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GEA Group Aktiengesellschaft
Düsseldorf, May 11th, 2015
Q1 2015 Presentation for Roadshows and Conferences
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
2 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
Table of Contents
GEA Equity Story Pages 4 - 26
Q1 2015 Results Presentation Pages 28 - 45
Back-ups Pages 50 - 62
Historical Key Figures GEA Group & Segments Pages 62 - 67
ADR Information Page 68
3 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
GEA is a global leader in equipment and process technology providing innovative solutions
for smart food processing and for a more efficient use of energy resources.
GEA in summary
Sales
EUR 4.5bn (FY14)
Operating EBIT Margin
11.4% (FY14)
Employees
>18,000 (Dec 14)
Market Cap
>EUR 8bn (May 15)
Dairy Farming Dairy Processing Beverages Food
4 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
You are in touch with food processed by GEA equipment every day…
GEA in summary
…we are all this and more every day.
Every 4th liter
of milk you are
consuming has been
processed through
GEA equipment.
Every 3rd instant
coffee production
line around the globe
has been built by
GEA.
Every 3rd chicken
nugget you are
eating has been
processed by our
equipment.
Every 2nd liter of
beer you are
drinking has gone
through our
components.
5 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
Urbanization
Shanghai
necessary agricultural supply area
Illustrative
What we like about the food industry (1): Steady growth rates due to continuing urbanization
2.6
5.3
2010 2050
Emerging markets (B)
1.0 1.1
2010 2050
Developed economies (B)
~ 200 million people moving into cities p.a. consuming
ever more processed and convenience food
Source: United Nations; Euromonitor; The Guardian; Oxford Economics; Documentation “Wie wird die Stadt satt” (ARD 24.09.2014)
By the year 2050 the
world’s population will live
50% in the cities
50% in the countryside
300 KM
Germany
Today the world’s
population lives
75% in the cities
25% in the countryside
6 GEA on Roadshows and Conferences – Q1 2015
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What we like about the food industry (2): Stable consumer spending also in tough times
Economically
good times
Economically
difficult times
7 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
What we like about the food industry (3): Zero failure tolerance a significant entry barrier
If equipment fails in the food industry, the end-consumer’s health could be at risk
Would you as a food producer save money on a machine risking a food scandal
if the machine is not working properly?
8 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
…
…
…
…
Quality of After-Sales Service 23%
Price 30%
Machine Quality and Performance 71%
…
…
Ranking of key buying criterion according to GEA customer satisfaction survey,
September 20141
For GEA’s customers, machine quality and performance is by far #1 buying criterion
What we like about the food industry (4): Price apparently not the most decisive purchase criterion
1 Stratified sample size n=3274, external poll
9 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
Source: Frankfurter Allgemeine Zeitung (26.06.2014)
~ 3,500 new products p.a. entering
the US food market
~ 2,000 new food products p.a.
in German supermarkets alone
What we like about the food industry (5): Continuous launch of new products to stimulate demand
Additionally, higher resource efficiency (e.g. power, water usage) is a major competitive
advantage for an equipment supplier
GEA on Roadshows and Conferences – Q1 2015 10
engineering for a better world
~2%
~12%
~32%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Top Customer Top 10 Top 50 Top 100 Top 150 Top 200
What we like about the food industry (6): GEA’s client base is highly fragmented
Cumulative Revenue Share
Number of customers
~ 30% of the Top 50 customers
are already coming from
Emerging Markets
11 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
Local Emerging Markets food producers grow faster than multinationals
1 65 listed local food players in EM with sales > EUR 1bn, in total sales of EUR 210bn in FY 2013 ; 11% CAGR based on FY 2010 – FY 2013 sales in EUR Source: Thomson Reuters
Sales CAGR FY 2010-13
Local EM
food producers1
32%
68%
1/3 of local players are
not yet GEA customers1
GEA
customers
Selection of local GEA customers in Emerging Markets
11%
GEA on Roadshows and Conferences – Q1 2015 12
engineering for a better world
Our vision “GEA 2020”: To be the first choice of our customers
Our ARTE framework defines our strategy how to reach
the target footprint “GEA 2020”
In particular we always want to be the first choice
of our customers in the relevant food industry.
the globally leading engineering group to provide smart
solutions to sophisticated process industries.
GEA to become
13 GEA on Roadshows and Conferences – Q1 2015
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ARTE framework as pillars for GEA’s strategy
Regions Technologies Functional Excellence
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
• Capture global
growth opportunities
• Expand local
presence
• Coordinate regional
approaches across
GEA
• Strengthen
innovation and
technological
leadership
• Foster cross-
business colla-
boration in R&D
• Increase efficiency
in operations and
support functions
• Reduce
organizational
complexity
Target Footprint 2020
Applications
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
14 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
1
4
2
3
5
8
6
Targeted applications for target footprint “GEA 2020”
Grow leading position in dairy
Grow leading position in liquid food
Strengthen personal care
Expand in animal proteins
Expand in total solutions for
edible oils, starch & sugar
Enter confectionery, biscuits & pizza
Strengthen packaging
competencies
Foster processing intelligence &
automation
7
GEA on Roadshows and Conferences – Q1 2015 15
engineering for a better world
Example how GEA executes its application strategy
Milk intake
& preparation
Milk storage
& distribution Standardization
Bacteria removal
(optional) Pasteurization
Whey drainage
& pre-press Pressing
Water cooling,
brining, ripening
Cutting
& Slicing
Primary
packaging
Curd
production
Final process Press & ripe Coagulate & de-whey
Bacteria
starter mixing
• Milking
parlor
• Standardization
separator
• Sterilization
separator
• Heat
exchanger
• Valves
• Pumps
• Tanks
• Tank
• Dosing unit • Cheese vat • Pressing line • Brining system
• Brine treatment
• Cutter
• Slicer
• Packer • Curd filler
Milk intake & preparation
16 GEA on Roadshows and Conferences – Q1 2015
engineering for a better world
GEA’s food exposure 75% - 80%
Food
Non-
Food
Sales exposure 2020:
75% - 80% food No 100% food exposure due to multi-purpose
functionality of our products:
17 GEA on Roadshows and Conferences – Q1 2015
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Project “Fit for 2020”: From four stand-alone Segments to two integrated Business Areas
Current Organization Future Blueprint
Executive Board
• Stand-alone effective Segments driving
own technologies and market approaches
• Limited group perspective and role of the
corporate center
• Each Segment with individual go-to-market
concepts and regional footprint
• Bundling of Segments into two BAs
according to business model logic
• “One GEA” in countries as a platform for
growth within regions / countries
• Strengthening and streamlining of
global group functions
• Increased efficiency and standardization in
newly established Shared Service Center
Equipment BA
Solutions BA
Global Corp.
Center
SSC RT FT ME PE Head-
quarter
Regions Regions Regions Regions
Support Support Support Support
Regions / Countries
Executive Board
GEA on Roadshows and Conferences – Q1 2015 18
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A pplications R egions T echnologies Functional E xcellence
Future organizational set-up (“Fit for 2020”) reflects all elements of ARTE strategy
Executive Board
Shared Services Center (SCC)
Global Corporate Center (GCC)
North
America
Latin
America
Western E.
& MEA
Nordics, UK/IE,
& BeNeLux Asia-Pacific
DACH &
Eastern E.
Product Engineering & Development
Product Management & Sales
Supply Chain & Production
Equipment Service
Global Corporate Center (GCC)
Technology Centers
Application Centers
Solutions Service
Equipment Business Area Solutions Business Area
A
R
T
T E
E
T
GEA on Roadshows and Conferences – Q1 2015 19
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%
20 GEA on Roadshows and Conferences – Q1 2015
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294
192
248
403 426
459
514 526
479
8.8%
6.8%
8.4%
10.5% 10.3% 10.6% 11.4% 11.5%
~13%
2008 2009 2010 2011 2012 2013 2014 Q1 15 LTM 1 Target 2017-2020
Operating EBIT Operating EBIT-Margin (LTM)
GEA has gradually managed up Operating EBIT Margin to > 11%
Financial Targets for FY 2017 - FY 2020: Operating EBIT Margin: 13% to 16%
Sales growth
[EURm]
16%
13% 125
Savings
“Fit for 2020“
Target
Range
Target
2017 - 2020
21 GEA on Roadshows and Conferences – Q1 2015
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Strong focus on ROCE and cash generation
[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 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 ~23%
-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)
[EURm]
Unadjusted Cash Flow Driver Margin
22 GEA on Roadshows and Conferences – Q1 2015
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Sources of funds:
Significant cash flow 2015 - 2017
Stronger cash generation going forward leading to higher dividend payout ratio
2. Strengthen GEA’s application know-how by
doing (bolt-on) acquisitions over a couple of
years
3. Repayment of financial debt
4. Invest in organic business development
(Service, R&D, regional presence)
5. Distribution of residual cash to shareholders
Capital allocation priorities
2017 Proceeds GEA HX Cash flow before
M&A and dividends
~1
~2
~1
Key objectives
• Maintain financial flexibility
• Maintain investment grade credit rating
• Rating relevant gross debt: 2.0-2.5x EBITDA
• Average net financial debt: 0.5-1.0x EBITDA
[EURbn] 1. Dividend payments: Change of payout ratio
from 1/3 to 40-50% of net income
23 GEA on Roadshows and Conferences – Q1 2015
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Steady growth rates
(catch-up in Emerging Markets)
Superior margin levels
(high technological requirements; high barriers to entry)
Food safety concerns
Innovation for resource efficiency
(power, water, etc.)
Product Innovation
(continuous launch of new products to stimulate demand)
Summary: What we like about the food industry
1l 10l
24 GEA on Roadshows and Conferences – Q1 2015
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
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)
GEA on Roadshows and Conferences – Q1 2015 25
engineering for a better world
Key Messages
• 4% to 6% organic sales growth (FY 2014 – FY 2020)
• 13% to 16% Operating EBIT-Margin (FY 2017 – FY 2020)
GEA with clear growth and profitability targets
• Clear plans for midterm use of net cash position for further growth
• Dividend payout ratio increased to a range of 40% to 50%
• Priority on M&A following clear criteria and strategic vision
Capital allocation
• Cost savings of at least EUR 125m net p.a.
• New set-up offers further potential to increase efficiency
Future organizational set-up “Fit for 2020”
GEA is the largest stock listed company to invest in the growing food processing equipment market
26 GEA on Roadshows and Conferences – Q1 2015
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Executive Summary Q1 2015
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)
GEA on Roadshows and Conferences – Q1 2015 28
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
[EURm]
organic: +5% organic: -1%
D +10% D +6%
D +18% D +80 bps
GEA on Roadshows and Conferences – Q1 2015 29
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 [EURm]
6,000
5,000
4,000
3,000
2,000
Operating EBIT Margin at record 11.5% per Q1 2015 LTM
GEA on Roadshows and Conferences – Q1 2015 30
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
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%
GEA on Roadshows and Conferences – Q1 2015 31
engineering for a better world
Order Intake Development by size since Q1 2011
Order intake +10% YoY (+5% organic) in Q1 2015
[EURm]
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
GEA on Roadshows and Conferences – Q1 2015 32
engineering for a better world
Sales and organic sales growth per Q1 2015 LTM: Strong Western Europe driven by dairy business
North America
D YoY org.: +3%
17%
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.
GEA on Roadshows and Conferences – Q1 2015 33
engineering for a better world
Sales and organic sales growth by Customer Industry LTM: 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% (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%
GEA on Roadshows and Conferences – Q1 2015 34
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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
1
1 due to a reclassification of an order from Power to Oil & Gas
GEA on Roadshows and Conferences – Q1 2015 35
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
[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
GEA on Roadshows and Conferences – Q1 2015 36
engineering for a better world
ROCE Development: Sequential improvement following higher profitability in Q1 2015
[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 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%
GEA on Roadshows and Conferences – Q1 2015 37
engineering for a better world
Working Capital ratio trailing at around 12%
[EURm]
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)
GEA on Roadshows and Conferences – Q1 2015 38
engineering for a better world
Unadjusted Cash Flow Driver Margin at around 9% of sales
-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]
GEA on Roadshows and Conferences – Q1 2015 39
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
D +EUR 372m excl.
EUR 117.5m
translation impact
1therein cash with maturity 6-12 months (EUR 200m)
1
GEA on Roadshows and Conferences – Q1 2015 40
engineering for a better world
Service Business per Q1 LTM: 28% of Sales
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 on Roadshows and Conferences – Q1 2015 41
engineering for a better world
Fit for 2020: Front-loaded implementation schedule
>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
GEA on Roadshows and Conferences – Q1 2015 42
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
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)
GEA on Roadshows and Conferences – Q1 2015 43
engineering for a better world
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
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%
GEA on Roadshows and Conferences – Q1 2015 44
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 on Roadshows and Conferences – Q1 2015 45
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
May 28, 2015 Conference Netherlands Amsterdam JP Morgan
GEA on Roadshows and Conferences – Q1 2015 46
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
June 03, 2015 Roadshow Switzerland Geneva Berenberg
June 02, 2015 Conference Switzerland Zurich DZ Bank
GEA on Roadshows and Conferences – Q1 2015 47
engineering for a better world
Financial Calendar
2 0 1 5
Jul 29, 2015 Interim Report Q2 2015 Düsseldorf
Oct 28, 2015 Interim Report Q3 2015 Düsseldorf
GEA on Roadshows and Conferences – Q1 2015 48
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
[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
GEA on Roadshows and Conferences – Q1 2015 50
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
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
GEA on Roadshows and Conferences – Q1 2015 51
engineering for a better world
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
GEA on Roadshows and Conferences – Q1 2015 52
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
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
GEA on Roadshows and Conferences – Q1 2015 53
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) [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
GEA on Roadshows and Conferences – Q1 2015 54
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
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
GEA on Roadshows and Conferences – Q1 2015 55
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
[EURm]
GEA on Roadshows and Conferences – Q1 2015 56
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
[EURm]
GEA on Roadshows and Conferences – Q1 2015 57
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
[EURm]
GEA on Roadshows and Conferences – Q1 2015 58
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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]
0
-0.4%
GEA on Roadshows and Conferences – Q1 2015 59
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 %
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 %
GEA on Roadshows and Conferences – Q1 2015 60
engineering for a better world
[EURm]
Working Capital Development
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%
=
=
=
GEA on Roadshows and Conferences – Q1 2015 61
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Key Figures Time Line (1/6)
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
GEA on Roadshows and Conferences – Q1 2015 62
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Key Figures Time Line (2/6)
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
GEA on Roadshows and Conferences – Q1 2015 63
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Key Figures Time Line (3/6)
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
GEA on Roadshows and Conferences – Q1 2015 64
engineering for a better world
Key Figures Time Line (4/6)
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
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Key Figures Time Line (5/6)
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%
GEA on Roadshows and Conferences – Q1 2015 66
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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 on Roadshows and Conferences – Q1 2015 67
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ADR Information
GEA Group has a sponsored level I ADR program
Ratio: 1 ADR = 1 Ordinary share
Bloomberg ticker: GEAGY:US
CUSIP: 361592108
ISIN: US3615921083
Depositary bank: Deutsche Bank Trust Company Americas
Depositary bank contacts: ADR broker helpline
Tel: +1 212 250 9100 (New York)
Tel: +44 207 547 6500 (London)
Email: [email protected] and website: www.adr.db.com
Depositary bank’s local custodian: Deutsche Bank Frankfurt
GEA on Roadshows and Conferences – Q1 2015 68
engineering for a better world
Investor Relations Contact
Donat von Müller
+49 211 9136 1080
donat.vonmueller
@gea.com
Dr. Helmut Schmale
CFO
+49 211 9136 1082
Axel Wolferts
+49 211 9136 1490
axel.wolferts
@gea.com
Rebecca Grabotin
+49 211 9136 1081
rebecca.grabotin
@gea.com
GEA on Roadshows and Conferences – Q1 2015 69