Gea%20group%20conference%20call%20prelim%20fy%202014 tcm30 25590

GEA Group Aktiengesellschaft

Conference Call Preliminary Results Q4 2014

Düsseldorf, February 4th, 2015

engineering for a better world

All figures for 2014 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 financial statements for the GEA Group and GEA

Group Aktiengesellschaft for 2014 will be published on March 9, 2015.

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 Preliminary Results Q4 2014 - February 4th, 2015 2


Executive Summary: Strong preliminary Q4 results


Order

Intake (EURm)

1,157

Sales

(EURm)

1,301

Operating

EBITDA (EURm)

228.5

Operating

EBIT (EURm)

207.2

ROCE

22.6%

CFD Margin

9.0%

D organic:

-1% YoY

D organic:

+4% YoY D +11% YoY D +11% YoY

D +50 bps

YoY

D -59 bps

YoY

Orders <1m

(72% of group)

+12% YoY

Organic

growth in all

segments

Record margin

of 17.6%

Record margin

of 15.9%

Key Highlights Q4 2014:


• Highlights FY 2014

• Financials Q4 2014

• Outlook FY 2015

Agenda

1

3

2



GEA achieved FY 2014 targets

Sales Operating EBITDA Cash Flow Driver


414 406

FY 2013 FY 2014

530 596 596 591

-5

FY 2013 organicchange

FY 2014adjusted

FX effect FY 2014reported

D +5.6% D +12%

9.6% 9.0%

[EURm] [EURm] [EURm]

Target Organic sales

growth: approximately 5%

Target Operating

EBITDA: EUR 550-590m

Target Cash Flow Driver

Margin: 9.0% - 9.5%

4,320 4,562 4516 4,516

-47

FY 2013 organicchange

FY 2014adjusted

FX effect FY 2014reported


8.8%

10.5%

12.3% 11.9%

12.3%

13.1%

6.8%

8.4%

10.5% 10.3%

10.6%

11.4%

6%

7%

8%

9%

10%

11%

12%

13%

2000

3000

4000

5000

6000

Q4 09 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

Order Intake Sales Operating EBITDA Margin Operating EBIT Margin

Development LTM: Order Intake, Sales, Operating Margins

6

[EURm]

GEA Presentation Preliminary Results Q4 2014 - February 4th, 2015

6,000

5,000

4,000

3,000

2,000

Prelim. Operating EBIT Margin at record 11.4% in FY 2014


GEA achieved FY 2014 targets


Dividend

0.60 € 0.70 €

FY 2013 FY 2014

[EUR]

Capex and Capex Ratio

121 94

FY 2013 FY 2014

2.8%

2.1%

[EURm]

Cash Generation

[EURm]

(proposed)

Target Capex to Sales

Ratio: around 2%

Target of strong cash

generation

Target Dividend Payout

Ratio: 40% to 50%

288 338

50

Net Debtw/o HX

FY 2013

CashGeneration

Net CashFY 2014 bef.M&A, DOP &

Div.


Strong Operating Results

Sale of Segment Heat Exchangers

Sound Improvement of Financial Situation

• Organic sales growth +5.6% yoy

• Operating margins at new record levels

• Highest margins ever in Segments GEA PE and GEA RT

• Purchase agreement signed in April 2014 with economic effect to January 1, 2014

• Based on Enterprise Value of approx. EUR 1.3bn corresponding to around 11x EV/EBIT

• Conclusion of sale in October 2014

• Cash proceeds of approx. EUR 1.1bn

• Turn from net debt position in 2013 into net cash position of EUR 904m

• Debt reduction of around EUR 500m until end of January

• Improvement of credit rating to now “Baa2” (Moody’s) and “BBB” (Fitch), both with “stable

outlook”

Highlights FY 2014 (1/2)

8 GEA Presentation Preliminary Results Q4 2014 - February 4th, 2015


Strategy “GEA 2020” with clear growth and profitability targets

Future organizational set-up “Fit for 2020”

New Capital Allocation Plans

• GEA to be the first choice for our customers in the relevant food industry

• Sales exposure 2020: 75% to 80% coming from Food Industry

• 4% to 6% CAGR organic sales growth (FY 2014 – FY 2020)

• 13% to 16% Operating EBIT-Margin (FY 2017 – FY 2020)

• Cost savings of at least EUR 100m p.a.

• New organizational set-up offers further potential to increase efficiency

• Project is progressing according to expectations

• Clear plans for midterm use of net cash position for further growth

• Change in dividend policy by raising payout ratio to a range of 40% to 50% of net income

• Priority on bolt-on M&A following clear criteria and strategic vision

Highlights FY 2014 (2/2)



“Fit for 2020”: Project well on track to deliver cost savings of at least EUR 100m p.a. as of 2017

Preparation for execution of new

structure

Sizing of functions

Detailed organizational design

Implementation and external

reporting from Q2 2015 onwards

Strict ongoing saving tracking

Preparation for implementation & set-up of ”saving tracking tool”

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 onwards

• Detailed savings plan

• Employee allocation & training

• Systems adaption

Q2 2015

Q2 2015

Q2 2015


Announcement of

expected savings for

FY 2015/2016 with Q1

results on May 11th 2015




• Outlook FY 2015

Agenda

1

3

2



Sales

1,242 1,301

Q4 2013 Q4 2014

[EURm] [EURm]

Operating EBIT Margin

15.0% 15.9%

Q4 2013 Q4 2014

Operating EBIT

1,144 1,157

Q4 2013 Q4 2014

187 207

Q4 2013 Q4 2014

Order Intake

Preliminary Key Figures Q4 2014 and change YoY


[EURm]

organic: -1% organic: +4%

D +1% D +5%

D +11% D +88 bps


Operating EBIT

25 31

79 89

63 75

24

30

Q4 2013 Q4 2014

192 213

495 462

334 353

152 161

Q4 2013 Q4 2014

Operating EBIT Margin

Sales Order Intake

Segments - Preliminary Performance Q4 2014

1,157 1,144

GEA RT

GEA PE

GEA ME

GEA FT


GEA RT

GEA PE

GEA ME

GEA FT

[EURm]

organic: -1%

D +1%

D +6%

D -7%

D +11%

D +6%

211 223

527 539

359 381

176 193

Q4 2013 Q4 2014

1,242 1,301

D +6%

D +2%

D +6%

D +9%

organic: +4%

D +5%

GEA RT

GEA PE

GEA ME

GEA FT

187 207

D +12%

D +19%

D +25%

D +11%

Q4 2013 Q4 2014 D YoY

GEA FT 13.9% 15.4% +151 bps

GEA ME 17.5% 19.7% +217 bps

GEA PE 15.0% 16.5% +149 bps

GEA RT 12.0% 14.1% +211 bps

GEA Group 15.0% 15.9% +88 bps

[EURm] [EURm]

D +21%


Order Intake Development by size since Q4 2010

Strong growth in orders < EUR 1m +12% Q4 2014 YoY; +8% FY 2014 YoY

14

[EURm]


576 596 619 705 686 669

737 711 702 745 710 722 724 747 754 773 765 835

149 173 168

185 166 208

214 172

221 175 144

234 167

211 160 170 174

182

63 64

135

135 128 111

96 102

124 107 131

102 132

67 88

103 68

87

66 41

60 58

100

44 65 112

110

162 144 121 22

123 160 54

0

200

400

600

800

1.000

1.200

1.400

Q4 10 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

OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m

1,400

1,200

1,000

f L4Q:

782 f L4Q:

726 f L4Q:

724


Preliminary Sales and organic sales growth FY 2014: Strong Western Europe driven by dairy business


North America

D YoY: +7%

17%

15

Eastern Europe

& CIS

8%

D YoY: +6%

Western Europe

37%

D YoY: +12%

Latin America

D YoY: -1%

6%

Africa

D YoY: -3%

3%

Middle East

D YoY: -22%

3%

Asia-Pacific

D YoY: +4%

25%

Emerging Markets1

37%

D YoY: -3%

Top-3-Countries

USA: 16% (16%)

D YoY: +6%

China: 9% (10%)

D YoY: -2%

Germany: 9% (9%)

D YoY: +12%

1 According to the definition of emerging/developing economies by International Monetary Fund.


Preliminary Sales and organic sales growth by Customer Industry: Strong growth from dairy sector


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% (23%)

12% (14%)

12% (13%)

16% (15%)

Sales LTM

per Q4 2014:

EUR 4,516m

+6% org. YoY

Dairy Farming

D +15% YoY

Food

D +1% YoY

Beverages

D -11% YoY

Other Industries

D +12% YoY

Pharma/

Chemical

D -2% YoY Dairy

Processing

D +16% YoY

60%

100%

140%

180%

220%

Dairy Farming Dairy Processing GEA Group

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

Pharma/Chemical Other Industries GEA Group

60%

100%

140%

180%

220%

Food Beverages GEA Group

Organic CAGR 10-14: +15%






GEA Group Organic CAGR 09-14: +6%


Book to bill ratio (L4Q)

Q4 2014

Dairy Farming 1,01 5,4% 0,98 1,1% 1,02 5,0% 0,99 1,0% 1,00 0,0% 0,80 0,0% 1,06 1,7% 1,02 14,2%

Dairy Processing 0,81 8,2% 1,66 2,6% 1,03 3,1% 1,38 1,9% 1,40 0,8% 0,77 0,7% 1,16 7,7% 1,03 25,0%

Food 1,05 9,4% 1,12 2,5% 1,00 3,4% 0,92 1,2% 0,89 1,4% 1,03 0,9% 0,94 3,4% 1,01 22,1%

Beverages 0,88 3,2% 0,69 1,1% 0,78 1,1% 0,78 0,6% 2,52 2,0% 0,49 0,2% 0,90 3,1% 0,94 11,3%

Food & Beverages 0,93 26,2% 1,12 7,3% 0,99 12,6% 1,05 4,6% 1,44 4,2% 0,83 1,8% 1,04 15,8% 1,01 72,6%

Pharma 1,04 2,5% 0,75 0,3% 0,90 1,0% 0,88 0,5% 0,30 0,0% 0,81 0,3% 0,88 2,0% 0,92 6,6%

Chemical 0,99 1,3% 0,81 0,1% 0,90 1,1% 0,70 0,2% 5,01 0,3% 0,76 0,2% 1,01 1,9% 1,00 4,9%

Pharma/Chemical 1,02 3,7% 0,77 0,4% 0,90 2,1% 0,83 0,7% 2,08 0,3% 0,79 0,4% 0,94 3,9% 0,95 11,6%

Environment 1,14 1,6% 1,09 0,3% 0,90 0,7% 1,00 0,2% 1,05 0,1% 0,93 0,1% 0,89 1,1% 1,00 4,1%

Oil & Gas 0,90 0,7% 1,55 0,9% 1,16 0,9% 0,66 0,1% 3,53 0,1% 0,46 0,1% 0,42 0,7% 0,83 3,5%

Marine 1,13 1,5% 1,11 0,1% 0,98 0,1% 0,71 0,1% 0,81 0,0% 0,94 0,0% 1,17 1,7% 1,12 3,6%

Power 0,59 0,2% 2,34 0,0% 0,54 0,1% 0,85 0,1% 0,95 0,1% 3,77 0,4% 0,85 0,1% 1,09 1,1%

Others 1,02 1,2% 1,41 0,4% 1,00 0,3% 0,90 0,2% 1,01 0,0% 0,84 0,1% 1,18 1,4% 1,10 3,6%

Other Industries 1,04 5,3% 1,41 1,7% 0,97 2,1% 0,88 0,6% 1,34 0,4% 1,19 0,8% 0,88 5,0% 1,01 15,8%

Total 0,96 35,2% 1,14 9,5% 0,98 16,8% 1,00 6,0% 1,47 4,9% 0,90 3,0% 0,99 24,6% 1,00 100,0%

Western

Europe

Eastern 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

Preliminary Book to Bill Ratio > 1 in Food & Beverages driven by Dairy Processing



1,2501

1,5502

1,7003 1,7504

349

280

315 288

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

Preliminary Order Backlog: Sound backlog for FY 2015


[EURm]

1.06 1.05 1.07 1.05 1.05 1.02 1.04 1.06 1.07 1.08 1.07 1.01 1.00

2,015

1,599

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 # 1 Order backlog invoiceable in FY 2012 2 Order backlog invoiceable in FY 2013

3 Order backlog invoiceable in FY 2014 4 Order backlog invoiceable in FY 2015


Preliminary ROCE Development: Sequential decline following higher one-off expenses in Q4 2014

19

[EURm]


1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929 1,943

17.5% 18.6% 18.6%

16.7%

18.8% 19.3% 19.6%

22.1% 22.6% 22.9% 23.2% 22.6%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

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%


Preliminary Working Capital ratio stabilized at around 12%

20

[EURm]


269

404 449 460

395

523 521 511

356

515 521 538

363

535

590 548

417

11.6% 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%

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

Working Capital Working Capital (average LTM) as % of sales (LTM)


Preliminary Cash Flow Driver Margin stabilizing at around 9% of sales


-138 -147 -132 -88 -26 10 33 19 -1 -19 -38 -40

410 436 441 420 462 471 478 515 527 536 546 540

-129 -116 -120 -125

-126 -126 -124 -120 -122 -123 -114 -94

3.6% 4.3% 4.6% 5.0%

7.4% 8.3% 9.0% 9.6% 9.3% 9.0% 8.8% 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

Delta Working Capital (Average LTM) EBITDA (LTM) Capex (LTM) Cash Flow Driver Margin (LTM)

[EURm]

EBITDA Capex D Working Capital (Average LTM)

Sales Sales Sales - - +


Net Liquidity reconciliation

[EURm]

1,030.1

Dividend -115.6

Effects from Acquisitions

Discontinued Operations (w/o HX) -27.5

Net Cash bef. DOP, M&A and Dividend

-109.3

Net Debt 31.12.2013 incl. HX -178.6

50.4

-33.7

903.8 Net Cash 31.12.2014

Proceeds from HX-Sale Net of Transaction Costs

Others 57.2

Taxes / Interests -120.0

Capex -93.8

Delta Working Capital -45.0

EBITDA 539.9

Net Debt 31.12.2013 w/o HX -287.9

Elimination Net Cash Position HX

Preliminary Cash generation LTM: ~ EUR 340m


D +EUR 338m

1therein cash with maturity 6-12 months (EUR 200m)

1


1,433

904

529

754

384

Target corridor for indebtedness levels

applying reduced debt profile

1,667

Operating

lease

Pensions Gross

financial

debt

Rating-

relevant

gross debt

Cash Net Cash

Position Net Cash

Position

Rating-

relevant

gross debt

Target Gross Debt:

2.0-2.5x EBITDA

Average Net Debt:

0.5-1.0x EBITDA

[EURm] [EURm]


Trigger thresholds for GEA’s credit rating

GEA’s rating relevant gross debt

applying reduced debt profile

1,667

904


Maturity structure of main financial debt

per 30/09/14

GEA has reduced main financial debt by ~0.5bn EUR using parts of HX proceeds

2017 2016 2015 2014

KfW Loans

GEA Bond

EIB Loan

Borrower‘s Note Loan

34

450

4

434

34

400

150

300

[EURm]


Maturity structure of main financial debt

per 31/01/15

2017 2016 2015 2014

GEA Bond

EIB Loan

Borrower‘s Note Loan

140

0

275

50 275

90

[EURm]

0

Corresponding interests: < EUR 17m Corresponding interests: < EUR 27m


Preliminary Service Business per Q4 LTM: 27% of Sales


Organic growth YoY of +7.6% (+6.3% reported)

[EURm]

1,153

235

466

252 200

1,225

269

493

270 215

GEA Group GEA FT GEA ME GEA PE GEA RT

D +8%

(+6% reported)

D +18%

(+14% reported)

D +7%

(+6% reported)

D +8%

(+7% reported)

D +8%

(+7% reported)

41% 27% 27% 41% 35% 36% 14% 15% 27% 28%

Q4 2013 LTM Q4 2014 LTM Share of Service Sales %




• Outlook FY 2015

Agenda

1

3

2



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:

Guidance FY 2015

Sales

moderate organic

growth

Operating EBITDA (EURm)

580 - 620

Cash Flow Driver Margin

9.0% - 9.5%


This forecast does not include first savings realized in connection with Group restructuring.

Against this backdrop, GEA will present a more detailed outlook on business progress in

May.


Additional Financial Information for FY 2015


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 around

40-50% of net income

Working

Capital LTM

(of sales

LTM)

around

12%

Target Capex

Level

(of sales)

max.

2%

Tax Rate

around

23%


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%



Feb 09, 2015 Roadshow Germany Frankfurt Deutsche Bank

Feb 17, 2015 Roadshow UK London Berenberg

Feb 11, 2015 Roadshow France Paris Barclays

Feb 24, 2015 Roadshow Germany Munich equinet

Feb 26, 2015 Roadshow Switzerland Geneva Credit Suisse

Investor Relations Calendar Upcoming Roadshows and Conferences

Feb 25, 2015 Roadshow Switzerland Zurich Credit Suisse

2 0 1 5


Mar 05, 2015 Roadshow Finland Helsinki equinet

Mar 09, 2015 Roadshow Norway Oslo MainFirst

Mar 05-10, 2015 Roadshow USA tbc Jefferies / HSBC


Mar 17, 2015 Roadshow Poland Warsaw Hauck&Aufhäuser

Mar 11-12, 2015 Conference USA San Francisco Citi

Mar 12, 2015 Roadshow France Paris KeplerCheuvreux

Mar 17, 2015 Conference UK London Merrill Lynch

Mar 19, 2015 Roadshow Ireland Dublin MainFirst


Mar 18, 2015 Roadshow UK Edinburgh HSBC

2 0 1 5


Mar 26, 2015 ANUGA Foodtec Cologne HSBC

Apr 21, 2015 Roadshow Italy Milan equita

Apr 16, 2015 Conference Germany Baden-Baden Bankhaus Lampe


Apr 28, 2015 Roadshow Austria Vienna Commerzbank

Apr 22, 2015 Roadshow Switzerland Lugano Bankhaus Lampe


2 0 1 5



Financial Calendar

2 0 1 5


Mar 09, 2015 Annual Report FY 2014 Düsseldorf

Apr 16, 2015 Annual General Meeting Oberhausen

May 11, 2015 Interim Report Q1 2015 Düsseldorf

Jul 29, 2015 Interim Report Q2 2015 Düsseldorf

Oct 27, 2015 Interim Report Q3 2015 Düsseldorf


Order Intake Development by Size

576 596 619 705 686 669 737 711 702 745 710 722 724 747 754 773 765 835

149 173 168 185 166 208

214 172 221 175 144 234 167 211 160 170 174 182

63 64 135 135 128 111

96 102 124 107 131

102 132 67 88 103 68 87

66 41 0

60 58 100 44 65

112 110 162 144 121 22 123 160

54

0

200

400

600

800

1000

1200

1400

Q410

Q111

Q211

Q2112

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414


8.4%

10.5% 10.3% 10.6%

11.4%

0%

2%

4%

6%

8%

10%

12%

0

1000

2000

3000

4000

5000

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

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%

12%

12%

16%

Dairy Farming

Dairy Processing

Food

Beverages

Pharma/Chemical

Other Industries

[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4

2013

Q1-Q4

2014 ∆

Order Intake

organic 1,144.4 1,157.5

+1.1%

-0.7% 4,627.9 4,519.6

-2.3%

-1.4%

Sales

organic 1,242.2 1,301.4

+4.8%

+3.6% 4,320.0 4,515.7

+4.5%

+5.6%

Order Backlog 2,015.5 2,037.6 +1.1% 2,015.5 2,037.6 +1.1%

Operating EBITDA 205.7 228.5 +11.0% 530.1 590.7 +11.4%

Operating EBITDA-

Margin 16.6% 17.6% +99 bps 12.3% 13.1% +81 bps

Operating EBIT 186.8 207.2 +10.9% 458.8 513.5 +11.9%

Operating EBIT-Margin 15.0% 15.9% +88 bps 10.6% 11.4% +75 bps

ROCE (LTM)1 22.1% 22.6% +50 bps 22.1% 22.6% +50 bps

Order Intake, Sales and Operating EBIT

Margin (LTM)

GEA Group - Preliminary Performance


[EURm] [EURm]

LTM per

Q4 2014:

EUR 4,516m

+6% org YoY

LTM per

Q4 2014:

EUR 4,516m

+6% org YoY

+10% / +12% org.

-12% / -11% org.

+0% / +1% org.

+16% / +16% org.

+12% / +15% org.

Δ YoY

-23% / -22% org.

+2% / +6% org. +6% / +7% org. +3% / +4% org. +13% / +12% org.

Δ YoY -7% / -1% org.

-7% / -3% org.

-3% / -2% 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


Sales by Customer

Industry

38%

11%

35%

8% 7%

Western Europe

Asia-Pacific

North America

Eastern Europe&CIS

Latin America

100%

Dairy Farming


2013

Q1-Q4

2014 ∆

Order Intake

organic 151.6 161.3

+6.4%

+5.7% 596.7 659.0

+10.4%

+13.3%

Sales

organic 176.2 192.7

+9.4%

+9.7% 577.7 650.0

+12.5%

+15.5%

Order Backlog 85.6 87.0 +1.6% 85.6 87.0 +1.6%


Operating EBITDA-

Margin 15.8% 17.1 % +137 bps 9.9% 11.5% +161 bps

Operating EBIT 24.5 29.7 +21.3% 44.6 62.0 +39.2%


ROCE (LTM)1 12.7% 17.1% +448 bps 12.7% 17.1% +448 bps

GEA Farm Technologies - Preliminary Performance


LTM per

Q4 2014:

EUR 650m

+15% org YoY

LTM per

Q4 2014:

EUR 650m

+15% org YoY

+13% / +15% org.

-13% / -4% org.

+18% / +20% org.

+16% / +16% org.

+11% / +10% org.

+19% / +44% org.

Sales by Region


116 126 130 140 129 147 144 146 143 139 151 149 151 161 165 165 160

3 1 1 1 5 2 1

1 5 1 1

0

30

60

90

120

150

180

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414


5.9% 6.6%

8.0% 7.7%

9.5%

0%

2%

4%

6%

8%

10%

0

200

400

600

800

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414



Margin (LTM) [EURm] [EURm]


Δ YoY Δ YoY

engineering for a better world 37 GEA Presentation Preliminary Results Q4 2014 - February 4th, 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

Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

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

41% of sales) are not directly affected by

the MFP ratio

Organic Order

Growth GEA FT


35%

27%

19%

7%

7% 4%

3%

Western Europe

Asia-Pacific

North America

Eastern Europe&CIS

Latin America

Middle East

Africa

Sales by Customer

Industry 14%

42% 9%

9%

26%

Dairy Processing

Food

Beverages

Pharma/Chemical

Other Industries


2013

Q1-Q4

2014 ∆

Order Intake

organic 334.4 352.9

+5.6%

+3.7% 1,368.2 1,349.8

-1.3%

-0.7%

Sales

organic 359.3 380.8

+6.0%

+4.4% 1,327.8 1,380.4

+4.0%

+4.7%

Order Backlog 428.4 394.9 -7.8% 428.4 394.9 -7.8%


Operating EBITDA-

Margin 19.8% 22.5% +271 bps 16.2% 16.8% +60 bps

Operating EBIT 62.8 74.8 +19.1% 187.6 197.7 +5.4%


ROCE (LTM)1 17.4% 17.0% -42 bps 17.4% 17.0% -42 bps

GEA Mechanical Equipment - Preliminary Performance


LTM per

Q4 2014:

EUR 1,380m

+5% org YoY

LTM per

Q4 2014:

EUR 1,380m

+5% org YoY

Sales by Region

+3% / +4% org.

+4% / +5% org.

-1% / 0% org.

-2% / -1% org.

+16% / +17% org. -34% / -31% org.

+24% / +24% org. +6% / +6% org. +13% / +15% org. +1% / +1% org.

-10% / -8% org.

+32% / +37% org.


278 280 274 336

280 271 289 289 300 301 283 311 302 297 309

46 30 49 42 44 26 19 38 31 40

21 27 24 23 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


13.9% 14.1% 14.3%

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





1,200

1,400

1,600

1,000

Δ YoY Δ YoY


Sales by Customer

Industry

47%

4%

21%

20%

8%

Dairy Processing

Food

Beverages

Pharma/Chemical

Other Industries

35%

33%

11%

8%

7% 4% 4%

Western Europe

Asia-Pacific

North America

Eastern Europe&CIS

Latin America

Middle East

Africa

[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4 2013 Q1-Q4 2014 ∆

Order Intake

organic 494.6 461.7

-6.7%

-8.9% 2,061.0 1,835.7

-10.9%

-10.6%

Sales

organic 526.7 538.5

+2.2%

+0.6% 1,798.0 1,852.1

+3.0%

+3.4%

Order Backlog 1,290.5 1,293.4 +0.2% 1,290.5 1,293.4 +0.2%


Operating EBITDA

Margin 15.7% 17.1% +146 bps 11.3% 11.9% +61 bps

Operating EBIT 79.0 88.7 +12.4% 188.3 206.0 +9.4%

Operating EBIT

Margin 15.0% 16.5% +149 bps 10.5% 11.1% +65 bps

ROCE (LTM)1 73.2% 78.8% +560 bps 73.2% 78.8% +560 bps

GEA Process Engineering - Preliminary Performance

LTM per

Q4 2014:

EUR 1,852m

+3% org YoY

LTM per

Q4 2014:

EUR 1,852m

+3% org YoY

Sales by Region

+4% / +5% org.

-4% / -3% org.

-16% / -15% org.

-13% / -12% org.

+21% / +21% org.

-8% / -8% org.

0% / 0% org. -12% / -12% org. -3% / -2% org. +26% / +26% org.

-15% / -12% org.

-13% / -11% org.


177 169 178 167 159 186 175 170 197 174 170 166 194 184 185 182 241

119 133 122 116 121 144

107 132 100 104 155 98

130 91 96 109

118 58 59 127

90 111 82

75 101 94 126

82 124 50

69 96 55

66 66 41 0 58

100

44 65 79 78

162 127 121

22

123 160 37

0

100

200

300

400

500

600

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414


7.2%

9.4% 9.5%

10.5% 11.1%

0%

2%

4%

6%

8%

10%

12%

0

400

800

1200

1600

2000

2400

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414



Margin (LTM)


[EURm] [EURm]


1,600

2,000

2,400

1,200

Δ YoY Δ YoY


In dairy processing the medium and long term outlook is more relevant for the capex decision


GEA Dairy processing orders > EUR 15m with country of origin

10

20

30

40

50

60

1Source: IFCN; http://www.ifcndairy.org/en/output/prices/milk_indicator2013.php

World milk price

indicator1

SA

IN

AUZ

GER

NZ

US VN UY NZ

US

PO

BE

NZ

NO NZ

IE

IL

NZ

GER

IE

DK

NZ

NL

GER

NZ

NL

NZ

PH

US

NZ

FR

IE

CN

JP


43%

14%

15%

13%

2% 5%

7%

Western Europe

Asia-Pacific

North America

Eastern Europe&CIS

Latin America

Middle East

Africa

Sales by Customer

Industry 5%

50%

4% 8%

32%

Dairy Processing

Food

Beverages

Pharma/Chemical

Other Industries


2013

Q1-Q4

2014 ∆

Order Intake

organic 192.3 212.7

+10.6%

+9.4% 726.3 804.7

+10.8%

+12.5%

Sales

organic 210.6 223.4

+6.1%

+6.0% 736.6 763.7

+3.7%

+5.4%

Order Backlog 229.5 281.4 +22.6% 229.5 281.4 +22.6%

Operating EBITDA 27.5 33.8 +22.7% 71.0 89.7 26.3%

Operating EBITDA-

Margin 13.1% 15.1% +205 bps 9.6% 11.7% +210 bps

Operating EBIT 25.2 31.4 +24.8% 61.5 79.8 +29.7%


ROCE (LTM)1 22.7% 28.9% +617 bps 22.7% 28.9% +617 bps

GEA Refrigeration Technologies - Preliminary Performance


LTM per

Q4 2014:

EUR 764m

+5% org YoY

LTM per

Q4 2014:

EUR 764m

+5% org YoY

Sales by Region

-8% / -7% org.

-3% / -1% org.

+4% / +6% org.

+4% / +7% org.

+7% / +9% org. -31% / -31% org.

+1% / +9% org. +27% / +28% org. -4% / -2% org. +9% / +8% org.

+29% / +30% org.

-16% / -8% org.


120 128 145 126 135 140 139 146 142 140 134 139 146 134 155 149 156

27 19 17

20 35 29 22

44 50 22 35 35 40 46

42 40 40 5 6 19

8 20 10

6 12

6 13 7 6

16

17

0

50

100

150

200

250

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414


5.2%

7.9% 8.1% 8.4%

10.5%

0%

2%

4%

6%

8%

10%

12%

0

200

400

600

800

1000

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414





Δ YoY Δ YoY


Q4 2014 vs.

Q4 2013

Q1-Q4 2014 vs.

Q1-Q4 2013

Q4 2014 vs.

Q3 2014

∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %

Order Intake

previous period 1,144 4,628 1,168

Structural Change 2 0.1 % 2 0.0 % 2 +0.1 %

Currency Effects +19 +1.7 % -46 -1.0 % +15 +1.3 %

Organic Development -8 -0.7 % -64 -1.4 % -27 -2.3 %

Order Intake

current period 1,157 +1.1 % 4,520 -2.3 % 1,157 -0.9 %

Preliminary Order Intake Q4 2014


[EURm]


Q4 2014 vs.

Q4 2013

Q1-Q4 2014 vs.

Q1-Q4 2013

Q4 2014 vs.

Q3 2014


Sales

previous period 1,242 4,320 1,146

Structural Change +1 +0.1 % +1 +0.0 % +1 +0.1 %


Organic Development +45 +3.6 % +241 +5.6 % +140 +12.3 %

Sales

current period 1,301 +4.8 % 4,516 +4.5 % 1,301 +13.6 %

Preliminary Sales Q4 2014


[EURm]


Q4 2014 vs.

Q4 2013

Q1-Q4 2014 vs.

Q1-Q4 2013

Q4 2014 vs.

Q3 2014


Operating EBITDA

previous period 206 530 149

Structural Change 0 0.1 % 0 0 % 0 +0.1 %


Organic Development +22 +10.6 % +66 +12.4 % +77 +51.5 %

Operating EBITDA

current period 228 +11.0 % 591 +11.4 % 228 +53.3 %

Preliminary Operating EBITDA Q4 2014


[EURm]


206

Q4 2014

Reported EBITDA

One-Offs

194

Q4 2014

Operating EBITDA

228

FX Q4 2014 Operating

EBITDA before FX

228

Organic Q4 2013 Operating

EBITDA

+22 +1 -35

+10.6%

+0.4%

-15.1%

GEA’s reported preliminary EBITDA negatively impacted by FX and One-Offs

EBITDA bridge Q4 2014 [EURm]



Preliminary FX Development FY 2014 YoY

Currency

% total FY

2014

3rd party

sales

EUR 45 %

USD 16 %

CNY 6 %

DKK 5 %

GBP 5 %

NZD 4 %

SGD 3 %

BRL 2 %

PLN 2 %

CAD 2 %

AUD 1 %


FX Rates

Q4 2014

(average)

D FX YoY

Q4 2014 vs Q4

2013

- -

1.25 +8.9 %

7.68 +7.9 %

7.44 +0.2 %

0.79 +6.5 %

1.60 +3.0 %

1.62 +5.1 %

3.18 -2.5 %

4.21 -0.6 %

1.42 +0.7 %

1.46 +0.5 %

FX Rates

FY 2014

(average)

D FX YoY

FY 2014 vs FY

2013

- -

1.33 0.0 %

8.19 -0.3 %

7.45 0.0 %

0.81 +5.4 %

1.60 +1.3 %

1.68 -1.2 %

3.12 -8.1 %

4.18 +0.3 %

1.47 -6.7 %

1.47 -6.4 %


[EURm]

Preliminary Working Capital Development


551

641

562

929

939

946

647

537

647

470

495

444

363

548

417

Trade

Receivables Inventories

Trade

Payables

Advance

Payments

Working

Capital

Q3 2014

Q4 2014

+7

+1%

-79

-12%

+110

+21%

-51

-10%

-132

-24%

Q4 2013

+10

+1%

+90

+16%

-110

-17%

+24

+5%

+185

+51%

=

=

=


Preliminary Key Figures Time Line (1/6)


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 Q1 11 Q2 11

GEA Food Solutions1) 95,1 116,4 100,5 85,7 397,7 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 123,5 120,5 137,0 116,0 497,1 94,9 101,2 94,9 98,6 389,6 101,1 116,1 115,0 116,3 448,5 125,9 129,5

GEA Mechanical Equipment2) 257,4 258,0 237,0 177,0 929,4 194,9 162,2 158,6 169,4 685,1 172,0 194,7 191,9 181,8 740,4 219,2 332,5

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 1.416,1 401,5 426,2

GEA Refrigeration Technologies 174,1 152,3 144,2 143,3 613,9 138,9 143,2 114,3 130,3 526,6 127,5 150,6 148,9 152,5 579,6 152,7 162,8

GEA Group 899,2 863,9 842,9 687,1 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

Order Backlog


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. 104,4 -



GEA Process Engineering 850,7 830,9 826,6 666,2 666,2 651,5 658,2 627,9 660,2 660,2 757,6 821,2 788,9 813,0 813,0 888,2 927,4


GEA Group 1.483,5 1.520,3 1.539,2 1.283,6 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

Sales


GEA Food Solutions1) 91,8 99,1 98,5 104,8 394,2 89,0 79,8 82,8 82,5 334,1 101,0 99,8 93,1 103,7 397,6 112,9 -



GEA 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 1.288,5 300,8 385,1


GEA Group 735,9 856,2 844,4 916,2 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

Organic Sales Growth

[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 Q1 11 Q2 11

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. - -

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. n.a. n.a. n.a. n.a. 9,4% 12,6%

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. n.a. n.a. n.a. n.a. 20,4% 22,1%

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. n.a. n.a. n.a. n.a. 14,7% 31,8%

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. n.a. n.a. n.a. n.a. 10,9% 11,4%

GEA Group 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. 14,2% 22,7%

Operating EBITDA

[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 Q1 11 Q2 11

GEA Food Solutions1) -4,5 7,0 9,4 7,6 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 Group 51,9 82,7 87,8 120,7 343,0 42,7 57,3 66,2 82,6 248,7 44,9 63,7 79,8 122,3 310,6 62,4 100,3

YoY




Order Intake

[in EUR million]Q3 11 Q4 11 2011 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

GEA Food Solutions1) - - - - - - - - - - - - - - - - - -

GEA Farm Technologies 140,3 131,7 527,4 148,1 145,7 147,4 142,6 583,9 138,8 155,7 150,7 151,6 596,7 161,6 169,7 166,4 161,3 659,0

GEA Mechanical Equipment2) 329,5 323,6 1.204,7 336,2 329,0 327,1 355,6 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

GEA Process Engineering 433,3 449,0 1.709,9 511,3 401,2 468,5 469,2 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

GEA Refrigeration Technologies 164,8 170,1 650,4 177,9 180,4 200,1 197,8 756,2 177,9 181,2 174,9 192,3 726,3 192,9 204,1 195,0 212,7 804,7

GEA Group 1.040,6 1.047,0 3.986,7 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

Order Backlog




GEA Mechanical Equipment2) 445,9 395,2 395,2 446,5 452,9 442,5 438,4 438,4 442,6 446,5 456,8 428,4 428,4 456,3 437,5 421,7 394,9 394,9

GEA Process Engineering 972,2 951,2 951,2 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


GEA Group 1.700,9 1.599,2 1.599,2 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

Sales




GEA Mechanical Equipment2) 317,0 371,0 1.190,7 269,3 319,2 328,6 349,2 1.266,4 298,1 334,0 336,3 359,3 1.327,8 310,0 340,4 349,2 380,9 1.380,6

GEA Process Engineering 394,7 496,6 1.577,2 373,2 401,2 423,6 518,3 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


GEA Group 980,5 1.176,4 3.828,3 880,5 994,1 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

Organic Sales Growth

[in %]Q3 11 Q4 11 2011 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


GEA Farm Technologies 14,1% 15,2% 13,2% 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%

GEA Mechanical Equipment2) 26,3% 9,8% 19,4% 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%

GEA Process Engineering 21,5% 20,6% 22,3% 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%

GEA Refrigeration Technologies 6,7% -2,6% 5,9% 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%

GEA Group 16,4% 12,7% 16,4% 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%

Operating EBITDA

[in EUR million] Q3 11 Q4 11 2011 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




GEA Process Engineering 38,6 73,4 163,2 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


GEA Group 119,8 187,0 469,6 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

YoY




Operating EBITDA - Margin

[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 Q1 11 Q2 11

GEA Food Solutions1) -4,9% 7,1% 9,5% 7,2% 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 6,3% 11,0% 15,4% 14,6% 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%

GEA Mechanical Equipment2) 15,3% 17,3% 15,5% 20,6% 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%

GEA Process Engineering 3,7% 6,6% 7,7% 11,8% 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%

GEA Refrigeration Technologies 5,8% 7,5% 8,2% 9,6% 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%

GEA Group 7,0% 9,7% 10,4% 13,2% 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%

EBITDA reported







GEA Group 49,8 80,5 85,6 118,5 334,4 38,6 49,0 48,3 51,7 187,6 47,0 57,2 65,4 102,3 271,9 59,9 78,1

Operating EBIT



GEA Farm Technologies 4,3 11,9 19,5 19,5 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




GEA Group 40,6 71,0 75,4 107,2 294,1 29,4 43,4 52,4 66,3 191,6 29,9 48,5 65,3 104,1 247,9 48,2 83,2

Operating EBIT - Margin

[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 Q1 11 Q2 11

GEA Food Solutions1) -9,4% 3,4% 6,2% 4,2% 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 4,6% 9,6% 14,1% 13,2% 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%

GEA Mechanical Equipment2) 13,8% 15,7% 14,0% 18,8% 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%

GEA Process Engineering 2,9% 5,9% 6,9% 10,9% 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%

GEA Refrigeration Technologies 4,5% 6,3% 6,9% 8,7% 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%

GEA Group 5,5% 8,3% 8,9% 11,7% 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%

EBIT reported



GEA Farm Technologies 4,1 11,6 18,8 18,8 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




GEA Group 37,6 67,7 71,7 103,5 280,5 24,0 33,7 33,0 33,4 124,2 30,5 40,4 49,3 82,0 202,2 44,0 51,1




Operating EBITDA - Margin

[in %] Q3 11 Q4 11 2011 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


GEA Farm Technologies 10,8% 10,9% 8,9% 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%

GEA Mechanical Equipment2) 16,2% 18,8% 17,2% 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%

GEA Process Engineering 9,8% 14,8% 10,3% 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%

GEA Refrigeration Technologies 8,5% 12,4% 9,3% 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%

GEA Group 12,2% 15,9% 12,3% 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%

EBITDA reported




GEA Mechanical Equipment2) 52,1 69,9 186,1 -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



GEA Group 117,9 184,4 440,3 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

Operating EBIT







GEA Group 101,9 169,3 402,6 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

Operating EBIT - Margin

[in %] Q3 11 Q4 11 2011 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






GEA Group 10,4% 14,4% 10,5% 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%

EBIT reported



GEA Farm Technologies 11,4 13,2 31,1 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

GEA Mechanical Equipment2) 38,9 60,3 145,2 -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



GEA Group 91,6 160,2 347,0 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




Capital Employed w/o

goodwill3) (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 Q1 11 Q2 11

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. n.a.

GEA Farm Technologies n.a. n.a. n.a. 204,0 204,0 219,7 235,5 241,7 241,4 241,4 250,5 260,9 271,3 284,0 284,0 288,6 289,7

GEA Mechanical Equipment2) n.a. n.a. n.a. 349,8 349,8 364,3 371,3 374,2 367,7 367,7 346,5 327,9 309,9 300,7 300,7 303,6 481,6

GEA Process Engineering n.a. n.a. n.a. 270,6 270,6 274,2 276,2 269,7 255,1 255,1 241,1 235,7 237,8 238,9 238,9 237,4 235,8

GEA Refrigeration Technologies n.a. n.a. n.a. 221,1 221,1 236,8 249,9 258,6 258,7 258,7 244,9 226,6 202,4 177,9 177,9 176,5 187,8

GEA Group n.a. n.a. n.a. 1.063,4 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

ROCE w/o goodwill4) 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 Q1 11 Q2 11

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. n.a.

GEA Farm Technologies n.a. n.a. n.a. 26,2% 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%

GEA Mechanical Equipment2) n.a. n.a. n.a. 35,9% 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%

GEA Process Engineering n.a. n.a. n.a. 37,0% 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%

GEA Refrigeration Technologies n.a. n.a. n.a. 18,4% 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%

GEA Group n.a. n.a. n.a. 26,4% 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%

Capital Employed w/o

goodwill3) (average LTM)

[in EUR million]

Q3 11 Q4 11 2011 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

GEA Food Solutions1) n.a. n.a. n.a. - - - - - - - - - - - - - - -


GEA Mechanical Equipment2) 625,8 770,7 770,7 874,7 903,6 929,1 949,5 949,5 966,9 972,6 977,2 985,9 985,9 999,0 1.012,7 1.023,2 1.032,0 1.032,0



GEA Group 1.436,7 1.619,6 1.619,6 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 1.942,8 1.942,8

ROCE w/o goodwill4) LTM

[in%]Q3 11 Q4 11 2011 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

GEA Food Solutions1) n.a. n.a. n.a. - - - - - - - - - - - - - - -





GEA Group 18,7% 21,4% 21,4% 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%


Preliminary 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).


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