Equipment 196.9 190.7 210.9 211.2 809.7 200.0 179.9 163.8 174.0 717.5 156.7 173.7 193.1 201.9 725.4
GEA Process Engineering 328.2 395.8 364.5 398.9 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
GEA Refrigeration
Technologies
132.5 159.3 142.9 175.9 610.6 122.3 136.9 148.2 158.2 565.6 117.4 135.3 139.7 171.3 563.7
GEA Group 1,127.2 1,295.8 1,318.0 1,438.0 5,179.0 1,054.5 1,103.9 1,060.8 1,191.9 4,411.2 938.2 1,065.1 1,124.7 1,290.4 4,418.4
EBITDA before restructuring
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 6.0 13.6 21.3 21.5 62.3 0.8 8.1 10.8 9.4 29.1 3.0 5.3 11.1 15.4 34.9
GEA Heat Exchangers 42.6 55.7 65.2 79.8 243.2 36.1 38.2 45.5 59.1 179.0 33.2 34.6 37.9 47.0 152.7
GEA Mechanical Equipment 30.1 32.9 32.8 43.5 139.3 26.7 23.2 28.4 37.0 115.2 24.8 27.0 37.7 47.0 136.5
GEA Process Engineering 12.1 26.1 28.0 47.0 113.2 11.1 17.4 21.0 38.5 88.0 14.7 20.5 23.0 48.3 106.6
GEA Refrigeration
Technologies
7.7 11.9 11.7 16.9 48.1 4.4 8.5 5.0 10.7 28.6 3.8 8.2 9.2 15.8 37.1
GEA Group 94.5 138.6 152.7 200.1 585.9 78.9 95.4 111.7 147.7 433.7 78.1 98.3 117.6 169.5 463.5
EBIT before restructuring
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 4.1 11.6 18.8 18.8 53.4 -1.6 5.6 7.9 6.6 18.5 0.0 2.0 7.7 12.1 21.9
GEA Heat Exchangers 36.4 49.1 58.1 71.8 215.4 27.9 29.2 36.4 48.5 142.0 23.9 24.5 28.6 37.2 114.3
GEA Mechanical Equipment 27.0 29.7 29.4 39.5 125.6 23.0 19.2 24.5 32.6 99.3 20.6 22.6 33.5 39.6 116.3
GEA Process Engineering 9.2 23.1 24.8 43.1 100.2 7.6 13.7 17.6 35.0 73.9 11.1 16.8 19.4 44.1 91.3
GEA Refrigeration
Technologies
5.9 9.8 9.7 15.2 40.7 2.2 6.4 2.9 8.0 19.4 1.6 6.0 7.1 13.6 28.3
GEA Group 76.1 119.3 131.8 177.1 504.2 56.0 71.2 87.2 118.8 333.2 52.6 71.7 92.6 140.0 356.8
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 52
Appendix Key Figures Time Line (2/2)
*Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999.
** ROCE = EBIT before restructuring / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999
EBIT-Margin before
restructuring [in%] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 4.3% 9.4% 13.6% 12.8% 10.6% -1.8% 5.7% 7.1% 5.7% 4.5% 0.0% 1.8% 6.5% 9.0% 4.9%
GEA Heat Exchangers 9.1% 10.9% 12.1% 13.6% 11.6% 7.2% 6.9% 9.8% 10.9% 8.7% 7.0% 6.6% 7.9% 9.1% 7.7%
GEA Mechanical Equipment 13.7% 15.6% 13.9% 18.7% 15.5% 11.5% 10.7% 15.0% 18.7% 13.8% 13.1% 13.0% 17.3% 19.6% 16.0%
GEA Process Engineering 2.8% 5.8% 6.8% 10.8% 6.7% 2.8% 4.9% 6.3% 11.2% 6.5% 4.3% 5.6% 5.8% 11.0% 7.1% GEA Refrigeration
Technologies
4.4% 6.2% 6.8% 8.7% 6.7% 1.8% 4.6% 1.9% 5.0% 3.4% 1.4% 4.4% 5.1% 8.0% 5.0%
GEA Group 6.7% 9.2% 10.0% 12.3% 9.7% 5.3% 6.4% 8.2% 10.0% 7.6% 5.6% 6.7% 8.2% 10.8% 8.1%
Capital Employed w/o goodwill*
(average LTM) [in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies n.a. n.a. n.a. 204.0 204.0 219.7 235.5 241.7 241.4 241.4 243.4 246.7 250.2 256.1 256.1
GEA Heat Exchangers n.a. n.a. n.a. 707.3 707.3 757.2 789.7 793.4 752.0 752.0 711.8 687.1 677.7 672.8 672.8
GEA Mechanical Equipment n.a. n.a. n.a. 349.8 349.8 364.3 371.3 374.2 367.7 367.7 346.5 327.9 309.9 300.7 300.7
GEA Process Engineering n.a. n.a. n.a. 270.6 270.6 274.2 276.2 269.7 255.1 255.1 241.1 235.7 237.8 238.9 238.9
GEA Refrigeration
Technologies n.a. n.a. n.a.
221.1 221.1 236.8 249.9 258.6 258.7 258.7 244.9 226.6 202.4 177.9 177.9
GEA Group n.a. n.a. n.a. 1,772.4 1,772.4 1,853.4 1,903.4 1,899.0 1,835.9 1,835.9 1,773.8 1,736.2 1,717.3 1,711.9 1,711.9
ROCE w/o goodwill** LTM
[in%] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies n.a. n.a. n.a. 26.2% 26.2% 21.7% 17.7% 12.7% 7.7% 7.7% 8.3% 6.7% 6.5% 8.5% 8.5%
GEA Heat Exchangers n.a. n.a. n.a. 30.5% 30.5% 27.3% 23.7% 20.8% 18.9% 18.9% 19.4% 19.4% 18.5% 17.0% 17.0%
GEA Mechanical Equipment n.a. n.a. n.a. 35.9% 35.9% 33.4% 29.9% 28.4% 27.0% 27.0% 28.0% 30.6% 35.3% 38.7% 38.7%
GEA Process Engineering n.a. n.a. n.a. 37.0% 37.0% 36.0% 32.3% 30.4% 29.0% 29.0% 32.1% 34.1% 34.6% 38.2% 38.2%
GEA Refrigeration
Technologies n.a. n.a. n.a.
18.4% 18.4% 15.6% 13.4% 10.3% 7.5% 7.5% 7.7% 8.2% 11.2% 15.9% 15.9%
GEA Group n.a. n.a. n.a. 28.4% 28.4% 26.1% 22.9% 20.6% 18.2% 18.2% 18.6% 19.0% 19.5% 20.8% 20.8%
Employees Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Farm Technologies 1,918 1,947 2,058 2,020 2,020 1,911 1,894 1,952 1,918 1,918 1,931 1,964 1,979 2,004 2,004
GEA Heat Exchangers 6,744 6,860 7,598 7,854 7,854 7,984 7,881 7,636 7,590 7,590 7,464 7,427 7,378 7,340 7,340
GEA Mechanical Equipment 3,399 3,399 3,452 3,471 3,471 3,481 3,485 3,450 3,519 3,519 3,475 3,458 3,446 3,386 3,386
GEA Process Engineering 4,772 4,819 4,827 4,813 4,813 4,708 4,558 4,502 4,545 4,545 4,416 4,408 4,477 4,563 4,563
GEA Refrigeration
Technologies
2,861 2,896 2,936 2,948 2,948 2,934 2,922 2,908 2,857 2,857 2,895 2,889 2,874 2,828 2,828
GEA Group 19,905 20,133 21,084 21,327 21,327 21,257 20,996 20,708 20,693 20,693 20,441 20,401 20,421 20,386 20,386
Investor Roadshow - Fixed Income
efficiency in food and energy processes. 53 Investor Roadshow - Fixed Income